Open the filing on EDGARMatch Group Announces Third Quarter Results
Match Group Delivers on Revenue and Accelerates Innovation Focused on User Outcomes
LOS ANGELES, November 4, 2025 - Match Group (NASDAQ: MTCH) today announced financial results for the third quarter ended September 30, 2025, as well as meaningful advances in its product-led transformation. The company delivered on its revenue expectations and exceeded its Adjusted EBITDA expectations, excluding a $61 million legal settlement charge.
“We’ve moved quickly to accelerate innovation, strengthen accountability, and build for long-term growth,” said CEO Spencer Rascoff. “Our strategy is showing real progress this quarter, as we achieved our revenue goals and made meaningful progress on our product roadmap.”
Rascoff continued, “This quarter we increased product velocity, strengthened trust and safety, and operated with sharper discipline across the business. Our focus on execution, accountability, and efficiency is driving stronger performance while setting the foundation for long-term growth. I firmly believe that by combining innovation, operational rigor, and user empathy, we can shape the future of connection and strengthen our leadership in the category.”
In Q3, Match Group executed against its $50 million reinvestment plan across its portfolio to test user-first features, strengthen marketing, and expand its international footprint. Early results are instilling confidence in our strategy and learnings from these investments will inform how we deploy capital in 2026 and lay the foundation for the “Resurgence” phase of the turnaround that Match Group expects to take hold in 2026 and 2027.
Match Group also resolved Candelore v. Tinder, Inc., a decade-old case challenging Tinder’s former age-based pricing practices. The settlement closes a long-running matter and allows the company to move forward with focus and confidence.
Match Group Q3 2025 Financial Highlights
- Total Revenue of $914 million was up 2% year-over-year (“Y/Y”), up 1% on a foreign exchange (“FX”) neutral basis (“FXN”), driven by a 7% Y/Y increase in RPP to $20.58, partially offset by a 5% Y/Y decline in Payers to 14.5 million.
- Net Income of $161 million increased 18% Y/Y, representing a Net Income Margin of 18%.
- Adjusted EBITDA of $301 million declined 12% Y/Y, representing an Adjusted EBITDA Margin of 33%.
- Excluding a $61 million legal settlement charge and $2 million of restructuring costs, Adjusted EBITDA would have been $364 million, up 6% Y/Y, representing an Adjusted EBITDA Margin of 40%.
- Operating Cash Flow and Free Cash Flow were $758 million and $716 million, respectively, year-to-date through September 30, 2025.
- Repurchased 17.4 million of our shares at an average price of $32 per share on a trade date basis for a total of $550 million and paid $141 million in dividends, deploying 97% of our free cash flow for capital return to shareholders year-to-date through September 30, 2025.
- Diluted shares outstanding were 245 million as of October 31, 2025, a decrease of 8%, since November 1, 2024.
The following table summarizes total company consolidated financial results for the three months ended September 30, 2025 and 2024.
| Three Months Ended September 30, |
|---|
| (Dollars in millions, except RPP, Payers in thousands) | | 2025 | | 2024 | Y/Y Change |
| Total Revenue | $914 | | $895 | | 2% |
| Direct Revenue | $897 | | $879 | | 2% |
| Net income attributable to Match Group, Inc. shareholders | $161 | | $136 | | 18% |
| Net Income Margin | 18% | | 15% | | |
| Adjusted EBITDA | $301 | | $343 | | (12)% |
| Adjusted EBITDA Margin | 33% | | 38% | | |
| Payers | 14,527 | | 15,214 | | (5)% |
| RPP | $20.58 | | $19.26 | | 7% |
We have updated the title of our primary non-GAAP measure to “Adjusted EBITDA” from our previous title “Adjusted Operating Income.” We believe this updated title better aligns with our peers. Numerically, Adjusted EBITDA is the same as Adjusted Operating Income; however, the starting point of the reconciliation to the most comparable GAAP financial measure has changed from operating income to net income. See below for the full definition of Adjusted EBITDA and a reconciliation of net income attributable to Match Group, Inc. shareholders to Adjusted EBITDA.
As defined on page 10 of this press release.
Other Quarterly Highlights:
- Tinder’s AI-driven Interactive Matching feature, Chemistry, continues to evolve how people connect by creating a more intentional and personalized discovery experience. Using deep learning and user-permissioned data (like camera roll insights), Chemistry surfaces a few highly compatible profiles each day, leading to more relevant matches and engaging conversations. Chemistry is currently live in New Zealand and Australia, with plans to expand to additional countries in the coming months.
- Face Check, Tinder’s new facial verification feature, is setting a new standard for authenticity in dating. It helps confirm users are real and match their profile photos. The feature is now mandatory for all new users in California and will roll out to additional U.S. states and countries in the coming months, following successful launches in Canada, India, Australia, and Colombia. Early results show an over 60% decrease in exposure to potential bad actors, a 40% reduction in bad actor reports, and meaningful improvements in users’ reported trust and authenticity.
- Hinge continues to build strong momentum, with sustained growth and continued progress across its international markets. The app launched in Mexico in September and is expanding to Brazil in Q4, extending its reach in key international markets. Hinge also continues to advance its AI-powered features, including Conversation Starters and its Recommendation System, to improve connection quality and drive more meaningful engagement globally.
- Match Group’s continued rollout of alternative payments across its portfolio is increasing flexibility for users and lowering processing fees. These efforts are expected to generate approximately $14 million in savings in Q4 2025 and roughly $90 million in savings in 2026. Combined with earlier cost-reduction initiatives that produced $100 million in annualized savings, these improvements are enabling reinvestment in growth, including $50 million dedicated to testing new user-first features, strengthening marketing, and expanding internationally.
A webcast of our third quarter 2025 results will be available at https://ir.mtch.com, along with our Prepared Remarks and Supplemental Financial Materials. The webcast will begin today, November 4, 2025, at 5:00 PM Eastern Time. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.
Dividend Declaration
Match Group's Board of Directors has declared a cash dividend of $0.19 per share of the company's common stock. The dividend is payable on January 21, 2026 to stockholders of record as of January 6, 2026.
Financial Outlook
For Q4 2025, Match Group expects:
- Total Revenue of $865 to $875 million, up 1% to 2% Y/Y.
- Adjusted EBITDA of $350 to $355 million, representing a Y/Y increase of 9% at the midpoints of the ranges.
- Adjusted EBITDA Margin of 41% at the midpoints of the ranges.
Based on a random weighted sample of in-app profile views. Bad actors include accounts that engage in deceptive or harmful behaviors, including spam, scam attempts, or operating automated fake profiles (bots).
Financial Results
Consolidated Operating Costs and Expenses
| Three Months Ended September 30, |
|---|
| (Dollars in thousands) | | 2025 | % of Revenue | | 2024 | % of Revenue | Y/Y Change |
| Cost of revenue | $247,043 | | 27% | $253,129 | | 28% | (2)% |
| Selling and marketing expense | 169,142 | | 19% | 156,656 | | 17% | 8% |
| General and administrative expense | 148,021 | | 16% | 103,923 | | 12% | 42% |
| Product development expense | 104,969 | | 11% | 103,724 | | 12% | 1% |
| Depreciation | 14,845 | | 2% | 25,302 | | 3% | (41)% |
| Impairments and amortization of intangibles | 8,921 | | 1% | 42,090 | | 5% | (79)% |
| Total operating costs and expenses | $692,941 | | 76% | $684,824 | | 76% | 1% |
Liquidity and Capital Resources
During the nine months ended September 30, 2025, we generated operating cash flow of $758 million and Free Cash Flow of $716 million.
During the quarter ended September 30, 2025, we repurchased 3.7 million shares of our common stock for $130 million on a trade date basis at an average price of $35.30. Between October 1 and October 31, 2025, we repurchased an additional 3.0 million shares of our common stock for $100 million on a trade date basis at an average price of $33.02. As of October 31, 2025, $1.10 billion in aggregate value of shares of Match Group stock remains available under our share repurchase program.
As of September 30, 2025, we had $1.1 billion in cash, cash equivalents, and short-term investments and $4.1 billion of long-term debt, inclusive of current maturities, all of which is fixed rate debt, including $1.1 billion of Exchangeable Senior Notes. Our $500 million revolving credit facility was undrawn as of September 30, 2025. Match Group’s trailing twelve-month leverage as of September 30, 2025 was 3.4x on a gross basis and 2.5x on a net basis.
