Welcome to our dedicated page for Mediaalpha SEC filings (Ticker: MAX), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to MediaAlpha, Inc.’s (NYSE: MAX) U.S. Securities and Exchange Commission (SEC) filings, along with AI‑supported tools that help explain the contents of each document. MediaAlpha files Form 10‑K annual reports, Form 10‑Q quarterly reports, and Form 8‑K current reports, which together offer a detailed view of the company’s financial condition, operating performance, governance, and material events.
In its periodic reports, MediaAlpha presents consolidated financial statements, including balance sheets, statements of operations, and cash flow statements, as well as discussions of non‑GAAP measures such as Adjusted EBITDA, Contribution, and Contribution Margin. The filings also describe key operating metrics like Transaction Value, which management and the board of directors use to evaluate operating performance and efficiency. Our AI tools can highlight how these measures relate to MAX’s reported revenue, costs, and profitability across insurance verticals.
MediaAlpha’s Form 8‑K filings document significant developments, including earnings releases and shareholder letters, amendments to its credit agreement, share repurchase agreements, Board and executive changes, and amendments to its by‑laws. For example, recent 8‑Ks describe a Third Amendment to the company’s senior secured credit facilities through its subsidiaries, a private stock repurchase from entities affiliated with Insignia Capital Group, the authorization of a $50 million share repurchase program, Board transitions as the company ceased to be a controlled company, and the adoption of Amended and Restated By‑Laws.
Other 8‑K filings summarize the FTC settlement relating to the under‑65 health sub‑vertical and outline additional compliance measures, as well as leadership changes such as the appointment of a new Chief Technology Officer and the transition of the former CTO to Chief Architect. Our platform surfaces these items and uses AI to extract key terms, governance changes, and risk‑related disclosures so that readers can quickly understand what each filing means for MAX stock and MediaAlpha’s business.
MediaAlpha reported a record 2025, with full-year revenue of $1.11 billion, up 29%, and Transaction Value of $2.16 billion, up 45%, driven mainly by Property & Casualty insurance. Net income rose to $26.8 million and Adjusted EBITDA reached $113.7 million.
Fourth-quarter revenue slipped 3% to $291.2 million, but net income jumped to $34.0 million while Adjusted EBITDA declined to $30.8 million. P&C Transaction Value grew 65% for the year, while Health declined 32%.
The board doubled the share repurchase authorization from $50 million to $100 million; $47 million was used in 2025 to buy back 4.4 million shares. Management expects to complete the vast majority of the enhanced program by the end of 2026. First-quarter 2026 guidance calls for mid-teens revenue and Transaction Value growth and modest Adjusted EBITDA growth.
MediaAlpha, Inc. submitted a Form 144 proposing the sale of 24,000 common shares.
The filing lists the securities as restricted stock lapses tied to equity compensation and shows multiple reported sales by Steven Yi across dates from 11/24/2025 through 02/19/2026, with individual trade sizes and proceeds recorded.
MediaAlpha, Inc. director and officer Steven Yi reported selling a total of 12,000 shares of Class A common stock in three open-market transactions on February 17, 18 and 19, 2026, at prices around $7.16–$7.34 per share. These sales were made under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from RSU vesting. After the most recent sale, Yi directly held 2,709,624 shares.
MediaAlpha, Inc. general counsel and secretary Jeffrey B. Coyne reported several equity transactions in connection with restricted stock unit vesting and tax obligations. On February 15, 2026, 6,544 RSUs were exercised, resulting in the issuance of 6,544 shares of Class A common stock at a price of $0.00 per share.
On the same date, the company automatically withheld multiple blocks of Class A shares at $7.17 per share to cover required tax withholding due at RSU settlement. Earlier, on February 13, 2026, Coyne sold 5,000 Class A shares in open-market transactions at a weighted-average price of $7.3045 per share under a pre-established Rule 10b5-1 trading plan primarily to cover RSU-related taxes. Following these transactions, he directly held 434,045 Class A shares.
MediaAlpha, Inc. director and officer Steven Yi reported the vesting and conversion of 18,294 Restricted Stock Units (RSUs) into 18,294 shares of Class A Common Stock on February 15, 2026. The RSUs convert one-for-one into Class A shares at no cash cost.
According to the footnotes, each RSU represents a contingent right to receive one Class A share or, at the Compensation Committee’s option, cash of equivalent value. One sixteenth of the RSUs vested on May 15, 2022, with the remainder vesting in equal quarterly installments through February 15, 2026, subject to continued employment.
MediaAlpha, Inc. Chief Revenue Officer Keith Cramer reported equity compensation activity and a planned share sale. On February 15, he exercised and vested 14,985 Restricted Stock Units, receiving an equal number of Class A Common shares at $0.00 per share under prior RSU grants. On February 17, he sold 10,000 Class A shares in an open-market transaction at a weighted-average price of $7.1599 per share, with individual prices ranging from $7.09 to $7.29. The sale was executed under a Rule 10b5-1 trading plan primarily to cover taxes from the RSU vesting. After these transactions, he directly held 182,154 Class A shares and 35,775 RSUs.
MediaAlpha, Inc. Chief Technology Officer Yeh Kuanling Amy reported a combination of RSU vesting and share sales. On February 15, 2026, she exercised several batches of Restricted Stock Units, receiving matching amounts of Class A common stock at a price of $0.00 per share.
These derivative exercises converted 5,210, 5,303 and 4,804 RSUs into the same numbers of Class A shares, increasing her direct holdings to 396,979 Class A shares and 38,425 RSUs outstanding. On February 13, 2026, she also sold 12,000 Class A shares at a weighted-average price of $7.3074 per share.
According to the disclosure, the sale was made under a pre-arranged Rule 10b5‑1 trading plan primarily to cover taxes from RSU vesting, with individual trade prices ranging from $7.25 to $7.41 per share.
MediaAlpha, Inc. officer Thompson Patrick Ryan reported three tax-related share dispositions involving Class A Common Stock. On February 15, 2026, a total of 4,069, 2,904 and 5,157 shares were used in separate transactions coded “F” at $7.17 per share. According to the footnote, these shares were withheld automatically by the company to cover required tax withholding obligations when previously granted restricted stock units settled. After these transactions, Ryan held 870,430 Class A shares directly.
MediaAlpha, Inc. director Eugene Nonko acquired 18,294 shares of Class A Common Stock through the exercise of restricted stock units on February 15, 2026. The RSUs converted on a one-for-one basis into shares at a price of $0.0000 per share, bringing his direct holdings to 957,142 shares.
Each RSU represents a contingent right to receive one share of Class A Common Stock or, at the Compensation Committee’s option, cash of equivalent value. One sixteenth of this RSU grant vested on May 15, 2022, with the remaining units vesting in equal quarterly installments through February 15, 2026, subject to continued employment.
MediaAlpha, Inc. received a notice of a planned sale of restricted shares under Rule 144. The holder intends to sell 5,000 shares of common stock through Charles Schwab & Co., Inc. on the NYSE, with an aggregate market value of $36,523.00 and 56,868,573 shares outstanding.
The 5,000 shares were acquired on 05/15/2024 via a restricted stock lapse as equity compensation from MediaAlpha. The form also reports that Jeffrey B. Coyne sold 5,000 MediaAlpha securities on 12/12/2025 for gross proceeds of $65,790.00 during the prior three months.