MediaAlpha (NYSE: MAX) swings to Q1 profit and guides strong Q2 growth

Q: What are MediaAlpha (MAX)’s profit margins and Adjusted EBITDA for Q1 2026?

In Q1 2026, MediaAlpha reported a 15.1% gross margin and a 15.7% Contribution Margin. Adjusted EBITDA was $31.4 million , up from $29.4 million in Q1 2025, reflecting improved operating performance despite slight margin compression versus the prior year.

Q: What 2026 outlook did MediaAlpha (MAX) provide for Q2?

For Q2 2026, MediaAlpha expects revenue between $290 million and $310 million , representing 19% year-over-year growth at the midpoint. It guides Contribution to $45.5–$48.5 million and Adjusted EBITDA to $28.0–$30.5 million , also implying high‑teens year-over-year growth.

Q: How much stock has MediaAlpha (MAX) repurchased under its buyback program?

Under its $100 million share repurchase program, MediaAlpha has repurchased about 3.7 million shares cumulatively. This includes roughly 2.6 million shares for $25 million year to date and represents 10% of outstanding shares as of July 31, 2025.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

MediaAlpha, Inc. reported strong first-quarter 2026 results, with revenue of $310.0 million, up 17% year over year, driven mainly by property & casualty insurance advertising. Net income was $14.0 million, compared with a net loss of $2.3 million a year earlier, while Adjusted EBITDA rose to $31.4 million from $29.4 million.

Property & Casualty revenue was $292.8 million, or 94.4% of total revenue, as Health insurance revenue declined to $11.2 million. Gross margin slipped to 15.1% and Contribution Margin to 15.7%. The company refinanced its debt with a new $150 million term loan and $60 million revolver maturing in 2031.

MediaAlpha repurchased about 2.6 million shares for $25 million year to date, totaling 3.7 million shares under its $100 million program, representing 10% of outstanding shares. For Q2 2026, it guides revenue of $290–$310 million, Contribution of $45.5–$48.5 million, and Adjusted EBITDA of $28.0–$30.5 million, implying high-teens growth, especially excluding the under-65 Health business.

Positive

Strong top-line growth and profitability: Q1 2026 revenue rose 17% year over year to $310.0 million, with net income improving to $14.0 million from a $2.3 million loss and Adjusted EBITDA increasing to $31.4 million.
Robust outlook with high-teens growth: Q2 2026 guidance calls for revenue of $290–$310 million and Adjusted EBITDA of $28.0–$30.5 million, implying high-teens year-over-year growth at the midpoints.
Capital returns via sizable buybacks: The company repurchased approximately 2.6 million shares for $25 million year to date and $73 million over the past three quarters, equal to 10% of outstanding shares under its $100 million program.
Improved capital structure maturity profile: MediaAlpha refinanced its credit facilities into a new $150 million term loan and $60 million revolver, both maturing in March 2031, extending debt maturities.

Negative

Margin compression despite revenue growth: Gross margin declined from 15.8% to 15.1% and Contribution Margin from 16.6% to 15.7% year over year in Q1 2026, indicating lower profitability per dollar of revenue.
Weak Health insurance vertical: Health insurance revenue fell to $11.2 million from $33.9 million, sharply reducing its share of total revenue and highlighting segment-specific challenges.
Negative operating cash flow and leverage: Cash from operating activities was $(1.6) million in Q1 2026 versus $23.7 million a year earlier, while total debt (current and long term) was about $163.5 million.

Insights

MediaAlpha posts double-digit growth, returns to profit, and guides to strong Q2 while leaning on P&C strength.

MediaAlpha grew Q1 2026 revenue 17% to $310.0M, with Property & Casualty contributing $292.8M or 94.4% of total revenue. Net income improved to $14.0M from a $2.3M loss, and Adjusted EBITDA increased to $31.4M, indicating better operating leverage despite slightly lower gross and Contribution margins.

Health insurance revenue fell sharply to $11.2M from $33.9M, and gross margin declined to 15.1% from 15.8%, showing mix and margin pressure. Cash from operations was modestly negative at $(1.6)M, and the company carries total debt of about $163.5M, though maturities are extended to 2031 via new credit facilities.

