MediaAlpha, Inc. (MAX) Financial Statements
Industry: Business Services (Other) (Services)
In fiscal 2025, MediaAlpha reported revenue of $1.11B, up 28.8% from $864.7M the year before. Net income was $25.6M (a 2.3% net margin), or $0.39 per diluted share. Gross margin was 15.0% and operating margin was 2.0%. Operating activities generated $65.6M of cash, leaving $65.3M of free cash flow. At fiscal year end, MediaAlpha held $383.8M in total assets against $413.0M in total liabilities, including $46.9M of cash and equivalents.
Open the full interactive MediaAlpha financials → Quarterly statements, key ratios, valuation history and price charts.
MediaAlpha Key Stats
| Share Price | $10.47 |
|---|---|
| Market Cap | $649.9M |
| P/E Ratio | 26.8 |
| Revenue YoY Growth | +28.8% |
| 52-Week Range | $7.17 – $14.27 |
| Shares Outstanding | 53.7 million (basic, 2026 Q2) |
MediaAlpha Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $584.8M | $645.3M | $459.1M | $388.1M | $864.7M | $1.11B |
| Cost of Goods Sold | $565.3M | $643.1M | $494.5M | $428.1M | $822.0M | $1.09B |
| Gross Profit | $85.4M | $101.5M | $70.1M | $66.7M | $143.6M | $167.5M |
| Operating Income | $19.5M | $2.1M | -$35.4M | -$39.9M | $42.7M | $22.1M |
| Pre-Tax Income | $9.3M | -$9.5M | $30.5M | -$57.0M | $23.5M | -$111.1M |
| Income Tax | -$1.3M | -$1.0M | $102.9M | -$463,000 | $1.4M | -$137.8M |
| Net Income | -$4.4M | -$5.3M | -$57.7M | -$40.4M | $16.6M | $25.6M |
| Diluted EPS | -$0.14 | -$0.19 | -$1.37 | -$0.89 | $0.31 | $0.39 |
MediaAlpha Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $306.5M | $291.2M | $310.0M | $316.9M |
| Net Income | $14.9M | $31.4M | $11.5M | $39.4M |
| Diluted EPS | $0.26 | $0.47 | $0.21 | $0.65 |
MediaAlpha Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.6M | $50.6M | $14.5M | $17.3M | $43.3M | $46.9M |
| Current Assets | $127.8M | $137.1M | $80.4M | $74.6M | $189.9M | $174.4M |
| Total Assets | $210.3M | $289.8M | $170.1M | $153.9M | $262.4M | $383.8M |
| Current Liabilities | $107.5M | $84.2M | $76.9M | $79.7M | $133.0M | $147.6M |
| Total Long-Term Debt | $182.7M | $186.8M | $183.1M | $174.3M | $162.4M | $153.4M |
| Total Liabilities | $315.5M | $351.4M | $256.2M | $248.3M | $308.7M | $413.0M |
| Shareholders' Equity | -$33.8M | -$4.3M | -$16.0M | -$10.3M | $2.4M | $4.2M |
MediaAlpha Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $51.4M | $28.6M | $28.3M | $20.2M | $45.9M | $65.6M |
| Cash From Investing | -$10.3M | -$650,000 | -$49.8M | -$73,000 | -$654,000 | -$340,000 |
| Cash From Financing | -$27.6M | -$961,000 | -$14.5M | -$17.4M | -$19.2M | -$61.6M |
| Free Cash Flow | $51.1M | $28.0M | $28.2M | $20.2M | $45.6M | $65.3M |
Figures from MediaAlpha's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full MediaAlpha financials page for every line item.
MediaAlpha Company Profile
| Ticker | MAX |
|---|---|
| Exchange | NYSE |
| Industry | Business Services (Other) (Services) |
| Headquarters | Los Angeles, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001818383 |
Frequently Asked Questions
What was MediaAlpha's revenue in fiscal 2025?
MediaAlpha (MAX) reported revenue of $1.11B for fiscal 2025.
What is MediaAlpha's annual revenue history?
MediaAlpha's annual revenue by fiscal year: 2020: $584.8M; 2021: $645.3M; 2022: $459.1M; 2023: $388.1M; 2024: $864.7M; 2025: $1.11B.
What was MediaAlpha's net income in fiscal 2025?
MediaAlpha reported net income of $25.6M for fiscal 2025.
What was MediaAlpha's earnings per share (EPS) in fiscal 2025?
MediaAlpha's diluted EPS was $0.39 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did MediaAlpha generate in fiscal 2025?
MediaAlpha generated $65.3M of free cash flow in fiscal 2025.
What was MediaAlpha's revenue last quarter?
In its most recent reported quarter (2026 Q2), MediaAlpha reported revenue of $316.9M.
How much debt does MediaAlpha have?
MediaAlpha reported $153.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of MediaAlpha are outstanding?
MediaAlpha reported a weighted average of 53.7 million basic shares outstanding in 2026 Q2.
What is MediaAlpha's market cap?
Based on its latest closing price, MediaAlpha (MAX) has a market capitalization of about $649.9M.
When does MediaAlpha's fiscal year end?
MediaAlpha's fiscal year end, as registered with the SEC, is December 31.
Where is MediaAlpha headquartered?
MediaAlpha lists its business address in Los Angeles, California in its SEC filings.