Revenue growth reached 17.3% in 2026Q1, though operating margins remain highly volatile, swinging from a negative 8.0% in 2025Q2 to a peak of 26.9% in 2025Q4.
| Sales/Revenue | 1.16B | 1.11B | 864.7M | 388.15M | 459.07M | 645.27M | 584.81M | 408M | 296.91M |
| Revenue Growth % | 15.66% | 28.78% | 122.78% | -15.45% | -28.86% | 10.34% | 43.34% | 37.42% | - |
| Cost of Goods Sold | 986.69M | 946.06M | 721.13M | 321.44M | 389.01M | 543.75M | 499.43M | 342.91M | 247.67M |
| COGS % of Revenue | - | 84.95% | 83.4% | 82.81% | 84.74% | 84.27% | 85.4% | 84.05% | 83.42% |
| Gross Profit | 172.6M | 164.56M | 143.57M | 66.71M | 70.06M | 101.52M | 85.38M | 65.1M | 49.24M |
| Gross Margin % | 14.89% | 14.78% | 16.6% | 17.19% | 15.26% | 15.73% | 14.6% | 15.95% | 16.58% |
| Gross Profit Growth % | - | 14.62% | 115.21% | -4.78% | -30.99% | 18.91% | 31.16% | 32.2% | - |
| Operating Expenses | 72.13M | 86.35M | 100.85M | 106.64M | 105.45M | 99.38M | 65.84M | 40.26M | 29.92M |
| OpEx % of Revenue | - | 7.75% | 11.66% | 27.47% | 22.97% | 15.4% | 11.26% | 9.87% | 10.08% |
| Selling, General & Admin | 71M | 110.61M | 69.99M | 83.88M | 84.37M | 84.18M | 53.4M | 33.21M | 19.58M |
| SG&A % of Revenue | - | 9.93% | 8.09% | 21.61% | 18.38% | 13.05% | 9.13% | 8.14% | 6.6% |
| Research & Development | 21.96M | 21.4M | 19.76M | 18.46M | 21.08M | 15.2M | 12.45M | 7.04M | 10.34M |
| R&D % of Revenue | - | 1.92% | 2.29% | 4.76% | 4.59% | 2.35% | 2.13% | 1.73% | 3.48% |
| Other Operating Expenses | 0 | -45.66M | 11.09M | 4.3M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 100.47M | 78.22M | 42.73M | -39.92M | -35.39M | 2.15M | 19.54M | 24.84M | 19.32M |
| Operating Margin % | 8.67% | 7.02% | 4.94% | -10.29% | -7.71% | 0.33% | 3.34% | 6.09% | 6.51% |
| Operating Income Growth % | - | 83.07% | 207.02% | -12.81% | -1746.81% | -89% | -21.36% | 28.58% | - |
| EBITDA | 102.77M | 81.47M | 49.41M | -32.65M | -29.24M | 5.5M | 23.02M | 30.49M | 31.27M |
| EBITDA Margin % | 8.87% | 7.32% | 5.71% | -8.41% | -6.37% | 0.85% | 3.94% | 7.47% | 10.53% |
| EBITDA Growth % | 118.72% | 64.89% | 251.3% | -11.66% | -631.5% | -76.1% | -24.49% | -2.5% | - |
| D&A (Non-Cash Add-back) | 2.3M | 3.25M | 6.68M | 7.27M | 6.15M | 3.35M | 3.49M | 5.65M | 11.96M |
| EBIT | -42.83M | -99.82M | 53.82M | -35.62M | -35.39M | 2.15M | 19.54M | 24.84M | 19.32M |
| Net Interest Income | -10.73M | -11.24M | -14.35M | -15.31M | -9.24M | -7.83M | -7.94M | -7.02M | -1.19M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.73M | 11.24M | 14.35M | 15.31M | 9.24M | 7.83M | 7.94M | 7.02M | 1.19M |
| Other Income/Expense | -188.6M | -189.28M | -19.22M | -17.09M | 65.85M | -11.67M | -10.24M | -7.02M | -1.19M |
| Pretax Income | -88.13M | -111.06M | 23.5M | -57.02M | 30.46M | -9.52M | 9.29M | 17.82M | 18.13M |
| Pretax Margin % | -7.6% | -9.97% | 2.72% | -14.69% | 6.63% | -1.48% | 1.59% | 4.37% | 6.1% |
| Income Tax | -131.27M | -137.82M | 1.38M | -463K | 102.91M | -1.05M | -1.27M | 0 | 0 |
| Effective Tax Rate % | 148.95% | 124.1% | 5.89% | 0.81% | 337.85% | 11% | -13.63% | 0% | 0% |
| Net Income | 39.04M | 25.62M | 16.63M | -40.42M | -57.67M | -5.28M | 14.8M | 17.82M | 18.13M |
| Net Margin % | 3.37% | 2.3% | 1.92% | -10.41% | -12.56% | -0.82% | 2.53% | 4.37% | 6.1% |
| Net Income Growth % | 147.17% | 54.09% | 141.14% | 29.91% | -993.19% | -135.64% | -16.95% | -1.68% | - |
| Net Income (Continuing) | 43.14M | 26.76M | 22.12M | -56.55M | -72.45M | -8.47M | 10.56M | 17.82M | 18.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -31.01M | -33.35M | -48.61M | -84.13M | -70.09M | -57.23M | -71.34M | 0 | 0 |
| EPS (Diluted) | 0.70 | 0.39 | 0.31 | -0.89 | -1.37 | -0.19 | -0.14 | 0.54 | 0.55 |
| EPS Growth % | 123.23% | 25.81% | 134.83% | 35.04% | -621.05% | -35.71% | -125.93% | -1.82% | - |
| EPS (Basic) | - | 0.46 | 0.31 | -0.89 | -1.37 | -0.14 | -0.13 | 0.54 | 0.55 |
| Diluted Shares Outstanding | 55.85M | 66.79M | 53.04M | 45.57M | 41.94M | 61.26M | 32.13M | 1.02M | 33.17M |
| Basic Shares Outstanding | 55.85M | 56.24M | 53.64M | 45.42M | 41.94M | 28.41M | 105.71M | 1.02M | 33.17M |
| Dividend Payout Ratio | - | - | 7.35% | - | - | - | 887.95% | 536.7% | 87.6% |