The company repurchased roughly $25M of stock year to date, $73M over three quarters, equal to 10% of outstanding shares as of July 31, 2025, signaling confidence in its equity value. Q2 2026 guidance calls for revenue of $290–$310M and Adjusted EBITDA of $28.0–$30.5M, with Contribution and Adjusted EBITDA excluding under-65 Health expected to grow around mid‑20s to low‑30s percent year over year.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 Revenue: $310.0M Q1 2026 Net Income: $14.0M Q1 2026 Adjusted EBITDA: $31.4M +5 more

8 metrics

Q1 2026 Revenue $310.0M Up 17% year over year

Q1 2026 Net Income $14.0M Versus $(2.3)M net loss in Q1 2025

Q1 2026 Adjusted EBITDA $31.4M Compared with $29.4M in Q1 2025

P&C Revenue $292.8M 94.4% of total Q1 2026 revenue

Health Insurance Revenue $11.2M Down from $33.9M in Q1 2025

Share Repurchases YTD 2026 $25M / 2.6M shares Part of $73M repurchased over last three quarters

Q2 2026 Revenue Guidance $290–$310M 19% year-over-year growth at midpoint

Total Debt $163.5M Current and long-term portions as of March 31, 2026

Key Terms

Contribution, Contribution Margin, Adjusted EBITDA, Tax receivables agreement, +2 more

6 terms

Contribution financial

"We define “Contribution” as revenue less revenue share payments and online advertising costs..."

Contribution Margin financial

"We define “Contribution Margin” as Contribution expressed as a percentage of revenue..."

Contribution margin is the amount of money left from a product’s sale after paying the costs that rise with each unit sold (like materials or hourly labor); it can be shown per unit or as a percentage of the sale price. Investors care because it shows how much each sale contributes to covering fixed expenses and generating profit — think of each sale as a slice of pie where the contribution margin is the slice available to pay the rent and add to earnings.

Adjusted EBITDA financial

"We define “Adjusted EBITDA” as net income (loss) excluding interest expense..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Tax receivables agreement financial

"Liabilities under tax receivables agreement, net of current portion..."

Open Marketplace transactions financial

"Open Marketplace transactions | $303,817 | ... Percentage of total Revenue | 98.0 %"

Non-GAAP financial measures financial

"This press release includes Adjusted EBITDA, Contribution, and Contribution Margin, which are non-GAAP financial measures."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Revenue: $310.0M · Guidance included

Q1 2026

Revenue $310.0M +17% YoY

Net income $14.0M vs. $(2.3)M loss YoY

Adjusted EBITDA $31.4M +7% YoY

Gross margin 15.1% down from 15.8% YoY

Contribution Margin 15.7% down from 16.6% YoY

Guidance

For Q2 2026, MediaAlpha expects revenue of $290–$310M, Contribution of $45.5–$48.5M, and Adjusted EBITDA of $28.0–$30.5M, implying high-teens year-over-year growth at the midpoints.

Understanding 8-K Material Events →

04/29/2026 - 04:07 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_____________________________

FORM 8-K

_____________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 29, 2026

_____________________________

MediaAlpha, Inc.

(Exact Name of Registrant as Specified in Its Charter)

_____________________________


Delaware	001-39671	85-1854133
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


700 South Flower Street, Suite 640 Los Angeles, California			90017
(Address of Principal Executive Offices)			(Zip Code)

(213) 316-6256

(Registrant’s telephone number, including area code)

(Not Applicable)

(Former name or former address, if changed since last report)


			Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.01 par value

MAX

New York Stock Exchange


			Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 – Results of Operations and Financial Condition.

On April 29, 2026, MediaAlpha, Inc. (“MediaAlpha” or the “Company”) issued a press release announcing its financial results as of and for the first quarter ended March 31, 2026, and its financial outlook for the second quarter of 2026, and posted certain supplemental financial information to the Investor Relations section of its website. Copies of the press release and investor supplement are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Form 8-K and are incorporated by reference herein.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

MediaAlpha refers to non-GAAP financial information in the press release and investor supplement. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in each document.

ITEM 9.01 – Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.			Description
99.1			Press release dated April 29, 2026.
99.2			Investor Supplement dated April 29, 2026.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	MediaAlpha, Inc.

Date: April 29, 2026	By:	/s/ Jeffrey B. Coyne
		Name:	Jeffrey B. Coyne
		Title:	General Counsel & Secretary

Exhibit 99.1

MEDIAALPHA ANNOUNCES FIRST QUARTER 2026

FINANCIAL RESULTS

First Quarter Revenue Growth of 17%;

Record Revenue of $310.0 million

First Quarter Net Income of $14.0 million; Adjusted EBITDA(1)of $31.4 million

Repurchased over $25 million of stock during 2026

Los Angeles, CA (April 29, 2026) – MediaAlpha, Inc. (NYSE: MAX) ("MediaAlpha" or the "Company"), today announced its financial results for the first quarter ended March 31, 2026.

