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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
MediaAlpha
MediaAlpha (MAX) investor relations material
MediaAlpha Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Record Q3 revenue was $375.9M, up 22.7% YoY; Contribution was $57.404M and Adjusted EBITDA was $39.493M, supported by strong P&C demand.
Management expects carrier investment and digital customer acquisition trends to support durable double-digit growth in 2027 and beyond.
Financial highlights
Q3 net income was $29.360M versus $17.643M; operating income was $28.8M versus $19.7M.
Nine-month revenue was $1.003B, Contribution was $153.226M, and Adjusted EBITDA was $100.122M.
Q3 gross profit was $55.3M, up 27.5% YoY; diluted EPS was $0.46 versus $0.26.
LTM Q3 2026 revenue was $1.294B and Adjusted EBITDA was $130.9M; P&C generated 95% of LTM revenue.
Outlook and guidance
Q4 guidance: revenue $355M–$375M, Contribution $54M–$57M, and Adjusted EBITDA $36M–$39M; midpoint YoY growth is 25%, 18%, and 22%, respectively.
Excluding under-65 Health, Q4 midpoint Contribution growth is 21% and Adjusted EBITDA growth is 26%; guidance assumes a ~$900K YoY decline in under-65 Health Contribution.
FY2026 free cash flow guidance remains $90M–$100M; FY2026 under-65 Health revenue is expected at $6M–$7M.
Management expects double-digit growth across financial metrics in 2027 and beyond; medium-term auto insurance digital ad spend is projected to grow at a double-digit five-year CAGR.
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Latest events from MediaAlpha
- Broadening carrier demand, higher-margin mix, and AI-driven traffic fuel strong growth outlook.MAX
Canaccord Genuity's 46th Annual Growth Conference - Q2 2026 revenue rose 26% to $316.9M, with strong P&C growth and improved profitability.MAXQ2 2026
- Digital ad spend in insurance is rising, driven by data, AI, and exclusive industry partnerships.MAX46th Annual William Blair Growth Stock Conference
- Q1 2026 revenue rose 17.3% to $310M, net income hit $14M, and share repurchases expanded.MAXQ1 2026
- Vote on two director nominees and auditor ratification at the May 2026 annual meeting.MAXProxy filing
- Director elections, auditor ratification, and record 2025 results highlight strong governance.MAXProxy filing
- Record revenue and transaction value in 2025, led by P&C growth and expanded share repurchases.MAXQ4 2025
- Record Q2 revenue and profitability driven by surging P&C insurance market recovery.MAXQ2 2024
- Record P&C growth and $1.5B transaction value drove 2024 results; $7M FTC reserve recorded.MAXQ4 2024
Next MediaAlpha earnings date
Q4 202619 Feb, 2027
MediaAlpha
Next MediaAlpha earnings date
Q4 202619 Feb, 2027
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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.