Open the filing on EDGARMatch Group Announces Fourth Quarter and Full-Year Results
Tinder Sparks Coverage, a Core Engagement Metric for Conversations, Increased 4% Y/Y in December
Hinge Grew Direct Revenue 26% Y/Y in Q4 and MAU in European Expansion Markets by Nearly 50% in FY25
LOS ANGELES, February 3, 2026 - Match Group (NASDAQ: MTCH) today announced financial results for the fourth quarter and full-year ended December 31, 2025, highlighting continued progress towards its strategic transformation, with early signs of improved engagement from product initiatives. In Q4, the company exceeded its revenue and Adjusted EBITDA expectations. For the full year 2025, Match Group achieved its revenue and margin goals, excluding the discrete items called out in prior quarters, and deployed 108% of free cash flow for buybacks, dividends, and net settlement of equity awards.
“We are one year into our three-phase transformation, and our focus on user outcomes is driving meaningful progress across the portfolio,” said CEO Spencer Rascoff. “At Tinder, we saw improvements in new registrations and MAU trends in Q4, and continued progress in engagement quality, including among Gen Z users. At Hinge, strong user growth, expanding international traction, and continued margin improvement reflect a product that is resonating deeply with users and continues to scale.”
Over the past year, Match Group has advanced its product-led transformation by re-focusing teams around user outcomes, accelerating product development, and scaling experimentation across its brands. The company also introduced a new framework that clearly articulates portfolio brand positioning based on users’ needs and will shape how it approaches future growth, including M&A and incubations.
“We are entering 2026 with a clear path forward and an important sense of purpose in service of human connection. Simply put: humans need humans. We believe technology should help people make real connections, not replace human relationships. That philosophy will guide how we apply new technologies across our portfolio to help people connect and then step away, into the real world where meaningful connections form.”
Dividend Declaration
Match Group's Board of Directors has declared a cash dividend of $0.20 per share of the company's common stock, representing a 5% increase from our prior quarterly dividend. The dividend is payable on April 21, 2026 to shareholders of record as of April 7, 2026.
2025 Adjusted EBITDA includes $75 million of legal settlement costs, $22 million of restructuring and related costs, and an $8 million gain on the sale of one of our two buildings in L.A.
Match Group Full Year 2025 Financial Highlights
- Total Revenue of $3.5 billion was flat year-over-year (“Y/Y”) both as reported and on a foreign exchange (“FX”) neutral basis (“FXN”), with a 5% Y/Y increase in RPP to $20.09, offset by a 5% Y/Y decline in Payers to 14.2 million.
- Net Income of $613 million increased 11% Y/Y, representing a Net Income Margin of 18%.
- Adjusted EBITDA of $1.2 billion declined 1% Y/Y, representing an Adjusted EBITDA Margin of 35%.
- Excluding the discrete items called out in prior quarters, Adjusted EBITDA would have been $1.3 billion, up 6% Y/Y, representing an Adjusted EBITDA Margin of 38%.
- Operating Cash Flow and Free Cash Flow were $1.1 billion and $1.0 billion, respectively.
- Repurchased 24.7 million of our shares at an average price of $32 per share on a trade date basis for a total of $789 million, paid $186 million in dividends, and deployed $129 million of cash toward the net settlement of employee equity awards to reduce dilution, equating to 108% of Free Cash Flow in total.
- Diluted shares outstanding were 241 million as of January 31, 2026, a decrease of 7% since January 31, 2025.
Match Group Q4 2025 Financial Highlights
- Total Revenue of $878 million was up 2% Y/Y, flat FXN, driven by a 7% Y/Y increase in RPP to $20.72, partially offset by a 5% Y/Y decline in Payers to 13.8 million.
- Net Income of $210 million increased 32% Y/Y, representing a Net Income Margin of 24%.
- Adjusted EBITDA of $370 million increased 14% Y/Y, representing an Adjusted EBITDA Margin of 42%.
- Excluding an $8 million gain on the sale of an L.A. office building and $2 million of restructuring costs, Adjusted EBITDA Margin would have been 41%.
