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.
MediaAlpha, Inc. filings document the operating results, governance structure and capital actions of a public insurance-technology marketplace company. Current reports furnish quarterly and annual financial releases, outlook materials, investor supplements and reconciliations for non-GAAP measures used in the company's disclosures.
The filing record also covers credit arrangements involving QuoteLab, LLC and QL Holdings LLC, share repurchase authorization, annual meeting voting results, Class A and Class B common stock voting matters, director elections and departures, executive compensation arrangements, by-law amendments, auditor ratification and proxy-statement governance disclosures.
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.
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.