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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Thomas McJoynt-Griffith | KBW | 12 (0%) |
| Mike Zaremski | BMO Capital Markets | 8 (0%) |
| Maria Ripps | Canaccord Genuity | 8 (0%) |
| Ben Hendrix | RBC Capital Markets | 6 (33%) |
| Andrew Kligerman | TD Cowen | 5 (0%) |
| Eric Sheridan | Goldman Sachs | 4 (0%) |
| Cory Carpenter | JPMorgan | 4 (0%) |
| Randy Binner | Texas Capital Securities | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| KBW | 1 | 12 (0%) |
| Canaccord Genuity | 2 | 9 (11%) |
| BMO Capital Markets | 1 | 8 (0%) |
| RBC Capital Markets | 1 |
| 6 (33%) |
| TD Cowen | 1 | 5 (0%) |
| JPMorgan | 1 | 4 (0%) |
| Goldman Sachs | 1 | 4 (0%) |
| Texas Capital Securities | 1 | 2 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $301M | +156.6% | $0.08 | +266.5% | 6.1% | 1.5% | $14M |
| FY2025 Q1 | $264M | +108.7% | $-0.04 | -52.8% | 0.0% | -0.7% | $24M |
| FY2025 Q2 | $252M | +41.1% | $-0.33 | -586.7% | -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 | +495.9% | 26.9% | 10.8% | $-7M |
| FY2026 Q1 | $310M | +17.3% | $0.21 | +700.0% | 7.2% | 3.7% | $-2M |
| FY2026 Q2 | $317M | +25.9% | $0.65 | +297.0% | 6.3% | 12.4% | $42M |
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).
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.
Demand | Competitive Dynamics | Margin | Guidance Reliability | Regulation Policy | Cloud & AI | Capital Allocation | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 1 | 1 | 1 | ||||
| 2025Q1 | 4 | 3 | 1 | 1 | 1 | 2 | ||
| 2025Q2 | 3 | 3 | 2 | 1 | 1 | 1 | ||
| 2025Q3 | 5 | 4 | 3 | 2 | 1 | |||
| 2025Q4 | 3 | 5 | 1 | 3 | ||||
| 2026Q1 | 3 | 1 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 2 | 4 | 3 | 5 | 3 | 3 |
| Competitive Dynamics | 3 | 3 | 4 | 5 | 1 | |
| Margin | 1 | 2 | 3 | |||
| Guidance Reliability | 1 | 1 | 2 | 1 | ||
| Regulation Policy | 1 | 1 | 1 | 1 | 1 | |
| Cloud & AI | 3 | 1 | ||||
| Capital Allocation | 1 | 1 | 1 | |||
| Trade Tariffs | 2 | 1 |
What MAX and other companies said about each other on FY2026 Q1 earnings calls — 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.
“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.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MAX MediaAlpha, Inc. | 8 | +17.3% | |
| DASH DoorDash | 7 | +33.1% | |
| EVER EverQuote, Inc. | 8 | +14.5% | |
| GOOGL Alphabet Inc. | 9 | +21.8% | |
| META Meta Platforms, Inc. | 8 | +33.1% | |
| NBIS Nebius Group N.V. | 8 | +621.5% | |
| PINS Pinterest, Inc. | 8 | +17.8% | |
| RDDT Reddit, Inc. | 9 | +69.1% | |
| SNAP Snap Inc. | 7 | +12.2% | |
| YELP Yelp Inc. | 6 | +0.8% |