10-Q · April 29, 2026
MediaAlpha reported Q1 2026 results with revenue of $310 million, an increase of 17.3% from the prior year, driven by strong customer acquisition spending, particularly in the P&C insurance vertical. The company…
Earnings analysis · 10-Q
MAX earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
MediaAlpha reported a strong Q3, with revenue of $375.946 million and diluted EPS of $0.46, exceeding consensus estimates of $349.611 million and $0.38. Gross margin improved to 14.7% from 14.2% a year earlier, and…
Read full summary
MediaAlpha reported a strong Q3, with revenue of $375.946 million and diluted EPS of $0.46, exceeding consensus estimates of $349.611 million and $0.38. Gross margin improved to 14.7% from 14.2% a year earlier, and adjusted EBITDA reached a record $39.5 million. The principal filing risks are increased customer and receivables concentration, variable-rate debt sensitivity quantified at $1.3 million for a 1.0% rate move, and sizable insider selling plans; management maintained full-year free cash flow guidance of $90 million-$100 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.46
- Gross margin
- 14.7%
What stood out
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Revenue accelerated and beat consensus
Third-quarter revenue was $375.946 million, up from $307 million in Q3 2025 and $317 million in Q2 2026. Revenue exceeded the $349.611 million consensus estimate by approximately $26.335 million, or 7.5%.
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EPS beat expectations
Diluted EPS was $0.46 versus $0.26 in Q3 2025 and $0.65 in Q2 2026; EPS exceeded the $0.38 estimate by $0.08, or 21.1%.
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Gross margin improved
Gross margin was 14.7%, improving from 14.2% in Q3 2025 and 14.3% in Q2 2026, indicating sequential and year-over-year margin expansion.
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Record adjusted EBITDA
Adjusted EBITDA reached a record $39.5 million, while Q4 adjusted EBITDA guidance is $36.0 million-$39.0 million and contribution guidance is $54.0 million-$57.0 million.
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Full-year cash flow outlook maintained
Management maintained full-year 2026 free cash flow guidance of $90 million-$100 million and set Q4 revenue guidance at $355 million-$375 million.
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Controls remained effective
Disclosure controls were concluded effective as of September 30, 2026, and management reported no change in internal control that materially affected, or was reasonably likely to materially affect, financial reporting during the quarter.
What to watch
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Variable-rate debt exposure
The 2026 Credit Facilities carry variable interest rates; a hypothetical 1.0% rate change would have affected interest expense by $1.3 million for the nine months ended September 30, 2026.
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Customer concentration increased
Customer concentration increased: three customers represented $224 million, or 60% of quarterly revenue, versus two customers representing $161 million, or 53%, in Q3 2025. Accounts receivable concentration also rose to four customers representing $116 million, or 70%, at September 30, 2026, versus 49% at December 31, 2025.
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Large insider selling plans
The CEO adopted a trading plan covering up to 1,000,000 shares, approximately 15% of his and OBF Investments' holdings, while Chief Architect Eugene Nonko adopted a plan covering up to 1,272,204 shares, approximately 23% of related holdings; both plans terminate no later than May 28, 2027.
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No formal risk-factor changes
The filing states there have been no material changes to the risk factors disclosed in the 2025 Form 10-K; however, supplier concentration remained material, with two suppliers accounting for $90 million, or 28%, of Q3 2026 purchases.
Management's outlook
Management maintained full-year 2026 free cash flow guidance of $90 million-$100 million and provided Q4 2026 revenue guidance of $355 million-$375 million, with contribution guidance of $54.0 million-$57.0 million and adjusted EBITDA guidance of $36.0 million-$39.0 million.
Earlier filings 4
10-K · February 23, 2026
MediaAlpha reports strong scale in 2025, with Transaction Value of $2.2 billion (up 44.5% YoY) and revenue of $1.1 billion (up 28.8% YoY), driven primarily by increased P&C carrier spend and higher Consumer Referrals.…
10-Q · October 29, 2025
MediaAlpha reported Q3 revenue of $306.514M and GAAP diluted EPS of $0.26 for the three months ended September 30, 2025. Revenue and operating income improved year-over-year, operating cash flow was strong on a…
10-Q · April 30, 2025
MediaAlpha reported revenue of $264.309 million for Q1 2025 (up from $126.649 million in Q1 2024) while GAAP diluted EPS was a loss of $(0.04). Operating income was effectively flat at $0.1 million (operating margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.