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MediaAlpha (MAX)
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MediaAlpha Income Statement 2025-2011 | MAX
Brief overview of profit and loss at MediaAlpha
The conclusions below are based on five years of reported results. Revenue at MediaAlpha moved from $585 million in 2020 to $1.1 billion in 2025. Across the full period, sales moved by +90.4%; the average annual rate was 13.7%. Top-line growth remained consistently strong over the period.
Gross profit was $85.4 million at the start and $168 million at the end of the period (+96.2%). There was no major divergence between sales and cost of revenue. Gross profit as a share of revenue changed from 14.6% to 15%. The gross margin stayed within a similar range.
EBITDA changed from $19.8 million to $22.4 million (+13%). EBITDA lagged revenue, showing weaker operating momentum. At the operating-margin level, the figure shifted from 3.4% to 2%. Operating efficiency did not change materially.
The final result was −4.4 million dollars initially and 25.6 million dollars in the final year. The return to profit marks a meaningful recovery in the final result.
Market value was $1.3 billion at the start and $446 million at the end. Financial performance is stronger than the share-price trend.
Summary assessment
The results contain several connected negative signals. The strongest signals are a larger revenue base, improving net profitability and a stable gross margin. The most visible risks are limited operating profitability, declining capitalization and weaker operating efficiency. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement MediaAlpha
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
446 M | 603 M | 895 M | 649 M | 576 M | 1.26 B | - | - | - | - | - | - | - | - | - |
Shares |
56.2 M | 53 M | 45.6 M | 41.9 M | 37.3 M | 32.1 M | - | - | - | - | - | - | - | - | - |
Historical Prices |
7.93 | 11.4 | 19.6 | 15.5 | 15.4 | 39.1 | - | - | - | - | - | - | - | - | - |
Net Income |
25.6 M | 16.6 M | -40.4 M | -57.7 M | -5.28 M | -4.37 M | 17.8 M | 18.1 M | - | - | - | - | - | - | - |
Revenue |
1.11 B | 865 M | 388 M | 459 M | 645 M | 585 M | 408 M | 297 M | - | - | - | - | - | - | - |
Cost of Revenue |
946 M | 721 M | 321 M | 389 M | 544 M | 499 M | 343 M | 248 M | - | - | - | - | - | - | - |
Gross Profit |
168 M | 144 M | 66.7 M | 70.1 M | 102 M | 85.4 M | 65.1 M | 49.2 M | - | - | - | - | - | - | - |
Operating Income |
22.1 M | 42.7 M | -39.9 M | -35.4 M | 2.15 M | 19.5 M | 24.8 M | 19.3 M | - | - | - | - | - | - | - |
Interest Expense |
-122 M | -4.87 M | 15.3 M | 9.24 M | 7.83 M | 7.94 M | 7.02 M | 1.19 M | - | - | - | - | - | - | - |
EBITDA |
22.4 M | 43 M | -39.6 M | -35 M | 2.52 M | 19.8 M | 30.5 M | 31.3 M | - | - | - | - | - | - | - |
Operating Expenses |
145 M | 101 M | 107 M | 105 M | 99.4 M | 65.8 M | 40.3 M | 29.9 M | - | - | - | - | - | - | - |
General and Administrative Expenses |
89.6 M | 56.4 M | 62.7 M | 55.6 M | 61.4 M | 32.9 M | 19.4 M | 7.84 M | - | - | - | - | - | - | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement MediaAlpha
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
