Filing Flows › MediaAlpha (MAX) › Q4 2025
MediaAlpha (MAX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
MediaAlpha (MAX) reported revenue of $291M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -5% from the quarter before. Operating margin was 7.7%, net earnings $34.0M (11.7% of revenue).
MediaAlpha, Q4 2025: revenue $291M (-3% year over year), operating margin 7.7%, net earnings $34.0M, operating cash flow −$7.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $291M | -5% | -3% |
| Operating profit | $22.3M | +13% | — |
| Net earnings | $34.0M | +128% | — |
| Operating cash flow | −$7.4M | -132% | — |
What changed
Revenue was $291.2M in Q4 2025, down 3% year over year and down 5% from the previous quarter. Property & casualty insurance was the largest line at 91% of revenue.
Operating profit was $22.3M, a 7.7% margin (up 1.6 points year over year). Total costs fell 5% while revenue fell 3%. Net earnings were $31.4M, up 577% year over year.
Operating cash flow was −$7.4M. Non-cash charges added back $584K of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items used $49.5M. Capital expenditures of $40K exceeded it, leaving free cash flow of −$7.5M.
Questions
What was MediaAlpha's revenue in the fourth quarter 2025?
MediaAlpha (MAX) reported revenue of $291M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -5% from the quarter before.
Was MediaAlpha profitable in the fourth quarter 2025?
Operating profit was $22.3M (7.7% of revenue) and net earnings $34.0M.
Source: MediaAlpha 10-K on SEC EDGAR.