Filing Flows › MediaAlpha (MAX) › Q3 2025
MediaAlpha (MAX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
MediaAlpha (MAX) reported revenue of $307M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +22% from the quarter before. Operating margin was 6.4%, net earnings $14.9M (4.9% of revenue).
MediaAlpha, Q3 2025: revenue $307M (+18% year over year), operating margin 6.4%, net earnings $14.9M, operating cash flow $23.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $307M | +22% | +18% |
| Operating profit | $19.7M | — | +26% |
| Net earnings | $14.9M | — | +57% |
| Operating cash flow | $23.6M | -8% | +193% |
| Free cash flow | $23.6M | -8% | +194% |
What changed
Revenue was $306.5M in Q3 2025, up 18% year over year and up 22% from the previous quarter. Property & casualty insurance was the largest line at 94% of revenue. Property & casualty insurance added $68.8M year over year (up 31%), 145% of the total change. Other declined 87%.
Operating profit was $19.7M, a 6.4% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, above the 6% margin then. Total costs grew 18% against revenue growth of 18%. The fastest-growing cost line was Cost of revenue (+20%). Net earnings were $14.9M, up 57% year over year. The effective tax rate was 0.3%.
Operating cash flow was $23.6M (up 193% year over year), 134% of net income including minority interests. Non-cash charges added back $571K of depreciation and amortization and $7.7M of share-based compensation. Working capital and other items used $2.3M. Capital expenditures of $68K left free cash flow of $23.6M.
Questions
What was MediaAlpha's revenue in the third quarter 2025?
MediaAlpha (MAX) reported revenue of $307M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +22% from the quarter before.
Was MediaAlpha profitable in the third quarter 2025?
Operating profit was $19.7M (6.4% of revenue) and net earnings $14.9M.
Source: MediaAlpha 10-Q on SEC EDGAR.