Benjamin Hendrix

Maria Ripps

Cory Carpenter

Eric Sheridan

Jack Matten

Jing Li

Michael Graham

Michael Murray

Andrew Kligerman

Daniel Pfeiffer

Jade Rahmani

Michael Zaremski

Thomas Mcjoynt-Griffith

- 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**.  **[0001818383_2212885_2]**  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**.  **[0001818383_2212885_2]** **[0001818383_2212885_3]** 
- 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.  **[0001818383_2212885_2]**  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.  **[0001818383_2212885_2]** **[0001818383_2212885_7]** 
- 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**.  **[0001818383_2212885_1]** **[0001818383_2212885_5]** **[0001818383_2212885_6]**  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**.  **[0001818383_2212885_3]**

MAX Reports Strong Q3 2025 Results and Provides Q4 2025 Guidance

- 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**.  **[1818383_0001818383-25-000124_maxq32025-earningsreleasex.htm:0]** **[1818383_0001818383-25-000124_maxq32025-shareholderlette.htm:0]**  Net income for the quarter was **$17.6 million**, and Adjusted EBITDA reached **$29.1 million**, an 11% increase year-over-year.  **[1818383_0001818383-25-000124_maxq32025-earningsreleasex.htm:0]** **[1818383_0001818383-25-000124_maxq32025-shareholderlette.htm:0]** 
- 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**.  **[1818383_0001818383-25-000124_maxq32025-earningsreleasex.htm:0]**  This offset a **40% year-over-year decline in Transaction Value from the Health insurance vertical to $33 million**.  **[1818383_0001818383-25-000124_maxq32025-earningsreleasex.htm:0]** 
- 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.  **[1818383_0001818383-25-000124_maxq32025-earningsreleasex.htm:0]** **[1818383_0001818383-25-000124_maxq32025-earningsreleasex.htm:1]** **[1818383_0001818383-25-000124_maxq32025-shareholderlette.htm:3]**  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**.  **[1818383_0001818383-25-000124_maxq32025-earningsreleasex.htm:1]**

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

- MediaAlpha reported **Q3 2025 revenue of $306.5 million**, an **18% year-over-year increase**, with **net income of $17.6 million**.  **[1818383_5e8419ea9ffa4a939c34da66acd442d0_0]** 
- **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.  **[1818383_5e8419ea9ffa4a939c34da66acd442d0_0]** 
- 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).  **[1818383_5e8419ea9ffa4a939c34da66acd442d0_1]** 
- The Board of Directors authorized a **new $50 million share repurchase program**.  **[1818383_5e8419ea9ffa4a939c34da66acd442d0_0]** **[1818383_5e8419ea9ffa4a939c34da66acd442d0_2]**

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

MediaAlpha (MAX)