“We delivered record first-quarter results, driven by strong auto insurance advertising spend and broader carrier participation resulting in a continued favorable mix shift to our Open Marketplace,” said Steve Yi, CEO of MediaAlpha. “We are energized by our deeper engagement with a growing number of carriers about further leveraging our trusted infrastructure and AI-powered targeting capabilities to maximize their ROI and gain share in a highly competitive market.”

MediaAlpha CFO Pat Thompson added, “During the quarter, we refinanced our credit facilities, extending our debt maturity profile to 2031. We continue to return significant capital to our shareholders, repurchasing over $25 million of stock year to date and $73 million over the past three quarters, representing 10% of our outstanding shares. We remain on track to complete the vast majority of the remaining $60 million authorization in 2026.”

First Quarter 2026 Financial Results

•Revenue of $310.0 million, an increase of 17% year over year;

•Gross margin of 15.1%, compared with 15.8% in the first quarter of 2025;

•Contribution Margin(1) of 15.7%, compared with 16.6% in the first quarter of 2025;

•Net income was $14.0 million, compared with a net loss of $(2.3) million in the first quarter of 2025;

•Adjusted EBITDA(1) was $31.4 million, compared with $29.4 million in the first quarter of 2025;

•Repurchased approximately 2.6 million shares for $25 million year to date, bringing cumulative repurchases under the Company's $100 million share repurchase program to 3.7 million shares;

•Completed refinancing of credit facilities, establishing a new $150 million term loan and $60 million revolving credit facility, both maturing in March 2031.

(1)A reconciliation of GAAP to Non-GAAP financial measures has been provided at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Financial Outlook

Our guidance for the second quarter of 2026 reflects continued strength in our Property & Casualty (P&C) insurance vertical. We expect revenue to grow approximately 19% year over year, driven by strong carrier growth investment and continued share gains within P&C. We expect our Health insurance vertical to account for approximately 1% of revenue.

For the second quarter of 2026, MediaAlpha currently expects the following:

•Revenue between $290 million - $310 million, representing a 19% year-over-year increase at the midpoint of the guidance range.

•Contribution between $45.5 million - $48.5 million, representing a 18% year-over-year increase at the midpoint of the guidance range.

•Adjusted EBITDA between $28.0 million - $30.5 million, representing a 19% year-over-year increase at the midpoint of the guidance range, including an approximately $2 million year-over-year decline in Contribution from under-65 Health. Excluding under-65 Health, we expect Contribution to increase by 25% year over year and Adjusted EBITDA to increase by 31% year over year at the guidance midpoints.

Effective with the first quarter of 2026, the Company is discontinuing its reporting of and guidance for Transaction Value, a non-GAAP operating metric, in order to simplify our reporting structure. As our scale advantage has become well-established, the Company believes that Revenue, Contribution, Contribution Margin, and Adjusted EBITDA are the most relevant metrics for investors evaluating the Company's performance relative to our peers.

With respect to the Company’s projections of Adjusted EBITDA and Contribution under “Financial Outlook,” MediaAlpha is not providing a reconciliation of Adjusted EBITDA to net income (loss), or of Contribution to gross profit, because the Company is unable to predict with reasonable certainty the reconciling items that may affect the corresponding GAAP measures without unreasonable effort. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the corresponding GAAP measures for the applicable period.

For a detailed explanation of the Company’s non-GAAP measures, please refer to the appendix section of this press release.

Conference Call Information

MediaAlpha will host a Q&A conference call today to discuss the Company's first quarter 2026 results and its financial outlook for the second quarter of 2026 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live audio webcast of the call will be available on the MediaAlpha Investor Relations website at https://investors.mediaalpha.com. To register for the webcast, click here. Participants may also dial-in, toll-free, at (800) 715-9871 or (646) 307-1963, with passcode 4459225. An audio replay of the conference call will be available following the call and available on the MediaAlpha Investor Relations website at https://investors.mediaalpha.com.

The Company has also posted investor supplemental materials on its investor relations website. MediaAlpha has used, and intends to continue to use, its investor relations website at https://investors.mediaalpha.com as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding our deeper engagement with a growing number of carriers about further leveraging our trusted infrastructure and AI-powered targeting capabilities; our expectations regarding the timing and amounts of share repurchases; and our financial outlook for the second quarter of 2026. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including those more fully described in MediaAlpha’s filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K filed on February 23, 2026 and the Form 10-Q to be filed on April 29, 2026. These factors should not be construed as exhaustive. MediaAlpha disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

Non-GAAP Financial Measures and Operating Metrics

This press release includes Adjusted EBITDA, Contribution, and Contribution Margin, which are non-GAAP financial measures. See the appendix for definitions of Adjusted EBITDA, Contribution and Contribution Margin, as well as reconciliations to the corresponding GAAP financial metrics, as applicable.

