MediaAlpha (NYSE:MAX) Announces Quarterly Earnings Results

MediaAlpha (NYSE:MAX) announced its earnings results on Wednesday. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.44, FiscalAI reports. The business had revenue of $316.88 million during the quarter, compared to analysts’ expectations of $300.87 million. MediaAlpha had a negative return on equity of 147.82% and a net margin of 3.37%.

Here are the key takeaways from MediaAlpha’s conference call:

• Record second-quarter results: Revenue rose 26% year over year to $317 million, while Adjusted EBITDA increased 19% to $29.3 million, exceeding or reaching the high end of guidance. Core business revenue and EBITDA, excluding Under 65 Health, each grew more than 30%.
• Carrier demand is broadening: The third-, fourth-, and fifth-largest carriers nearly quadrupled spending with MediaAlpha in the first half of 2026, supporting management’s expectation for continued growth through 2026 and into 2027 as insurers expand direct-to-consumer advertising.
• AI could expand the opportunity: Management said predictive AI is improving carrier returns and publisher yield, while AI-powered search is producing more detailed, higher-intent insurance shoppers. However, LLM-driven traffic remains relatively small, despite reportedly scaling toward the level of Google organic search for some partners.
• Shareholder returns remain a priority: The company repurchased approximately 2.2 million shares for $20 million in the second quarter and expects to complete the vast majority of the remaining $45 million authorization by year-end. It also repurchased $69 million of tax receivable agreement obligations for $31 million, generating a $38 million gain and an expected mid-teens unlevered IRR.
• Health remains a drag: Under 65 Health is expected to contribute only about 1% of total revenue in the third quarter and reduce year-over-year contribution by approximately $1 million, although management expects easier comparisons beginning in the fourth quarter of 2026 and first quarter of 2027.

MediaAlpha Stock Up 0.1%

Shares of MAX traded up $0.01 during midday trading on Thursday, reaching $13.81. The company had a trading volume of 488,521 shares, compared to its average volume of 776,220. MediaAlpha has a 1-year low of $7.09 and a 1-year high of $14.70. The firm has a 50 day simple moving average of $11.37 and a 200-day simple moving average of $10.17. The stock has a market cap of $861.24 million, a PE ratio of 21.59 and a beta of 1.08.

Analysts Set New Price Targets

A number of brokerages have weighed in on MAX. Zacks Research lowered MediaAlpha from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. JPMorgan Chase & Co. increased their target price on shares of MediaAlpha from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Canaccord Genuity Group raised their price target on shares of MediaAlpha from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday. Wall Street Zen upgraded shares of MediaAlpha from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Finally, Weiss Ratings raised shares of MediaAlpha from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.93.

Insider Activity

In related news, CRO Keith Cramer sold 13,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $9.47, for a total value of $123,110.00. Following the completion of the sale, the executive owned 280,528 shares of the company’s stock, valued at approximately $2,656,600.16. This represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Eugene Nonko sold 25,352 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $13.86, for a total transaction of $351,378.72. Following the sale, the director owned 1,137,304 shares of the company’s stock, valued at approximately $15,763,033.44. The trade was a 2.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 440,820 shares of company stock valued at $5,368,786. 14.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MediaAlpha

Several large investors have recently made changes to their positions in the stock. Hsbc Holdings PLC grew its stake in shares of MediaAlpha by 2.3% in the second quarter. Hsbc Holdings PLC now owns 51,550 shares of the company’s stock valued at $561,000 after buying an additional 1,144 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in MediaAlpha by 28.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,551 shares of the company’s stock worth $61,000 after acquiring an additional 1,213 shares in the last quarter. Quarry LP boosted its holdings in MediaAlpha by 43.3% during the 3rd quarter. Quarry LP now owns 4,087 shares of the company’s stock valued at $47,000 after acquiring an additional 1,234 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in MediaAlpha by 13.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,757 shares of the company’s stock valued at $140,000 after acquiring an additional 1,510 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its position in MediaAlpha by 5,900.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,160 shares of the company’s stock valued at $28,000 after acquiring an additional 2,124 shares in the last quarter. 64.39% of the stock is currently owned by institutional investors and hedge funds.

MediaAlpha News Roundup

Here are the key news stories impacting MediaAlpha this week:

• Positive Sentiment: Q2 results exceeded expectations. MediaAlpha reported record revenue of $316.9 million, up 26% year over year and above the $300.9 million consensus estimate. Earnings per share were $0.65 versus analysts’ $0.21 forecast and $0.17 a year earlier. Net income reached $41.8 million, while adjusted EBITDA was $29.3 million. MediaAlpha Announces Second Quarter 2026 Financial Results
• Positive Sentiment: Third-quarter guidance was stronger than expected. Management projected revenue of $330 million to $355 million, a range whose midpoint is above the roughly $332.4 million analyst consensus. The company also forecast $90 million to $100 million in free cash flow for 2026, supporting expectations for continued cash generation. MediaAlpha Q3 revenue and free cash flow outlook
• Positive Sentiment: Capital returns add support. MediaAlpha repurchased more than $41 million of stock during the first half of 2026, potentially improving per-share value and signaling management confidence in the business.
• Neutral Sentiment: The earnings call emphasized broadening demand across MediaAlpha’s insurance marketplace, but investors will continue watching whether strong growth and profitability can persist after the latest earnings beat. MediaAlpha Q2 2026 earnings call transcript
• Negative Sentiment: Repeated director selling is a modest overhang. Director Eugene Nonko sold shares worth more than $850,000 across transactions from July 27–29. However, the sales were made under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards, and he continues to own a substantial position. SEC insider transaction filing

About MediaAlpha

MediaAlpha, Inc is a technology company that operates a real-time digital marketplace for the distribution of insurance and adjacent services. The company’s platform connects buyers—consumers seeking insurance policies—to sellers, including insurance carriers and distribution partners, through programmatic bidding and data-driven pricing. By leveraging transaction-level data and proprietary auction mechanics, MediaAlpha enables carriers to acquire customers more efficiently and at scale.

The firm offers a suite of products that help clients optimize marketing spend and improve conversion rates.