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EarningsQ2 2026 Earnings Report
MAX Q2 2026 EPS Results
Actual EPS$0.65
Consensus EPS$0.23
Beat/MissBeat by +$0.42
One Year Ago EPS-$0.33
MAX Q2 2026 Revenue Results
Actual Revenue$316.88M
Expected Revenue$300.87M
Beat/MissBeat by +$16.00M
YoY Revenue Growth+25.93%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MAX Upcoming Earnings
MediaAlpha's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MAX Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed multiple strong operational and financial achievements—record revenue, double-digit YoY growth in core metrics, sizable share repurchases, an accretive TRA buyback, and constructive Q3 guidance—while acknowledging manageable near-term headwinds such as a temporary take-rate dip, a small under-65 health drag, and remaining customer concentration risk. Management described broadening advertiser participation and meaningful AI-driven product advantages, supporting a positive outlook.Company Guidance
Record Quarterly Revenue
Revenue of $317.0M in Q2, up 26% year-over-year and above the high end of guidance.
Profitability and Margin Recovery
Adjusted EBITDA of $29.3M, up 19% year-over-year and just above the midpoint of guidance; contribution of $47.2M, up 18% year-over-year. Management reported a mid-quarter take-rate dip that fully recovered by quarter end.
Excluding Under-65 Health, Core Business Strength
Core business (ex-under-65 health) delivered revenue and adjusted EBITDA growth each of over 30% year-over-year.
Broadening Demand from Carriers
Third, fourth and fifth largest carriers nearly quadrupled spend in H1 2026 vs H1 2025; company notes broadening participation beyond the historical concentration in the top 2 carriers.
Strong Capital Allocation Activity
Repurchased ~2.2M shares for $20M in Q2 (avg $9.22), $41M repurchased YTD and $88M over the past four quarters (~13% of outstanding shares). Company expects to complete the vast majority of the remaining $45M of the $100M authorization by year-end.
Accretive TRA Repurchase
Repurchased $69M of TRA liability for $31M (55% discount), generating a $38M gain recognized in Q2; transaction expected to deliver a mid-teens unlevered IRR.
Strong Free Cash Flow Outlook and Liquidity
Guidance for $90M to $100M in free cash flow for full-year 2026; ending Q2 liquidity of $23.7M cash plus $30M undrawn revolver.
AI and Product Differentiation
Management emphasized predictive AI and ML to improve matching (better ROAS for carriers, higher yield for publishers), plus early benefits from LLM-driven referral traffic (reported as higher-quality and growing vs. traditional channels).
Positive Q3 Guidance
Q3 guidance: revenue $330M–$355M (midpoint ≈ +12% YoY), contribution $51.5M–$54.5M (midpoint ≈ +16% YoY), adjusted EBITDA $32M–$35M (midpoint ≈ +15% YoY). Excluding under-65 health, contribution +20% and adjusted EBITDA +21% at midpoint.
MAX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed