MediaAlpha, Inc. (MAX) Revenue History
Annual and quarterly revenue from 2018 to 2025
Compound Annual Growth Rate (CAGR)
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MAX Revenue Growth
Revenue Breakdown (FY 2025)
MAX's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
MAX Revenue Analysis (2018–2025)
As of May 6, 2026, MediaAlpha, Inc. (MAX) generated trailing twelve-month (TTM) revenue of $1.16 billion, reflecting strong growth of +17.3% year-over-year. The most recent quarter (Q1 2026) recorded $310.0 million in revenue, up 6.5% sequentially.
Looking at the longer-term picture, MAX's 5-year compound annual growth rate (CAGR) stands at +13.7%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $1.11 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows MAX's business is primarily driven by Property And Casualty Insurance (90%), Health Insurance (8%), and Life Insurance (2%). With over half of revenue concentrated in Property And Casualty Insurance, the company maintains significant focus in this area while developing other growth vectors.
When compared to Communication Services sector peers including QNST (+19.0% YoY), RAMP (+9.2% YoY), and ACMR (+15.2% YoY), MAX has underperformed the peer group in terms of revenue growth. Compare MAX vs QNST →
MAX Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MAXCurrent | $1.2B | +17.3% | +13.7% | 7.0% | |
 QNST | $1.1B | +19.0% | +17.4% | 0.6% | |
 RAMP | $746M | +9.2% | +14.4% | 0.7% | |
 ACMR | $901M | +15.2% | +41.9% | 12.1% | |
 TPVG | $97M | - | - | 77.9% | |
 GOOG | $403.0B | +17.5% | +17.2% | 32.1% |
MAX Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.11B | +28.8% | $164.6M | 14.8% | $78.2M | 7.0% |
| 2024 | $864.7M | +122.8% | $143.6M | 16.6% | $42.7M | 4.9% |
| 2023 | $388.1M | -15.4% | $66.7M | 17.2% | $-39,924,000 | -10.3% |
| 2022 | $459.1M | -28.9% | $70.1M | 15.3% | $-35,390,000 | -7.7% |
| 2021 | $645.3M | +10.3% | $101.5M | 15.7% | $2.1M | 0.3% |
| 2020 | $584.8M | +43.3% | $85.4M | 14.6% | $19.5M | 3.3% |
| 2019 | $408.0M | +37.4% | $65.1M | 16.0% | $24.8M | 6.1% |
| 2018 | $296.9M | - | $49.2M | 16.6% | $19.3M | 6.5% |
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Start ComparisonMAX — Frequently Asked Questions
Quick answers to the most common questions about buying MAX stock.
Is MAX's revenue growth accelerating or slowing?
MAX revenue is accelerating at +17.3% year-over-year, exceeding the 5-year CAGR of +13.7%. TTM revenue reached $1.2B. Growth momentum has increased versus prior periods.
What is MAX's long-term revenue growth rate?
MediaAlpha, Inc.'s 5-year revenue CAGR of +13.7% reflects the sustained expansion pattern. Current YoY growth of +17.3% is above this long-term average.
How is MAX's revenue distributed by segment?
MAX reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2018-2025 are available for download. Segment mix reveals concentration and diversification trends.