Property Casualty Insurance was MediaAlpha’s largest product and service line in fiscal 2025, bringing in $1.00B of $1.11B (90%).
| Product and Service | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Property Casualty Insurance | $224.37M | $164.23M | $658.20M | $1.00B | ||||
| Health Insurance | $187.39M | $186.28M | $173.53M | $85.70M | ||||
| Life Insurance | $26.71M | $24.29M | $24.37M | $21.70M | ||||
| Other | $20.60M | $13.35M | $8.60M | $3.17M | ||||
| Total | $459.07M | $388.15M | $864.70M | $1.11B |
MediaAlpha brought in $1.11B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 28.8% from $864.70M in fiscal 2024. Property Casualty Insurance was the largest at $1.00B (90.1%), ahead of Health Insurance at $85.70M (7.7%) and Life Insurance at $21.70M (1.9%). The remaining line, Other, brought in $3.17M.
Compared with fiscal 2024, Property Casualty Insurance grew 52.4% to $1.00B, while Health Insurance fell 50.6% to $85.70M. From fiscal 2022 to 2025, combined revenue from these lines grew from $459.07M to $1.11B, a compound annual growth rate of 34.4%. Property Casualty Insurance's share of the total rose from 48.9% to 90.1%.
Open Marketplace Transactions was MediaAlpha’s largest revenue line in fiscal 2025, bringing in $1.09B of $1.11B (98%).
| Contract with Customer, Sales Channel | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Open Marketplace Transactions | $445.95M | $378.73M | $841.60M | $1.09B | ||||
| Open Platform Transactions | — | — | — | — | ||||
| Private Marketplace Transactions | $13.12M | $9.42M | $23.10M | $26.18M | ||||
| Private Platform Transactions | — | — | — | — | ||||
| Total | $459.07M | $388.15M | $864.70M | $1.11B |
MediaAlpha brought in $1.11B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 28.8% from $864.70M in fiscal 2024. Open Marketplace Transactions was the largest at $1.09B (97.6%), ahead of Private Marketplace Transactions at $26.18M (2.4%).
Compared with fiscal 2024, Open Marketplace Transactions grew 29.2% to $1.09B and Private Marketplace Transactions grew 13.3% to $26.18M. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $459.07M to $1.11B, a compound annual growth rate of 34.4%. Open Marketplace Transactions' share of the total rose from 97.1% to 97.6%.
MediaAlpha (MAX) reports its revenue by product and service and by contract with customer, sales channel. In fiscal 2025, Property Casualty Insurance was its largest product and service line, bringing in $1.00B (90.1% of the total), followed by Health Insurance at $85.70M (7.7%).
Property Casualty Insurance was MediaAlpha's largest product and service line in fiscal 2025, bringing in $1.00B, or 90.1% of the $1.11B total across its four product and service lines.
Open Marketplace Transactions was MediaAlpha's largest revenue line in fiscal 2025, bringing in $1.09B, or 97.6% of the $1.11B total across its two revenue lines.
Property Casualty Insurance grew faster than Health Insurance in fiscal 2025, up 52.4% from $658.20M to $1.00B. Health Insurance fell 50.6% to $85.70M.
Every figure comes from MediaAlpha's annual financial filings, as reported. Each line keeps the name MediaAlpha gives it, and years follow its fiscal calendar.
MediaAlpha's revenue by product and service goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.