We present Adjusted EBITDA, Contribution, and Contribution Margin because they are used extensively by our management and board of directors to manage our operating performance, including evaluating our operational performance against budget and assessing our overall operating efficiency and operating leverage. Accordingly, we believe that Adjusted EBITDA, Contribution, and Contribution Margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Each of Adjusted EBITDA, Contribution, and Contribution Margin has limitations as a financial measure and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

About MediaAlpha

We believe we are the insurance industry’s leading programmatic customer acquisition platform. With more than 1,150 active partners, in addition to our agent partners, we connect insurance carriers with online shoppers and generated over 141 million Consumer Referrals in 2025. Our programmatic advertising technology powered $2.2 billion in spend in 2025 on brand, comparison, and metasearch sites across property & casualty insurance, health insurance, life insurance, and other industries. For more information, please visit www.mediaalpha.com.

Contacts:

Investors

Denise Garcia

Hayflower Partners

Denise@HayflowerPartners.com

MediaAlpha, Inc. and subsidiaries

Consolidated Balance Sheets

(Unaudited; in thousands, except share data and per share amounts)


	March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	26,051	$	46,876
Accounts receivable, net of allowance for credit losses of $762 and $717, respectively	133,796		123,019
Prepaid expenses and other current assets	5,358		4,477
Total current assets	165,205		174,372
Intangible assets, net	3,113		3,590
Goodwill	47,739		47,739
Deferred tax assets	143,699		149,734
Other assets	7,959		8,396
Total assets	$	367,715	$	383,831
Liabilities and stockholders' deficit
Current liabilities
Accounts payable	$	91,398	$	91,094
Accrued expenses	14,604		34,746
Current portion of long-term debt	7,167		21,807
Total current liabilities	113,169		147,647
Long-term debt, net of current portion	156,336		131,602
Liabilities under tax receivables agreement, net of current portion	116,564		124,212
Other long-term liabilities	10,738		9,564
Total liabilities	$	396,807	$	413,025
Commitments and contingencies
Stockholders' deficit
Class A common stock, $0.01 par value - 1.0 billion shares authorized; 54.6 million and 56.2 million shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	546		562
Class B common stock, $0.01 par value - 100 million shares authorized; 8.3 million and 8.3 million shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	83		83
Preferred stock, $0.01 par value - 50 million shares authorized; 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025	—		—
Additional paid-in capital	470,131		483,825
Accumulated deficit	(468,843)		(480,310)
Total stockholders' equity attributable to MediaAlpha, Inc.	$	1,917	$	4,160
Non-controlling interests	(31,009)		(33,354)
Total stockholders' deficit	$	(29,092)	$	(29,194)
Total liabilities and stockholders' deficit	$	367,715	$	383,831

MediaAlpha, Inc. and subsidiaries

Consolidated Statements of Operations

(Unaudited; in thousands, except share data and per share amounts)


	Three Months Ended March 31,
	2026		2025
Revenue	$	310,004	$	264,309
Costs and operating expenses
Cost of revenue	263,305		222,670
Sales and marketing	5,328		5,626
Product development	5,455		4,886
General and administrative	13,542		17,595
Write-off of intangible assets	—		13,416
Total costs and operating expenses	287,630		264,193
Income from operations	22,374		116
Other (income), net	(615)		(456)
Interest expense	2,441		2,955
Total other expense, net	1,826		2,499
Income (loss) before income taxes	20,548		(2,383)
Income tax expense (benefit)	6,502		(49)
Net income (loss)	$	14,046	$	(2,334)
Net income (loss) attributable to non-controlling interest	2,579		(386)
Net income (loss) attributable to MediaAlpha, Inc.	$	11,467	$	(1,948)
Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock
-Basic and diluted	$	0.21	$	(0.04)

Weighted average shares of Class A common stock outstanding
-Basic and diluted	55,846,097		55,632,321

MediaAlpha, Inc. and subsidiaries

Consolidated Statements of Cash Flows

(Unaudited; in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net income (loss)	$	14,046	$	(2,334)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Equity-based compensation expense	7,259		7,024
Non-cash lease expense	261		227
Depreciation expense on property and equipment	74		62
Amortization of intangible assets	477		1,444
Amortization of deferred debt issuance costs	140		180


