MediaAlpha (MAX) Operating Margin (2019 - 2026)
MediaAlpha (MAX) posted quarterly Operating Margin of 6.3% for Q2 2026, up 1426.0% year-over-year from 0.41% in Q2 2025, and down 12.71% quarter-over-quarter from 7.22% in Q1 2026.
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MediaAlpha (MAX) Operating Margin (2019 - 2026) Analysis & Trends
MediaAlpha (MAX) has reported Operating Margin for 8 consecutive years, with 6.3% the latest figure, recorded in Q2 2026.
- In Q2 2026, Operating Margin rose 1426.0% year-over-year to 6.3%; the TTM figure through Jun 2026 stood at 6.89% (up 560.0% YoY), while the FY2025 annual figure was 1.99%, down 295.0% from the prior year.
- Operating Margin fell to 6.3% in Q2 2026 per MAX's latest filing, from 7.22% in the prior quarter.
- Across five years, Operating Margin topped out at 7.66% in Q4 2025 and bottomed at 19.78% in Q3 2023.
- Historically, Operating Margin has averaged 2.35% across 5 years, with a median of 0.21% in 2023.
- Annual changes were most pronounced in 2022 — Operating Margin tumbled 1184 bps — and 2024, when it jumped 2580 bps.
- MediaAlpha's Operating Margin stood at 5.27% in 2022, then surged by 107 bps to 0.38% in 2023, then surged by 1495 bps to 6.07% in 2024, then gained by 26 bps to 7.66% in 2025, then decreased by 18 bps to 6.3% in 2026.
- Business Quant data shows MAX's Operating Margin at 6.3% in Q2 2026, 7.22% in Q1 2026, and 7.66% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 30.88% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 21.88% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | -30.21% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 28.79% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 4.70% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | -4.68% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 28.77% |
| 10 | MediaAlpha | 681.52 Mn | 657.78 Mn | 45.17 Mn | 6.30% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 6.30% |
| Mar 31, 2026 | 7.22% |
| Dec 31, 2025 | 7.66% |
| Sep 30, 2025 | 6.44% |
| Jun 30, 2025 | -7.97% |
| Mar 31, 2025 | 0.04% |
| Dec 31, 2024 | 6.07% |
| Sep 30, 2024 | 6.02% |
| Jun 30, 2024 | 3.64% |
| Mar 31, 2024 | 1.87% |
| Dec 31, 2023 | 0.38% |
| Sep 30, 2023 | -19.78% |
| Jun 30, 2023 | -18.96% |
| Mar 31, 2023 | -8.55% |
| Dec 31, 2022 | -5.27% |
| Sep 30, 2022 | -11.88% |
| Jun 30, 2022 | -10.06% |
| Mar 31, 2022 | -5.52% |
| Dec 31, 2021 | -1.01% |
| Sep 30, 2021 | -0.04% |