AI-extracted from the 10-Q filed 2026-07-29 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
MediaAlpha Q2 revenue surged 25.9% YoY to $316.9M driven by P&C insurance demand, though offset by 84.9% health insurance decline due to strategic under-65 scale-back.
Biggest Revenue Drivers
Property & Casualty insurance$308.8M+35.9% YoY
Significant increases in customer acquisition spending by P&C Demand Partners, including higher participation by broader group of carriers with increased marketing budgets.
Health insurance$2.7M-84.9% YoY
Strategic decision to scale back under-65 health sub-vertical; Medicare declined due to industry-wide headwinds from higher Medical Loss Ratios and enrollment program changes.
Biggest Revenue Drivers
Total revenue: $316.9M+25.9% YoY
Property & Casualty insurance$308.8M+35.9% YoY
Significant increases in customer acquisition spending by P&C Demand Partners, including higher participation by broader group of carriers with increased marketing budgets.
Health insurance$2.7M-84.9% YoY
Strategic decision to scale back under-65 health sub-vertical; Medicare declined due to industry-wide headwinds from higher Medical Loss Ratios and enrollment program changes.
Life insurance$5.1M-1.9% YoY
Decreased supply of Consumer Referrals.
Largest Expense Items
Cost of revenue$271.7M+27.0% YoY
Higher revenue share payments to Supply Partners due to overall revenue increase, offset by lower under-65 health revenue and higher take rates in Open Marketplace.
General and administrative$14.0M-70.3% YoY
$35.0M decrease in legal costs; prior year included $33.0M FTC reserve charge and higher settlement-related legal fees.
Product development$6.0M+12.9% YoY
Increase in personnel-related costs from higher headcount and annual salary adjustments.
Margins: Contribution Margin declined to 14.9% in Q2 2026 from 15.8% YoY, driven by higher mix of Open Marketplace transactions offset by scaling back under-65 health. Gross margin compressed to 14.3% from 15.0% due to higher revenue share payments.
Watch Items from the Filing
Three customers represent 57% of Q2 2026 revenue (up from 50% YoY); four customers represent 68% of accounts receivable as of June 30, 2026.
Health insurance revenue plummeted 84.9% YoY to $2.7M; under-65 health collapsed from $13.8M to $0.7M in Q2; company expects full-year 2026 under-65 health of $5-6M.
FTC Consent Order (October 2025) required $45.0M payment ($33.5M paid October 2025, $11.5M paid January 2026); ongoing compliance obligations for under-65 health advertising review and Demand Partner oversight.
Repurchased Insignia's TRA interest for $31.0M on June 25, 2026, resulting in $37.7M gain; remaining TRA liability reduced to $54.7M (from $131.1M at year-end 2025).
Refinanced 2021 Credit Facilities with new 2026 Term Loan ($150M) and Revolving Credit ($60M) on March 25, 2026; $148.1M term loan and $30M revolver drawn as of June 30, 2026.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
StClair LaurenDirectorGrant or award · May 15, 2026
Hunt Bradley WilliamDirectorGrant or award · May 5, 2026
Vrabeck Kathy PDirectorGrant or award · May 5, 2026
About MediaAlpha, Inc. (MAX): stock profile, AI score and financials
MediaAlpha, Inc. (MAX) stock profile, AI quality score, and SEC EDGAR financial data, a Industrials sector company. 13F Pro's AI-powered ranking engine scores MAX at 61.3/100 on a composite quality score built from its SEC filings, placing it at rank #801 of 2,925 stocks — the top half of the AI-ranked universe. MAX scores in the top quartile across balance sheet strength (98.5), revenue growth (95.1). Areas of concern include institutional flow (14.8) and earnings quality (26.2), which score below median versus the broader universe. Shareholder dilution risk is elevated at 33.7/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), MediaAlpha, Inc. reports quarterly revenue of $316.9M, net income of $39.4M, an operating margin of 6.3%. Top institutional holders of MAX by reported 13-F value include WHITE MOUNTAINS INSURANCE GROUP LTD, BlackRock, Clearline Capital, based on the most recent SEC filings. MAX trades on the NYSE exchange and files with the SEC under CIK 1818383. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MAX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for MediaAlpha, Inc. directly from SEC EDGAR.