Loss on extinguishment of debt	235		—
Write-off of intangible assets	—		13,416
Credit losses	45		(95)
Deferred taxes	6,035		—
Tax receivables agreement	(803)		—
Changes in operating assets and liabilities:
Accounts receivable	(10,822)		28,181
Prepaid expenses and other current assets	(108)		(363)
Other assets	125		125
Accounts payable	304		(23,209)
Accrued expenses	(18,824)		(957)
Net cash (used in) provided by operating activities	$	(1,556)	$	23,701
Cash flows from investing activities
Purchases of property and equipment	(42)		(57)

Net cash (used in) investing activities	$	(42)	$	(57)
Cash flows from financing activities
Proceeds from revolving line of credit	15,000		—
Repayments on revolving line of credit	(5,000)		—
Proceeds from issuance of long-term debt	150,000		—
Repayments on long-term debt	(148,953)		(2,375)
Payments of debt issuance costs	(2,101)		—
Repurchases of Class A common stock	(20,268)		—
Contributions from QLH’s members	274		—
Distributions to non-controlling interests	(508)		(107)
Payments pursuant to tax receivables agreement	(6,990)		—
Shares withheld for taxes on vesting of restricted stock units	(681)		(867)
Net cash (used in) financing activities	$	(19,227)	$	(3,349)
Net (decrease) increase in cash and cash equivalents	(20,825)		20,295
Cash and cash equivalents, beginning of period	46,876		43,266
Cash and cash equivalents, end of period	$	26,051	$	63,561

Key business and operating metrics and Non-GAAP financial measures

Contribution and Contribution Margin

We define “Contribution” as revenue less revenue share payments and online advertising costs, or, as reported in our consolidated statements of operations, revenue less cost of revenue (i.e., gross profit), as adjusted to exclude the following items from cost of revenue: equity-based compensation; salaries, wages, and related costs; internet and hosting costs; amortization; depreciation; other services; and merchant-related fees. We define “Contribution Margin” as Contribution expressed as a percentage of revenue for the same period. Contribution and Contribution Margin are non-GAAP financial measures that we present to supplement the financial information we present on a GAAP basis. We use Contribution and Contribution Margin to measure the return on our relationships with our Supply Partners (excluding certain fixed costs), the financial return on and efficacy of our online advertising costs to drive consumers to our proprietary websites, and our operating leverage. We do not use Contribution and Contribution Margin as measures of overall profitability. We present Contribution and Contribution Margin because they are used by our management and board of directors to manage our operating performance, including evaluating our operational performance against budget and assessing our overall operating efficiency and operating leverage. For example, if Contribution increases and our headcount costs and other operating expenses remain steady, our Adjusted EBITDA and operating leverage increase. If Contribution Margin decreases, we may choose to re-evaluate and re-negotiate our revenue share agreements with our Supply Partners, to make optimization and pricing changes with respect to our bids for keywords from primary traffic acquisition sources, or to change our overall cost structure with respect to headcount, fixed costs and other costs. Other companies may calculate Contribution and Contribution Margin differently than we do. Contribution and Contribution Margin have their limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results presented in accordance with GAAP.

The following table reconciles Contribution with gross profit, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026			2025
Revenue	$	310,004		$	264,309
Less cost of revenue	(263,305)			(222,670)
Gross profit	$	46,699		$	41,639
Adjusted to exclude the following (as related to cost of revenue):
Equity-based compensation	143			294
Salaries, wages, and related	345			816
Internet and hosting	255			171
Other expenses	147			202
Depreciation	3			6
Other services	832			712
Merchant-related fees	240			142
Contribution	$	48,664		$	43,982
Gross margin	15.1		%	15.8		%
Contribution Margin	15.7		%	16.6		%

Adjusted EBITDA

Adjusted EBITDA is not presented in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures presented in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP. These limitations include the fact that Adjusted EBITDA excludes interest expense on debt, income tax expense (benefit), equity-based compensation expense, depreciation and amortization, and certain other adjustments that we consider to be useful to investors and others in understanding and evaluating our operating results. In addition, other companies may use other measures to evaluate their performance, including different definitions of “Adjusted EBITDA,” which could reduce the usefulness of our Adjusted EBITDA as a tool for comparison.

The following table reconciles Adjusted EBITDA with net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Net income (loss)	$	14,046	$	(2,334)
Equity-based compensation expense	7,259		7,024
Interest expense	2,441		2,955
Income tax expense (benefit)	6,502		(49)
Depreciation expense on property and equipment	74		62
Amortization of intangible assets	477		1,444
Transaction expenses(1)	1,298		—

Write-off of intangible assets(2)	—		13,416



Changes in TRA related liability(3)	(803)		—
Changes in Tax Indemnification Receivable	17		(21)

Legal expenses(4)	49		6,879

Adjusted EBITDA	$	31,360	$	29,376

(1)Transaction expenses for the three months ended March 31, 2026 consist of legal and other fees of $1.1 million and a loss on extinguishment of $0.2 million incurred by us in connection with the 2026 Credit Facilities.

