MediaAlpha, Inc. reported significant financial performance in its latest quarterly filing, with revenues reaching $306.5 million for the three months ended September 30, 2025, marking an 18.3% increase from $259.1 million in the same period last year. The company's net income also rose to $17.6 million, up 48.4% from $11.9 million in the prior year. For the nine months ending September 30, 2025, total revenue was $822.4 million, a 45.8% increase compared to $564.1 million for the same period in 2024. However, the company reported a net loss of $7.2 million for the nine-month period, contrasting with a net income of $14.8 million in the previous year.
The increase in revenue was primarily driven by heightened customer acquisition spending from property and casualty (P&C) insurance demand partners, which was attributed to improved underwriting profitability. However, the health insurance vertical saw a decline in revenue, largely due to strategic decisions to scale back operations in the under-65 health sub-vertical and address regulatory concerns raised by the Federal Trade Commission (FTC). The company anticipates that revenue from the under-65 health segment will be between $69 million and $72 million for the full year 2025.
Operationally, MediaAlpha reported an increase in consumer referrals, with 36.5 million and 105.5 million referrals for the three and nine months ended September 30, 2025, respectively, compared to 30.5 million and 83.3 million in the same periods of 2024. The company also noted a significant increase in transaction value, which reached $589.3 million for the quarter, up 30.4% year-over-year. The company’s focus on enhancing its technology platform and deepening partnerships with insurance carriers has contributed to this growth.
In terms of strategic developments, MediaAlpha entered into a consent order with the FTC, agreeing to pay $45 million to resolve claims related to its marketing practices. The company has also initiated a share repurchase program, authorizing the repurchase of up to $50 million of its Class A common stock. As of September 30, 2025, MediaAlpha had $72.3 million in cash and cash equivalents, with $33.5 million designated as restricted cash due to the FTC settlement. The company believes its current liquidity and cash flow will be sufficient to meet its operational and capital requirements for the next twelve months.
Looking ahead, MediaAlpha remains optimistic about its growth trajectory, driven by ongoing trends in the insurance industry that favor digital customer acquisition. The company expects to continue benefiting from increased spending by insurance carriers as they seek to optimize their customer acquisition strategies. However, it also acknowledges potential risks, including regulatory changes and market fluctuations that could impact its operations and financial performance.
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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