As the Q2 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the advertising & marketing services industry, including MediaAlpha (NYSE: MAX) and its peers.

The sector is on the precipice of both disruption and growth as AI, programmatic advertising, and data-driven marketing reshape how things are done. For example, the advent of the Internet broadly and programmatic advertising specifically means that brand building is not a relationship business anymore but instead one based on data and technology, which could hurt traditional ad agencies. On the other hand, the companies in the sector that beef up their tech chops by automating the buying of ad inventory or facilitating omnichannel marketing, for example, stand to benefit. With or without advances in digitization and AI, the sector is still highly levered to the macro, and economic uncertainty may lead to fluctuating ad spend, particularly in cyclical industries.

The 7 advertising & marketing services stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 1.7% while next quarter’s revenue guidance was in line.

Thankfully, share prices of the companies have been resilient as they are up 7.8% on average since the latest earnings results.

MediaAlpha (NYSE: MAX)

Powering nearly 10 million consumer referrals each month in the insurance marketplace, MediaAlpha (NYSE: MAX) operates a technology platform that connects insurance carriers with high-intent consumers shopping for property, casualty, health, and life insurance products.

MediaAlpha reported revenues of $316.9 million, up 25.9% year on year. This print exceeded analysts’ expectations by 4.2%. Overall, it was a satisfactory quarter for the company with revenue guidance for next quarter beating analysts’ expectations but a significant miss of analysts’ EPS estimates.

“We delivered record second-quarter results as demand continued to broaden across our marketplace,” said Steve Yi, CEO of MediaAlpha.

Even though it had a relatively good quarter, the market seems discontent with the results. The stock is down 7% since reporting and currently trades at $12.84.

Is now the time to buy MediaAlpha? Access our full analysis of the earnings results here, it’s free.

Best Q2: Ibotta (NYSE: IBTA)

Originally launched as a way to make grocery shopping more rewarding for budget-conscious consumers, Ibotta (NYSE: IBTA) is a mobile shopping app that allows consumers to earn cash back on everyday purchases by completing tasks and submitting receipts.

Ibotta reported revenues of $88.91 million, up 3.3% year on year, outperforming analysts’ expectations by 4.7%. The business had an incredible quarter with a beat of analysts’ EPS estimates and revenue guidance for next quarter exceeding analysts’ expectations.

Ibotta scored the biggest analyst estimate beat in the group. The market seems happy with the results as the stock is up 50.7% since reporting. It currently trades at $37.03.

Is now the time to buy Ibotta? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: Taboola (NASDAQ: TBLA)

Often appearing as those "You May Also Like" or "Recommended For You" boxes at the bottom of news articles, Taboola (NASDAQ: TBLA) operates a digital platform that recommends personalized content to users across publisher websites, helping both publishers monetize their sites and advertisers reach target audiences.

Taboola reported revenues of $476.8 million, up 2.4% year on year, falling short of analysts’ expectations by 4.5%. It was a disappointing quarter as it posted revenue guidance for next quarter missing analysts’ expectations significantly.

Taboola delivered the weakest performance against analyst estimates, weakest guidance update, and slowest revenue growth among its peers. As expected, the stock is down 28% since the results and currently trades at $3.81.

Read our full analysis of Taboola’s results here.

Clear Channel Outdoor (NYSE: CCO)

With thousands of digital and traditional displays lighting up America's highways, city streets, and airports, Clear Channel Outdoor (NYSE: CCO) operates billboards, street furniture, and airport displays, connecting advertisers with millions of consumers across the US.

Clear Channel Outdoor reported revenues of $438 million, up 8.7% year on year. This number topped analysts’ expectations by 3.4%. It was an exceptional quarter as it also put up EPS in line with analysts’ estimates.

The stock is down 3.5% since reporting and currently trades at $2.35.

Read our full, actionable report on Clear Channel Outdoor here, it’s free.

Magnite (NASDAQ: MGNI)

Born from the 2020 merger of Rubicon Project and Telaria, Magnite (NASDAQ: MGNI) operates the world's largest independent sell-side advertising platform that automates the buying and selling of digital advertising inventory across all channels and formats.

Magnite reported revenues of $192.8 million, up 11.2% year on year. This result came in 1.8% below analysts’ expectations. Overall, it was a softer quarter as it also recorded EPS in line with analysts’ estimates.

The stock is up 13.9% since reporting and currently trades at $23.55.

Read our full, actionable report on Magnite here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.