(2)Write-off of intangible assets for the three months ended March 31, 2025 consists of a charge related to the write-off of customer relationships and trademarks, trade names, and domain names intangible assets acquired as part of the acquisition of Customer Helper Team, LLC.

(3)Changes in TRA related liability consist of adjustments to the TRA liability to reflect probable future payments under the agreement.

(4)Legal expenses for the three months ended March 31, 2026 were immaterial. Legal expenses for the three months ended March 31, 2025, consist of an increase of $5.0 million to the loss reserve established in connection with the FTC Matter and legal fees and costs incurred in connection with such matter.




Investor Supplement Q1 2026

Investor Supplementary Financial Information

The accompanying financial information excludes all financial statement disclosures and other information required by generally accepted accounting principles in the United States of America (“GAAP”) and Securities and Exchange Commission (SEC) rules and regulations. However, MediaAlpha, Inc. ("MediaAlpha" or the "Company") has previously filed, or has publicly disclosed and will file, with the SEC, consolidated financial statements for each of the periods presented that were prepared in accordance with GAAP and SEC rules and regulations. The accompanying financial information is derived from the books and records of MediaAlpha that were used to prepare those consolidated financial statements. Accordingly, the accompanying information should be read in conjunction with MediaAlpha's consolidated financial statements and related notes thereto filed with the SEC. We believe that quarter-to-quarter comparisons of results from operations, or any other similar period-to-period comparisons, should not be construed as reliable indicators of our future performance.

The accompanying financial information includes certain non-GAAP financial measures. Definitions of these non-GAAP financial measures, as well as reconciliations to the corresponding GAAP financial metrics, have been provided on the following pages. We present these supplemental non-GAAP financial measures because they are used extensively by our management and board of directors to manage our operating performance, including evaluating our operational performance against budget and assessing our overall operating efficiency and operating leverage. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors.

These non-GAAP measures should not be considered as an alternative to net income, gross profit or any other financial measures so calculated and presented. Other companies (including our competitors) may define these non-GAAP measures differently. These non-GAAP measures may not be indicative of the historical operating results of MediaAlpha or predictive of potential future results. Investors should not consider this supplemental non-GAAP financial information in isolation or as a substitute for analysis of our results as reported in accordance with GAAP.

Effective with the first quarter of 2026, the Company is discontinuing its reporting of and guidance for Transaction Value, a non-GAAP operating metric, in order to simplify our reporting structure. As our scale advantage has become well-established, the Company believes that Revenue, Contribution and Contribution Margin, and Adjusted EBITDA are the most relevant metrics for investors evaluating the Company's performance relative to our peers.

Q1 2026 Consolidated Results


	Q1
(in millions, except percentages)	2026	2025	YoY Change

Revenue	$310.0	$264.3	17%



Gross Profit	$46.7	$41.6	12%
Contribution 1	$48.7	$44.0	11%


Net Income (Loss)	$14.0	$(2.3)	n/m
Adjusted EBITDA 1	$31.4	$29.4	7%

n/m - Not Meaningful

1.See “Key Business Metrics and Non-GAAP Financial Measures” for additional information regarding non-GAAP metrics and operating metrics used in this supplement.

Revenue by Vertical

Contribution1 & Contribution Margin

1.See page 12 of this supplement for additional information regarding Contribution, a non-GAAP financial measure.

Adjusted EBITDA1 & Margin and as a % of Contribution2

1 See page 13 of this supplement for additional information regarding Adjusted EBITDA, a non-GAAP financial measure.
2 See page 12 of this supplement for additional information regarding Contribution, a non-GAAP financial measure.