On August 20, 2025, we completed a private offering of $700 million aggregate principal amount of 6.125% Senior Notes due 2033. The proceeds from the issuance of these notes will be used to repay all of the outstanding 0.875% exchangeable senior notes due 2026 at or prior to their maturity and the remaining proceeds will be used for general corporate purposes.
On September 8, 2025, we repurchased $76 million aggregate principal amount of 0.875% exchangeable senior notes due 2026.
On October 17, 2025, we paid a dividend of $0.19 per share to holders of record on October 3, 2025. The total cash payout was $45 million.
Leverage is calculated utilizing the non-GAAP measure Adjusted EBITDA as the denominator. For a reconciliation of the non-GAAP measure for each period presented, see page 8.
GAAP Financial Statements
Consolidated Statement of Operations
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| (In thousands, except per share data) |
|---|
| Revenue | $914,275 | | $895,484 | | $2,609,191 | | $2,619,197 | |
| Operating costs and expenses: | | | | |
| Cost of revenue (exclusive of depreciation shown separately below) | 247,043 | | 253,129 | | 725,889 | | 754,859 | |
| Selling and marketing expense | 169,142 | | 156,656 | | 474,492 | | 476,585 | |
| General and administrative expense | 148,021 | | 103,923 | | 396,096 | | 324,468 | |
| Product development expense | 104,969 | | 103,724 | | 340,334 | | 333,037 | |
| Depreciation | 14,845 | | 25,302 | | 54,635 | | 66,915 | |
| Impairments and amortization of intangibles | 8,921 | | 42,090 | | 29,897 | | 63,409 | |
| Total operating costs and expenses | 692,941 | | 684,824 | | 2,021,343 | | 2,019,273 | |
| Operating income | 221,334 | | 210,660 | | 587,848 | | 599,924 | |
| Interest expense | (37,024) | | (40,120) | | (104,440) | | (120,511) | |
| Other income, net | 9,328 | | 7,100 | | 7,888 | | 27,099 | |
| Income before income taxes | 193,638 | | 177,640 | | 491,296 | | 506,512 | |
| Income tax provision | (32,882) | | (41,159) | | (87,491) | | (113,477) | |
| Net income | 160,756 | | 136,481 | | 403,805 | | 393,035 | |
| Net income attributable to noncontrolling interests | (7) | | (13) | | (8) | | (55) | |
| Net income attributable to Match Group, Inc. shareholders | $160,749 | | $136,468 | | $403,797 | | $392,980 | |
| Net earnings per share attributable to Match Group, Inc. shareholders: | | | | |
| Basic | $0.67 | | $0.53 | | $1.65 | | $1.49 | |
| Diluted | $0.62 | | $0.51 | | $1.55 | | $1.43 | |
| Basic shares outstanding | 240,510 | | 257,070 | | 245,298 | | 263,181 | |
| Diluted shares outstanding | 260,324 | | 275,738 | | 265,303 | | 281,255 | |
| Stock-based compensation expense by function: | | | | |
| Cost of revenue | $1,498 | | $1,747 | | $5,048 | | $5,267 | |
| Selling and marketing expense | 3,042 | | 3,259 | | 8,908 | | 9,395 | |
| General and administrative expense | 15,996 | | 26,639 | | 68,738 | | 75,868 | |
| Product development expense | 35,770 | | 32,843 | | 111,473 | | 107,645 | |
| Total stock-based compensation expense | $56,306 | | $64,488 | | $194,167 | | $198,175 | |
Consolidated Balance Sheet
| September 30, 2025 | December 31, 2024 |
|---|
| (In thousands) |
|---|
| ASSETS | | |
| Cash and cash equivalents | $1,053,240 | $965,993 |
| Short-term investments | 3,561 | 4,734 |
| Accounts receivable, net | 344,444 | 324,963 |
| Other current assets | 126,524 | 102,072 |
| Total current assets | 1,527,769 | 1,397,762 |
| Property and equipment, net | 128,582 | 158,189 |
| Goodwill | 2,343,305 | 2,310,730 |
| Intangible assets, net | 198,341 | 215,448 |
| Deferred income taxes | 227,485 | 262,557 |
| Other non-current assets | 117,957 | 121,085 |
| TOTAL ASSETS | $4,543,439 | $4,465,771 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | |
| LIABILITIES | | |
| Current maturities of long-term debt, net | $497,588 | $ - |
| Accounts payable | 26,252 | 18,262 |
| Deferred revenue | 159,756 | 166,142 |
| Accrued expenses and other current liabilities | 400,308 | 365,057 |
| Total current liabilities | 1,083,904 | 549,461 |
| Long-term debt, net of current maturities | 3,547,718 | 3,848,983 |
| Income taxes payable | 31,554 | 33,332 |
| Deferred income taxes | 12,241 | 11,770 |
| Other long-term liabilities | 91,849 | 85,882 |
| Commitments and contingencies | | |
| SHAREHOLDERS’ EQUITY | | |
| Common stock | 299 | 294 |
| Additional paid-in capital | 8,708,758 | 8,756,482 |
| Retained deficit | (6,175,956) | (6,579,753) |
| Accumulated other comprehensive loss | (412,180) | (449,611) |
| Treasury stock | (2,344,857) | (1,791,071) |
| Total Match Group, Inc. shareholders’ equity | (223,936) | (63,659) |
| Noncontrolling interests | 109 | 2 |
| Total shareholders’ equity | (223,827) | (63,657) |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $4,543,439 | $4,465,771 |
Consolidated Statement of Cash Flows
| Nine Months Ended September 30, |
|---|
| 2025 | 2024 |
|---|
| (In thousands) |
|---|
| Cash flows from operating activities: | | |
| Net income | $403,805 | | $393,035 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Stock-based compensation expense | 194,167 | | 198,175 | |
| Depreciation | 54,635 | | 66,915 | |
| Impairments and amortization of intangibles | 29,897 | | 63,409 | |
| Deferred income taxes | 35,161 | | 5,223 | |
| Other adjustments, net | 15,507 | | 5,553 | |
| Changes in assets and liabilities | | |
| Accounts receivable | (16,450) | | (41,412) | |
| Other assets | 43,803 | | 4,968 | |
| Accounts payable and other liabilities | 36,572 | | 403 | |
| Income taxes payable and receivable | (31,118) | | 11,387 | |
| Deferred revenue | (8,379) | | (29,647) | |
| Net cash provided by operating activities | 757,600 | | 678,009 | |
| Cash flows from investing activities: | | |
| Capital expenditures | (42,100) | | (43,011) | |
| Other, net | (25,783) | | (8,061) | |
| Net cash used in investing activities | (67,883) | | (51,072) | |
| Cash flows from financing activities: | | |
| Proceeds from Senior Notes offerings | 700,000 | | - | |
| Principal payments on Term Loan | (425,000) | | - | |
| Payments to settle exchangeable notes | (74,437) | | - | |
| Debt issuance costs | (8,619) | | - | |
| Proceeds from issuance of common stock pursuant to stock-based awards | 3,598 | | 9,411 | |
| Withholding taxes paid on behalf of employees on net settled stock-based awards | (115,619) | | (11,430) | |
| Dividends | (140,893) | | - | |
| Purchase of treasury stock | (549,905) | | (630,623) | |
| Purchase of noncontrolling interests | (84) | | (1,291) | |
| Other, net | (6,225) | | (2,193) | |
| Net cash used in financing activities | (617,184) | | (636,126) | |
| Total cash provided (used) | 72,533 | | (9,189) | |
| Effect of exchange rate changes on cash and cash equivalents | 14,714 | | 2,281 | |
| Net increase (decrease) in cash and cash equivalents | 87,247 | | (6,908) | |
| Cash, cash equivalents, and restricted cash at beginning of period | 965,993 | | 862,440 | |
| Cash, cash equivalents, and restricted cash at end of period | $1,053,240 | | $855,532 | |
Reconciliations of GAAP to Non-GAAP Measures
Reconciliation of Net Income to Adjusted EBITDA
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| (Dollars in thousands) |
|---|
| Net income attributable to Match Group, Inc. shareholders | $160,749 | | $136,468 | | $403,797 | | $392,980 | |
| Add back: | | | | |
| Net income attributable to noncontrolling interests | 7 | | 13 | | 8 | | 55 | |
| Income tax provision | 32,882 | | 41,159 | | 87,491 | | 113,477 | |
| Other income, net | (9,328) | | (7,100) | | (7,888) | | (27,099) | |
| Interest expense | 37,024 | | 40,120 | | 104,440 | | 120,511 | |
| Stock-based compensation expense | 56,306 | | 64,488 | | 194,167 | | 198,175 | |
| Depreciation | 14,845 | | 25,302 | | 54,635 | | 66,915 | |
| Impairments and amortization of intangibles | 8,921 | | 42,090 | | 29,897 | | 63,409 | |
| Adjusted EBITDA | $301,406 | | $342,540 | | $866,547 | | $928,423 | |
| Revenue | $914,275 | | $895,484 | | $2,609,191 | | $2,619,197 | |
| Net Income Margin | 18% | | 15% | | 15% | | 15% | |
| Adjusted EBITDA Margin | 33% | | 38% | | 33% | | 35% | |
Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios
| Twelve months ended September 30, 2025 |
|---|
| (In thousands) |
|---|
| Net income attributable to Match Group, Inc. shareholders | $562,093 |
| Add back: | |
| Net loss attributable to noncontrolling interests | (10) |
| Income tax provision | 126,757 |
| Other income, net | (21,604) |
| Interest expense | 144,000 |
| Stock-based compensation expense | 263,373 |
| Depreciation | 75,219 |
| Amortization of intangibles | 40,663 |
| Adjusted EBITDA | $1,190,491 |
Reconciliation of Forecasted Net Income to Forecasted Adjusted EBITDA
| Three Months Ended December 31, 2025 |
|---|
| (In millions) |
|---|
| Net income attributable to Match Group, Inc. shareholders | $159 to $164 |
| Add back: | |
| Net income attributable to noncontrolling interests | | 7 |
| Income tax provision | | 46 |
| Other income, net | | 7 |
| Interest expense | | 43 |
| Stock-based compensation expense | | 66 |
| Depreciation and amortization of intangibles | | 22 |
| Adjusted EBITDA | $350 to $355 |
| Revenue | $865 to $875 |
| Net Income Margin (at the mid-point of the ranges) | 19% | |
| Adjusted EBITDA Margin (at the mid-point of the ranges) | 41% | |
Reconciliation of Operating Cash Flow to Free Cash Flow
| Nine Months Ended September 30, |
|---|
| 2025 | 2024 |
|---|
| (In thousands) |
|---|
| Net cash provided by operating activities | $757,600 | | $678,009 | |
| Capital expenditures | (42,100) | | (43,011) | |
| Free Cash Flow | $715,500 | | $634,998 | |
Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects
| Three Months Ended September 30, | Nine Months Ended September 30, |
|---|
| 2025 | $ Change | % Change | 2024 | 2025 | $ Change | % Change | 2024 |
|---|
| (Dollars in millions, rounding differences may occur) |
|---|
| Total Revenue, as reported | $914.3 | | $18.8 | 2% | $895.5 | | $2,609.2 | | $(10.0) | - % | $2,619.2 | |
| Foreign exchange effects | (12.2) | | | | | (4.0) | | | | |
| Total Revenue, excluding foreign exchange effects | $902.1 | | $6.6 | 1% | $895.5 | | $2,605.2 | | $(14.0) | (1)% | $2,619.2 | |
Dilutive Securities
Match Group has various tranches of dilutive securities. The table below details these securities and their potentially dilutive impact (shares in millions; rounding differences may occur).
| Average Exercise Price | 10/31/2025 |
|---|
| Share Price | | $32.34 |
| Absolute Shares | | 236.1 |
| Equity Awards | | |
| Options | $16.69 | 0.2 |
| RSUs and subsidiary denominated equity awards | | 8.6 |
| Total Dilution - Equity Awards | | 8.8 |
| Outstanding Warrants | | |
| Warrants expiring on September 15, 2026 (5.8 million outstanding) | $131.67 | - |
| Warrants expiring on April 15, 2030 (7.0 million outstanding) | $131.73 | - |
| Total Dilution - Outstanding Warrants | | - |
| Total Dilution | | 8.8 |
| % Dilution | | 3.6% |
| Total Diluted Shares Outstanding | | 244.8 |
The dilutive securities presentation above is calculated using the methods and assumptions described below; these are different from GAAP dilution, which is calculated based on the treasury stock method.
Options - The table above assumes the options are settled net of the option exercise price and employee withholding taxes, as is our practice, and the dilutive effect is presented as the net shares that would be issued upon exercise. Withholding taxes paid by the Company on behalf of the employees upon exercise is estimated to be $5.6 million, assuming the stock price in the table above and a 50% estimated employee withholding tax rate.
RSUs and subsidiary denominated equity awards - The table above assumes RSUs are settled net of employee withholding taxes, as is our practice, and the dilutive effect is presented as the net number of shares that would be issued upon vesting. Withholding taxes paid by the Company on behalf of the employees upon vesting is estimated to be $277.6 million, assuming the stock price in the table above and a 50% withholding rate.
All performance-based and market-based awards reflect the expected shares that will vest based on current performance or market estimates. The table assumes no change in the fair value estimate of the subsidiary denominated equity awards from the values used for GAAP purposes at September 30, 2025.
Exchangeable Senior Notes - The Company has two series of Exchangeable Senior Notes outstanding. In the event of an exchange, each series of Exchangeable Senior Notes can be settled in cash, shares, or a combination of cash and shares. At the time of each Exchangeable Senior Notes issuance, the Company purchased call options with a strike price equal to the exchange price of each series of Exchangeable Senior Notes (“Note Hedge”), which can be used to offset the dilution of each series of the Exchangeable Senior Notes. No dilution is reflected in the table above for any of the Exchangeable Senior Notes because it is the Company’s intention to settle the Exchangeable Senior Notes with cash equal to the face amount of the notes; any shares issued would be offset by shares received upon exercise of the Note Hedge.
Warrants - At the time of the issuance of each series of Exchangeable Senior Notes, the Company also sold warrants for the number of shares with the strike prices reflected in the table above. The cash generated from the exercise of the warrants is assumed to be used to repurchase Match Group shares and the resulting net dilution, if any, is reflected in the table above.
Non-GAAP Financial Measures
Match Group reports Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Revenue Excluding Foreign Exchange Effects, all of which are supplemental measures to U.S. generally accepted accounting principles (“GAAP”). The Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow measures are among the primary metrics by which we evaluate the performance of our business, on which our internal budget is based and by which management is compensated. Revenue Excluding Foreign Exchange Effects provides a comparable framework for assessing the performance of our business without the effect of exchange rate differences when compared to prior periods. We believe that investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Match Group endeavors to compensate for the limitations of the non-GAAP measures presented by providing the comparable GAAP measures and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures, which we describe below. Interim results are not necessarily indicative of the results that may be expected for a full year.
Definitions of Non-GAAP Measures
Adjusted EBITDA is defined as net income attributable to Match Group, Inc. shareholders excluding: (1) net income attributable to noncontrolling interests; (2) income tax provision or benefit; (3) other income (expense), net; (4) interest expense; (5) depreciation; (6) acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable; and (7) stock-based compensation expense. We believe Adjusted EBITDA is useful to analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA has certain limitations because it excludes certain expenses.
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. We believe Adjusted EBITDA Margin is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA Margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.
Free Cash Flow is defined as net cash provided by operating activities, less capital expenditures. We believe Free Cash Flow is useful to investors because it represents the cash that our operating businesses generate, before taking into account non-operational cash movements. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, we think it is important to evaluate Free Cash Flow along with our consolidated statement of cash flows.
We look at Free Cash Flow as a measure of the strength and performance of our businesses, not for valuation purposes. In our view, applying “multiples” to Free Cash Flow is inappropriate because it is subject to timing, seasonality and one-time events. We manage our business for cash, and we think it is of utmost importance to maximize cash - but our primary valuation metric is Adjusted EBITDA.
