secwatch.observer — SEC 8-K summary
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Issuer:     MediaAlpha, Inc. (MAX)
CIK:        0001818383
Form:       8-K
Filed at:   2026-02-23T23:59:59+00:00
Accession:  0001818383-26-000047
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

MediaAlpha reports record FY2025 revenue $1.1B, net income $26.8M; doubles buyback to $100M
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- Q4 revenue $291M (-3% YoY); Transaction Value $613M (+23% YoY), driven by P&C +38%.
- Full-year revenue $1.1B (+29% YoY); Transaction Value $2.2B (+45% YoY); P&C TV $1.9B (+65%).
- Q4 net income $34.0M vs $7.3M prior year; FY net income $26.8M vs $22.1M.
- FY Adjusted EBITDA $113.7M (+18% YoY); Q4 Adjusted EBITDA $30.8M (down from $36.7M).
- Board authorized $50M increase in share repurchase to $100M; $86M outstanding (~15% of shares).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1818383/000181838326000047/0001818383-26-000047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1818383/000181838326000047/max-20260218.htm
  HTML page:      https://secwatch.observer/filing/0001818383-26-000047

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