August 7, 2026

QuinStreet, MediaAlpha and EverQuote all participate in insurance customer acquisition, but their business models and revenue mix are different. Looking at their latest results together gives us a useful view of carrier demand and the economics of the performance marketing and marketplace industry.

All three reported periods ending June 30, 2026. QuinStreet reported the period as fiscal fourth-quarter 2026, while MediaAlpha and EverQuote reported second-quarter 2026.

Carrier demand remains strong, particularly in Property and Casualty (P&C) insurance.

The differences are showing up in how effectively each company is converting that demand into earnings.

QuinStreet reported the highest companywide revenue growth and significant margin expansion. EverQuote produced the highest Adjusted EBITDA margin of the three. MediaAlpha generated record revenue and strong P&C growth, but its percentage margins declined.

Investors responded differently to each report.

Adjusted EBITDA is a non-GAAP financial measure, and each company defines it independently. These margins are useful for directional comparison but are not perfectly standardized across the three companies.

Carrier acquisition spending continues to recover.

MediaAlpha reported broader demand across its marketplace as carrier partners increased advertising spending. Management's third-quarter outlook also assumes continued strength in P&C insurance.

EverQuote reported healthy carrier and agent demand. Auto insurance revenue increased 23% year over year, while home and renters insurance revenue increased 35%.

QuinStreet's Financial Services revenue increased from approximately $186.6 million to $232.3 million, up about 24.5%.

This is consistent with the recovery we have been watching across P&C insurance.

Auto carriers spent several years dealing with higher repair costs, claims severity and inadequate rates. As underwriting economics improved and carriers returned to growth, customer-acquisition budgets increased.

For performance marketing companies, the question potential investors may ask is how much of that additional demand is converting into sustainable earnings.

The latest results show meaningful differences among the three companies.

QuinStreet reported fiscal fourth-quarter results on August 6, 2026.

Revenue increased 42.7%, from $262.1 million to $373.9 million.

Adjusted EBITDA increased approximately 87%, from $22.1 million to $41.4 million.

Adjusted EBITDA margin increased from approximately 8.4% to 11.1%.

The revenue growth needs some context.

Financial Services revenue increased from approximately $186.6 million to $232.3 million, while Home Services increased from approximately $75.4 million to $141.6 million.

Home Services therefore accounted for a significant portion of QuinStreet's companywide growth.

This matters when comparing QuinStreet directly with MediaAlpha and EverQuote. QuinStreet's 42.7% revenue growth does not mean its insurance business grew at the same rate.

Financial Services grew approximately 24.5%, much closer to the growth rates being reported by the other two companies.

Where QuinStreet stood out was profitability.

Revenue increased 43%, while Adjusted EBITDA increased 87%. The company generated considerably more Adjusted EBITDA from the additional revenue than it did a year ago.

Management expects further growth in fiscal 2027. Initial full-year guidance calls for approximately $1.45 billion to $1.55 billion in revenue and $150 million to $160 million in Adjusted EBITDA.

QNST closed at $15.20 on August 6, before the earnings release.

Shares increased approximately 26.5% in after-hours trading to about $19.25 and were trading around $20.63 on the morning of August 7.

Investors had several positive numbers to consider at the same time: 43% revenue growth, 87% Adjusted EBITDA growth, approximately 270 basis points of margin expansion and an outlook indicating continued growth into fiscal 2027.

The margin improvement is particularly important. QuinStreet is showing that its higher revenue base can produce faster Adjusted EBITDA growth.

MediaAlpha reported second-quarter results on July 29, 2026.

Revenue increased approximately 26% to a record $316.9 million.

Adjusted EBITDA increased from $24.5 million to $29.3 million, or approximately 20%.

Gross margin declined from 15.0% to 14.3%, while Contribution Margin declined from 15.8% to 14.9%.

MediaAlpha therefore generated substantially more revenue and more Adjusted EBITDA dollars, but Adjusted EBITDA grew more slowly than revenue and percentage margins declined.

That distinction matters for a marketplace business.

MediaAlpha's model depends on acquiring consumer traffic and matching that traffic with advertiser demand. Media costs, publisher economics, pricing, traffic mix and revenue-sharing arrangements all affect how much of the marketplace volume ultimately becomes contribution and Adjusted EBITDA.

Demand was not the problem in this quarter. P&C transaction value increased and management continues to expect strong carrier spending.

The question is how the economics of that additional marketplace volume develop as MediaAlpha continues to grow.

For Q3 2026, management expects revenue of $330 million to $355 million, Contribution of $51.5 million to $54.5 million and Adjusted EBITDA of $32 million to $35 million.

MAX closed at approximately $13.84 on July 29.

Shares closed around $13.54 the following day and approximately $12.38 on July 31, representing a decline of roughly 10.5% from the July 29 close.

By the morning of August 7, the stock had recovered to approximately $13.44.

We should be careful about attributing a stock move to one financial metric. Expectations, valuation and positioning also affect the response to an earnings report.

The financial difference compared with QuinStreet and EverQuote, however, is visible.

