Filing Flows › MediaAlpha (MAX) › How it makes money
How MediaAlpha (MAX) makes money
MediaAlpha (MAX) made $376M of revenue in the third quarter 2026 (Q3 2026), +23% from a year earlier. Property & casualty insurance brought in $366M (97%); Life insurance brought in $6.8M (2%); Health insurance brought in $2.9M (1%). Of every dollar of revenue, 8¢ was left as operating profit, 7¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Property & casualty insurance | $366M | 97.3% | +18% | +27% |
| Life insurance | $6.8M | 1.8% | +33% | +22% |
| Health insurance | $2.9M | 0.8% | +7% | -77% |
| Other | $302K | 0.1% | +38% | +20% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $376M | 100.0% |
| Operating profit | $28.8M | 7.7% |
| Income tax | $7.8M | 2.1% |
| Net earnings | $25.8M | 6.9% |
| Operating cash flow | $21.6M | 5.7% |
| Free cash flow | $21.5M | 5.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $376M | +23% |
| Q2 2026 | $317M | +26% |
| Q1 2026 | $310M | +17% |
| Q4 2025 | $291M | -3% |
| Q3 2025 | $307M | +18% |
| Q2 2025 | $252M | +41% |
| Q1 2025 | $264M | +109% |
From MediaAlpha's 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does MediaAlpha make money?
MediaAlpha (MAX) made $376M of revenue in the third quarter 2026 (Q3 2026), +23% from a year earlier. Property & casualty insurance brought in $366M (97%); Life insurance brought in $6.8M (2%); Health insurance brought in $2.9M (1%). Of every dollar of revenue, 8¢ was left as operating profit, 7¢ was left as net earnings.
What is MediaAlpha's biggest business?
Property & casualty insurance: $366M in the third quarter 2026, 97% of revenue, +27% from a year earlier.
What is MediaAlpha's profit margin?
Net earnings were $25.8M, 6.9% of revenue, in the third quarter 2026; the operating margin was 7.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.