Filing Flows › MediaAlpha (MAX) › Q2 2025
MediaAlpha (MAX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
MediaAlpha (MAX) reported revenue of $252M for the second quarter 2025 (Q2 2025), +41% from a year earlier and -5% from the quarter before. Operating margin was -8.0%, net loss $22.5M (9.0% of revenue).
MediaAlpha, Q2 2025: revenue $252M (+41% year over year), operating margin -8.0%, net loss $22.5M, operating cash flow $25.7M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $252M | -5% | +41% |
| Operating profit | −$20.0M | -17378% | — |
| Net earnings | −$22.5M | — | — |
| Operating cash flow | $25.7M | +9% | +19% |
| Free cash flow | $25.5M | +8% | +19% |
What changed
Revenue was $251.6M in Q2 2025, up 41% year over year and down 5% from the previous quarter. Property & casualty insurance was the largest line at 90% of revenue. Property & casualty insurance added $92.7M year over year (up 69%), 126% of the total change. Other declined 55%.
Operating costs exceeded revenue by $20.0M, an operating margin of -8.0%. Total costs grew 58% against revenue growth of 41%. The fastest-growing cost line was General & admin (+241%). The quarter ended with a net loss of $22.5M, wider than the previous quarter's $2.3M loss. Minority interests bore $3.8M of it: to shareholders the quarter was a loss of $18.7M.
Operating cash flow was $25.7M (up 19% year over year). Non-cash charges added back $568K of depreciation and amortization and $8.1M of share-based compensation. Working capital and other items added $39.6M. Capital expenditures of $175K left free cash flow of $25.5M.
Questions
What was MediaAlpha's revenue in the second quarter 2025?
MediaAlpha (MAX) reported revenue of $252M for the second quarter 2025 (Q2 2025), +41% from a year earlier and -5% from the quarter before.
Was MediaAlpha profitable in the second quarter 2025?
Operating loss was $20.0M (-8.0% of revenue) and net loss $22.5M.
Source: MediaAlpha 10-Q on SEC EDGAR.