53.1 M | 53.7 M | 55.8 M | 110 K | 56.6 M | 56.1 M | 55.6 M | 750 K | 54.9 M | 53.4 M | 48.6 M | 478 K | 46.2 M | 45.2 M | 43.9 M | 352 K | 42.2 M | 41.7 M | 40.8 M | 854 K | 38.4 M | 37.7 M | 33.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
25.8 M | 39.4 M | 11.5 M | 31.4 M | 14.9 M | -18.7 M | -1.95 M | 4.64 M | 9.48 M | 3.62 M | -1.11 M | -2.37 M | -13.5 M | -14.3 M | -10.3 M | -41.7 M | -14.5 M | -9.14 M | -7.08 M | -5.02 M | -3.53 M | -207 K | 285 K | -8.6 M | 4.82 M | - | 8.84 M | 10.4 M | 7.76 M | 4.96 M | -5.28 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
376 M | 317 M | 310 M | 291 M | 307 M | 252 M | 264 M | 301 M | 259 M | 178 M | 127 M | 117 M | 74.6 M | 84.8 M | 112 M | 124 M | 89 M | 103 M | 143 M | 162 M | 153 M | 157 M | 174 M | 190 M | 152 M | 124 M | 119 M | 126 M | 110 M | 89.1 M | 82.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
321 M | 272 M | 263 M | 246 M | 263 M | 214 M | 223 M | 252 M | 220 M | 147 M | 103 M | 94.9 M | 62.3 M | 71 M | 93.3 M | 104 M | 76.3 M | 87.9 M | 121 M | 136 M | 128 M | 132 M | 147 M | 164 M | 131 M | 104 M | 101 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
55.3 M | 45.2 M | 46.7 M | 44.8 M | 43.4 M | 37.7 M | 41.6 M | 49 M | 39.2 M | 31.7 M | 23.7 M | 22.3 M | 12.3 M | 13.8 M | 18.4 M | 20.1 M | 12.7 M | 15.5 M | 21.7 M | 25.4 M | 24.7 M | 25 M | 26.4 M | 26.5 M | 20.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
28.8 M | 20 M | 22.4 M | 22.3 M | 19.7 M | -20 M | 116 K | 18.3 M | 15.6 M | 6.49 M | 2.37 M | 446 K | -14.7 M | -16.1 M | -9.55 M | -6.54 M | -10.6 M | -10.4 M | -7.87 M | -1.63 M | -65 K | 1.9 M | 1.95 M | -11.1 M | 8.43 M | 11.7 M | 10.6 M | 12.1 M | 9.68 M | 7.34 M | -4.32 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
11.1 M | 37.9 M | 615 K | -124 M | 772 K | 695 K | 456 K | -6.84 M | 154 K | 1.81 M | 9 K | -614 K | 100 K | 116 K | -1.38 M | 83.2 M | -8.6 M | -44 K | 523 K | -3.5 M | -316 K | -171 K | 150 K | - | -2 M | 1.54 M | 1.72 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
29.3 M | 20.5 M | 22.9 M | 22.8 M | 20.2 M | -19.5 M | 1.56 M | 19.9 M | 17.2 M | 8.09 M | 3.98 M | 2.18 M | -13 M | -14.4 M | -7.82 M | -4.84 M | -8.88 M | -8.71 M | -7.19 M | -887 K | 635 K | 2.6 M | 2.69 M | -10.3 M | 9.23 M | 11.8 M | 10.6 M | 12.1 M | 9.68 M | 7.34 M | -4.32 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
26.5 M | 25.2 M | 24.3 M | 22.5 M | 23.7 M | 57.7 M | 41.5 M | 30.7 M | 23.6 M | 25.2 M | 21.3 M | 21.8 M | 27 M | 29.8 M | 27.9 M | 26.7 M | 23.2 M | 25.9 M | 29.6 M | 27 M | 24.7 M | 23.1 M | 24.5 M | 37.6 M | 12.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
15 M | 14 M | 13.5 M | 12.2 M | 12.6 M | 47.1 M | 17.6 M | 19.6 M | 11.8 M | 13.8 M | 11.1 M | 12.3 M | 16.6 M | 18.1 M | 15.8 M | 15 M | 11.1 M | 12.3 M | 17.1 M | 16.7 M | 15.4 M | 13.6 M | 15.7 M | 19 M | 7.6 M | 3.06 M | 3.25 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
Select metrics to display
All numbers in USD currency
The income statement is one of the three key financial reports of a company MediaAlpha (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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