MediaAlpha (MAX) Cost of Revenue (2019 - 2026)
MediaAlpha's Cost of Revenue came in at $271.7 million for Q2 2026, up 27.0% from $213.94 million a year earlier and up 3.2% from the prior quarter.
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Analysis
MediaAlpha (MAX) Cost of Revenue (2019 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, MediaAlpha reported Cost of Revenue of $1.04 billion, up 15.0% year-over-year; for FY2025, it was $946.06 million, up 31.2% from FY2024.
- Cost of Revenue carries a five-year compound annual growth rate of 13.6% (FY2020 to FY2025).
- Going back by year, Cost of Revenue was $721.13 million in FY2024 (+124.3%), $321.44 million in FY2023 (-17.4%), $389.01 million in FY2022 (-28.5%) and $543.75 million in FY2021 (+8.9%).
- The Q2 2026 figure represents the highest quarterly Cost of Revenue in data going back to Q3 2019.
- Year-over-year, Cost of Revenue increased in seven of the last eight quarters, with growth averaging 80.4%.
- The fastest year-over-year change in Cost of Revenue over five years came in Q3 2024 (growth of 253.1%), and the weakest in Q3 2022 (a decline of 40.4%).
- Business Quant data shows MAX's Cost of Revenue at $263.31 million (Q1 2026), $246.34 million (Q4 2025) and $263.11 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,173.87 Bn | 3,931.39 Bn | 73.85 Bn | 45.94 Bn |
| 2 | Meta Platforms | 1,849.67 Bn | 1,552.19 Bn | 49.47 Bn | 11.33 Bn |
| 3 | Netflix | 279.23 Bn | 239.43 Bn | 6.52 Bn | 6.04 Bn |
| 4 | Alibaba Group Holding | 245.86 Bn | 63.73 Bn | 15.11 Bn | 24.48 Bn |
| 5 | Shopify | 196.08 Bn | 173.27 Bn | 1.71 Bn | 1.88 Bn |
| 6 | Uber Technologies | 138.90 Bn | 110.88 Bn | 6.38 Bn | 7.82 Bn |
| 7 | Booking Holdings | 119.48 Bn | 52.53 Bn | - | - |
| 8 | PDD Holdings | 107.30 Bn | -144.64 Bn | 9.45 Bn | 7.08 Bn |
| 9 | Spotify Technology | 97.33 Bn | 54.56 Bn | 1.86 Bn | 3.70 Bn |
| 10 | MediaAlpha | 508.67 Mn | 339.80 Mn | 45.17 Mn | 271.70 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 271.70 Mn |
| Mar 31, 2026 | 263.31 Mn |
| Dec 31, 2025 | 246.34 Mn |
| Sep 30, 2025 | 263.11 Mn |
| Jun 30, 2025 | 213.94 Mn |
| Mar 31, 2025 | 222.67 Mn |
| Dec 31, 2024 | 251.67 Mn |
| Sep 30, 2024 | 219.91 Mn |
| Jun 30, 2024 | 146.59 Mn |
| Mar 31, 2024 | 102.97 Mn |
| Dec 31, 2023 | 94.89 Mn |
| Sep 30, 2023 | 62.28 Mn |
| Jun 30, 2023 | 71.01 Mn |
| Mar 31, 2023 | 93.26 Mn |
| Dec 31, 2022 | 103.86 Mn |
| Sep 30, 2022 | 76.34 Mn |
| Jun 30, 2022 | 87.93 Mn |
| Mar 31, 2022 | 120.88 Mn |
| Dec 31, 2021 | 136.18 Mn |
| Sep 30, 2021 | 128.08 Mn |
API Access
MediaAlpha Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MAX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "MAX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MAX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();