Revenue Excluding Foreign Exchange Effects is calculated by translating current period revenues using prior period exchange rates. The percentage change in Revenue Excluding Foreign Exchange Effects is calculated by determining the change in current period revenues over prior period revenues where current period revenues are translated using prior period exchange rates. We believe the impact of foreign exchange rates on Match Group, due to its global reach, may be an important factor in understanding period over period comparisons if movement in rates is significant. Since our results are reported in U.S. dollars, international revenues are favorably impacted as the U.S. dollar weakens relative to other currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other currencies. We believe the presentation of revenue excluding foreign exchange effects in addition to reported revenue helps improve the ability to understand Match Group’s performance because it excludes the impact of foreign currency volatility that is not indicative of Match Group’s core operating results.
Non-Cash Expenses That Are Excluded From Our Non-GAAP Measures
Stock-based compensation expense consists principally of expense associated with the grants of RSUs, performance-based RSUs, and market-based awards. These expenses are not paid in cash, and we include the related shares in our fully diluted shares outstanding using the treasury stock method; however, performance-based RSUs and market-based awards are included only to the extent the applicable performance or market condition(s) have been met (assuming the end of the reporting period is the end of the contingency period). To the extent stock-based awards are settled on a net basis, we remit the required tax-withholding amounts from our current funds.
Depreciation is a non-cash expense relating to our property and equipment and is computed using the straight-line method to allocate the cost of depreciable assets to operations over their estimated useful lives, or, in the case of leasehold improvements, the lease term, if shorter.
Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash expenses related primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived intangible assets of the acquired company, such as customer lists, trade names and technology, are valued and amortized over their estimated lives. Value is also assigned to (i) acquired indefinite-lived intangible assets, which consist of trade names and trademarks, and (ii) goodwill, which are not subject to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired company to build value prior to acquisition and the related amortization and impairment charges of intangible assets or goodwill, if applicable, are not ongoing costs of doing business.
Additional Definitions
Tinder consists of the world-wide activity of the brand Tinder®.
Hinge consists of the world-wide activity of the brand Hinge®.
Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands, including Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands, and our Emerging brands, including BLK®, ChispaTM, The League®, Archer®, Upward®, YuzuTM, Salams®, HERTM, and other smaller brands.
Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands Pairs® and Azar®.
Direct Revenue is revenue that is received directly from end users of our services and includes both subscription and à la carte revenue.
Indirect Revenue is revenue that is not received directly from end users of our services, a majority of which is advertising revenue.
Payers are unique users at a brand level in a given month from whom we earned Direct Revenue. When presented as a quarter-to-date or year-to-date value, Payers represents the average of the monthly values for the respective period presented. At a consolidated level and a business unit level to the extent a business unit consists of multiple brands, duplicate Payers may exist when we earn revenue from the same individual at multiple brands in a given month, as we are unable to identify unique individuals across brands in the Match Group portfolio.
Revenue Per Payer (“RPP”) is the average monthly revenue earned from a Payer and is Direct Revenue for a period divided by the Payers in the period, further divided by the number of months in the period.
Monthly Active User (“MAU”) is a unique registered user at a brand level who has visited the brand’s app or, if applicable, their website in the given month. For measurement periods that span multiple months, the average of each month is used. At a consolidated level and a business unit level to the extent a business unit consists of multiple brands, duplicate users will exist within MAU when the same individual visits multiple brands in a given month.
Leverage on a gross basis is calculated as principal debt balance divided by Adjusted EBITDA for the period referenced.
Leverage on a net basis is calculated as principal debt balance less cash and cash equivalents and short-term investments divided by Adjusted EBITDA for the period referenced.
Other Information
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Forward-looking statements notice
This press release and our conference call, which will be held at 5:00 p.m. Eastern Time on November 4, 2025, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not historical facts are “forward looking statements.” The use of words such as “anticipates,” “estimates,” “expects,” “plans,” “believes,” “will,” and “would,” among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: Match Group’s future financial performance, Match Group’s business prospects and strategy, anticipated trends, and other similar matters. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: our ability to maintain or grow the size of our user base and convert users to paying users, the success of our product strategies, competition, our ability to realize reductions in in-app purchase fees, the limited operating history of some of our brands, our ability to attract users to our services through cost-effective marketing and related efforts, our ability to distribute our services through third parties and offset related fees, risks relating to our use of artificial intelligence, foreign currency exchange rate fluctuations (including anticipated gains from fluctuations), the integrity and scalability of our systems and infrastructure (and those of third parties) and our ability to adapt ours to changes in a timely and cost-effective manner, our ability to protect our systems from cyberattacks and to protect personal and confidential user information, impacts to our offices and employees from more frequent extreme weather events, risks relating to certain of our international operations and acquisitions, damage to our brands' reputations as a result of inappropriate actions by users of our services, and macroeconomic conditions. Certain of these and other risks and uncertainties are discussed in Match Group’s filings with the Securities and Exchange Commission. Other unknown or unpredictable factors that could also adversely affect Match Group’s business, financial condition and results of operations may arise from time to time. In light of these risks and uncertainties, these forward-looking statements may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of Match Group management as of the date of this press release. Match Group does not undertake to update these forward-looking statements.
About Match Group
Match Group (NASDAQ: MTCH), through its portfolio companies, is a leading provider of digital technologies designed to help people make meaningful connections. Our global portfolio of brands includes Tinder®, Hinge®, Match®, Meetic®, OkCupid®, Pairs™, PlentyOfFish®, Azar®, BLK®, and more, each built to increase our users’ likelihood of connecting with others. Through our trusted brands, we provide tailored services to meet the varying preferences of our users. Our services are available in over 40 languages to our users all over the world.
Contact Us
Contacts
Tanny ShelburneMatch Group Investor Relationsir@match.com · Match Group8750 North Central Expressway, Suite 1400, Dallas, TX 75231, (214) 576-9352 https://mtch.com
Vidhya MurugesanMatch Group Corporate CommunicationsmatchgroupPR@match.com
Open the filing on EDGARQ3 2025 Match Group Prepared Remarks acquisition and reactivations. Our marketing strategy, especially at Tinder and Hinge, Product: Different Paths, One Shared Goal people with a friend to connecting within their college community. Since Hinge is leading the way on AI innovation in dating with category-first AI features match their profile photos. It’s now required for all new users in California, Colombia, Within Hinge, these principles come together through our product design and user Hinge launched alternative payments testing ahead of schedule in Q3 with strong Q3 2025 Financial Performance •Hinge continued its strong momentum in Q3 with Direct Revenue of $185 Capital Allocation & Liquidity performance at E&E and assumes a continuation of Azar’s block in Turkey. E&E saw Appendix Reconciliation of Net Income to Adjusted EBITDA (continued) Reconciliation of Forecasted Operating Cash Flow to Free Cash Flow Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Non-GAAP Financial Measures understanding period over period comparisons if movement in rates is significant. Since our results are revenue from the same individual at multiple brands in a given month, as we are unable to identify reported in U.S. dollars, international revenues are favorably impacted as the U.S. dollar weakens relative unique individuals across brands in the Match Group portfolio. Year EndedDecember 31, 2025(In millions)Net cash provided by operating activities$1,175 to $1,195Capital expenditures(55 to 65)Free Cash Flow$1,110 to $1140 Foreign Exchange Effects is focused on fueling category consideration, bringing in new and lapsed users launching Modes in September, Double Date adoption is up 30% in the U.S., that drive better connections and more real-world outcomes. This quarter brought Canada, India, Australia, and Southeast Asia, and will roll out to additional U.S. states experience. Beyond moderation, Hinge continues to refine the onboarding early results. We plan to fully roll out alternative payments across our major apps, million, up 27% Y/Y and