Filing Flows › MediaAlpha (MAX) › Q2 2026 › vs Q1 2026
MediaAlpha (MAX) Q2 2026 vs Q1 2026 (quarter over quarter)
MediaAlpha's revenue rose $6.9M (+2%) from $310M in Q1 2026 to $317M in Q2 2026. The biggest changes: Property & casualty insurance +$16.0M (+5%); Health insurance −$8.4M (-76%); Life insurance −$714K (-12%). Operating margin 6.3% against 7.2% (-0.9 pts).
MediaAlpha, Q2 2026: revenue $317M (+26% year over year), operating margin 6.3%, net earnings $39.4M, operating cash flow $42.6M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 6.3% | 7.2% | -0.9 pts |
| Net margin | 12.4% | 3.7% | +8.7 pts |
| Free cash flow margin | 13.2% | -0.5% | +13.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Property & casualty insurance | $309M | $293M | $16.0M | +5% |
| Life insurance | $5.1M | $5.8M | −$714K | -12% |
| Health insurance | $2.7M | $11.2M | −$8.4M | -76% |
| Other | $219K | $210K | $9K | +4% |
| Revenue | $317M | $310M | $6.9M | +2% |
| Other income, net | $35.1M | −$1.8M | $37.0M | — |
| Operating profit | $20.0M | $22.4M | −$2.4M | -11% |
| Costs & expenses | $297M | $288M | $9.3M | +3% |
| Pre-tax earnings | $55.1M | $20.5M | $34.5M | +168% |
| Cost of revenue | $272M | $263M | $8.4M | +3% |
| Research & development | $6.0M | $5.5M | $588K | +11% |
| Sales & marketing | $5.2M | $5.3M | −$167K | -3% |
| General & admin | $14.0M | $13.5M | $466K | +3% |
| Net earnings | $39.4M | $11.5M | $28.0M | +244% |
| Minority interests | $2.3M | $2.6M | −$234K | -9% |
| Income tax | $13.3M | $6.5M | $6.8M | +105% |
| Depreciation & amortization | $576K | $551K | $25K | +5% |
| Share-based compensation | $8.5M | $7.3M | $1.2M | +17% |
| Working capital & other | $5.9M | $20.8M | −$14.9M | -72% |
| Operating cash flow | $42.6M | −$1.6M | $44.1M | — |
| Free cash flow (OCF − capex) | $41.8M | −$1.6M | $43.4M | — |
| Capital expenditures | $774K | $42K | $732K | 18× |
Questions
How much did MediaAlpha's revenue grow quarter over quarter in Q2 2026?
MediaAlpha's revenue rose $6.9M (+2%) from $310M in Q1 2026 to $317M in Q2 2026.
What drove MediaAlpha's revenue change in Q2 2026?
Property & casualty insurance +$16.0M (+5%); Health insurance −$8.4M (-76%); Life insurance −$714K (-12%).