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MediaAlpha (MAX) investor relations material
MediaAlpha Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved record Q3 2025 results with 18% revenue growth and 30% transaction value growth year-over-year, driven by strong performance in the Property & Casualty (P&C) insurance vertical and increased carrier marketing spend.
Net income for Q3 2025 was $17.6M, up from $11.9M in Q3 2024, with Adjusted EBITDA rising to $29.1M, reflecting higher gross profit and lower interest expense.
Health insurance vertical, especially under-65, saw significant declines due to regulatory and market headwinds, but Medicare Advantage partnerships remain a strategic focus.
AI adoption and digital distribution trends are expected to reshape insurance purchasing, with the platform well-positioned to adapt.
Authorized a new $50M share repurchase program and repurchased 3.2M shares for $32.9M during the quarter.
Financial highlights
Q3 2025 revenue reached $306.5M, up 18% year-over-year; transaction value was $589.3M, up 30%, with P&C accounting for 93%.
Adjusted EBITDA was $29.1M, up 10.7% year-over-year; core business (excluding under-65 health) saw 38% transaction value and 31% adjusted EBITDA growth.
Gross margin for Q3 2025 was 14.2%, down from 15.1% in Q3 2024, due to a higher mix of Private Marketplace transactions and lower health vertical margins.
Q3 free cash flow was $23.6M; ended quarter with $38.8M in cash and equivalents.
LTM Q3 2025 Transaction Value reached $2.0B, with $120M Transaction Value per employee.
Outlook and guidance
Q4 2025 transaction value expected between $620M and $645M, up 27% year-over-year at midpoint; P&C transaction value projected to grow ~45% year-over-year, while health vertical expected to decline ~45%.
Q4 revenue guidance: $280–$300M (4% year-over-year decrease at midpoint); Adjusted EBITDA: $27.5–$29.5M (22% year-over-year decrease at midpoint), mainly due to under-65 health decline.
Under-65 health expected to contribute mid single-digit millions in 2025; most full-year revenue already realized.
Positive evidence may soon support the release of a valuation allowance on deferred tax assets, potentially benefiting future net income.
Plans to extend market leadership, expand value-added services, and grow business with agents.
How will Health vertical stabilization impact 2026 outlook?
Justify share repurchase over debt reduction.
Is the current FTC Matter loss reserve sufficient?
When will broader P&C demand lift take rates?
Medicare Advantage growth path given market challenges?
AI's impact on publisher monetization and supply?
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Next MediaAlpha earnings date
Q4 202520 Feb, 2026
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Q4 202520 Feb, 2026
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Frequently asked questions
MediaAlpha Inc. operates a technology-driven platform that facilitates customer acquisition for insurance carriers and distributors. The company's platform enables advertisers to target and acquire customers efficiently through data-driven marketing strategies. MediaAlpha primarily serves the property and casualty, health, and life insurance sectors, providing transparency and performance-based solutions for optimizing marketing campaigns. The company is headquartered in Los Angeles, California, and its shares are listed on the NYSE.
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