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Financials · MAX

MediaAlpha Inc. (MAX) financials

For the twelve months ended Sep 30, 2026, MediaAlpha Inc. reported $1.29B of revenue and $112.99M of net income.

Revenue, TTM
$1.29B
Revenue growth, YoY
+15.2%
Net income, TTM
$112.99M
Net margin
8.7%
Free cash flow, TTM
$54.20M
Cash
$18.68M
Total debt
$174.92M
P/E
7.42
P/S
0.65
Market cap
$838.2M
Annual revenue$1.11B
FY2018FY2025
Annual net income$25.62M
FY2018FY2025
Annual free cash flow$65.26M
FY2018FY2025

MAX revenue and earnings growth

MAX revenueQ3 2026$375.95M

Quarter YoY
+22.7%
QoQ
+18.6%
FY YoY
+28.8%
5Y CAGR
+13.7%

MAX revenue was $375.95M in fiscal Q3 2026 (ended Sep 30, 2026), up 22.7% from a year earlier and up 18.6% from the prior quarter. For the full fiscal 2025 it was $1.11B, up 28.8% from fiscal 2024. Compound annual growth was +13.7% over 5 years. It rose in 5 of the last 7 fiscal years. Fiscal 2025 is the highest of the 8 fiscal years on file.

MAX net incomeQ3 2026$25.75M

Quarter YoY
+72.8%
QoQ
-38.4%
FY YoY
+54.1%

MAX net income was $25.75M in fiscal Q3 2026 (ended Sep 30, 2026), up 72.8% from a year earlier and down 38.4% from the prior quarter. For the full fiscal 2025 it was $25.62M, up 54.1% from fiscal 2024. Fiscal 2025 is the highest of the 8 fiscal years on file.

MAX EPSQ3 2026$0.46

Quarter YoY
+76.9%
QoQ
-29.2%
FY YoY
+25.8%

MAX diluted EPS was $0.46 in fiscal Q3 2026 (ended Sep 30, 2026), up 76.9% from a year earlier and down 29.2% from the prior quarter. For the full fiscal 2025 it was $0.39, up 25.8% from fiscal 2024.

MAX free cash flowQ3 2026$21.48M

Quarter YoY
-8.8%
QoQ
-48.6%
FY YoY
+43.1%
5Y CAGR
+5.0%

MAX free cash flow was $21.48M in fiscal Q3 2026 (ended Sep 30, 2026), down 8.8% from a year earlier and down 48.6% from the prior quarter. For the full fiscal 2025 it was $65.26M, up 43.1% from fiscal 2024. Compound annual growth was +5.0% over 5 years. It rose in 4 of the last 7 fiscal years. Fiscal 2025 is the highest of the 8 fiscal years on file.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue$1.11B$864.70M$388.15M$459.07M$645.27M$584.81M$408.00M$296.91M
Cost of revenue$946.06M$721.13M$321.44M$389.01M$543.75M$499.43M$342.91M$247.67M
Gross profit$167.54M$143.57M$66.71M$70.06M$101.52M$85.38M$65.10M$49.24M
Research and development$21.40M$19.76M$18.46M$21.08M$15.20M$12.45M$7.04M$10.34M
Selling, general and admin$89.56M$56.36M$62.75M$55.56M$61.36M$32.91M$19.39M$7.84M
Operating income$22.12M$42.73M-$39.92M-$35.39M$2.15M$19.54M$24.84M$19.32M
Interest expense$11.24M$14.35M$15.31M$9.24M$7.83M$7.94M$7.02M$1.19M
Pre-tax income-$111.06M$23.50M-$57.02M$30.46M-$9.52M$9.29M$17.82M$18.13M
Income tax-$137.82M$1.38M-$463.0K$102.91M-$1.05M-$1.27M$0-
Net income$25.62M$16.63M-$40.42M-$57.67M-$5.28M-$4.37M$17.82M$18.13M
EPS, basic$0.46$0.31-$0.89-$1.37-$0.14-$0.14--
EPS, diluted$0.39$0.31-$0.89-$1.37-$0.19-$0.14--
Diluted shares66.8M53.0M45.6M41.9M61.3M32.1M--

