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What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
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Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Filed after the FY2026 Q1 call day (Apr 29, 2026) through the next call day (Jul 29, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Material event since the last analyzed call: Appointed Tigran Sinanyan Chief Financial Officer effective October 1, 2026 (Sep 3, 2026). See corporate events below.
MediaAlpha opened 2026 with record first-quarter results, as GAAP revenue rose 17.3% year over year to $310 million, above the high end of guidance, and GAAP EPS swung to a $0.21 profit from a small prior-year loss.
PositiveRecord Q1 Across All Key Metrics
PositiveBroadening Carrier Demand Into Open Marketplace
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
6%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
MAX $11.521Y +3.4%YTD -11.0%● earnings calls (score)
Sources.Tellvest earnings-call sentiment score for MediaAlpha, Inc. (MAX), FY2026 Q1: 8/10. Scores: MediaAlpha, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: MAX daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +17.3% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base8Base 8GAAP revenue YoY +17.3% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is real advertising-marketplace revenue (+17.29% YoY), boosted by a genuine open-marketplace (GROSS-basis) mix shift that management names directly: 'this is resulting in a mix shift towards our higher-margin open marketplace'. This is the INFLATION direction of the same distortion FY2025-Q4 showed in reverse, so the Base DEFLATION / recognition-change guard (2026-07-29, gross-vs-net shape) is symmetric and was tested here. It does NOT apply, for the same reason it did not apply in Q4: the guard requires a MANAGEMENT-STATED net metric, and no Q1 contribution growth rate is given. The only contribution reference is a conversion rate ('convert 64% of contribution to adjusted EBITDA'), which implies roughly $49.1M of contribution this quarter but supplies no prior-year conversion rate. Deriving growth from it requires assuming that rate, and the answer swings from +3.7% to +13.7% across a plausible 62-68% range - two full base bands on an unstated assumption. That is scorer-derived and forbidden. The stated ex-under-65 figures (revenue and adjusted EBITDA each +28%) are a SCOPE exclusion, not a gross-versus-net correction, and point the opposite way, so they cannot serve as the anchor either. transcript_adjustment stays 0 and SECTOR_REVIEW_NEEDED is retained, narrowed to a disclosure gap. This resolves prospectively: management announced it will guide to contribution from Q2 2026 and stop reporting transaction value, calling contribution 'a more relevant metric', so the tier becomes applicable from that quarter forward.+EPS0EPS 0Turnaround from loss: prior-year GAAP EPS was negative (-$0.035) and current is positive ($0.21), so YoY EPS (+700%) is mathematically meaningless. Per the sign-change rule, use the operating income spread -- but operating income YoY +19187.93% is inflated by a prior-year OI base ($0.116M) that was depressed by one-time charges ($13.4M CHT write-off + $5M FTC reserve). Backing those out, prior-year ex-charge OI was ~$18.5M and current OI is $22.4M, so ex-charge operating income grew ~21% vs revenue +17.29% (spread ~+3.5 percentage points, INSIDE +/-5 percentage points) -> 0. Corroborated by management's core metric: ex-under-65 revenue and adjusted EBITDA each grew 28% (spread ~0).+Guidance0Guidance 0Only Q2 2026 quarterly guidance was formally issued (revenue $290-310M, contribution $45.5-48.5M, adjusted EBITDA $28-30.5M). The full-year 2026 FCF range of $90-100M was already introduced last quarter, so it is reiterated rather than new. Next-quarter-only guidance -> 0. CONFIRMED 2026-07-29: FY2025-Q4 has now been scored +1 for introducing that FCF range under the 'metric decides, not the disclaimer' clause, which makes this quarter's 'introduced last quarter' reasoning correct rather than accidental. The two quarters previously contradicted each other - Q4 said no annual guidance was given, Q1 said the range came from Q4 - and now agree.=Final8
How this score was built