The following table summarizes total company consolidated financial results for the three months ended and the years ended December 31, 2025 and 2024.
| Three Months Ended December 31, | Years Ended December 31, |
|---|
| (Dollars in millions, except RPP, Payers in thousands) | | 2025 | | 2024 | Y/Y Change | | 2025 | | 2024 | Y/Y Change |
| Total Revenue | $878 | | $860 | | 2% | $3,487 | | $3,479 | | - % |
| Direct Revenue | $860 | | $845 | | 2% | $3,415 | | $3,418 | | - % |
| Net income attributable to Match Group, Inc. shareholders | $210 | | $158 | | 32% | $613 | | $551 | | 11% |
| Net Income Margin | 24% | | 18% | | | 18% | | 16% | | |
| Adjusted EBITDA | $370 | | $324 | | 14% | $1,236 | | $1,252 | | (1)% |
| Adjusted EBITDA Margin | 42% | | 38% | | | 35% | | 36% | | |
| Payers | 13,839 | | 14,607 | | (5)% | 14,165 | | 14,898 | | (5)% |
| RPP | $20.72 | | $19.29 | | 7% | $20.09 | | $19.12 | | 5% |
2025 Adjusted EBITDA includes $75 million of legal settlement costs, $22 million of restructuring and related costs, and an $8 million gain on the sale of one of our two buildings in L.A.
As defined on page 10 of this press release.
Other Quarterly Highlights:
- Product investments in Tinder are improving real-world outcomes, with Sparks Coverage, which measures how broadly Sparks (the number of users engaging in six-way conversations) are occurring across the ecosystem, up 4% Y/Y in December. Face Check™, Tinder’s new facial verification feature, has led to a more than 50% reduction in interactions with bad actors in markets where it’s been rolled out, with minimal impact to revenue.
- Project Aurora in Australia is informing Tinder's 2026 roadmap with early product changes delivering encouraging signals on engagement and real-world outcomes, with lower-than-expected revenue impact. In Australia, MAU trends improved from down 12% in January 2025 to down 9% Y/Y in December 2025.
- Hinge continues to deliver strong momentum, leading the portfolio with robust user growth and engagement. The app rapidly expanded internationally and was the most downloaded dating app in its European expansion markets in December 2025. Hinge also successfully launched in Mexico and Brazil this year, quickly becoming the second most downloaded dating app in both markets as of December 2025.
- Match Group established a clear portfolio strategy and 2026 roadmap, which leverages a differentiated multi-brand approach and AI-driven innovation to address Gen Z priorities around match quality, authenticity, safety, and more intentional dating experiences.
A webcast of our fourth quarter and full-year 2025 results will be available at https://ir.mtch.com, along with our Prepared Remarks and Supplemental Financial Materials. The webcast will begin today, February 3, 2026, 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.
Financial Outlook
For Q1 2026, Match Group expects:
- Total Revenue of $850 to $860 million, up 2% to 3% Y/Y.
- Adjusted EBITDA of $315 to $320 million, representing a Y/Y increase of 15% at the midpoints of the ranges.
- Adjusted EBITDA Margin of 37% at the midpoints of the ranges.
For 2026, Match Group expects:
- Total Revenue of $3,410 to $3,535 million, approximately flat Y/Y at the midpoint of the range.
- Adjusted EBITDA of $1,280 to $1,325 million.
- Adjusted EBITDA Margin of 37.5% at the midpoints of the ranges.
- Free Cash Flow of $1,085 to $1,135 million.
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).
European expansion markets where Hinge is actively marketing include: France, Germany, Austria, Switzerland, Denmark, Finland, Sweden, Norway, Spain, Italy, Netherlands, and Belgium.
Source: Sensor Tower. Combined downloads and rank across Apple App Store and Google Play Store.
Financial Results
Consolidated Operating Costs and Expenses
| Three Months Ended December 31, |
|---|
| (Dollars in thousands) | | 2025 | % of Revenue | | 2024 | % of Revenue | Y/Y Change |
| Cost of revenue | $222,485 | | 25% | $236,414 | | 27% | (6)% |
| Selling and marketing expense | 151,049 | | 17% | 145,515 | | 17% | 4% |
| General and administrative expense | 89,489 | | 10% | 114,371 | | 13% | (22)% |
| Product development expense | 109,174 | | 12% | 109,138 | | 13% | - % |
| Depreciation | 12,477 | | 1% | 20,584 | | 2% | (39)% |
| Impairments and amortization of intangibles | 8,651 | | 1% | 10,766 | | 1% | (20)% |
| Total operating costs and expenses | $593,325 | | 68% | $636,788 | | 74% | (7)% |
Liquidity and Capital Resources
During the year ended December 31, 2025, we generated operating cash flow of $1.1 billion and Free Cash Flow of $1.0 billion.