Share Repurchase Program Overview

1 Represents shares repurchased as a percentage of the 67.9 million shares outstanding as of July 31, 2025.

2 Average price derived as consideration paid, excluding any commission, divided by the number of shares repurchased.

Q2 2026 Financial Outlook


	Q2 2025	Q2 2026 Guidance
($ in millions, % year-over-year growth)	Actual	Low		Mid		High

Revenue	$251.6	$290.0		$300.0		$310.0
% growth		15	%	19	%	23	%

Contribution1	$39.8	$45.5		$47.0		$48.5
% growth		14	%	18	%	22	%

Adj. EBITDA2	$24.5	$28.0		$29.3		$30.5
% growth		14	%	19	%	24	%

Under 65 Contribution	$2.4	$0.2		$0.3		$0.4

Contribution excl. Under 65 Contribution	$37.5	$45.3		$46.7		$48.1
% growth		21	%	25	%	28	%

Adj. EBITDA excl. Under 65 Contribution	$22.1	$27.8		$29.0		$30.1
% growth		26	%	31	%	36	%

1 See page 12 of this supplement for additional information regarding Contribution, a non-GAAP financial measure.
2 See page 13 of this supplement for additional information regarding Adjusted EBITDA, a non-GAAP financial measure.

Key Business Metrics

and Non-GAAP Financial Measures

In addition to traditional financial metrics, we rely upon certain business metrics that are not presented in accordance with GAAP to estimate the volume of spending on our platform, estimate and recognize revenue, evaluate our business performance and facilitate our operations. Such business metrics should not be considered in isolation from, or as an alternative to, measures presented in accordance with GAAP and should be considered together with other operating and financial performance measures presented in accordance with GAAP. Also, such business and operating metrics may not necessarily be comparable to similarly titled measures presented by other companies.

Revenue

Revenue by Vertical


	Three Months Ended March 31,
(in thousands)	2026			2025
Property & Casualty insurance	$	292,788		$	223,245
Percentage of total Revenue	94.4		%	84.5		%
Health insurance	11,165			33,937
Percentage of total Revenue	3.6		%	12.8		%
Life insurance	5,841			5,573
Percentage of total Revenue	1.9		%	2.1		%
Other	210			1,554
Percentage of total Revenue	0.1		%	0.6		%
Total Revenue	$	310,004		$	264,309

Revenue by Platform Model


	Three Months Ended March 31,
(in thousands)	2026			2025
Open Marketplace transactions	$	303,817		$	258,419
Percentage of total Revenue	98.0		%	97.8		%
Private Marketplace transactions	6,187			5,890
Percentage of total Revenue	2.0		%	2.2		%
Total Revenue	$	310,004		$	264,309

Consolidated Results Excluding Under-65 Health

The tables below presents Revenue and Contribution1 (in each case as reported and excluding the results of Under-65 Health), and Adjusted EBITDA2 (as reported and excluding Contribution of Under-65 Health).


	Q1 2025			Q1 2026			Ex. U65 YoY Change
$ in millions	Actual	U65	Ex. U65	Actual	U65	Ex. U65	$	%

Revenue	$264	$26	$238	$310	$4	$306	$68	28%
Contribution	$44	$6	$38	$49	$1	$48	$9	25%
Adjusted EBITDA	$29	$6	$24	$31	$1	$31	$7	28%

Contribution to Gross Profit


	Three Months Ended March 31,
(in thousands)	2026			2025
Revenue	$	310,004		$	264,309
Less cost of revenue	(263,305)			(222,670)
Gross profit	$	46,699		$	41,639
Adjusted to exclude the following (as related to cost of revenue):
Equity-based compensation	143			294
Salaries, wages, and related	345			816
Internet and hosting	255			171
Other expenses	147			202
Depreciation	3			6
Other services	832			712
Merchant-related fees	240			142
Contribution	$	48,664		$	43,982
Gross margin	15.1		%	15.8		%
Contribution Margin	15.7		%	16.6		%

Adjusted EBITDA to Net Income (Loss)

We define “Adjusted EBITDA” as net income (loss) excluding interest expense, income tax expense (benefit), depreciation expense on property and equipment, amortization of intangible assets, as well as equity-based compensation expense and certain other adjustments as listed in the table below. We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of revenue. Adjusted EBITDA is a non-GAAP financial measure that we present to supplement the financial information we present on a GAAP basis. We monitor and present Adjusted EBITDA because it is a key measure used by our management to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in the calculations of Adjusted EBITDA. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects. In addition, presenting Adjusted EBITDA provides investors with a metric to evaluate the capital efficiency of our business. Adjusted EBITDA is not presented in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures presented in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP. These limitations include the fact that Adjusted EBITDA excludes interest expense on debt, income tax expense (benefit), equity-based compensation expense, depreciation and amortization, and certain other adjustments that we consider to be useful to investors and others in understanding and evaluating our operating results. In addition, other companies may use other measures to evaluate their performance, including different definitions of “Adjusted EBITDA,” which could reduce the usefulness of our Adjusted EBITDA as a tool for comparison.


