Name: MediaAlpha, Inc. Earnings Per Share Disclosure
Creator: MediaAlpha, Inc.
License: https://creativecommons.org/publicdomain/mark/1.0/

Net income (loss) per share

The following table presents the calculation of basic and diluted net income (loss) per share (in thousands except per share amounts):


	Year Ended December 31,
	2025		2024		2023
Basic
Net income (loss)	$	26,761	$	22,118	$	(56,555)
Less: net income (loss) attributable to non-controlling interest	1,138		5,489		(16,135)
Net income (loss) attributable to MediaAlpha, Inc.	$	25,623	$	16,629	$	(40,420)
Denominator:
Weighted-average shares of Class A common stock outstanding - basic	56,244,357		53,043,576		45,573,416
Weighted-average shares of Class A common stock outstanding - diluted	66,786,155		53,043,576		45,573,416
Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock - basic	$	0.46	$	0.31	$	(0.89)
Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock - diluted	$	0.39	$	0.31	$	(0.89)


	Year Ended December 31,
	2025
Diluted
Net income	$	26,761
Add: incremental tax benefits related to exchange of Class B-1 units	(1,014)
Net income attributable to MediaAlpha, Inc. available for diluted common shares	$	25,747
Weighted-average shares outstanding:
Class A common stock	56,244,357
Class B-1 units of QLH	10,541,798



Weighted-average shares of Class A common stock and potential Class A common stock	66,786,155
Net income attributable to MediaAlpha, Inc. per share of Class A common stock - diluted	$	0.39

Potentially dilutive shares, which are based on the weighted-average shares of underlying unvested RSUs, QLH restricted Class B-1 units, restricted Class A shares, and PRSUs using the treasury stock method and the outstanding QLH restricted Class B-1 units using the if-converted method, are included when calculating diluted net income (loss) per share attributable to MediaAlpha, Inc. when their effect is dilutive. The effects of the Company’s potentially dilutive securities were not included in the calculation of diluted income (loss) per share as the effect of their inclusion would be anti-dilutive.

The following table summarizes the shares and units with a potentially dilutive impact:


	As of
	December 31, 2025	December 31, 2024	December 31, 2023
Restricted stock units	4,510,396	3,206,157	3,632,433
QLH Class B-1 Units	—	11,609,982	18,106,782
Restricted Class A Shares	—	—	28,340
PRSUs	—	147,500	—
Potentially dilutive shares	4,510,396	14,963,639	21,767,555

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

MediaAlpha, Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

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