MediaAlpha

Revenue and margin

Bars: revenue, $B (10-K). Line: operating margin. Years where the filing's revenue line isn't comparable are left out of the line.

What they told investors

“And that obviously, has a profound effect on the return on ad spend that we're able to deliver for carriers and the yield that we're able to deliver for publishers.”Steven Yi · 2026 Q2 · transcript

“Lastly, we're leveraging predictive AI throughout our marketplace to better target consumers and improve return on ad spend for our carriers and yield for our publishers.”Steven Yi · 2026 Q2 · transcript

“During the quarter, we were pleased to see a significant strategic shift by a leading LLM to place greater emphasis on advertising monetization to support the consumer product.”Steven Yi · 2026 Q1 · transcript

“Moving forward, I am encouraged by the productive conversations we are having with a growing number of leading carriers about further leveraging our trusted infrastructure and AI targeting capabilities to maximize return on ad spend and gain market share.”Steven Yi · 2026 Q1 · transcript

“That effectively means a lot of distribution costs that agent-based carriers were incurring are starting to shift from agent commissions into advertising dollars, which is a net positive for our industry and clearly a net positive for us.”Steven Yi · 2026 Q1 · transcript

“This allows us to price traffic more granularly, improving publisher yield while simultaneously delivering strong return on ad spend for carriers and agents.”Steven M. Yi · 2025 Q4 · transcript

What they see in the market

What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.

• Affiliate & lead gen “Each quarter, additional P&C carriers are unlocking advertising spend, expanding their campaign, and leaning further into our marketplace.” Steven Yi on the earnings call · Aug 7, 2026 · source
• Programmatic & display “We believe we're at the beginning of what we see as a massive growth opportunity in the years ahead, driven by the industry's ongoing transition from agent-based distribution, largely supported by brand advertising, to direct-to-consumer distribution supported by highly targeted…” Steven Yi on the earnings call · Aug 7, 2026 · source
• AI in marketing “Lastly, we're leveraging predictive AI throughout our marketplace to better target consumers and improve return on ad spend for our carriers and yield for our publishers.” Steven Yi on the earnings call · Aug 7, 2026 · source
• SEO & AI search “And so as our publishers and the supply partners get smarter about doing that and building more apps, finding ways to be discovered by the LLMs, and then ultimately taking advantage of the advertising ecosystem that the LLMs are going to create, we think that ecosystem is going…” Steven M. Yi on the earnings call · Feb 23, 2026 · source
• Connected TV & streaming · Out-of-home “And so we see more carriers than ever before really poised to be able to grow in this channel and to advertise and punch their weight in this channel than we have ever seen and certainly a lot more than what we saw in 2019 or 2020.” Steve Yi on the earnings call · Oct 29, 2025 · source

Peers