Highlights

  • Revenue for the quarter ended June 30, 2026 was $316.9 million, up 25.9% from $251.6 million a year earlier.
  • Net income was $41.8 million, against a net loss of $22.5 million, with a $37.7 million gain on the tax receivables agreement.
  • Adjusted EBITDA, a non-GAAP measure, was $29.3 million, and Contribution, also non-GAAP, was $47.2 million for the second quarter.
  • Management said it expects third quarter revenue of $330 million to $355 million and Adjusted EBITDA of $32 million to $35 million.

MediaAlpha, Inc. (NYSE: MAX) shares were trading at USD 11.65 on October 27, 2026, down 1.94%, with a relative volume at time of 3.28. The insurance customer acquisition platform entered a $150 million term loan facility on March 25, purchased Insignia's interest in its tax receivables agreement on June 25, and filed its 10-Q for the quarter ended June 30, 2026 on July 29.

MediaAlpha is a Delaware corporation with principal executive offices at 700 South Flower Street in Los Angeles, California. It operates a marketplace that connects insurance carriers and distributors, known as Demand Partners, with consumers shopping online, supplied by Supply Partners. It earns a fee for each Consumer Referral sold, such as a click, call or lead, mainly in the property and casualty, health and life insurance verticals. Its ownership interest in QLH was 86.4% at June 30, 2026, and its fiscal year ends December 31. The 10-Q sections reviewed do not state a headcount.

Second Quarter 2026 Results

Revenue was $316.9 million for the three months ended June 30, 2026. The company said the increase came primarily from higher customer acquisition spending by property and casualty Demand Partners, partly offset by lower revenue in its health vertical after it scaled back the under-65 health sub-vertical. Consumer Referrals purchased on the platform decreased to 28.6 million from 34.0 million.

Contribution, a non-GAAP measure, was $47.2 million, up 18.4%, and Contribution Margin was 14.9%, compared with 15.8%. Net income was $41.8 million, against a net loss of $22.5 million. Net income attributable to MediaAlpha, Inc. was $39,438 thousand, or $0.65 per diluted share, against a net loss of $0.33 per share. Income tax expense was $13,308 thousand, compared with $316 thousand. The prior year quarter included a $33.0 million charge to increase the reserve for the FTC Matter.

For the six months, net income was $55,829 thousand, Adjusted EBITDA was $60,629 thousand and cash provided by operating activities was $41.0 million, compared with $49.4 million.

Balance Sheet, Credit and Capital

Cash and cash equivalents were $23.7 million at June 30, 2026, compared with $46.9 million at December 31, 2025. The 2026 credit facilities, entered on March 25, 2026, mature on March 25, 2031 and consist of a $150 million term loan and a $60 million revolver. The term loan had $148.1 million of principal outstanding, and $30.0 million was outstanding under the revolver. The company said it was in compliance with its covenants.

On June 25, 2026, MediaAlpha paid $31.0 million in cash for Insignia's interest in the tax receivables agreement, recording a gain of $37.7 million. It funded the payment from cash and $15.0 million of revolver borrowings. In the six months, it repurchased and retired 4,256,222 Class A shares for $40.6 million under a repurchase program authorized for up to $100.0 million.

The 10-Q states that three customers accounted for 57% of second quarter revenue, compared with two customers at 50% a year earlier. The company also described a difficult environment for Medicare Advantage customer acquisition. It states that if liquidity proves insufficient, the company may need to take additional actions.

Third Quarter 2026 Outlook

On the earnings call, management said it expects third quarter revenue of $330 million to $355 million, Contribution of $51.5 million to $54.5 million, and Adjusted EBITDA of $32 million to $35 million. It said it expects an approximately $1 million year-over-year decline in contribution from under-65 health.