MediaAlpha, Inc. reported significant financial growth for the fiscal year ending December 31, 2025, with revenue reaching $1.1 billion, a 28.8% increase from $864.7 million in 2024. The company's Transaction Value, which represents the total gross dollars transacted on its platform, surged to $2.2 billion, marking a 44.5% rise from the previous year. This growth was primarily driven by increased customer acquisition spending from property and casualty (P&C) insurance carriers, responding to improved underwriting profitability. However, the health insurance vertical saw a decline in revenue, attributed to strategic scaling back in the under-65 health segment and ongoing challenges in the Medicare market.
Operationally, MediaAlpha expanded its partnerships, serving over 1,050 insurance partners and increasing the number of active agent partners by 30% year-over-year. The platform facilitated approximately 141 million Consumer Referrals in 2025, up from 118.8 million in 2024. The company’s business model, which includes both Open and Private Marketplace transactions, allows for flexible engagement with Demand and Supply Partners, enhancing its market position. Notably, 99% of the Transaction Value in 2025 came from Demand Partner relationships established in the previous year, indicating strong retention and loyalty among partners.
In terms of expenses, MediaAlpha's cost of revenue increased to $946.1 million, reflecting higher revenue share payments to suppliers due to the overall revenue growth. General and administrative expenses rose significantly, primarily due to legal costs associated with a settlement with the Federal Trade Commission (FTC), which required a $45 million payment to resolve allegations related to telemarketing practices. The company recorded a net income of $26.8 million for 2025, compared to $22.1 million in 2024, despite facing increased legal and operational costs.
Looking ahead, MediaAlpha anticipates continued growth driven by favorable trends in the insurance industry, particularly as more consumers shift towards digital channels for insurance purchases. The company is well-positioned to capitalize on the increasing customer acquisition investments by insurance carriers. However, it remains cautious about potential regulatory changes and market fluctuations that could impact its operations. The company’s management expressed confidence in its ability to maintain strong cash flows and meet its financial obligations, including a significant liability under the Tax Receivables Agreement, which is expected to be manageable given the projected profitability.
About MediaAlpha, Inc.
MediaAlpha is a technology-driven platform that connects insurance carriers and distributors with high-intent consumers for digital customer acquisition. It offers transparent, data-rich ecosystems supporting property & casualty, health, and life insurance markets. The company's scalable platform leverages advanced data science, real-time analytics, and multiple transaction models to optimize customer targeting, yield, and monetization, serving over 1,000 insurance partners and facilitating billions in transaction value.
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