Filing Flows › MediaAlpha (MAX) › Q3 2026
MediaAlpha (MAX) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 28, 2026
MediaAlpha (MAX) reported revenue of $376M for the third quarter 2026 (Q3 2026), +23% from a year earlier and +19% from the quarter before. Operating margin was 7.7%, net earnings $25.8M (6.9% of revenue).
MediaAlpha, Q3 2026: revenue $376M (+23% year over year), operating margin 7.7%, net earnings $25.8M, operating cash flow $21.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $376M | +19% | +23% |
| Operating profit | $28.8M | +44% | +46% |
| Net earnings | $25.8M | -35% | +73% |
| Operating cash flow | $21.6M | -49% | -9% |
| Free cash flow | $21.5M | -49% | -9% |
What changed
Revenue was $375.9M in Q3 2026, up 23% year over year and up 19% from the previous quarter. Property & casualty insurance was the largest line at 97% of revenue. Property & casualty insurance added $78.1M year over year (up 27%), 112% of the total change. Health insurance declined 77%.
Operating profit was $28.8M, a 7.7% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 13% reached operating profit, above the 6% margin then. Total costs grew 21% against revenue growth of 23%. The fastest-growing cost line was Cost of revenue (+22%). Net earnings were $25.8M, up 73% year over year. The effective tax rate was 21.0%. Non-operating items added $8.3M, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $21.6M (down 9% year over year), 74% of net income including minority interests. Non-cash charges added back $575K of depreciation and amortization and $8.1M of share-based compensation. Working capital and other items used $16.5M. Capital expenditures of $128K left free cash flow of $21.5M.
Questions
What was MediaAlpha's revenue in the third quarter 2026?
MediaAlpha (MAX) reported revenue of $376M for the third quarter 2026 (Q3 2026), +23% from a year earlier and +19% from the quarter before.
Was MediaAlpha profitable in the third quarter 2026?
Operating profit was $28.8M (7.7% of revenue) and net earnings $25.8M.
Source: MediaAlpha 10-Q on SEC EDGAR.