Filing Flows › MediaAlpha (MAX) › Q2 2026
MediaAlpha (MAX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 29, 2026
MediaAlpha (MAX) reported revenue of $317M for the second quarter 2026 (Q2 2026), +26% from a year earlier and +2% from the quarter before. Operating margin was 6.3%, net earnings $39.4M (12.4% of revenue).
MediaAlpha, Q2 2026: revenue $317M (+26% year over year), operating margin 6.3%, net earnings $39.4M, operating cash flow $42.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $317M | +2% | +26% |
| Operating profit | $20.0M | -11% | — |
| Net earnings | $39.4M | +244% | — |
| Operating cash flow | $42.6M | — | +66% |
| Free cash flow | $41.8M | — | +64% |
What changed
Revenue was $316.9M in Q2 2026, up 26% year over year and up 2% from the previous quarter. Property & casualty insurance was the largest line at 97% of revenue. Property & casualty insurance added $81.6M year over year (up 36%), 125% of the total change. Health insurance declined 85%.
Operating profit was $20.0M, a 6.3% margin (up 14.3 points year over year). Total costs grew 9% against revenue growth of 26%. The fastest-growing cost line was Cost of revenue (+27%). Net earnings were $39.4M. The effective tax rate was 24.2%. Non-operating items added $35.1M, 64% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $42.6M (up 66% year over year), 102% of net income including minority interests. Non-cash charges added back $576K of depreciation and amortization and $8.5M of share-based compensation. Working capital and other items used $8.2M. Capital expenditures of $774K left free cash flow of $41.8M.
Questions
What was MediaAlpha's revenue in the second quarter 2026?
MediaAlpha (MAX) reported revenue of $317M for the second quarter 2026 (Q2 2026), +26% from a year earlier and +2% from the quarter before.
Was MediaAlpha profitable in the second quarter 2026?
Operating profit was $20.0M (6.3% of revenue) and net earnings $39.4M.
Source: MediaAlpha 10-Q on SEC EDGAR.