Insurance carrier budget volatility
As reported in recent financial filings, MediaAlpha achieved a 17.3% year-over-year revenue increase in 2026Q1, signaling a sustained recovery in carrier demand as the P&C insurance sector stabilizes following a period of significant rate adjustments and constrained marketing budgets that previously dampened top-line performance across the platform.
The recent growth trajectory suggests that the programmatic exchange is successfully capturing increased spend from insurance carriers as they return to aggressive customer acquisition. Investors should monitor whether this momentum persists, as the company's revenue remains highly sensitive to the cyclical underwriting appetites of its primary insurance partners.
Based on the provided income statement data, MediaAlpha maintains a relatively thin gross margin of 15.1% as of 2026Q1, reflecting the high variable cost structure inherent in its revenue-share model where a significant portion of transaction value is paid out to third-party traffic supply partners.
This margin profile indicates limited pricing power, as the company acts primarily as a facilitator rather than a content owner. Any meaningful expansion in profitability would likely require a strategic shift toward owned-and-operated traffic sources, which would fundamentally alter the company's current capital-light operating model.
According to quarterly income statements, operating margins have fluctuated significantly, ranging from a negative 8.0% in 2025Q2 to a peak of 26.9% in 2025Q4, demonstrating that the company's fixed cost base struggles to provide consistent operating leverage during periods of lower transaction volume or revenue volatility.
The lack of consistent operating margin expansion suggests that administrative and platform overhead remains a burden when revenue growth decelerates. Analysts should interpret these swings as evidence of a business model that is highly sensitive to the volume of traffic flowing through its programmatic exchange.
As indicated by the financial data, MediaAlpha consistently records substantial stock-based compensation expenses, with $7.3 million reported in 2026Q1 alone, which significantly impacts GAAP net income and complicates the assessment of the company's true underlying profitability and cash-generating capacity for minority shareholders.
The persistent level of stock-based compensation warrants further investigation into management's long-term incentive alignment and the potential for ongoing dilution. Investors should look past headline GAAP figures to evaluate the company's performance on a contribution-margin basis to better understand the core economic health of the business.
While recent growth appears robust, the company's reliance on the P&C insurance cycle poses a material risk, as evidenced by the 2025Q2 period where revenue contraction led to a negative operating margin, suggesting that the business model may be more vulnerable to industry downturns than currently priced.
Short-term performance is heavily tethered to the underwriting health of insurance carriers, which can shift abruptly due to regulatory changes or loss ratio spikes. This dependency implies that the company's growth may be less durable than a traditional software-as-a-service platform, necessitating a cautious approach to valuation multiples.
Quick answers to the most common questions about buying MAX stock.
For fiscal year 2025, MediaAlpha, Inc. (MAX) reported total revenue of $1.11B. This represents a 275.1% increase compared to $296.9M in 2018.
MediaAlpha, Inc. (MAX) is profitable, generating $25.6M in net income for the fiscal year ending 2025 with a net profit margin of 2.3%.
MediaAlpha, Inc. (MAX) reported an operating income of $78.2M, resulting in an operating profit margin of 7.0%. This margin reflects the operational efficiency of the business before interest and taxes.
MediaAlpha, Inc. (MAX) generated $164.6M in gross profit for the year, representing a gross profit margin of 14.8%. This demonstrates the company's core pricing power and production efficiency.