FY2025 · ended Dec 31, 2025 · Revenue $1.11B, +28.8% YoY · Filed Feb 23, 2026
MediaAlpha, Inc. (MAX) files with the SEC under industry code 7389, Services-Business Services, NEC. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $1.1 billion and net income of $25.6 million. Free cash flow was $65.3 million. As of Sep 30, 2026 it held $18.7 million in cash and investments and $174.9 million in total debt.
Revenue (TTM)
$1.29B
+15.2% vs year-ago TTM
Net income (TTM)
$108.06M
+9554.5% vs year-ago TTM
Operating cash flow (TTM)
$55.19M
-37.0% vs year-ago TTM
Free cash flow (TTM)
$54.20M
-37.9% vs year-ago TTM
EPS (TTM)
$1.71
+8186.5% vs year-ago TTM
Dividend per share
None
Shares outstanding
—
Net cash
$-156.24M
as of Sep 30, 2026
Operating margin
7.2%
FY 2026
Company profile
- Industry
- Services-Business Services, NEC (SIC 7389)
- Listed as
- MAX (NYSE)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Los Angeles, CA
- SEC filer status
- Accelerated filer
- SEC CIK
- 1818383
- Former names
- MediaAlpha, Inc. (until Nov 4, 2026)
Other Services-Business Services, NEC companies
- Visa Inc. V
- Mastercard Inc MA
- Alibaba Group Holding Ltd BABA
- Accenture plc ACN
- Uber Technologies, Inc UBER
- PDD Holdings Inc. PDD
- Mercadolibre Inc MELI
- DoorDash, Inc. DASH
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $864.7M | $388.1M | $459.1M | $645.3M |
| Operating income | $22.1M | $42.7M | -$39.9M | -$35.4M | $2.1M |
| Net income | $25.6M | $16.6M | -$40.4M | -$57.7M | -$5.3M |
| Diluted EPS | $0.39 | $0.31 | -$0.89 | -$1.37 | -$0.19 |
| Operating cash flow | $65.6M | $45.9M | $20.2M | $28.3M | $28.6M |
| Free cash flow | $65.3M | $45.6M | $20.2M | $28.2M | $28.0M |
| Total assets | $383.8M | $262.4M | $153.9M | $170.1M | $289.8M |
| Total liabilities | $413.0M | $308.7M | $248.3M | $256.2M | $351.4M |
| Stockholders' equity | $4.2M | $2.4M | -$10.3M | -$16.0M | -$4.3M |
| Cash and investments | $46.9M | $43.3M | $17.3M | $14.5M | $50.6M |
| Total debt | $154.8M | $164.6M | $176.9M | $186.3M | $190.8M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 10-Q | Quarterly report | Oct 28, 2026 | Sep 30, 2026 |
| 8-K |
Current report
Results of operations
|
Oct 28, 2026 | Oct 28, 2026 |
| 8-K |
Current report
Material agreement
|
Sep 9, 2026 | Sep 9, 2026 |
| 8-K |
Current report
Officer or director change, Regulation FD disclosure
|
Sep 3, 2026 | Sep 2, 2026 |
| 10-Q | Quarterly report | Jul 29, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations
|
Jul 29, 2026 | Jul 29, 2026 |
All 754 MediaAlpha, Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.