During the quarter ended December 31, 2025, we repurchased 7.3 million shares of our common stock for $239 million on a trade date basis at an average price of $32.94. As of January 31, 2026, $959 million in aggregate value of shares of Match Group stock remains available under our share repurchase program.
As of December 31, 2025, we had $1.0 billion in cash, cash equivalents, and short-term investments and $4.0 billion of long-term debt, inclusive of current maturities, all of which is fixed rate debt, including $1.0 billion of Exchangeable Senior Notes. We plan to use $424 million of cash to repay the outstanding 0.875% exchangeable senior notes due 2026 at or prior to their maturity in June 2026. Our $500 million revolving credit facility was undrawn as of December 31, 2025. Match Group’s trailing twelve-month leverage as of December 31, 2025 was 3.2x on a gross basis and 2.4x on a net basis.
On November 13, 2025, we repurchased $75 million aggregate principal amount of 0.875% exchangeable senior notes due 2026.
On January 21, 2026, we paid a dividend of $0.19 per share to holders of record on January 6, 2026. The total cash payout was $44 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 December 31, | Years Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| (In thousands, except per share data) |
|---|
| Revenue | $878,006 | | $860,176 | | $3,487,197 | | $3,479,373 | |
| Operating costs and expenses: | | | | |
| Cost of revenue (exclusive of depreciation shown separately below) | 222,485 | | 236,414 | | 948,374 | | 991,273 | |
| Selling and marketing expense | 151,049 | | 145,515 | | 625,541 | | 622,100 | |
| General and administrative expense | 89,489 | | 114,371 | | 485,585 | | 438,839 | |
| Product development expense | 109,174 | | 109,138 | | 449,508 | | 442,175 | |
| Depreciation | 12,477 | | 20,584 | | 67,112 | | 87,499 | |
| Impairments and amortization of intangibles | 8,651 | | 10,766 | | 38,548 | | 74,175 | |
| Total operating costs and expenses | 593,325 | | 636,788 | | 2,614,668 | | 2,656,061 | |
| Operating income | 284,681 | | 223,388 | | 872,529 | | 823,312 | |
| Interest expense | (43,111) | | (39,560) | | (147,551) | | (160,071) | |
| Other income, net | 13,137 | | 13,716 | | 21,025 | | 40,815 | |
| Income before income taxes | 254,707 | | 197,544 | | 746,003 | | 704,056 | |
| Income tax provision | (45,051) | | (39,266) | | (132,542) | | (152,743) | |
| Net income | 209,656 | | 158,278 | | 613,461 | | 551,313 | |
| Net (income) loss attributable to noncontrolling interests | (7) | | 18 | | (15) | | (37) | |
| Net income attributable to Match Group, Inc. shareholders | $209,649 | | $158,296 | | $613,446 | | $551,276 | |
| Net earnings per share attributable to Match Group, Inc. shareholders: | | | | |
| Basic | $0.89 | | $0.63 | | $2.53 | | $2.12 | |
| Diluted | $0.83 | | $0.59 | | $2.38 | | $2.02 | |
| Basic shares outstanding | 234,895 | | 251,715 | | 242,676 | | 260,299 | |
| Diluted shares outstanding | 254,087 | | 272,549 | | 262,475 | | 279,063 | |
| Stock-based compensation expense by function: | | | | |
| Cost of revenue | $1,453 | | $1,748 | | $6,501 | | $7,015 | |
| Selling and marketing expense | 2,747 | | 3,225 | | 11,655 | | 12,620 | |
| General and administrative expense | 21,664 | | 27,686 | | 90,402 | | 103,554 | |
| Product development expense | 38,171 | | 36,547 | | 149,644 | | 144,192 | |
| Total stock-based compensation expense | $64,035 | | $69,206 | | $258,202 | | $267,381 | |
Consolidated Balance Sheet
| December 31, 2025 | December 31, 2024 |
|---|
| (In thousands) |
|---|
| ASSETS | | |
| Cash and cash equivalents | $1,027,838 | $965,993 |
| Short-term investments | 3,461 | 4,734 |
| Accounts receivable, net | 303,495 | 324,963 |
| Other current assets | 92,500 | 102,072 |
| Total current assets | 1,427,294 | 1,397,762 |
| Property and equipment, net | 131,159 | 158,189 |
| Goodwill | 2,339,350 | 2,310,730 |
| Intangible assets, net | 192,929 | 215,448 |
| Deferred income taxes | 216,057 | 262,557 |
| Other non-current assets | 154,022 | 121,085 |
| TOTAL ASSETS | $4,460,811 | $4,465,771 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | |
| LIABILITIES | | |
| Current maturities of long-term debt, net | $423,580 | $ - |
| Accounts payable | 9,577 | 18,262 |
| Deferred revenue | 151,337 | 166,142 |
| Accrued expenses and other current liabilities | 422,051 | 365,057 |
| Total current liabilities | 1,006,545 | 549,461 |
| Long-term debt, net of current maturities | 3,549,099 | 3,848,983 |
| Income taxes payable | 43,522 | 33,332 |
| Deferred income taxes | 10,732 | 11,770 |
| Other long-term liabilities | 104,309 | 85,882 |
| Commitments and contingencies | | |
| SHAREHOLDERS’ EQUITY | | |
| Common stock | 300 | 294 |
| Additional paid-in capital | 8,721,015 | 8,756,482 |
| Retained deficit | (5,966,307) | (6,579,753) |
| Accumulated other comprehensive loss | (422,620) | (449,611) |
| Treasury stock | (2,585,892) | (1,791,071) |
| Total Match Group, Inc. shareholders’ equity | (253,504) | (63,659) |
| Noncontrolling interests | 108 | 2 |
| Total shareholders’ equity | (253,396) | (63,657) |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $4,460,811 | $4,465,771 |
Consolidated Statement of Cash Flows
| Years Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (In thousands) |
|---|
| Cash flows from operating activities: | | |
| Net income | $613,461 | | $551,313 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Stock-based compensation expense | 258,202 | | 267,381 | |
| Depreciation | 67,112 | | 87,499 | |
| Impairments and amortization of intangibles | 38,548 | | 74,175 | |
| Deferred income taxes | 44,935 | | (14,952) | |
| Other adjustments, net | (593) | | 2,019 | |
| Changes in assets and liabilities | | |
| Accounts receivable | 23,624 | | (29,788) | |
| Other assets | 45,914 | | 25,337 | |
| Accounts payable and other liabilities | 17,228 | | (9,395) | |
| Income taxes payable and receivable | (11,911) | | 22,213 | |
| Deferred revenue | (16,140) | | (43,083) | |
| Net cash provided by operating activities | 1,080,380 | | 932,719 | |
| Cash flows from investing activities: | | |
| Capital expenditures | (56,765) | | (50,578) | |
| Other, net | 9,934 | | (7,960) | |
| Net cash used in investing activities | (46,831) | | (58,538) | |
| Cash flows from financing activities: | | |
| Proceeds from Senior Notes offerings | 700,000 | | - | |
| Principal payments on Term Loan | (425,000) | | - | |
| Payments to settle exchangeable notes | (147,825) | | - | |
| Debt issuance costs | (8,811) | | - | |
| Proceeds from issuance of common stock pursuant to stock-based awards and employee stock purchase plan | 6,659 | | 13,584 | |
| Withholding taxes paid on behalf of employees on net settled stock-based awards | (128,543) | | (11,441) | |
| Dividends | (186,255) | | - | |
| Purchase of treasury stock | (788,810) | | (752,674) | |
| Purchase of noncontrolling interests | (84) | | (1,291) | |
| Other, net | (6,225) | | (6,482) | |
| Net cash used in financing activities | (984,894) | | (758,304) | |
| Total cash provided | 48,655 | | 115,877 | |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 13,190 | | (12,324) | |
| Net increase in cash, cash equivalents, and restricted cash | 61,845 | | 103,553 | |
| Cash, cash equivalents, and restricted cash at beginning of period | 965,993 | | 862,440 | |
| Cash, cash equivalents, and restricted cash at end of period | $1,027,838 | | $965,993 | |
Reconciliations of GAAP to Non-GAAP Measures
Reconciliation of Net Income to Adjusted EBITDA
| Three Months Ended December 31, | Years Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| (Dollars in thousands) |
|---|
| Net income attributable to Match Group, Inc. shareholders | $209,649 | | $158,296 | | $613,446 | | $551,276 | |
| Add back: | | | | |
| Net income (loss) attributable to noncontrolling interests | 7 | | (18) | | 15 | | 37 | |
| Income tax provision | 45,051 | | 39,266 | | 132,542 | | 152,743 | |
| Other income, net | (13,137) | | (13,716) | | (21,025) | | (40,815) | |
| Interest expense | 43,111 | | 39,560 | | 147,551 | | 160,071 | |
| Stock-based compensation expense | 64,035 | | 69,206 | | 258,202 | | 267,381 | |
| Depreciation | 12,477 | | 20,584 | | 67,112 | | 87,499 | |
| Impairments and amortization of intangibles | 8,651 | | 10,766 | | 38,548 | | 74,175 | |
| Adjusted EBITDA | $369,844 | | $323,944 | | $1,236,391 | | $1,252,367 | |
| Revenue | $878,006 | | $860,176 | | $3,487,197 | | $3,479,373 | |
| Net Income Margin | 24% | | 18% | | 18% | | 16% | |
| Adjusted EBITDA Margin | 42% | | 38% | | 35% | | 36% | |
Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios
| Twelve months ended December 31, 2025 |
|---|
| (In thousands) |
|---|
| Net income attributable to Match Group, Inc. shareholders | $613,446 |
| Add back: | |
| Net income attributable to noncontrolling interests | 15 |
| Income tax provision | 132,542 |
| Other income, net | (21,025) |
| Interest expense | 147,551 |
| Stock-based compensation expense | 258,202 |
| Depreciation | 67,112 |
| Amortization of intangibles | 38,548 |
| Adjusted EBITDA | $1,236,391 |
Reconciliation of Operating Cash Flow to Free Cash Flow
| Year Ended December 31, 2025 |
|---|
| (In thousands) |
|---|
| Net cash provided by operating activities | $1,080,380 |
| Capital expenditures | (56,765) |
| Free Cash Flow | $1,023,615 |
Reconciliation of Forecasted Net Income to Forecasted Adjusted EBITDA
| Three Months Ended March 31, 2026 | Year Ended December 31, 2026 |
|---|
| (In millions) |
|---|
| Net income attributable to Match Group, Inc. shareholders | $160 to $165 | $650 to $670 |
| Add back: | | |
| Net income attributable to noncontrolling interests | | 0 | | 0 |
| Income tax provision | | 38 | 150 to 160 |
| Other income, net | | (7) | (14) to (17) |
| Interest expense | | 43 | 168 to 172 |
| Stock-based compensation expense | | 61 | 250 to 260 |
| Depreciation and amortization of intangibles | | 20 | 76 to 80 |
| Adjusted EBITDA | $315 to $320 | $1,280 to $1,325 |
| Revenue | $850 to $860 | $3,410 to $3,535 |
| Net Income Margin (at the mid-point of the ranges) | 19% | | 19% | |
| Adjusted EBITDA Margin (at the mid-point of the ranges) | 37% | | 38% | |
Reconciliation of Forecasted Operating Cash Flow to Free Cash Flow
| Year Ended December 31, 2026 |
|---|
| (In millions) |
|---|
| Net cash provided by operating activities | $1,150 to $1,190 |
| Capital expenditures | (55 to 65) |
| Free Cash Flow | $1,085 to $1,135 |
Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects
| Three Months Ended December 31, | Years Ended December 31, |
|---|
| 2025 | $ Change | % Change | 2024 | 2025 | $ Change | % Change | 2024 |
|---|
| (Dollars in millions, rounding differences may occur) |
|---|
| Total Revenue, as reported | $878.0 | | $17.8 | 2% | $860.2 | | $3,487.2 | | $7.8 | - % | $3,479.4 | |
| Foreign exchange effects | (19.8) | | | | | (23.8) | | | | |
| Total Revenue, excluding foreign exchange effects | $858.2 | | $(2.0) | - % | $860.2 | | $3,463.4 | | $(16.0) | - % | $3,479.4 | |
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 | 1/31/2026 |
|---|
| Share Price | | $31.15 |
| Absolute Shares | | 232.6 |
| Equity Awards | | |
| Options | $17.81 | 0.1 |
| RSUs and subsidiary denominated equity awards | | 8.3 |
| Total Dilution - Equity Awards | | 8.4 |
| Outstanding Warrants | | |
| Warrants expiring on September 15, 2026 (5.0 million outstanding) | $130.90 | - |
| Warrants expiring on April 15, 2030 (7.0 million outstanding) | $130.95 | - |
| Total Dilution - Outstanding Warrants | | - |
| Total Dilution | | 8.4 |
| % Dilution | | 3.5% |
| Total Diluted Shares Outstanding | | 241.0 |
