MediaAlpha Posts Record Q3 Revenue of $375.9M, Guides Q4 to $355M-$375M
MAX sits 92% above its 52-week low of $7.09.
Summary
MediaAlpha reported record Q3 revenue of $375.9M (+23% YoY) with net income of $29.4M and record Adjusted EBITDA of $39.5M, then guided Q4 revenue to $355M-$375M, about 25% growth at the midpoint.
Key Events · Earnings and Guidance · MAX
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Record Q3 Revenue of $375.9M
Revenue rose 22.7% year over year from $306.5M, with P&C insurance at $365.9M (97.3% of revenue) and Health down to $2.9M from $12.9M.
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Net Income Up 66% to $29.4M
Net income of $29.4M compared with $17.6M a year ago; Adjusted EBITDA hit a record $39.5M, up 35.8%, and gross margin improved to 14.7% from 14.2%.
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Q4 Guidance of $355M-$375M Revenue
Midpoint of $365M implies 25% YoY growth; Contribution guided to $54.0M-$57.0M and Adjusted EBITDA to $36.0M-$39.0M, with full-year free cash flow still expected at $90M-$100M.
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Buyback Nearly Exhausted at $82M of $100M
Repurchased $9M of stock in Q3 and $19M in Q4 through October 26; $115M repurchased since last September at an average of $10.30 per share.
Analysis · MAX · Trade & Services
MediaAlpha just delivered its strongest quarter yet: revenue rose 22.7% to $375.9M, net income jumped 66.4% to $29.4M, and Adjusted EBITDA hit a record $39.5M. The P&C insurance vertical did the heavy lifting at $365.9M, or 97.3% of revenue, as carriers kept spending aggressively on customer acquisition. Management's Q4 guide of $355M-$375M implies 25% growth at the midpoint, and the company still expects $90M-$100M of full-year free cash flow. Against that, the buyback is nearly exhausted — $82M of the $100M authorization is done — and cash sits at just $18.7M after $43M of TRA repurchases and $50M of stock buybacks this year, so future capital returns depend on the cash flow actually materializing.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 39.1% of the 988 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MAX was trading at $13.60 on NYSE in the Trade & Services sector, with a market capitalization of approximately $718M. The 52-week trading range was $7.09 to $14.70. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.