Base8Base 8GAAP revenue YoY +17.3% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is real advertising-marketplace revenue (+17.29% YoY), boosted by a genuine open-marketplace (GROSS-basis) mix shift that management names directly: 'this is resulting in a mix shift towards our higher-margin open marketplace'. This is the INFLATION direction of the same distortion FY2025-Q4 showed in reverse, so the Base DEFLATION / recognition-change guard (2026-07-29, gross-vs-net shape) is symmetric and was tested here. It does NOT apply, for the same reason it did not apply in Q4: the guard requires a MANAGEMENT-STATED net metric, and no Q1 contribution growth rate is given. The only contribution reference is a conversion rate ('convert 64% of contribution to adjusted EBITDA'), which implies roughly $49.1M of contribution this quarter but supplies no prior-year conversion rate. Deriving growth from it requires assuming that rate, and the answer swings from +3.7% to +13.7% across a plausible 62-68% range - two full base bands on an unstated assumption. That is scorer-derived and forbidden. The stated ex-under-65 figures (revenue and adjusted EBITDA each +28%) are a SCOPE exclusion, not a gross-versus-net correction, and point the opposite way, so they cannot serve as the anchor either. transcript_adjustment stays 0 and SECTOR_REVIEW_NEEDED is retained, narrowed to a disclosure gap. This resolves prospectively: management announced it will guide to contribution from Q2 2026 and stop reporting transaction value, calling contribution 'a more relevant metric', so the tier becomes applicable from that quarter forward.
14.27
7.17
9
4
8
Oct 25Oct 26
Quarter in detail
· FY2026 Q1
Macro signals
↑AI & Tech→Inflation↓Oil Energy
MediaAlpha opened 2026 with record first-quarter results, as GAAP revenue rose 17.3% year over year to $310 million, above the high end of guidance, and GAAP EPS swung to a $0.21 profit from a small prior-year loss. A favorable shift toward the higher-margin open marketplace, driven by broadening participation from previously underweight carriers, lifted results, and excluding the wound-down under-65 health business, core revenue and adjusted EBITDA each grew 28%. Consolidated adjusted EBITDA was $31.4 million, up 7%, held back by the under-65 reset. Management highlighted a strategic shift by a leading LLM toward advertising monetization as a potential multiyear tailwind and launched autoinsurance.net, a ChatGPT-powered shopping experience, while repurchasing over $25 million of stock and refinancing its credit facilities into 2031. For the second quarter, the company guided revenue to $290 million to $310 million (up about 19%) and will now report contribution instead of transaction value, flagging that P&C growth will moderate in the back half against tougher comparisons.
Key themes
7
positive📊 company
Record Q1 Across All Key Metrics
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
Quarter
Revenue
Rev YoY
EPS
EPS YoY
Op margin
Net margin
FCF
FY2024 Q4
$301M
+156.6%
$0.08
+260.0%
6.1%
1.5%
$14M
FY2025 Q1
$264M
+108.7%
$-0.04
-100.0%
0.0%
-0.7%
$24M
FY2025 Q2
$252M
+41.1%
$-0.33
-571.4%
-8.0%
-7.4%
$26M
FY2025 Q3
$307M
+18.3%
$0.26
+52.9%
6.4%
4.9%
$24M
FY2025 Q4
$291M
-3.2%
$0.50
+525.0%
7.7%
10.8%
$-7M
FY2026 Q1Selected
$310M
+17.3%
$0.21
+625.0%
7.2%
3.7%
$-2M
FY2026 Q2
$317M
+25.9%
$0.65
+297.0%
6.3%
12.4%
$42M
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“Adjusted EBITDA for the quarter was $31.4 million, up 7% year-over-year”
Revenue
“Revenue was $310 million, above the high end of our guidance range, reflecting a favorable open marketplace mix shift”
Guidance
“For Q2, we expect revenue of $290 million to $310 million, up approximately 19% year-over-year at the midpoint”
+
EPS0EPS 0Turnaround from loss: prior-year GAAP EPS was negative (-$0.035) and current is positive ($0.21), so YoY EPS (+700%) is mathematically meaningless. Per the sign-change rule, use the operating income spread -- but operating income YoY +19187.93% is inflated by a prior-year OI base ($0.116M) that was depressed by one-time charges ($13.4M CHT write-off + $5M FTC reserve). Backing those out, prior-year ex-charge OI was ~$18.5M and current OI is $22.4M, so ex-charge operating income grew ~21% vs revenue +17.29% (spread ~+3.5 percentage points, INSIDE +/-5 percentage points) -> 0. Corroborated by management's core metric: ex-under-65 revenue and adjusted EBITDA each grew 28% (spread ~0).
