MAX — what changed in the latest 10-Q
A section-by-section comparison of MAX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-07-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +71 | −70 | ~36 | 36 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 55 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 55 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 55 |
| Risk factors | Text added/removed | 0 | 0 | ~1 | 55 |
| Other information | Text added/removed | 0 | 0 | ~1 | 55 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
The following table sets forth our key business and financial metrics in dollars and the dollar and percentage changes between the two periods:
Net income attributable to non-controlling interests3,606 1.0 %2,736 0.9 %
Net income attributable to MediaAlpha, Inc. per share of Class A common stock
The following table presents our revenue, disaggregated by vertical, for the three months ended September 30, 2026 and 2025, and the dollar and percentage changes between the two periods:
The increase in P&C insurance revenue for the three months ended September 30, 2026, compared with the three months ended September 30, 2025, was driven primarily by an increase in customer acquisition spending by P&C insurance Demand Partners, including higher participation by a broader group of De…
Text removed vs the prior filing · source: 10-Q · 2026-07-29
with a material increase in consumer search volume for health products and a related increase in buyer customer acquisition budgets.
Consumer Referrals transacted, which is a negotiated percentage of the Transaction Value of such transactions. We do not make any payments to Supply Partners in our Private Marketplace transactions.
The increase in P&C insurance revenue for the three months ended June 30, 2026, compared with the three months ended June 30, 2025, was driven primarily by an increase in customer acquisition spending by P&C insurance Demand Partners, including higher participation by a broader group of carriers who…
The decrease in health insurance revenue for the three months ended June 30, 2026, compared with the three months ended June 30, 2025, was driven primarily by our actions to scale back the under-65 Health sub-vertical. Additionally, revenue from the Medicare sub-vertical declined due to industry-wid…
The decrease in life insurance revenue for the three months ended June 30, 2026, compared with the three months ended June 30, 2025, was driven primarily by a decreased supply of Consumer Referrals.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice