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How MediaAlpha, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$1.1B · 100%Cost of revenue$946M · 85%Gross profit$168M · 15%Operating income$22.1M · 2%Income before tax−$111M · −10%Income tax−$138M · −12%Net income$25.6M · 2%As of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$1.1B100%
  • 10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Cost of revenue$946M85%
  • 10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
$168M15%
  • 10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
$22.1M2%
  • 10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Income before tax−$111M−10%
  • 10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Income tax−$138M−12%
  • 10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
$25.6M2%
  • 10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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