	Three Months Ended March 31,
(in thousands)	2026		2025
Net income (loss)	$	14,046	$	(2,334)
Equity-based compensation expense	7,259		7,024
Interest expense	2,441		2,955
Income tax expense (benefit)	6,502		(49)
Depreciation expense on property and equipment	74		62
Amortization of intangible assets	477		1,444
Transaction expenses(1)	1,298		—

Write-off of intangible assets(2)	—		13,416



Changes in TRA related liability(3)	(803)		—
Changes in Tax Indemnification Receivable	17		(21)

Legal expenses(4)	49		6,879

Adjusted EBITDA	$	31,360	$	29,376

(3)Changes in TRA related liability consist of adjustments to the TRA liability to reflect probable future payments under the agreement.

Source: View Original Filing on SEC EDGAR

FAQ

How did MediaAlpha (MAX) perform financially in Q1 2026?

MediaAlpha delivered solid growth in Q1 2026. Revenue reached $310.0 million, up 17% year over year, driven mainly by Property & Casualty insurance. Net income was $14.0 million, compared with a $2.3 million loss a year earlier, and Adjusted EBITDA rose to $31.4 million.

What are MediaAlpha (MAX)’s profit margins and Adjusted EBITDA for Q1 2026?

In Q1 2026, MediaAlpha reported a 15.1% gross margin and a 15.7% Contribution Margin. Adjusted EBITDA was $31.4 million, up from $29.4 million in Q1 2025, reflecting improved operating performance despite slight margin compression versus the prior year.

How is MediaAlpha’s revenue mix changing across insurance verticals?

MediaAlpha’s business is increasingly concentrated in Property & Casualty. In Q1 2026, P&C revenue was $292.8 million, or 94.4% of total revenue. Health insurance revenue declined to $11.2 million, while Life insurance contributed $5.8 million and Other revenue was $0.2 million.

What 2026 outlook did MediaAlpha (MAX) provide for Q2?

For Q2 2026, MediaAlpha expects revenue between $290 million and $310 million, representing 19% year-over-year growth at the midpoint. It guides Contribution to $45.5–$48.5 million and Adjusted EBITDA to $28.0–$30.5 million, also implying high‑teens year-over-year growth.

How much stock has MediaAlpha (MAX) repurchased under its buyback program?

Under its $100 million share repurchase program, MediaAlpha has repurchased about 3.7 million shares cumulatively. This includes roughly 2.6 million shares for $25 million year to date and represents 10% of outstanding shares as of July 31, 2025.

What changes did MediaAlpha make to its capital structure in 2026?

During Q1 2026, MediaAlpha refinanced its credit facilities, establishing a new $150 million term loan and a $60 million revolving credit facility, both maturing in March 2031. This extended its debt maturity profile while maintaining access to liquidity for operations.

Which non-GAAP metrics does MediaAlpha (MAX) emphasize after discontinuing Transaction Value?

Effective Q1 2026, MediaAlpha stopped reporting Transaction Value to simplify its metrics. The company now emphasizes Revenue, Contribution, Contribution Margin, and Adjusted EBITDA, which management and the board use extensively to evaluate operating performance and efficiency.

Filing Exhibits & Attachments

5 documents

MediaAlpha (NYSE: MAX) swings to Q1 profit and guides strong Q2 growth

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did MediaAlpha (MAX) perform financially in Q1 2026?

What are MediaAlpha (MAX)’s profit margins and Adjusted EBITDA for Q1 2026?

How is MediaAlpha’s revenue mix changing across insurance verticals?

What 2026 outlook did MediaAlpha (MAX) provide for Q2?

How much stock has MediaAlpha (MAX) repurchased under its buyback program?

What changes did MediaAlpha make to its capital structure in 2026?

Which non-GAAP metrics does MediaAlpha (MAX) emphasize after discontinuing Transaction Value?

Filing Exhibits & Attachments

Press Releases

Other Documents

MediaAlpha (NYSE: MAX) swings to Q1 profit and guides strong Q2 growth

Rhea-AI Filing Summary

Positive

Negative

Insights

Equity analyst positive

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did MediaAlpha (MAX) perform financially in Q1 2026?

What are MediaAlpha (MAX)’s profit margins and Adjusted EBITDA for Q1 2026?

How is MediaAlpha’s revenue mix changing across insurance verticals?

What 2026 outlook did MediaAlpha (MAX) provide for Q2?

How much stock has MediaAlpha (MAX) repurchased under its buyback program?

What changes did MediaAlpha make to its capital structure in 2026?

Which non-GAAP metrics does MediaAlpha (MAX) emphasize after discontinuing Transaction Value?

Filing Exhibits & Attachments

Press Releases

Other Documents