---
schema_version: "secwatch.filing_event.v1"
accession: "0001818383-25-000020"
form_type: "8-K"
ticker: "MAX"
cik: "0001818383"
company_name: "MediaAlpha, Inc."
filed_at: "2025-02-24T23:59:59+00:00"
generated_at: "2026-05-26T06:21:25.539770+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# MediaAlpha Q4 revenue $300.6M (+157% YoY), net income $7.3M; FY net income $22.1M

## Summary
- Q4 revenue $300.6M (+157% YoY); Transaction Value $499.2M (+202%) driven by P&C vertical $401M (+639%).
- Full-year revenue $864.7M (+123%), Transaction Value $1.5B (+151%), net income $22.1M vs loss $56.6M.
- Adjusted EBITDA Q4 $36.7M (vs $12.7M); full year $96.1M (vs $27.1M), both records.
- Gross margin 16.3% vs 19.0%; Contribution margin 17.1% vs 21.4% reflecting mix shift.
- Active FTC settlement discussions; $7.0M reserve recorded under GAAP.

## SEC filing metadata
- accession: 0001818383-25-000020
- form_type: 8-K
- ticker: MAX
- cik: 0001818383
- company_name: MediaAlpha, Inc.
- filed_at: 2025-02-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1818383/000181838325000020/0001818383-25-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1818383/000181838325000020/max-20250224.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001818383-25-000020
- JSON: https://secwatch.observer/filing/0001818383-25-000020.json
- Plain text: https://secwatch.observer/filing/0001818383-25-000020.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.