+
Guidance0Guidance 0Only Q2 2026 quarterly guidance was formally issued (revenue $290-310M, contribution $45.5-48.5M, adjusted EBITDA $28-30.5M). The full-year 2026 FCF range of $90-100M was already introduced last quarter, so it is reiterated rather than new. Next-quarter-only guidance -> 0. CONFIRMED 2026-07-29: FY2025-Q4 has now been scored +1 for introducing that FCF range under the 'metric decides, not the disclaimer' clause, which makes this quarter's 'introduced last quarter' reasoning correct rather than accidental. The two quarters previously contradicted each other - Q4 said no annual guidance was given, Q1 said the range came from Q4 - and now agree.
=
Final8
First quarter revenue was $310 million, above the high end of guidance, with transaction value above the midpoint and both revenue and adjusted EBITDA above the high end on a favorable open marketplace mix shift.
Revenue GrowthDemand
positive📊 company
Broadening Carrier Demand Into Open Marketplace
Previously underweight top 15-20 carriers are increasing spend, driving a mix shift to the higher-margin open marketplace, though they still allocate only 2% to 3% of budgets versus a 10% to 20% benchmark.
DemandCompetitive Dynamics
positive📊 company
Strong Core Growth Excluding Under-65
Excluding under-65 Health, core revenue and adjusted EBITDA each grew 28% year-over-year, while consolidated adjusted EBITDA was $31.4 million, up 7%.
Revenue GrowthMargin
positive🏢 sector
LLM Advertising Monetization As A Tailwind
A leading LLM's shift toward advertising monetization (OpenAI targeting about $100 billion of ad revenue by 2030, roughly 4x its prior forecast) is viewed as a potential multiyear tailwind to referral traffic and revenue.
Cloud & AIDemand
positive📊 company
Autoinsurance.Net Proof-Of-Concept Launch
The company launched autoinsurance.net, a ChatGPT-powered shopping experience that keeps carriers in control of brand, compliance, and quoting, as an early proof-of-concept in AI-powered distribution.
Innovation & R&DCloud & AI
positive📊 company
Aggressive Buybacks And Refinancing
The company repurchased about 2.6 million shares for $25 million (roughly 4%) year to date and refinanced into a new $150 million term loan and $60 million revolver maturing in March 2031.
Capital AllocationCredit
mixed📊 company
Guidance Metric Change And Moderating H2 Growth
Management will stop reporting transaction value and guide to contribution instead, and expects P&C growth rates to moderate in the back half of 2026 against strong prior-year comparisons.
“Excluding under-65 Health, our core business performance was very strong with year-over-year revenue and adjusted EBITDA each growing 28%”
Mentions
Calendar Q1 2026
What MAX said about other companies on its FY2026 Q1 call, and what other companies said about MAX on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“with Gemini being owned by Google, you can expect Gemini to do something similar.”
Management expects Google's Gemini to follow OpenAI toward an advertising model, extending the LLM-referral traffic tailwind for MediaAlpha and its supply partners.
OpenAINot covered by TellvestFY2026 Q1Partner
“OpenAI's announcement that ChatGPT was going to increase, I guess, reliance on advertising monetization”
OpenAI's shift toward advertising monetization for ChatGPT (targeting about $100 billion of ad revenue by 2030) is framed as a multiyear tailwind to MediaAlpha's LLM referral traffic. OpenAI is private and untracked.
