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10-K

Annual Report

MediaAlpha, Inc. MAX

0001818383-26-000049

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Filed
Feb 23, 2026 12:00 AM ET
Period of report

On SEC.gov

Financials in this filing

Metric Period Value
Shares Diluted FY 2025 · Dec 31, 2025 66.79M sh
Shares Diluted FY 2025 · Dec 31, 2024 53.04M sh
Shares Diluted FY 2025 · Dec 31, 2023 45.57M sh
Capex FY 2025 · Dec 31, 2025 $340K
Capex FY 2025 · Dec 31, 2024 $254K
Capex FY 2025 · Dec 31, 2023 $73K
Operating Cash Flow FY 2025 · Dec 31, 2025 $65.6M
Operating Cash Flow FY 2025 · Dec 31, 2024 $45.87M
Operating Cash Flow FY 2025 · Dec 31, 2023 $20.23M
Long Term Debt FY 2025 · Dec 31, 2025 $131.6M
Long Term Debt FY 2025 · Dec 31, 2024 $153.6M
Short Term Debt FY 2025 · Dec 31, 2025 $21.81M
Short Term Debt FY 2025 · Dec 31, 2024 $8.85M
Cash And Equivalents FY 2025 · Dec 31, 2025 $46.88M
Cash And Equivalents FY 2025 · Dec 31, 2024 $43.27M
Stockholders Equity FY 2025 · Dec 31, 2025 $4.16M
Stockholders Equity FY 2025 · Dec 31, 2024 $2.38M
Current Liabilities FY 2025 · Dec 31, 2025 $147.65M
Current Liabilities FY 2025 · Dec 31, 2024 $132.95M
Total Liabilities FY 2025 · Dec 31, 2025 $413.03M
Total Liabilities FY 2025 · Dec 31, 2024 $308.68M
Current Assets FY 2025 · Dec 31, 2025 $174.37M
Current Assets FY 2025 · Dec 31, 2024 $189.91M
Total Assets FY 2025 · Dec 31, 2025 $383.83M
Total Assets FY 2025 · Dec 31, 2024 $262.45M
Eps Diluted FY 2025 · Dec 31, 2025 $0.39
Eps Diluted FY 2025 · Dec 31, 2024 $0.31
Eps Diluted FY 2025 · Dec 31, 2023 −$0.89
Eps Basic FY 2025 · Dec 31, 2025 $0.46
Eps Basic FY 2025 · Dec 31, 2024 $0.31
Eps Basic FY 2025 · Dec 31, 2023 −$0.89
Sga Expense FY 2025 · Dec 31, 2025 $89.56M
Sga Expense FY 2025 · Dec 31, 2024 $56.36M
Sga Expense FY 2025 · Dec 31, 2023 $62.75M
Rd Expense FY 2025 · Dec 31, 2025 $21.4M
Rd Expense FY 2025 · Dec 31, 2024 $19.76M
Rd Expense FY 2025 · Dec 31, 2023 $18.46M
Net Income FY 2025 · Dec 31, 2025 $25.62M
Net Income FY 2025 · Dec 31, 2024 $16.63M
Net Income FY 2025 · Dec 31, 2023 −$40.42M
Operating Income FY 2025 · Dec 31, 2025 $22.12M
Operating Income FY 2025 · Dec 31, 2024 $42.73M
Operating Income FY 2025 · Dec 31, 2023 −$39.92M
Cost Of Revenue FY 2025 · Dec 31, 2025 $946.06M
Cost Of Revenue FY 2025 · Dec 31, 2024 $721.13M
Cost Of Revenue FY 2025 · Dec 31, 2023 $321.44M
Revenue FY 2025 · Dec 31, 2025 $1.11B
Revenue FY 2025 · Dec 31, 2024 $864.7M
Revenue FY 2025 · Dec 31, 2023 $388.15M