Filing Flows › MediaAlpha (MAX) › Q1 2026
MediaAlpha (MAX) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
MediaAlpha (MAX) reported revenue of $310M for the first quarter 2026 (Q1 2026), +17% from a year earlier and +6% from the quarter before. Operating margin was 7.2%, net earnings $11.5M (3.7% of revenue).
MediaAlpha, Q1 2026: revenue $310M (+17% year over year), operating margin 7.2%, net earnings $11.5M, operating cash flow −$1.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $310M | +6% | +17% |
| Operating profit | $22.4M | +0.3% | 193× |
| Net earnings | $11.5M | -63% | — |
| Operating cash flow | −$1.6M | — | -107% |
What changed
Revenue was $310.0M in Q1 2026, up 17% year over year and up 6% from the previous quarter. Property & casualty insurance was the largest line at 94% of revenue. Property & casualty insurance added $69.5M year over year (up 31%), 152% of the total change. Other declined 86%.
Operating profit was $22.4M, a 7.2% margin (up 7.2 points year over year). Of the extra revenue versus Q1 2025, 49% reached operating profit, above the 0% margin then. Total costs grew 9% against revenue growth of 17%. The fastest-growing cost line was Cost of revenue (+18%). Net earnings were $11.5M. The effective tax rate was 31.6%.
Operating cash flow was −$1.6M. Non-cash charges added back $551K of depreciation and amortization and $7.3M of share-based compensation. Working capital and other items used $23.4M. Capital expenditures of $42K exceeded it, leaving free cash flow of −$1.6M.
Questions
What was MediaAlpha's revenue in the first quarter 2026?
MediaAlpha (MAX) reported revenue of $310M for the first quarter 2026 (Q1 2026), +17% from a year earlier and +6% from the quarter before.
Was MediaAlpha profitable in the first quarter 2026?
Operating profit was $22.4M (7.2% of revenue) and net earnings $11.5M.
Source: MediaAlpha 10-Q on SEC EDGAR.