Filing Flows › MediaAlpha (MAX) › Q2 2026 › vs Q2 2025
MediaAlpha (MAX) Q2 2026 vs Q2 2025 (year over year)
MediaAlpha's revenue rose $65.3M (+26%) from $252M in Q2 2025 to $317M in Q2 2026. The biggest changes: Property & casualty insurance +$81.6M (+36%); Health insurance −$15.3M (-85%); Other −$942K (-81%). Operating margin 6.3% against -8.0% (+14.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 6.3% | -8.0% | +14.3 pts |
| Net margin | 12.4% | -7.4% | +19.9 pts |
| Free cash flow margin | 13.2% | 10.2% | +3.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Property & casualty insurance | $309M | $227M | $81.6M | +36% |
| Life insurance | $5.1M | $5.2M | −$98K | -2% |
| Health insurance | $2.7M | $18.1M | −$15.3M | -85% |
| Other | $219K | $1.2M | −$942K | -81% |
| Revenue | $317M | $252M | $65.3M | +26% |
| Other income, net | $35.1M | −$2.2M | $37.3M | — |
| Operating profit | $20.0M | −$20.0M | $40.0M | — |
| Costs & expenses | $297M | $272M | $25.2M | +9% |
| Pre-tax earnings | $55.1M | −$22.2M | $77.3M | — |
| Cost of revenue | $272M | $214M | $57.8M | +27% |
| Research & development | $6.0M | $5.4M | $690K | +13% |
| Sales & marketing | $5.2M | $5.2M | −$67K | -1% |
| General & admin | $14.0M | $47.1M | −$33.1M | -70% |
| Net earnings | $39.4M | −$18.7M | $58.2M | — |
| Minority interests | $2.3M | −$3.8M | $6.1M | — |
| Income tax | $13.3M | $316K | $13.0M | 42× |
| Depreciation & amortization | $576K | $568K | $8K | +1% |
| Share-based compensation | $8.5M | $8.1M | $360K | +4% |
| Working capital & other | $5.9M | −$35.8M | $41.7M | — |
| Operating cash flow | $42.6M | $25.7M | $16.9M | +66% |
| Free cash flow (OCF − capex) | $41.8M | $25.5M | $16.3M | +64% |
| Capital expenditures | $774K | $175K | $599K | +342% |
Questions
How much did MediaAlpha's revenue grow year over year in Q2 2026?
MediaAlpha's revenue rose $65.3M (+26%) from $252M in Q2 2025 to $317M in Q2 2026.
What drove MediaAlpha's revenue change in Q2 2026?
Property & casualty insurance +$81.6M (+36%); Health insurance −$15.3M (-85%); Other −$942K (-81%).