up 26% Y/Y FXN. Payers increased 17% Y/Y to 1.9 million, weaker trends in Q3, which we are working quickly to address, and we no longer Three Months Ended September 30, 2024TinderHingeE&EMG AsiaCorporate & unallocated costsEliminationsTotal Match Group(Dollars in thousands)Net income attributable to Match Group, Inc. shareholders$136,468Add back:Net income attributable to redeemable noncontrolling interestsa13Income tax provisiona41,159Other income, neta(7,100)Interest expensea40,120Operating income (loss)(b)$234,304$42,207$3,110$(18,895)$(50,066)$ - $210,660Stock-based compensation expense22,6018,59913,3105,84414,134 - 64,488Depreciation9,4206205,9188,0311,313 - 25,302Impairments and amortization of intangibles - - 19,23022,860 - - 42,090Adjusted EBITDA$266,325$51,426$41,568$17,840$(34,619)$ - $342,540Revenue$516,778$145,425$161,181$72,282$ - $(182)$895,484Net Income Margin15%Operating Income (Loss) Margin(b)45%29%2%(26)%NANA24%Adjusted EBITDA Margin52%35%26%25%NANA38% Across Match Group, our brands share one goal: delivering better user outcomes. I Our trailing twelve-month gross leverage was 3.4x and net leverage was 2.5x at the Match Group reports Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Revenue to other currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other currencies. Since joining Match Group in We’re pleased with our Q3 results, as Match Group Total Revenue was in-line with through product-led storytelling that reflects real experiences happening across our while College Mode is gaining traction, with one in four eligible students using both wins and learnings. Conversation Starters, which offers personalized prompts and countries in the coming months. experience to build confidence and trust early in the user journey. Recent updates including Tinder and Hinge, in the U.S. in Q4. Strong initial performance at Hinge and RPP increased 9% to $32.87. Adjusted EBITDA was $63 million, up 22% Y/Y, expect Emerging brands’ Direct Revenue growth to offset Evergreen brands’ Reconciliations of GAAP to Non-GAAP Measures Revenue Per Payer (“RPP”) is the average monthly revenue earned from a Payer and is Direct Revenue Excluding Foreign Exchange Effects, all of which are supplemental measures to U.S. generally accepted Three Months Ended September 30, 2025$ Change% Change2024 (Dollars in millions, rounding differences may occur)Total Revenue, as reported$914.3$18.82%$895.5Foreign exchange effects(12.2)Total Revenue, excluding foreign exchange effects$902.1$6.61%$895.5Direct Revenue, as reported$896.7$17.52%$879.2Foreign exchange effects(12.0)Direct Revenue, excluding foreign exchange effects$884.6$5.41%$879.2Tinder Direct Revenue, as reported$490.6$(12.6)(3)%$503.2Foreign exchange effects(8.2)Tinder Direct Revenue, excluding foreign exchange effects$482.4$(20.8)(4)%$503.2Hinge Direct Revenue, as reported$184.7$39.227%$145.4Foreign exchange effects(1.6)Hinge Direct Revenue, excluding foreign exchange effects$183.0$37.626%$145.4E&E Direct Revenue, as reported$152.2$(6.1)(4)%$158.4Foreign exchange effects(2.5)E&E Direct Revenue, excluding foreign exchange effects$149.8$(8.6)(5)%$158.4MG Asia Direct Revenue, as reported$69.1$(3.0)(4)%$72.2Foreign exchange effects0.3MG Asia Direct Revenue, excluding foreign exchange effects$69.4$(2.7)(4)%$72.2MG Asia Direct Revenue excluding Hakuna, as reported$69.1$(0.2) - %$69.3Foreign exchange effects0.3MG Asia Direct Revenue excluding Hakuna, excluding foreign exchange effects$69.4$0.1 - %$69.3Azar Direct Revenue$40.1$0.1 - %$40.0Foreign exchange effects0.6Azar Direct Revenue, excluding foreign exchange effects$40.7$0.72%$40.0Pairs Direct Revenue, as reported$29.0$(0.3)(1)%$29.3Foreign exchange effects(0.3)Pairs Direct Revenue, excluding foreign exchange effects$28.7$(0.6)(2)%$29.3 We believe the presentation of revenue excluding foreign exchange effects in addition to reported want to highlight the progress at our two flagship brands, Tinder and Hinge, and end of Q3. We ended the quarter with $1.1 billion of cash, cash equivalents, and short- February, my focus has been clear: our expectations for the quarter, and Adjusted EBITDA meaningfully exceeded our brands. We estimate there are roughly 250 million actively dating singles worldwide it and over 8% engaging daily as of October. Modes makes the ‘fun’ part of our for first messages, was a clear win, driving approximately 10% more likes with include clearer guidance during setup, refreshed Community Guidelines and Help and ongoing optimizations at Tinder and E&E have increased adoption of web representing an Adjusted EBITDA Margin of 34%. declines in 2025. We expect an estimated $9 million negative impact to MG Asia for a period divided by the Payers in the period, further divided by the number of months in the period. accounting principles (“GAAP”). The Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow revenue helps improve the ability to understand Match Group’s performance because it excludes the how each is building affinity with users in different segments. term investments on hand. In August, we issued $700 million of 6.125% senior notes Reconciliation of Net Income to Adjusted EBITDA measures are among the primary metrics by which we evaluate the performance of our business, on confront challenges directly, move expectations excluding a $61 million charge to settle the Candelore v. Tinder, Inc. not currently on dating apps. Re-engaging the 30 million lapsed users and attracting mission real, giving people new ways to spark something together and comments and stronger engagement overall during the test, particularly with Center, and the introduction of an AI-powered chatbot that quickly answers payments, and we now expect to generate approximately $14 million of savings in Direct Revenue from Azar’s block in Turkey. We expect Indirect Revenue to be impact of foreign currency volatility that is not indicative of Match Group’s core operating results. Monthly Active User (“MAU”) is a unique registered user at a brand level who has visited the brand’s due 2033. The proceeds from these notes will be used to repay all of the •E&E Direct Revenue in Q3 was $152 million, down 4% Y/Y and down 5% Y/Y which our internal budget is based and by which management is compensated. Revenue Excluding with urgency, and rebuild the case on a class-wide basis (“legal settlement charge”). Candelore is a 10-year-old case the 220 million potential first-time entrants expands our user base, building a redefining Tinder as a fun, social, and low-pressure way to meet new people. women. Updates to our Recommendation System improved matching quality commonly asked questions. Together, these updates reinforce Hinge’s position as a Q4 2025 and approximately $90 million in 2026. We have seen some impact to gross approximately $15 million in the quarter. app or, if applicable, their website in the given month. For measurement periods that span multiple At Tinder, our focus this year has been to accelerate innovation, rebuild trust, and Three Months Ended September 30, 2025TinderHingeE&EMG AsiaCorporate & unallocated costsEliminationsTotal Match Group(Dollars in thousands)Net income attributable to Match Group, Inc. shareholders$160,749Add back:Net income attributable to noncontrolling interests(a)7Income tax provision(a)32,882Other income, net(a)(9,328)Interest expense(a)37,024Operating income (loss)(b)$183,743$46,314$31,447$801$(40,971)$ - $221,334Stock-based compensation expense17,62415,2385,9565,33212,156 - 56,306Depreciation2,4511,0716,2683,9381,117 - 14,845Amortization of intangibles - - 3,7025,219 - - 8,921Adjusted EBITDA$203,818$62,623$47,373$15,290$(27,698)$ - $301,406Revenue$505,344$184,671$156,252$69,364$ - $(1,356)$914,275Net Income Margin18%Operating Income Margin(b)36%25%20%1%NANA24%Adjusted EBITDA Margin40%34%30%22%NANA33% exchangeable senior notes coming due in 2026 on or before maturity and for FXN. Payers decreased 13% Y/Y to 2.3 million, while RPP increased 10% Y/Y to Foreign Exchange Effects provides a comparable framework for assessing the performance of our Non-Cash Expenses That Are Excluded From Our Non-GAAP Measures months, the average of each month is used. At a consolidated level and a business unit level to the company around product involving Tinder's former age-based pricing. The parties are preparing a long-form healthier, more efficient growth engine that compounds over time, and we are through rigorous testing and provided valuable insights that are already refining our dating app grounded in authenticity and safety, where people can show up as their revenue in some of our tests at Tinder and Hinge, which we are continuing to ship great products so we can reintroduce Tinder in 2026 to our core audience, Gen business without the effect of exchange rate differences when compared to prior periods. We believe general corporate purposes. In September, we repurchased $76 million of the 2026 ◦We’re also seeing this momentum reflected in our marketing. The $22.22. Adjusted EBITDA was $47 million, up 14% Y/Y, representing an Our Q4 Adjusted EBITDA guidance includes $4 million of restructuring-related costs extent a business unit consists of multiple brands, duplicate users will exist within MAU when the same excellence and long-term growth. agreement reflecting the settlement terms and will then seek approval of the investing to capture this large addressable market. Hinge continues to prove that approach. Warm Intros, designed to surface compatibility cues, didn’t resonate and true selves and form meaningful relationships. optimize for. Z. Our new mission statement, Tinder is the most fun way to spark something new Stock-based compensation expense consists principally of expense associated with the grants of that investors should have access to the same set of tools that we use in analyzing our results. These Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios exchangeable senior notes at a discount to par. individual visits multiple brands in a given month. Double Date Island campaign across Europe drove the highest brand Adjusted EBITDA Margin of 30%. (included in the $25 million of restructuring-related costs announced in May) and an The work on our three-part settlement by the Court. with the right product experience and brand positioning, we can win with Gen Z and we won’t move forward with it. While understanding compatibility remains a key RSUs, performance-based RSUs, and market-based awards. These expenses are not paid in cash, and non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but with someone new, captures the energy and the sense of possibilities we want every Twelve months endedSeptember 30, 2025(In thousands)Net income attributable to Match Group, Inc. shareholders$562,093Add back:Net loss attributable to noncontrolling interests(10)Income tax provision126,757Other income, net(21,604)Interest expense144,000Stock-based compensation expense263,373Depreciation75,219Amortization of intangibles40,663Adjusted EBITDA$1,190,491 consideration lift of the year, boosted downloads, and particularly We are also seeing early success from our recent acquisition of HER™, which $8 million positive impact from an expected sale of one of our two office buildings in Financial and Operational Rigor and How it Translates Into Results we include the related shares in our fully diluted shares outstanding using the treasury stock method; should not be considered a substitute for or superior to GAAP results. Match Group endeavors to Leverage on a gross basis is calculated as principal debt balance divided by Adjusted EBITDA for the turnaround is well underway and drive real growth at scale. Soon, we believe Tinder will too. focus, Hinge continues to prioritize user outcomes over simply launching new tools, user to feel. Guided by new personas - prototypical user archetypes - that reflect real Year-to-date through Q3, we delivered Operating Cash Flow of $758 million and Free •MG Asia delivered Direct Revenue in Q3 of $69 million, down 4% Y/Y on both resonated with Gen-Z. It proved that when we connect product expands our reach among queer women and gender-diverse communities. The LA that was not fully utilized. however, performance-based RSUs and market-based awards are included only to the extent the compensate for the limitations of the non-GAAP measures presented by providing the comparable period referenced. focused on Reset, Revitalize, and reflecting our principled approach to innovation. people and their motivations, we’re creating experiences that feel more personal Cash Flow of $716 million. We repurchased 17.4 million shares at an average price of an as reported and FXN basis. Excluding the exit of our live streaming The same discipline driving product innovation is also reflected in how we execute applicable performance or market condition(s) have been met (assuming the end of the reporting GAAP measures and descriptions of the reconciling items, including quantifying such items, to derive 2,3 innovation with authentic, social-first storytelling, we can reignite team has already delivered strong results, with algorithmic improvements and Resurgence. We’ve successfully and more aligned with what users want. $32 per share on a trade date basis for a total of $550 million and paid $141 million in Leverage on a net basis is calculated as principal debt balance less cash and cash equivalents and businesses, MG Asia Direct Revenue in Q3 was flat Y/Y on both an as reported We are increasing our 2025 full year Free Cash Flow guidance to $1.11 to $1.14 billion, day-to-day. We are operating with sharper focus and accountability across the period is the end of the contingency period). To the extent stock-based awards are settled on a net the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the excitement and bring new energy back to Tinder. As we look ahead to the next few quarters, Hinge has an exciting slate of category- monetization optimizations driving over 20% revenue increase in test markets. This short-term investments divided by Adjusted EBITDA for the period referenced. completed the “Reset” phase, dividends, deploying nearly 100% of free cash flow for capital return to shareholders. basis, we remit the required tax-withholding amounts from our current funds. GAAP and non-GAAP measures, which we describe below. Interim results are not necessarily indicative and FXN basis. Azar® Direct Revenue was flat Y/Y and up 2% Y/Y FXN. Azar which assumes the Candelore settlement will not be paid until Q1 2026. company, hitting deadlines, shipping Match Group-wide features, such as alternative first features that showcase our leadership in product innovation and user success highlights the opportunity to scale high-potential brands across our We’ve clarified what Tinder stands for and who we’re building it for, and that focus is of the results that may be expected for a full year. instilling a culture of speed, Face Check sets a new standard for authenticity. Using only a short video selfie, it In October, we repurchased an additional 3.0 million shares of our common stock for •Fourth, evaluating profiles is becoming more meaningful and holistic. Direct Revenue was negatively impacted by an estimated $3 million after Azar payments, faster, and acting like a more nimble and decisive company. These Safe Harbor Statement Under the Private Securities Litigation Reform Act Depreciation is a non-cash expense relating to our property and equipment and is computed using the experience. portfolio and deepen our presence in key segments of the dating market. already paying off. Users are seeing and feeling the difference through updates that We now expect our 2025 full year tax rate to be in the high teens. accountability, and outcomes, and helps confirm a user is real and matches their profile photos. We built this $100 million on a trade date basis at an average price of $33 per share. As of October We’ve started testing several new features resonating with Gen Z by giving was blocked in Turkey by Turkish regulators in late August. We’re pursuing all improvements are creating operational momentum and financial optionality as we of 1995 straight-line method to allocate the cost of depreciable assets to operations over their estimated useful Definitions of Non-GAAP Measures are reshaping the Tinder experience in the following ways: this shift has come to life across our technology with care, ensuring it delivers meaningful improvements to trust and 31, 2025, we’ve reduced diluted shares outstanding by 8% Y/Y. We maintain our lives, or, in the case of leasehold improvements, the lease term, if shorter. users more information to evaluate and connect with potential matches. Bio •First Impressions is helping daters lead with personality. This new feature That same disciplined approach to growth is reflected in how we manage the available legal remedies and working with Turkish regulators to get Azar plan for 2026. These prepared remarks and our conference call, which will be held at 5:00 p.m. Eastern Time on products, teams, and users. safety while keeping the user experience seamless. Early results are strong and Adjusted EBITDA is defined as net income attributable to Match Group, Inc. shareholders excluding: (1) commitment to target returning 100% of Free Cash Flow to shareholders through information now appears on the first photo card, and prompts content is introduces prompts above photos, giving users more ways to express who business. Our financial discipline earlier this year generated approximately $100 unblocked; however, it is unclear at this time when that may happen. Pairs™ •First, we’re building a product and Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash November 4, 2025, may contain “forward-looking statements” within the meaning of the Private You can see this strategy in action through Project Aurora, our large-scale test in net income attributable to noncontrolling interests; (2) income tax provision or benefit; (3) other income reinforce our confidence in the long-term benefits to the broader ecosystem. We buybacks and the dividend. integrated into the photo carousel. These improvements let users learn more they are and add depth to their profiles. A similar experience in the Standouts million of annualized savings, allowing us to reinvest approximately $50 million Direct Revenue was down 1% Y/Y and down 2% Y/Y FXN. Across MG Asia, design-led culture. Our new Liquid expenses related primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived Securities Litigation Reform Act of 1995. All statements that are not historical facts are “forward looking That progress is reflected in this (expense), net; (4) interest expense; (5) depreciation; (6) acquisition-related items consisting of Australia that brings together many of Tinder’s biggest advancements into a faster, have seen a 60% reduction in user views of profiles later identified as bad actors, and about a potential match before deciding to Swipe RightTM. We’ve also started earlier this year was well received, and we’re eager to see how users respond across the portfolio to test user-first features, strengthening marketing, and Payers increased 6% Y/Y to 1.1 million, while RPP declined 10% Y/Y to $20.73, intangible assets of the acquired company, such as customer lists, trade names and technology, are Glass refresh planned on iOS this statements.” The use of words such as “anticipates,” “estimates,” “expects,” “plans,” “believes,” “will,” and amortization of intangible assets and impairments of goodwill and intangible assets, if applicable; and quarter’s results: we delivered on our safer, and more personal experience. As part of this work, we’re overhauling the Financial Guidance valued and amortized over their estimated lives. Value is also assigned to (i) acquired indefinite-lived a 40% decrease in reports of bad actor activity. Our ongoing optimization efforts “would,” among others, generally identify forward-looking statements. These forward-looking testing features like Contextual Likes and Open Messaging, and we’ve fully as we continue making Hinge more personal and expressive. expanding our international footprint. The early results from our Q3 investments are partially due to the exit of Hakuna® mid-last year. Adjusted EBITDA was $15 quarter will make the app more (7) stock-based compensation expense. We believe Adjusted EBITDA is useful to analysts and investors revenue expectations and exceeded intangible assets, which consist of trade names and trademarks, and (ii) goodwill, which are not subject recommendations engine to better align with user outcomes, improving both