MediaAlpha Inc. (MAX) Income Statement
MAX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMAX revenue and net income
Where MAX's revenue goes
2025Each bar shows an amount and its share of revenue. MAX kept 2.3% of revenue as net income.
MAX profit margins
MAX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +28.8% | +34.4% | +13.7% | — |
| Gross profit | +14.6% | +32.9% | +14.0% | — |
| Operating income | +83.1% | — | +32.0% | — |
| Net income | +54.1% | — | +11.6% | — |
| EPS (diluted) | +266.0% | — | +11.1% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MAX quarterly EPS vs estimates
MediaAlpha beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.25).
MAX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $864.7M | $388.1M | $459.1M | $645.3M | $584.8M | $408.0M | $296.9M |
| Cost of revenue | $946.1M | $721.1M | $321.4M | $389.0M | $543.8M | $499.4M | $342.9M | $247.7M |
| Gross profit | $164.6M | $143.6M | $66.7M | $70.1M | $101.5M | $85.4M | $65.1M | $49.2M |
| Research & development | $21.4M | $19.8M | $18.5M | $21.1M | $15.2M | $12.4M | $7.0M | $10.3M |
| Sales, general & admin | $89.6M | $70.0M | $83.9M | $84.4M | $84.2M | $53.4M | $33.2M | $19.6M |
| Total operating expenses | $86.3M | $100.8M | $106.6M | $105.4M | $99.4M | $65.8M | $40.3M | $29.9M |
| Operating income | $78.2M | $42.7M | −$39.9M | −$35.4M | $2.1M | $19.5M | $24.8M | $19.3M |
| Interest income | $11.2M | $14.4M | $15.3M | $9.8M | $7.8M | $7.9M | $7.0M | $1.2M |
| Interest expense | $11.2M | $14.4M | $15.3M | $9.2M | $7.8M | $7.9M | $7.0M | $1.2M |
| Income before taxes | −$111.1M | $23.5M | −$57.0M | $30.5M | −$9.5M | $9.3M | $17.8M | $18.1M |
| Income taxes | −$137.8M | $1.4M | −$463,000 | $102.9M | −$1.0M | −$1.3M | $7.0M | $11.8M |
| Net income | $25.6M | $16.6M | −$40.4M | −$57.7M | −$5.3M | $14.8M | $17.8M | $18.1M |
| EBITDA | −$96.6M | $60.5M | −$28.4M | $45.9M | $1.7M | $23.0M | $30.5M | $31.3M |
| EPS (diluted) | $3.77 | $1.03 | −$0.11 | −$1.32 | $0.17 | $2.23 | $17.53 | $0.31 |
| Gross margin | 14.8% | 16.6% | 17.2% | 15.3% | 15.7% | 14.6% | 16.0% | 16.6% |
| Operating margin | 7.0% | 4.9% | −10.3% | −7.7% | 0.3% | 3.3% | 6.1% | 6.5% |
| Net margin | 2.3% | 1.9% | −10.4% | −12.6% | −0.8% | 2.5% | 4.4% | 6.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $316.9M | $310.0M | $291.2M | $306.5M | $251.6M | $264.3M | $300.6M | $259.1M | $178.3M | $126.6M | $117.2M | $74.6M |
| Cost of revenue | $271.7M | $263.3M | $246.3M | $263.1M | $213.9M | $222.7M | $251.7M | $219.9M | $146.6M | $103.0M | $94.9M | $62.3M |
| Gross profit | $45.2M | $46.7M | $44.8M | $43.4M | $37.7M | $41.6M | $49.0M | $39.2M | $31.7M | $23.7M | $22.3M | $12.3M |
| Research & development | $6.0M | $5.5M | $5.3M | $5.8M | $5.4M | $4.9M | $5.0M | $5.3M | $5.1M | $4.4M | $3.9M | $4.3M |
| Sales, general & admin | $19.2M | $18.9M | $12.2M | $17.8M | $17.1M | $16.3M | $14.6M | $18.3M | $19.4M | $15.9M | $13.6M | $22.7M |
| Total operating expenses | $25.2M | $24.3M | −$33.6M | $23.7M | $57.7M | $41.5M | $30.7M | $23.6M | $25.2M | $21.3M | $21.8M | $27.0M |
