MediaAlpha, Inc.

For the period ended Dec 31, 2025. Filed Feb 23, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 23, 2026

MAX$14.37+1.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Operations

(In thousands, except share data and per share amounts)

	Year ended December 31,
	2025	2024	2023
Revenue	$1,113,600	$864,704	$388,149
Costs and operating expenses
Cost of revenue	946,057	721,131	321,437
Sales and marketing	21,055	24,725	25,432
Product development	21,396	19,764	18,458
General and administrative	89,556	56,359	62,746
Write-off of intangible assets	13,416	—	—
Total costs and operating expenses	1,091,480	821,979	428,073
Income (loss) from operations	22,120	42,725	(39,924)
Other expense, net	121,938	4,872	1,779
Interest expense	11,243	14,351	15,315
Total other expense, net	133,181	19,223	17,094
(Loss) income before income taxes	(111,061)	23,502	(57,018)
Income tax (benefit) expense	(137,822)	1,384	(463)
Net income (loss)	$26,761	$22,118	$(56,555)
Net income (loss) attributable to non-controlling interests	1,138	5,489	(16,135)
Net income (loss) attributable to MediaAlpha, Inc.	$25,623	$16,629	$(40,420)
Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock
-Basic	$0.46	$0.31	$(0.89)
-Diluted	$0.39	$0.31	$(0.89)
Weighted average shares of Class A common stock outstanding
-Basic	56,244,357	53,043,576	45,573,416
-Diluted	66,786,155	53,043,576	45,573,416

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.