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Sep 30, 2025
MediaAlpha Q3 2025 Earnings Report
MediaAlpha reported strong third quarter 2025 financial results, driven by robust growth in the Property & Casualty insurance vertical.
Key Takeaways
MediaAlpha delivered record third quarter results, with revenue increasing by 18% year over year to $306.5 million and transaction value growing by 30% to $589.3 million. The Property & Casualty insurance vertical was a significant driver of this growth, achieving a record transaction value of $548 million. Net income rose to $17.6 million, and Adjusted EBITDA reached $29.1 million, indicating strong operational performance. The company also authorized a new $50 million share repurchase program, demonstrating a commitment to shareholder value.
Revenue increased by 18% year over year to $306.5 million in Q3 2025.
Total Transaction Value grew by 30% year over year to $589.3 million, with Property & Casualty insurance transaction value reaching a record $548 million.
Net income for the quarter was $17.6 million, a significant increase from $11.9 million in Q3 2024.
Adjusted EBITDA improved to $29.1 million, up from $26.3 million in the same period last year.
Forward Guidance
MediaAlpha anticipates continued positive momentum in the fourth quarter of 2025, with strong growth expected in the P&C insurance vertical, while the Health insurance vertical is projected to decline. Overall transaction value is expected to increase, but revenue and Adjusted EBITDA are forecasted to decrease year over year.
Positive Outlook
- Transaction Value in P&C insurance vertical expected to grow approximately 45% year over year in Q4.
- Overall Transaction Value expected to be between $620 million - $645 million, representing a 27% year-over-year increase at the midpoint.
- Excluding under-65 health, Transaction Value is expected to be up 38% year over year at the midpoint.
- Contribution excluding under-65 health is expected to increase by high single digits.
- Adjusted EBITDA excluding under-65 health is expected to be roughly flat year over year.
Challenges Ahead
- Transaction Value in Health insurance vertical expected to decline approximately 45% year over year in Q4.
- Transaction Value and Contribution from under-65 health expected to decline by $34 million - $38 million (61% - 68%) and $8 million - $9 million (80% - 90%) respectively.
Historical Earnings Impact
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