statements include, among others, statements relating to: Match Group’s future financial performance, have resulted in only low-single-digit impacts to MAU and revenue in test markets, rolled out Prompts on Photos, to let users share why they swiped right, instilling confidence in our strategy, and we’re executing well against our Q4 plans. million, down 14% Y/Y, representing an Adjusted EBITDA Margin of 22%. as this measure allows a more meaningful comparison between our performance and that of our modern, fluid, and visually appealing, our Adjusted EBITDA goals, Q4 2025 to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill Match Group’s business prospects and strategy, anticipated trends, and other similar matters. These •Preferences will become more meaningful. Reimagined preferences will match quality and overall satisfaction. We’re being thoughtful with our tests, competitors. Adjusted EBITDA has certain limitations because it excludes certain expenses. At a which lessens over time. Early Net Promoter Scores results show a clear and making interactions more intentional and authentic. The learnings from these investments and the ongoing benefits of our cost savings further bringing our mission to life exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired forward-looking statements are based on management’s current expectations and assumptions about Reconciliation of Forecasted Net Income to Forecasted Adjusted EBITDA excluding a legal settlement. At take a new look at how daters express what they’re looking for, capturing segment level, the closest GAAP measure is operating income as items outside operating income are prioritizing user trust, outcomes, and long-term impact over quick wins. We may see Consolidated Operating Costs and Expenses sustained improvement in user trust and satisfaction in key test markets, with scores We expect Q4 Total Revenue for Match Group of $865 million to $875 million, up 1% efforts will help inform how we prioritize and deploy capital in 2026. Together, these every time you open the app. company to build value prior to acquisition and the related amortization and impairment charges of future events, which are inherently subject to uncertainties, risks and changes in circumstances that Tinder® and Hinge®, momentum not allocated to segments. •Finally, app performance is a major focus and a key driver of user compatibility with greater nuance and intentionality. This update addresses some short-term revenue and Adjusted EBITDA impacts from these tests, which up roughly 10 points for men and 5 points for women in key markets where Face Three Months EndedDecember 31, 2025(In millions)Net income attributable to Match Group, Inc. shareholders$159 to $164Add back:Net income attributable to noncontrolling interests7Income tax provision46Other income, net7Interest expense43Stock-based compensation expense66Depreciation and amortization of intangibles22Adjusted EBITDA$350 to $355Revenue$865 to $875Net Income Margin (at the mid-point of the ranges)19%Adjusted EBITDA Margin (at the mid-point of the ranges)41% intangible assets or goodwill, if applicable, are not ongoing costs of doing business. to 2% Y/Y. This range assumes a nearly two and a half-point Y/Y tailwind from FX. steps are setting the foundation for the next phase of the turnaround and the are difficult to predict. Actual results could differ materially from those contained in these forward- In Q3, Match Group’s Total Revenue was $914 million, up 2% Y/Y, up 1% Y/Y on a Including stock-based compensation expense, total expenses were up 1% Y/Y in Q3. continues to build as we make experience. On Android, Tinder startup times are now 38% faster, and crash key user pain points, helping people share what truly matters and find better •Second, ChemistryTM is redefining we’ve included in our guidance, as we trade short-term monetization for a better looking statements for a variety of reasons, including, among others: our ability to maintain or grow the Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. We believe Adjusted Check has launched. This is just the beginning. We plan to expand Face Check FXN, we expect Total Revenue to be down 1% to 2% Y/Y. We expect Match Group “Resurgence” we expect to take hold in 2026 and 2027. foreign exchange (“FX”) neutral basis (“FXN”). FX was $4 million better than expected Cost of revenue decreased 2% Y/Y and represented 27% of Total Revenue, down one progress in our “Revitalization” Additional Definitions rates reduced by more than 32%. On iOS, app stability is up more than 57%. matches faster. size of our user base and convert users to paying users, the success of our product strategies, how people connect. Powered by AI, EBITDA Margin is useful for analysts and investors as this measure allows a more meaningful user experience and improved user outcomes. These tests will help us refine our across the portfolio, with testing on Hinge beginning in the next few months. Adjusted EBITDA of $350 million to $355 million in Q4, representing a Y/Y increase of at the time of our last earnings call. Payers declined 5% Y/Y to 14.5 million, while RPP point Y/Y, driven by reduced variable expenses from the shutdown of our live phase. We’re starting to see green competition, our ability to realize reductions in in-app purchase fees, the limited operating history of comparison between our performance and that of our competitors. Adjusted EBITDA Margin has We’re also removing long-running tests and unused features to make the app this Interactive Matching feature, now strategy and further validate that improved user outcomes will drive more Conclusion 9%, and an Adjusted EBITDA margin of 41% at the midpoints of the ranges. Tinder consists of the world-wide activity of the brand Tinder®. These are just a few ways Hinge continues to drive innovation in service of user increased 7% Y/Y to $20.58. Indirect revenue of $18 million was up 8% Y/Y driven some of our brands, our ability to attract users to our services through cost-effective marketing and streaming services mid-last year, lower web services costs, and lower employee certain limitations in that it does not take into account the impact to our consolidated statement of shoots and believe continued We’re also expanding safety beyond verification into everyday user interactions. leaner. As we bring load times closer to one second on iOS and Android, known as Chemistry, is a major pillar sustainable user and revenue growth over the long term, which in turn will drive ______________________ related efforts, our ability to distribute our services through third parties and offset related fees, risks operations of certain expenses. outcomes. primarily by strength in our third-party advertising business. We’re entering this next chapter with real progress and a clear path forward. At compensation expense from our restructuring efforts. Selling and marketing costs Total RevenueAdjusted EBITDAQ4 2025$865 to $875 million$350 to $355 million progress will come from delivering experiences that solve user pain points, deepen Hinge consists of the world-wide activity of the brand Hinge®. Tinder and Hinge have introduced new, fairer enforcement tools to educate users Tinder already feels faster and smoother. Our app performance work on iOS of Tinder’s upcoming 2026 product increased shareholder value. We will share more on these results next quarter. relating to our use of artificial intelligence, foreign currency exchange rate fluctuations (including (a) These items are not allocated to a segment. Tinder, our new measure of success, Sparks, tracks six-way conversations, meaning increased $12 million, or 8% Y/Y, and represented 19% of Total Revenue, up one point engagement, and improve user outcomes. and promote better behavior through faster and more consistent moderation. This Free Cash Flow is defined as net cash provided by operating activities, less capital expenditures. We and Android is in service of the ‘fun’ part of our mission, because no one enjoys experience. It gets to know users anticipated gains from fluctuations), the integrity and scalability of our systems and infrastructure (and The next pillar of our strategy is centered on deepening trust in the category. In Q3, Match Group’s Adjusted EBITDA was $301 million, down 12% Y/Y, representing Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands, including (b) At a segment level, the closest GAAP measure is operating income as items outside operating At Hinge, momentum continues to build at least six total messages exchanged between two users. This has become one of Y/Y, primarily due to increased marketing spend at Tinder, Hinge, and MG Asia, believe Free Cash Flow is useful to investors because it represents the cash that our operating approach calibrates responses based on severity, helping create a safer and more those of third parties) and our ability to adapt ours to changes in a timely and cost-effective manner, a slow, buggy app. Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands and our through interactive questions and, an Adjusted EBITDA Margin of 33%. Excluding the $61 million legal settlement income are not allocated to segments. We believe our business model thrives when user outcomes improve. Better businesses generate, before taking into account non-operational cash movements. Free Cash Flow has as the product delivers meaningful the clearest indicators that a genuine connection is forming. While the total number partially offset by lower employee compensation expense from our restructuring our ability to protect our systems from cyberattacks and to protect personal and confidential user respectful community. We’re also enhancing our “Are You Sure?” feature, which Emerging brands including, BLK®, ChispaTM, The League®, Archer®, Upward®, YuzuTM, Salams®, HERTM, and Trust and Authenticity and the Ways In Which It Strengthens the with permission, learns from their charge and $2 million of restructuring costs (included in the $25 million of outcomes, driven by higher-quality experiences, better matches, and more certain limitations in that it does not represent the total increase or decrease in the cash balance for the You can feel the energy across Tinder. During our Hack Week last week, teams information, impacts to our offices and employees from more frequent extreme weather events, risks outcomes for users. Revenue, Adjusted of Sparks is lower year-over-year (“Y/Y”) due to a smaller MAU base, Sparks coverage, efforts. General and administrative costs increased 42% Y/Y, up 5 points Y/Y as a other smaller brands. Reconciliation of Operating Cash Flow to Free Cash Flow Foundation of Our Ecosystem prompts users to pause before sending potentially offensive or disengaging camera roll to better understand their restructuring costs announced in May), Adjusted EBITDA would have been $364 period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, we think it meaningful connections, build confidence in our product and drive new users relating to certain of our international operations and acquisitions, damage to our brands' reputations Q4 Total Revenue guidance reflects continued strong performance at Hinge, and brought incredible innovation and creativity, building some of the most exciting EBITDA, and user growth remain strong, or the proportion of users in the ecosystem having these deeper conversations, percentage of Total Revenue to 16%, driven primarily by the legal settlement charge, Nine Months EndedSeptember 30, 2025(In thousands)Net cash provided by operating activities$757,600Capital expenditures(42,100)Free Cash Flow$715,500 messages, with large language models (“LLM”) to make it smarter and more is important to evaluate Free Cash Flow along with our consolidated statement of cash flows. We’ll walk through three proof points today. First, our product progress, where our interests and personality. Using deep Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands Pairs® and Azar®. million, up 6% Y/Y, representing an Adjusted EBITDA margin of 40%. as a result of inappropriate actions by users of our services, and macroeconomic conditions. Certain of through positive word of mouth. User success builds trust in the category and in In dating apps, everything depends on the integrity of the ecosystem. No matter Tinder performance that is in-line with the expectations we had at our last earnings products and prototypes we’ve seen in years. The company feels electric. supported by continued innovation and continues to improve and is up year-over-year. This shows that more users are partially offset by lower employee compensation expense from our restructuring effective at encouraging better conversations in real time. Originally developed at these and other risks and uncertainties are discussed in Match Group’s filings with the Securities and obsession with outcomes is showing up across our brands, especially at Tinder and learning, Chemistry combats “swipe Match Group’s apps. By getting the user experience right, we will further deliver real how many new features we launch, people use our apps to meet other new people, We look at Free Cash Flow as a measure of the strength and performance of our businesses, not for in August, including an expected $14 million negative impact to Tinder Direct Direct Revenue is revenue that is received directly from end users of our services and includes both disciplined execution. Hinge’s having better experiences on the platform, an early but encouraging sign that our efforts. Product development costs increased 1% Y/Y and were flat Y/Y as a percent of •Tinder Direct Revenue in Q3 was $491 million, down 3% Y/Y and down 4% Y/Y Exchange Commission. Other unknown or unpredictable factors that could also adversely affect Match Tinder and later enhanced by Hinge, this LLM-powered version improves accuracy Hinge. Second, the essential work we’re doing to strengthen trust and authenticity fatigue” by surfacing a few highly relevant profiles each day, driving more Meanwhile, Hinge continues to be one of the best (and most undiscovered) stories in valuation purposes. In our view, applying “multiples” to Free Cash Flow is inappropriate because it is subscription and à la carte revenue. success stories, which we use in marketing to amplify growth by driving new user and that only works when they feel safe, respected, and confident in being Revenue from user experience testing. It also reflects weaker-than-expected Group’s business, financial condition and results of operations may arise from time to time. In light of international expansion remains on track focus on improving product quality and user outcomes is taking hold. Total Revenue at 11%. Depreciation and amortization decreased by $44 million Y/Y to FXN. Q3 Direct Revenue includes an approximately $3 million negative impact and tone. Now, Tinder is incorporating those learnings back into its own experience: across the ecosystem. And third, the financial discipline and operational rigor that subject to timing, seasonality and one-time events. We manage our business for cash, and we think it is compatible matches and engaging conversations. Chemistry is now live in consumer tech, powered by a clear mission, motivated team, leading product themselves. Building and maintaining that trust is core to our long-term success, these risks and uncertainties, these forward-looking statements may not prove to be accurate. with a successful Mexico launch in $24 million due to impairments of intangible assets at E&E and MG Asia in the prior Indirect Revenue is revenue that is not received directly from end users of our services, a majority of from user experience testing in the quarter. Payers declined 7% Y/Y to 9.3 a great example of how our portfolio of brands innovate together, share insights, and of utmost importance to maximize cash - but our primary valuation metric is Adjusted EBITDA. are now showing up in how we execute. New Zealand and Australia, with plans to expand to additional countries in the experience, and sustained momentum. Hinge’s “Designed to be Deleted®” Match Group holds a unique position in solving one of the most important Accordingly, you should not place undue reliance on these forward-looking statements, which only which is why we’re doubling down on trust and safety across our platforms. Leverage is calculated utilizing the non-GAAP measure Adjusted EBITDA as the denominator. For a reconciliation of the non-GAAP measure for each period presented, see page 15. Diluted shares outstanding is calculated using the methods and assumptions described in our press release issued November 4, 2025; these are different from GAAP dilution, which is calculated based on the treasury stock method. See page 10 of the press release for additional information. Diluted shares outstanding is reported at the time of each respective quarter’s earnings release. which is advertising revenue. We have updated the title of our primary non-GAAP measure to “Adjusted EBITDA” from our previous title “Adjusted Operating Income.” We believe this updated title better aligns with our peers. Numerically, Adjusted EBITDA is the same as Adjusted Operating Income; however, the starting point of the reconciliation to the most comparable GAAP financial measure has changed from operating income to net income. See below for the full definition of Adjusted EBITDA and a reconciliation of net income attributable to Match Group, Inc. shareholders to Adjusted EBITDA. September and with Brazil planned for year quarter and lower internally developed capitalized software costs, primarily at million and RPP increased 5% Y/Y to $17.66. Adjusted EBITDA in the quarter make each other stronger. coming months. reflect the views of Match Group management as of the date of this press release. Match Group does philosophy drives a focus on user outcomes; specifically, helping people go out on challenges of our time: helping people connect in a world that increasingly feels Revenue Excluding Foreign Exchange Effects is calculated by translating current period revenues Q4. The team is actively working on plans Tinder and MG Asia. was $204 million, down 23% Y/Y, representing an Adjusted EBITDA margin of Represents Match Group’s product-driven user outcome philosophy to drive category growth. Source: Match Group survey of 2,491 U.S. adults conducted October 2025; “Using a scale of 1 to 10, please rate how much more likely you would be to recommend a dating app based on the following - with 1 being “not at all more likely” and 10 being “much more likely.” A family member or friend recommended the app after seeing good reviews about it.” Payers are unique users at a brand level in a given month from whom we earned Direct Revenue. not undertake to update these forward-looking statements. Nowhere is that more evident than at Tinder, where we’re integrating safety directly using prior period exchange rates. The percentage change in Revenue Excluding Foreign Exchange ‘great dates’, our north star. This clarity of purpose has resulted in category-leading disconnected. Our focus is on fostering genuine human connection, while ensuring
- Third, Modes are powering a new social energy on Tinder. Our new Modes for new expansion markets in 2026 as 40%. Excluding the legal settlement charge, Adjusted EBITDA would have When presented as a quarter-to-date or year-to-date value, Payers represents the average of the Effects is calculated by determining the change in current period revenues over prior period revenues into the product experience like never before. The centerpiece of this effort is Face growth in both users and revenue. technology strengthens relationships and is the social fabric that brings people monthly values for the respective period presented. At a consolidated level and a business unit level to navigation gives users more choice in how they use Tinder, from meeting new well. been $264 million, representing an Adjusted EBITDA margin of 52%. where current period revenues are translated using prior period exchange rates. We believe the impact Based on a random weighted sample of in-app profile views. Bad actors include accounts that engage in deceptive or harmful behaviors, including spam, scam attempts, or operating automated fake profiles (bots). Check™, our new facial verification feature that helps confirm users are real and together. the extent a business unit consists of multiple brands, duplicate Payers may exist when we earn of foreign exchange rates on Match Group, due to its global reach, may be an important factor in 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19