MediaAlpha opened 2026 with record first-quarter results, as GAAP revenue rose 17.3% year over year to $310 million, above the high end of guidance, and GAAP EPS swung to a $0.21 profit from a small prior-year loss
EverQuote exceeded high-end guidance with revenue of $190.9 million up 15% YoY and record adjusted EBITDA of $29.3 million at 15.4% margin, driven by broad carrier demand and one carrier spending more than double its initial Q1 commitment
Revenue accelerated to +33% at $56.3 billion, or 29% constant currency, with net income of $26.8 billion and EPS of $10.44 as AI recommendation systems drove record engagement
Nebius opened 2026 with group revenue of $399 million, up 621.52% year over year per GAAP financials (management cited 684%) and 75% sequentially, as the core Nebius AI business grew 841% to $390 million and again sold out capacity
Pinterest delivered a stronger-than-expected Q1 2026, with revenue of more than $1 billion, up 18% (15% constant currency) and above the high end of guidance, and adjusted EBITDA of $207 million at a 20% margin, up 40 basis points and aided by a Canada Digital Services Tax reversal
Reddit opened 2026 with first-quarter revenue up 69% year-over-year to $663 million, its seventh consecutive quarter of 60%-plus growth, and GAAP EPS of $1.01, up more than 7x from a year earlier
Snap returned to double-digit growth in Q1, with GAAP revenue up 12% year-over-year to $1.53 billion as other revenue jumped 87% to $285 million on Snapchat+, Memories Storage and Lens+, while advertising rose just 3% to $1.24 billion against a persistent large-advertiser headwind in North America
Spotify opened 2026 with total revenue of EUR 4.5 billion, up roughly 8% as reported and 14% in constant currency -- an acceleration from the prior quarter -- as Premium revenue rose approximately 15% on subscriber growth and 5.7% ARPU expansion
Yelp's first quarter of 2026 showed a widening split between a pressured advertising core and fast-growing new revenue: net revenue edged up 1% year over year to $361 million ($6 million above guidance) while net income fell 27% to $18 million (a 5% margin) and adjusted EBITDA declined 7% to $79 million
MAXMediaAlpha, Inc.
Score 8Rev YoY +17.3%Trend
MediaAlpha opened 2026 with record first-quarter results, as GAAP revenue rose 17.3% year over year to $310 million, above the high end of guidance, and GAAP EPS swung to a $0.21 profit from a small prior-year loss
EverQuote exceeded high-end guidance with revenue of $190.9 million up 15% YoY and record adjusted EBITDA of $29.3 million at 15.4% margin, driven by broad carrier demand and one carrier spending more than double its initial Q1 commitment
Revenue accelerated to +33% at $56.3 billion, or 29% constant currency, with net income of $26.8 billion and EPS of $10.44 as AI recommendation systems drove record engagement
Nebius opened 2026 with group revenue of $399 million, up 621.52% year over year per GAAP financials (management cited 684%) and 75% sequentially, as the core Nebius AI business grew 841% to $390 million and again sold out capacity
Pinterest delivered a stronger-than-expected Q1 2026, with revenue of more than $1 billion, up 18% (15% constant currency) and above the high end of guidance, and adjusted EBITDA of $207 million at a 20% margin, up 40 basis points and aided by a Canada Digital Services Tax reversal
Reddit opened 2026 with first-quarter revenue up 69% year-over-year to $663 million, its seventh consecutive quarter of 60%-plus growth, and GAAP EPS of $1.01, up more than 7x from a year earlier
Snap returned to double-digit growth in Q1, with GAAP revenue up 12% year-over-year to $1.53 billion as other revenue jumped 87% to $285 million on Snapchat+, Memories Storage and Lens+, while advertising rose just 3% to $1.24 billion against a persistent large-advertiser headwind in North America
Spotify opened 2026 with total revenue of EUR 4.5 billion, up roughly 8% as reported and 14% in constant currency -- an acceleration from the prior quarter -- as Premium revenue rose approximately 15% on subscriber growth and 5.7% ARPU expansion
Yelp's first quarter of 2026 showed a widening split between a pressured advertising core and fast-growing new revenue: net revenue edged up 1% year over year to $361 million ($6 million above guidance) while net income fell 27% to $18 million (a 5% margin) and adjusted EBITDA declined 7% to $79 million