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, Inc. reported multiple Rule 144 sales by a stockholder, Eugene Nonko, across December 2025–February 2026. The notices list repeated dispositions of 12,100 shares on many dates and a larger sale of 25,097 shares on 02/25/2026. The entries show per‑trade proceeds in dollar amounts next to each sale.
MediaAlpha, Inc. director and officer Steven Yi sold 20,748 shares of Class A common stock in a series of open-market transactions on February 23, 24, and 25, 2026. All four sales were reported as open‑market or private transactions under code “S.”
The sales were effected pursuant to a pre‑arranged Rule 10b5‑1 trading plan primarily to cover taxes from the vesting of restricted stock units. Sale prices included specific trades at $7.7507, $8.8000, $9.0000, and $10.0027 per share, within ranges from $7.69 to $10.01 per share. After these transactions, Yi directly holds 2,688,876 Class A shares.
MediaAlpha, Inc. director Eugene Nonko reported automatic sales of Class A common stock under a pre-set Rule 10b5-1 trading plan primarily to cover taxes from vesting RSUs. He sold 10,599 shares directly at a weighted-average price of $10.0026 and 14,498 shares indirectly at $10.0023 through O.N.E. Holdings, LLC, based on trades between $10.00 and $10.005 per share. After these transactions, he holds 946,543 shares directly and 1,454,522 shares indirectly via O.N.E. Holdings, LLC.
MediaAlpha, Inc. insider sale activity reported by Eugene Nonko. The filing lists multiple open-market sales of 12,100 shares on individual trade dates running from 11/25/2025 through 02/03/2026, with each trade showing a corresponding dollar amount. The broker/dealer listed is Charles Schwab & Co., Inc.
MediaAlpha, Inc. operates a technology platform that connects insurance carriers, agents, and high-intent online consumers, mainly in property & casualty, health, and life insurance. In 2025, partners transacted $2.2 billion in Transaction Value on the platform and generated $1.1 billion of revenue, up 44.5% and 28.8% from 2024.
The business is highly scalable and capital efficient, with minimal capex and extensive data integrations that support granular, data‑driven customer acquisition. The model is concentrated: the P&C vertical provided 90.1% of 2025 revenue, and the top two demand partners contributed 25% and 24%, with the top 20 accounting for 82%.
Regulation is a key risk. A 2025 FTC Consent Order over under‑65 health lead‑generation practices required $45 million in monetary relief and ongoing compliance and oversight obligations. Under‑65 health Transaction Value fell by $79 million year over year and is expected to remain pressured. The company also highlights cyclical P&C ad spending, tariff‑driven auto cost inflation, seasonal swings, and intense competition for digital insurance customer acquisition as important risks.
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.