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MediaAlpha (MAX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · MediaAlpha (MAX) Q3 2026 earnings results →
Q3 2026 Revenue up 23% year over year to $376M · 7¢ of every $1 of revenue kept as net profit · operating margin 7.7%
MediaAlpha made $376M in Q3 2026 (+23% Y/Y): Property & casualty insurance $366M, Life insurance $6.8M, Health insurance $2.9M. Operating margin 7.7%, net earnings $25.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $375.9M in Q3 2026, up 23% year over year and up 19% from the previous quarter. Property & casualty insurance was the largest line at 97% of revenue. Property & casualty insurance added $78.1M year over year (up 27%), 112% of the total change. Health insurance declined 77%.
Operating profit was $28.8M, a 7.7% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 13% reached operating profit, above the 6% margin then. Total costs grew 21% against revenue growth of 23%. The fastest-growing cost line was Cost of revenue (+22%). Net earnings were $25.8M, up 73% year over year. The effective tax rate was 21.0%. Non-operating items added $8.3M, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $21.6M (down 9% year over year), 74% of net income including minority interests. Non-cash charges added back $575K of depreciation and amortization and $8.1M of share-based compensation. Working capital and other items used $16.5M. Capital expenditures of $128K left free cash flow of $21.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $376M | +23% | 7.7% | $25.8M | $21.6M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $317M | +26% | 6.3% | $39.4M | $42.6M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $310M | +17% | 7.2% | $11.5M | −$1.6M |
| Q4 2025 | 10-K | Feb 23, 2026 | $291M | -3% | 7.7% | $34.0M | −$7.4M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $307M | +18% | 6.4% | $14.9M | $23.6M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $252M | +41% | -8.0% | −$22.5M | $25.7M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $264M | +109% | 0.0% | −$2.3M | $23.7M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
About MediaAlpha
Our mission is to help insurance carriers and distributors target and acquire consumers more efficiently and at greater scale through technology and data science. Our technology platform brings together leading insurance carriers, agents, and high-intent consumers through a real-time, programmatic, transparent, and results-driven ecosystem. We believe we are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value (1) across our platform from our core verticals of property & casualty (“P&C”) insurance, health insurance and life insurance during the year ended December 31, 2025.
In its own words, from its 10-K, filed Feb 23, 2026.
MediaAlpha against its Services-Business Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +23% against the peers' median +13%. Operating margin: 7.7% against the peers' median 9.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MAX MediaAlpha | Q3 2026 | $376M | +23% | 7.7% |
| ACN Accenture | Q4 FY26 | $18.7B | +6% | 15.3% |
| UBER Uber Technologies | Q3 2026 | $14.8B | +10% | 9.8% |
| V Visa | Q4 FY26 | $12.1B | +13% | 59.8% |
| MELI MercadoLibre | Q3 2026 | $10.8B | +45% | 6.3% |
| MA Mastercard | Q3 2026 | $9.8B | +14% | 59.8% |
| PYPL PayPal Holdings | Q3 2026 | $8.6B | +2% | 16.3% |
| FISV Fiserv | Q3 2026 | $5.2B | -1% | -105.7% |
| DASH DoorDash | Q3 2026 | $4.6B | +34% | 9.6% |
Source: MediaAlpha 10-Q on SEC EDGAR · CIK 1818383 · Services-Business Services, NEC
Guidance and outlook
13F: who owns MAX and who is buying
More on MAX
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- MediaAlpha guidance history: guided vs reported
- MediaAlpha operating margin by quarter
- MediaAlpha net income by quarter
- MediaAlpha free cash flow by quarter
- MediaAlpha R&D spending by quarter
- MediaAlpha capital expenditures by quarter
- MediaAlpha Property & casualty insurance revenue by quarter
- MediaAlpha Life insurance revenue by quarter
- MediaAlpha Health insurance revenue by quarter