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.