MediaAlpha, Inc. income statement MAX

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, MediaAlpha, Inc. reported revenue of $1.1 billion, up 28.8% from the year before. Net income was $25.6 million, a profit margin of 2.3%. Operating income came to $22.1 million, an operating margin of 2.0%. Diluted earnings per share were $0.39. Over the twelve months ended Sep 30, 2026, revenue was $1.3 billion and net income was $108.1 million. Across the 6 fiscal years shown, revenue grew from $584.8 million in fiscal 2020 to $1.1 billion in fiscal 2025, about 13.7% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

FY 2026
Sep 30, 2026
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
FY 2020
Dec 31, 2020
Revenue
1,294
+15.2%
1,114
+28.8%
865
+122.8%
388
-15.4%
459
-28.9%
645
+10.3%
585
Cost of revenue
1,102
+15.8%
946
+31.2%
721
+124.3%
321
-17.4%
389
-28.5%
544
+8.9%
499
Gross profit
192
+11.8%
168
+16.7%
144
+115.2%
67
-4.8%
70
-31.0%
102
+18.9%
85
Research and development
23
+9.2%
21
+8.3%
20
+7.1%
18
-12.4%
21
+38.7%
15
+22.1%
12
Selling, general and administrative
75
-36.6%
111
+36.4%
81
-8.0%
88
+4.5%
84
+0.2%
84
+57.7%
53
Operating income
93
+417.7%
22
-48.2%
43
+207.0%
-40
-12.8%
-35
-1746.8%
2
-89.0%
20
Interest expense
11
-10.5%
11
-21.7%
14
—
—
—
—
Other non-operating income (expense)
-74
-1409.1%
-122
-2402.8%
-5
-173.9%
-2
—
—
—
Pretax income
9
+558.6%
-111
-572.6%
24
+141.2%
-57
-287.2%
30
+419.9%
-10
-202.4%
9
Income tax
-111
-9042.2%
-138
-10058.2%
1
+398.9%
-0
-100.4%
103
+9928.6%
-1
+17.4%
-1
Net income
108
+9554.5%
26
+54.1%
17
+141.1%
-40
+29.9%
-58
-993.2%
-5
-20.8%
-4
Basic EPS
1.97
+9744.9%
0.46
+48.4%
0.31
+134.8%
-0.89
+35.0%
-1.37
-878.6%
-0.14
—
Diluted EPS
1.71
+8186.5%
0.39
+25.8%
0.31
+134.8%
-0.89
+35.0%
-1.37
-621.1%
-0.19
—
Weighted average shares, basic
55
-2.0%
56
+6.0%
53
+16.4%
46
+8.7%
42
+12.5%
37
—
Weighted average shares, diluted
63
+16.9%
67
+25.9%
53
+16.4%
46
+8.7%
42
-31.5%
61
—
Other measures
Depreciation and amortization
0
+13.4%
0
+8.3%
0
-28.6%
0
-9.9%
0
+6.2%
0
+27.7%
0
EBITDA
94
+411.9%
22
-47.9%
43
+208.6%
-40
-13.1%
-35
-1489.9%
3
-87.3%
20
Interest coverage
8.83x
1.97x
2.98x
—
—
—
—
Margins
Gross margin
14.84%
15.05%
16.60%
17.19%
15.26%
15.73%
14.60%
Operating margin
7.22%
1.99%
4.94%
-10.29%
-7.71%
0.33%
3.34%
Pretax margin
0.67%
-9.97%
2.72%
-14.69%
6.63%
-1.48%
1.59%
Profit margin
8.35%
2.30%
1.92%
-10.41%
-12.56%
-0.82%
-0.75%
EBITDA margin
7.25%
2.01%
4.97%
-10.19%
-7.62%
0.39%
3.39%
Effective tax rate
-1,278.05%
—
5.89%
—
337.85%
—
-13.63%
How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.

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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 5, 2026)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.