MediaAlpha, Inc. (MAX) Earnings
MediaAlpha, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.23. MAX has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +24.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.25 | $0.21 | -16.0% | $310M | +3.7% |
| Feb 23, 2026 | $0.25 | $0.50 | +100.0% | $291M | +6.6% |
| Oct 29, 2025 | $0.21 | $0.26 | +23.8% | $307M | +3.4% |
| Apr 30, 2025 | $0.17 | $0.15 | -11.8% | $264M | +12.0% |
| Oct 30, 2024 | $0.13 | $0.17 | +30.8% | $259M | -6.3% |
| Jul 31, 2024 | $0.01 | $0.07 | +976.9% | $178M | +17.7% |
| May 1, 2024 | $-0.11 | $-0.02 | +81.8% | $127M | +13.9% |
| Feb 20, 2024 | $-0.21 | $-0.05 | +76.2% | $117M | +3.5% |
| Nov 1, 2023 | $-0.34 | $-0.29 | +14.7% | $75M | +6.5% |
| Aug 2, 2023 | $-0.35 | $-0.32 | +8.6% | $85M | +7.5% |
| May 4, 2023 | $-0.23 | $-0.23 | +0.0% | $112M | +0.2% |
| Feb 23, 2023 | $-0.21 | $-0.20 | +4.8% | $124M | +7.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
2026 started strong with record results across key metrics. P&C sees carriers increasing spend, shift to higher margin open marketplace. LLM strategic shift to advertising modernization could accelerate referral traffic. Launched autoinsurance.net. Executing share repurchases, using free cash flow to maximize shareholder value
Guidance
Q2 guidance: Will guide to contribution instead of transaction value. Expect revenue $290M - $310M, contribution $45.5M - $48.5M, adjusted EBITDA $28M - $30.5M. Excluding under 65 health, contribution up 25%, adjusted EBITDA up 31%. For 2026, expect $90 - $100M free cash flow
Segment performance
P&C: First quarter transaction value came in above the midpoint of guidance range, revenue and adjusted EBITDA above high end of guidance, shift towards higher margin open marketplace. Health insurance: Under 65 business represents diminishing portion, focus on Medicare Advantage
Risks & headwinds
Forward-looking statements subject to risks and uncertainties. Macro factors like war, gas prices, inflation could impact loss ratios
Analyst Q&A
Q: Steve, could you go into a bit more detail and specifics about the LLM comments that you made?
A: Refers to OpenAI's ChatGPT advertising monetization strategy shift.
Q: Switching gears, have you seen leading carriers pull back on advertising spend?
A: No, seeing acceleration from non-leading carriers.
Q: Update on carriers' start and macro uncertainty?
A: Broadening demand has ways to go, macro effects may impact loss ratios.
Q: Questions on cash flow and debt terms?
A: $11.5M FTC payment in Q1 affected cash flow, debt refinance minimal change to interest profile, moved focus to revenue contribution and adjusted EBITDA like peers