| Operating income | $20.0M | $22.4M | $78.4M | $19.7M | −$20.0M | $116,000 | $18.3M | $15.6M | $6.5M | $2.4M | $446,000 | −$14.7M |
| Interest income | — | — | $2.6M | $2.8M | $2.9M | $3.0M | $3.2M | $3.6M | — | — | — | $3.9M |
| Interest expense | $2.8M | $2.4M | $2.6M | $2.8M | $2.9M | $3.0M | $3.2M | $3.6M | $3.8M | $3.8M | $3.9M | $3.9M |
| Income before taxes | $55.1M | $20.5M | −$104.2M | $17.7M | −$22.2M | −$2.4M | $8.2M | $12.2M | $4.5M | −$1.5M | −$4.1M | −$18.6M |
| Income taxes | $13.3M | $6.5M | −$138.1M | $54,000 | $316,000 | −$49,000 | $915,000 | $312,000 | $130,000 | $27,000 | −$793,000 | $102,000 |
| Net income | $39.4M | $11.5M | $31.4M | $14.9M | −$18.7M | −$1.9M | $4.6M | $9.5M | $3.6M | −$1.1M | −$2.4M | −$13.5M |
| EBITDA | $58.4M | $23.5M | −$101.0M | $21.1M | $15.8M | $21.9M | $31.0M | $17.4M | $8.9M | $5.1M | $6.6M | −$12.8M |
| EPS (diluted) | $0.65 | $0.30 | $2.48 | $0.40 | $0.44 | $0.45 | $0.45 | $0.33 | $0.06 | $0.19 | −$0.05 | $0.06 |
| Gross margin | 14.3% | 15.1% | 15.4% | 14.2% | 15.0% | 15.8% | 16.3% | 15.1% | 17.8% | 18.7% | 19.0% | 16.5% |
| Operating margin | 6.3% | 7.2% | 26.9% | 6.4% | −8.0% | 0.0% | 6.1% | 6.0% | 3.6% | 1.9% | 0.4% | −19.8% |
| Net margin | 12.4% | 3.7% | 10.8% | 4.9% | −7.4% | −0.7% | 1.5% | 3.7% | 2.0% | −0.9% | −2.0% | −18.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MAX's financial statements (latest annual report filed February 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MAX financial results
In fiscal year 2025 (ended December 31, 2025), MediaAlpha reported revenue of $1.1 billion, up 28.8% from the year before. It had net income of $25.6 million (up 54.1%), a net profit margin of 2.3%. Diluted earnings per share came to $3.77. Over five years revenue grew at an average rate of 13.7% a year.
See the MAX stock overview for the latest quote and news, or the MAX chart for price history and technical indicators.
MAX income statement FAQ
What is MediaAlpha's annual revenue?
MediaAlpha reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 28.8% from $864.7 million the previous year.
Is MediaAlpha profitable?
Yes. MediaAlpha reported net income of $25.6 million in fiscal 2025, a net profit margin of 2.3%; its operating margin was 7.0%.
What is MediaAlpha's gross margin?
MediaAlpha's gross margin was 14.8% in fiscal 2025: for every $100 of revenue, MediaAlpha kept $15 after the direct cost of its products and services.
How much does MediaAlpha spend on research and development?
MediaAlpha spent $21.4 million on research and development in fiscal 2025, 1.9% of revenue.
How fast is MediaAlpha growing?
Revenue grew 13.7% a year on average over the last five fiscal years, from $584.8 million to $1.1 billion.
What are MediaAlpha's earnings per share?
MediaAlpha earned $3.77 per diluted share in fiscal 2025, compared with $1.03 a year earlier.
When will MediaAlpha report its next earnings?
MediaAlpha is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does MediaAlpha's fiscal year end?
MediaAlpha's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 23, 2026.