MediaAlpha (MAX) Company Report

MAX reported Q3 2025 transaction value of $589 million, up 30% year-over-year, and Adjusted EBITDA of $29.1 million, up 11% year-over-year, primarily fueled by 41% growth in the P&C vertical. For Q4 2025, the company guides for transaction value between $620 million and $645 million (up 27% at midpoint) and Adjusted EBITDA between $27.5 million and $29.5 million (down 22% at midpoint), with P&C transaction value expected to grow approximately 45% year-over-year.
The health vertical's transaction value declined 40% year-over-year in Q3 and is expected to decline 45% year-over-year in Q4, primarily due to a reset in the under 65 segment, which is stabilizing at a lower baseline. The company expects its take rate to be approximately 7% in Q4 and early 2026, with potential uplift longer-term as broader carrier demand shifts more spend to the open marketplace.
Management anticipates a multi-year soft market in P&C insurance, sustaining healthy marketing spend, and sees long-term potential in the Medicare Advantage market. MAX repurchased approximately 5% of its outstanding shares for $32.9 million in Q3 and authorized a new share repurchase of up to $50 million.

Oct 29, 2025, 9:00 PM

MediaAlpha Reports Q3 2025 Financial Results

MAX

Earnings

Revenue Acceleration/Inflection

MediaAlpha reported a Transaction Value of $589 million for Q3 2025 and $2.0 billion for the LTM Q3 2025 period.
Adjusted EBITDA reached $29 million in Q3 2025 and $120 million for LTM Q3 2025, marking a 66% year-over-year growth for the LTM period.
The Property & Casualty (P&C) segment was a primary growth driver, contributing $548 million to Q3 2025 Transaction Value and $1,791 million for LTM Q3 2025.
The company demonstrated strong partner loyalty with 100% 1-Year Retention and 96% 3-Year Retention among its Top 25 Supply and Demand Partners.

Oct 29, 2025, 9:00 PM

MediaAlpha Announces Strong Q3 2025 Financial Results and New Share Repurchase Program

MAX

Earnings

Guidance Update

Share Buyback

MediaAlpha reported strong third quarter 2025 financial results, with revenue increasing 18% year-over-year to $306.5 million and Transaction Value growing 30% year-over-year to $589.3 million. Net income for the quarter was $17.6 million, and Adjusted EBITDA reached $29.1 million, an 11% increase year-over-year.
The growth was primarily driven by the Property & Casualty (P&C) insurance vertical, which saw its Transaction Value increase 41% year-over-year to $548 million. This offset a 40% year-over-year decline in Transaction Value from the Health insurance vertical to $33 million.
The Board of Directors authorized a new $50 million share repurchase program, following the repurchase of approximately 3.2 million shares for $32.9 million in Q3 2025. For the fourth quarter of 2025, the company expects Transaction Value between $620 million and $645 million, Revenue between $280 million and $300 million, and Adjusted EBITDA between $27.5 million and $29.5 million.

Oct 29, 2025, 8:12 PM

MediaAlpha Announces Third Quarter 2025 Financial Results and New Share Repurchase Program

MAX

Earnings

Guidance Update

Share Buyback

MediaAlpha reported Q3 2025 revenue of $306.5 million, an 18% year-over-year increase, with net income of $17.6 million.
Transaction Value rose 30% year over year to $589.3 million in Q3 2025, primarily fueled by a 41% increase in Property & Casualty insurance to $548 million.
For Q4 2025, the company expects Transaction Value between $620 million and $645 million (up 27% at midpoint) and Revenue between $280 million and $300 million (down 4% at midpoint).
The Board of Directors authorized a new $50 million share repurchase program.

Oct 29, 2025, 8:10 PM

Earnings Transcripts

Quarterly earnings call transcripts for MediaAlpha.

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