MediaAlpha reported:

Revenue growth: +26%

Adjusted EBITDA growth: +20%

Gross margin: -70 basis points

Contribution Margin: -90 basis points

The company continues to capture more insurance advertising volume. Investors will likely be watching how much of that growth reaches contribution and Adjusted EBITDA over the next several quarters.

EverQuote reported second-quarter results on August 3, 2026.

Revenue increased approximately 25%, from $156.6 million to $195.1 million.

Adjusted EBITDA increased approximately 37%, from $22.0 million to a record $30.1 million.

Adjusted EBITDA margin increased from approximately 14.0% to 15.4%, the highest among the three companies in this comparison.

Auto insurance remains EverQuote's largest business.

Auto revenue increased 23% to $172.1 million, while home and renters revenue increased 35% to $23.0 million.

Variable Marketing Dollars increased from $45.5 million to $56.9 million.

EverQuote therefore grew revenue while expanding both Adjusted EBITDA dollars and Adjusted EBITDA margin.

EVER closed at approximately $24.10 on August 3, before the earnings release.

Shares initially declined approximately 9.3% in after-hours trading.

The reported quarter itself was strong. The concern appears to have been more focused on the near-term outlook.

For Q3, EverQuote guided to revenue of $198 million to $208 million, Variable Marketing Dollars of $56 million to $59 million, and Adjusted EBITDA of $28 million to $31 million.

At the midpoint, revenue would increase sequentially while Adjusted EBITDA would be approximately $29.5 million, slightly below the $30.1 million reported in Q2.

The initial decline did not hold.

By the morning of August 7, EVER was trading around $26.23, above its August 3 pre-earnings close.

The sequence is useful when interpreting investor response. Investors initially reacted negatively to the forward profitability outlook, but the stock recovered over the following trading sessions.

Revenue size alone gives an incomplete comparison of these businesses.

Based on the reported quarter:

EverQuote generated $195.1 million in quarterly revenue compared with MediaAlpha's $316.9 million.

Yet EverQuote generated $30.1 million in Adjusted EBITDA, slightly more than MediaAlpha's $29.3 million.

The companies have different operating models and their non-GAAP measures are not directly interchangeable, so I would not use this comparison to declare one business structurally better than another.

It does show a meaningful difference in the amount of Adjusted EBITDA currently being generated relative to reported revenue.

We can also compare the year-over-year increase in revenue with the year-over-year increase in Adjusted EBITDA.

This is a directional calculation rather than a standardized company-reported metric, but it helps explain the difference among the three quarters.

EverQuote generated roughly $8.1 million of additional Adjusted EBITDA from $38.5 million of additional revenue.

QuinStreet generated approximately $19.3 million from $111.8 million of additional revenue.

MediaAlpha generated approximately $4.8 million from $65.3 million of additional revenue.

If carrier acquisition spending remains strong, this is one of the areas I would continue watching.

Growth is valuable, but the economics of that growth determine how much value eventually reaches the operating business.

The investor response also shows why I would separate reported performance from expectations.

EverQuote reported a strong quarter, but investors initially reacted negatively to its Q3 profitability outlook.

QuinStreet reported strong growth, substantial margin expansion and guidance supporting continued growth. Investors responded positively.

MediaAlpha reported record revenue and strong insurance demand, but its percentage margins declined.

These are three companies benefiting from a similar recovery in insurance acquisition spending, but the earnings conversion is currently different.

The latest reports support the view that insurance carriers are actively investing in customer acquisition again, particularly in Auto and Home Insurance.

That is good for all three companies.

The more useful comparison over the next several quarters will be whether they can maintain that growth as carrier budgets normalize and competition for high-quality consumers increases.

I would watch five areas closely:

1. Insurance revenue growth. Companywide revenue can obscure the comparison, particularly at QuinStreet because of its Home Services business.

2. Adjusted EBITDA and contribution growth relative to revenue. If revenue continues growing faster than earnings, the economics of the incremental volume deserve closer attention.

3. Media and traffic costs. Higher carrier demand can also increase competition for the same consumers. Revenue growth does not automatically translate into better marketplace economics.

4. Lead and consumer quality. Carriers ultimately pay for profitable policies, not traffic volume. Platforms that can consistently deliver higher-intent consumers should have an advantage when carriers become more selective.

5. Compliance and consumer experience. Insurance customer acquisition remains highly regulated. Growth that creates compliance exposure, poor consumer experiences or low-quality volume is difficult to sustain.

The June quarter shows a healthy demand environment across insurance performance marketing.

QuinStreet currently has the strongest combination of companywide revenue growth and Adjusted EBITDA expansion. EverQuote is producing the highest Adjusted EBITDA margin despite operating at a smaller revenue scale. MediaAlpha continues to grow insurance marketplace volume, but its margin performance is the area I would watch most closely.

The next few quarters should tell us whether these differences are temporary results of traffic and business mix or more persistent differences in how each platform converts carrier demand into earnings.

Disclosure: This article is for informational and industry-analysis purposes only. It is not investment advice or a recommendation to buy, sell or hold any security.

Sources: QuinStreet fiscal Q4 2026 earnings release and investor materials; MediaAlpha Q2 2026 earnings release and investor materials; EverQuote Q2 2026 earnings release and investor materials. Stock-price references reflect available market data through the morning of August 7, 2026.