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MediaAlpha cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$21.5M in Q3 2026 · $54.2M over twelve months

Operating cash flow$21.6M
Capital spending−$128K
Free cash flow+$21.5M
Cash / net income0.7×
Cash conversion cycle4 days

Analysis

In Q3 2026, MediaAlpha generated $21.6M of operating cash flow and spent $128K on capital projects, leaving free cash flow of $21.5M. That is $2.1M less than in Q3 2025 ($23.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $55.2M; the largest uses were net borrowing (+) / repaid (−) ($155M), buybacks ($64.5M), taxes on employees’ shares ($4.5M); besides operations, cash came from other financing ($116M); the cash balance fell by $53.7M.

Operating cash flow was $21.6M against net income of $29.4M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$25.5M, payables +$8.3M, stock-based pay +$8.1M.

Its cash conversion cycle was 4 days (receivables 38 + inventory 0 − payables 34).

Free cash flow

MediaAlpha: free cash flow by quarterMediaAlpha: free cash flow by quarter$14.5MQ4 2024$23.6MQ1 2025$25.5MQ2 2025$23.6MQ3 2025−$7.5MQ4 2025−$1.6MQ1 2026$41.8MQ2 2026$21.5MQ3 2026
Operating cash flow less capital spending.
MediaAlpha: operating cash flow against capital spendingMediaAlpha: operating cash flow against capital spendingOperating cash flowCapital spending$14.5M$47KQ4 2024$23.7M$57KQ1 2025$25.7M$175KQ2 2025$23.6M$68KQ3 2025−$7.4M$40KQ4 2025−$1.6M$42KQ1 2026$42.6M$774KQ2 2026$21.6M$128KQ3 2026
Latest (Q3 2026): Operating cash flow $21.6M, Capital spending $128K.

Capital allocation, year by year

MediaAlpha: where the cash came from (up) and went (down), by fiscal yearMediaAlpha: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $28.6MFY2021: Capital spending −$650K$28.6MFY2021FY2022: Operating cash flow $28.3MFY2022: Net borrowing −$9.5MFY2022: Capital spending −$98KFY2022: Acquisitions −$49.7MFY2022: Buybacks −$5.0M$28.3MFY2022FY2023: Operating cash flow $20.2MFY2023: Net borrowing −$9.5MFY2023: Capital spending −$73K$20.2MFY2023FY2024: Operating cash flow $45.9MFY2024: Net borrowing −$12.5MFY2024: Capital spending −$254K$45.9MFY2024FY2025: Operating cash flow $65.6MFY2025: Net borrowing −$9.5MFY2025: Capital spending −$340KFY2025: Buybacks −$47.3M$65.6MFY2025
Over these 5 years operating cash flow totalled $189M; the largest uses were buybacks ($52.3M) and acquisitions ($49.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$18.7M
Debt$175M
Net debt$156M
Due within a year$7.2M

MediaAlpha funds itself: free cash flow was $54.2M over the last twelve months, and $18.7M of cash and investments stands against $175M of debt ($7.2M due within a year, 2.6× covered by cash).

Where the cash came from and went

MediaAlpha: sources (+) and uses (−) of cash, Q3 2026MediaAlpha: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$21.6MOther financing−$13.8MBuybacks−$9.2MCash drawn (+) / kept (−)$5.1MNet borrowing (+) / repaid (−)−$1.9MTaxes on employees’ shares−$1.6MCapital spending−$128K
MediaAlpha: sources (+) and uses (−) of cash, TTM to Q3 2026MediaAlpha: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$155MOther financing$116MBuybacks−$64.5MOperating cash flow$55.2MCash drawn (+) / kept (−)$53.7MTaxes on employees’ shares−$4.5MCapital spending−$984K

From profit to cash

MediaAlpha: net income to operating cash flow, Q3 2026MediaAlpha: net income to operating cash flow, Q3 2026Net income$29.4MDepreciation & amortization$575KStock-based pay$8.1MDeferred taxes$7.7MReceivables−$25.5MPayables$8.3MAccrued liabilities$3.9MPrepaid and other assets−$1.0MOperating cash flow$21.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202638—344
Q2 202640—345
Q1 202637—316
Q4 202540—364
Q3 202535—314
Q2 202539—346
Q1 202544—386
Q4 202441—392

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$21.6M−$128K−$9.2M−$1.9M$5.1M$21.5M
Q2 2026$42.6M−$774K−$20.6M$13.1M$2.3M$41.8M
Q1 2026−$1.6M−$42K−$20.3M$1.0M$20.8M−$1.6M
Q4 2025−$7.4M−$40K−$14.4M−$2.4M$25.5M−$7.5M
Q3 2025$23.6M−$68K−$32.9M−$2.4M$13.0M$23.6M
Q2 2025$25.7M−$175K—−$2.4M−$21.8M$25.5M
Q1 2025$23.7M−$57K—−$2.4M−$20.3M$23.6M
Q4 2024$14.5M−$47K—−$2.4M−$11.0M$14.5M

MediaAlpha: income statement and cash flow

MediaAlpha, Q3 2026: revenue $376M (+23% year over year), operating margin 7.7%. The chart follows the revenue to costs, profit and cash.

MediaAlpha: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.