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Cash and equivalents$46.88M$43.27M$17.27M$14.54M$50.56M$23.55M$10.03M$5.66M
Receivables$123.02M$142.93M$53.77M$60.00M$76.09M$96.30M$56.01M-
Current assets$174.37M$189.91M$74.57M$80.42M$137.11M$127.80M$67.49M-
Goodwill$47.74M$47.74M$47.74M$47.74M$18.40M$18.40M$18.40M-
Total assets$383.83M$262.45M$153.93M$170.08M$289.80M$210.34M$105.40M-
Current liabilities$147.65M$132.95M$79.72M$76.89M$84.22M$107.45M$47.91M-
Short-term debt$21.81M$8.85M$11.85M$8.77M$8.73M$0$873.0K-
Long-term debt$131.60M$153.60M$162.44M$174.30M$178.07M$182.67M$96.67M-
Total debt$153.41M$162.44M$174.30M$183.07M$186.80M$182.67M$97.54M-
Total liabilities$413.02M$308.68M$248.35M$256.17M$351.37M$315.45M$144.90M-
Shareholders' equity$4.16M-$46.23M-$94.42M-$86.08M-$61.57M-$105.12M-$113.60M$40.48M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Operating cash flow$65.60M$45.87M$20.23M$28.27M$28.62M$51.41M$22.14M$22.65M
Capital expenditures$340.0K$254.0K$73.0K$98.0K$650.0K$296.0K$146.0K$630.0K
Free cash flow$65.26M$45.62M$20.16M$28.18M$27.97M$51.11M$22.00M$22.02M
Investing cash flow-$340.0K-$654.0K-$73.0K-$49.77M-$650.0K-$10.30M-$294.0K-$640.0K
Financing cash flow-$61.65M-$19.22M-$17.43M-$14.52M-$961.0K-$27.59M-$17.48M-$25.45M
Stock-based compensation$30.33M$34.08M$53.32M$58.47M$45.71M$24.75M$2.31M$824.0K
Depreciation and amortization-----$300.0K$300.0K$200.0K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue growth, YoY28.8%122.8%-15.4%-28.9%10.3%43.3%37.4%-
Net income growth, YoY54.1%------1.7%-
EPS growth, YoY25.8%-------
Gross margin15.0%16.6%17.2%15.3%15.7%14.6%16.0%16.6%
Operating margin2.0%4.9%-10.3%-7.7%0.3%3.3%6.1%6.5%
Net margin2.3%1.9%-10.4%-12.6%-0.8%-0.7%4.4%6.1%
Free cash flow margin5.9%5.3%5.2%6.1%4.3%8.7%5.4%7.4%
Return on equity615.9%------44.8%
Return on assets6.7%6.3%-26.3%-33.9%-1.8%-2.1%16.9%-
Current ratio1.181.430.941.051.631.191.41-
Debt to equity36.88-------

Source: XBRL data MediaAlpha Inc. files with the SEC, latest filing dated Oct 28, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MAX peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MAX$1.29B+15.2%$112.99M8.7%$838.2M
V$45.90B+14.8%$23.50B51.2%$761.17B
MA$36.29B+15.3%$16.96B46.7%$571.32B
BABACN¥1.02T+2.7%CN¥103.59B10.1%$255.28B
ACN$74.18B+6.5%$8.37B11.3%$170.10B
UBER$56.53B+13.9%$3.46B6.1%$145.32B
PDDCN¥431.85B+9.7%CN¥97.84B22.7%$114.58B
DASH$17.06B+35.0%$1.06B6.2%$78.89B
MELI$38.52B+47.1%$1.89B4.9%$77.70B

MAX FAQ

8 questions
  • What is MAX revenue?
    MediaAlpha Inc. (MAX) reported $1.29B of revenue for the twelve months ended Sep 30, 2026. That is up 15.2% from the year before. Revenue for fiscal 2025 was $1.11B.
  • Is MAX profitable?
    Yes. MediaAlpha Inc. earned $112.99M in net income for the twelve months ended Sep 30, 2026, a net margin of 8.7%.
  • How much cash and debt does MAX have?
    MediaAlpha Inc. reported $18.68M in cash and cash equivalents and $174.92M of debt on its most recent balance sheet in SEC filings.
  • How fast is MAX revenue growing?
    MediaAlpha Inc.'s revenue changed +28.8% in fiscal 2025, to $1.11B. Its compound annual growth rate was +13.7% over 5 years.
  • What is MAX gross margin?
    MediaAlpha Inc.'s gross profit was $192.01M on $1.29B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 14.8%.
  • What is MAX free cash flow?
    MediaAlpha Inc. generated $54.20M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $55.19M less capital expenditures.
  • When did MAX last report financial results?
    The latest statements here come from MediaAlpha Inc.'s 10-Q filed on Oct 28, 2026, covering the period ended Sep 30, 2026.
  • Where does this MAX financial data come from?
    Quantisnow builds these statements from the structured XBRL data MediaAlpha Inc. files with the SEC. It is provided for information only and is not investment advice.