Filing Flows › MediaAlpha (MAX) › Q3 2026 › vs Q3 2025
MediaAlpha (MAX) Q3 2026 vs Q3 2025 (year over year)
MediaAlpha's revenue rose $69.4M (+23%) from $307M in Q3 2025 to $376M in Q3 2026. The biggest changes: Property & casualty insurance +$78.1M (+27%); Health insurance −$9.9M (-77%); Life insurance +$1.2M (+22%). Operating margin 7.7% against 6.4% (+1.2 pts).
MediaAlpha, Q3 2026: revenue $376M (+23% year over year), operating margin 7.7%, net earnings $25.8M, operating cash flow $21.6M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 7.7% | 6.4% | +1.2 pts |
| Net margin | 6.9% | 4.9% | +2.0 pts |
| Free cash flow margin | 5.7% | 7.7% | -2.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Property & casualty insurance | $366M | $288M | $78.1M | +27% |
| Life insurance | $6.8M | $5.6M | $1.2M | +22% |
| Health insurance | $2.9M | $12.9M | −$9.9M | -77% |
| Other | $302K | $252K | $50K | +20% |
| Revenue | $376M | $307M | $69.4M | +23% |
| Other income, net | $8.3M | −$2.0M | $10.4M | — |
| Operating profit | $28.8M | $19.7M | $9.1M | +46% |
| Costs & expenses | $347M | $287M | $60.3M | +21% |
| Pre-tax earnings | $37.2M | $17.7M | $19.5M | +110% |
| Cost of revenue | $321M | $263M | $57.5M | +22% |
| Research & development | $6.2M | $5.8M | $382K | +7% |
| Sales & marketing | $5.2M | $5.2M | $21K | +0.4% |
| General & admin | $15.0M | $12.6M | $2.4M | +19% |
| Net earnings | $25.8M | $14.9M | $10.8M | +73% |
| Minority interests | $3.6M | $2.7M | $870K | +32% |
| Income tax | $7.8M | $54K | $7.8M | 145× |
| Depreciation & amortization | $575K | $571K | $4K | +0.7% |
| Share-based compensation | $8.1M | $7.7M | $461K | +6% |
| Working capital & other | $12.8M | −$483K | $13.3M | — |
| Operating cash flow | $21.6M | $23.6M | −$2.0M | -9% |
| Free cash flow (OCF − capex) | $21.5M | $23.6M | −$2.1M | -9% |
| Capital expenditures | $128K | $68K | $60K | +88% |
Questions
How much did MediaAlpha's revenue grow year over year in Q3 2026?
MediaAlpha's revenue rose $69.4M (+23%) from $307M in Q3 2025 to $376M in Q3 2026.
What drove MediaAlpha's revenue change in Q3 2026?
Property & casualty insurance +$78.1M (+27%); Health insurance −$9.9M (-77%); Life insurance +$1.2M (+22%).