Mediaalpha Inc Class A (MAX) financials
Mediaalpha revenue and earnings by year
Mediaalpha's revenue was $1.11 billion in the fiscal year to December 31, 2025, up 28.8% from the year before. Net income was $25.6 million, 2.3% of revenue. Since the fiscal year to December 31, 2018, revenue has grown 20.8% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 8 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.11 | 0.86 | 0.39 | 0.46 | 0.65 | 0.58 | 0.41 | 0.30 |
| Revenue growth | 28.8% | 122.8% | -15.4% | -28.9% | 10.3% | 43.3% | 37.4% | — |
| Gross profit | 0.17 | 0.14 | 0.07 | 0.07 | 0.10 | 0.09 | 0.07 | 0.05 |
| Gross margin | 15.0% | 16.6% | 17.2% | 15.3% | 15.7% | 14.6% | 16.0% | 16.6% |
| Operating income | 0.02 | 0.04 | -0.04 | -0.04 | 0.00 | 0.02 | 0.02 | 0.02 |
| Operating margin | 2.0% | 4.9% | -10.3% | -7.7% | 0.3% | 3.3% | 6.1% | 6.5% |
| Net income | 0.03 | 0.02 | -0.04 | -0.06 | -0.01 | -0.00 | 0.00 | 0.00 |
| Net margin | 2.3% | 1.9% | -10.4% | -12.6% | -0.8% | -0.7% | 0.0% | 0.0% |
| Diluted EPS | $0.39 | $0.31 | -$0.89 | -$1.37 | — | -$0.14 | — | — |
| Free cash flow | 0.07 | 0.05 | 0.02 | 0.03 | 0.03 | 0.05 | 0.02 | 0.02 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open MAX in Markets.
How Mediaalpha makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Property & Casualty Insurance | $366M | 97.3% |
| Life Insurance | $6.80M | 1.8% |
| Health Insurance | $2.92M | 0.8% |
| Other | $302K | 0.1% |
See also: MAX valuation and P/E history · MAX returns
No forecast, no recommendation. This page describes Mediaalpha Inc Class A from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.