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 $4.0 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 $258.1 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 December 31, 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 (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable and (ii) gains and losses recognized on changes in fair value of contingent consideration arrangements, as 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 February 3, 2026, 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: failure to retain existing users or add new users, or if users do not convert to paying users; competition; risks related to our restructuring and reorganization activities; our ability to attract and retain users through cost-effective marketing efforts; our reliance on a variety of third-party platforms, in particular, mobile app stores; our ability to realize reductions in in-app purchase fees; inappropriate actions by certain of our users could be attributed to us or may not be adequately prevented by us; dependence on our key personnel; volatile global economic conditions; operational and financial risks in connection with acquisitions; impairment charges related to our intangible assets; operations in various international markets, including certain markets in which we have limited experience; foreign currency exchange rate fluctuations; challenges in measuring our user metrics and other estimates; the limited operating history of our newer brands and services makes it difficult to evaluate our current business and future prospects; impacts of climate change; the integrity of our and third parties’ systems and infrastructure; cyberattacks on our systems and infrastructure and cyberattacks experienced by third parties; our ability to access, collect, and use personal data about our users; breaches or unauthorized access of personal and confidential or sensitive user information that we maintain and store; challenges with properly managing the use of artificial intelligence; risks related to credit card payments; risks related to our use of “open source” software; complex and evolving U.S., foreign, and international laws and regulations; our ability to protect our intellectual property rights or accusations that we infringe upon the intellectual property rights of others; adverse outcomes in litigation; risks related to our taxation in multiple jurisdictions; risks related to our indebtedness; and risks relating to ownership of our common stock. 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.
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 EDGARQ4 and Full Year 2025 Performance + 2026 Priorities Our data indicates that Sparks drive retention, retention helps stabilize monthly active Our 2026 product roadmap directly addresses the most common Gen Z pain points. They Hinge: Continued Momentum Since then, Hinge has actively marketed in 12 Portfolio Strategy: The Power of a Multibrand Portfolio Q4 and Full Year 2025 Financial Performance •Tinder Q4 Direct Revenue was $464 million, down 3%, down 5% FXN. Tinder Payers Q4 2025 Consolidated Operating Costs and Expenses Financial Guidance Appendix Reconciliation of Net Income to Adjusted EBITDA (continued) Reconciliation of Operating Cash Flow to Free Cash Flow Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Dilutive Securities Non-GAAP Financial Measures Non-Cash Expenses That Are Excluded From Our Non-GAAP Measures Leverage on a gross basis is calculated as principal debt balance divided by Adjusted EBITDA for the period referenced. Year Ended December 31, 2025(In thousands)Net cash provided by operating activities$1,080,380Capital expenditures(56,765)Free Cash Flow$1,023,615 Exchange Effects users (“MAU”), and stabilized MAU supports revenue recovery over time. It is the earliest want better outcomes, so we’re focusing on relevance and match quality. They want European countries, its European expansion declined 8% to 8.8 million and RPP grew 5% to $17.63. Adjusted EBITDA in the Q4 2025 Prepared Remarks Year Ended December 31, 2025TinderHingeE&EMG AsiaCorporate & unallocated costsEliminationsTotal Match Group(Dollars in thousands)Net income attributable to Match Group, Inc. shareholders$613,446Add back:Net income attributable to noncontrolling interests(a)15Income tax provision(a)132,542Other income, net(a)(21,025)Interest expense(a)147,551Operating income (loss)(b)$832,638$166,286$63,266$6,258$(195,919)$ - $872,529Stock-based compensation expense89,58656,27938,54821,05252,737 - 258,202Depreciation19,1273,93424,25214,8874,912 - 67,112Amortization of intangibles - - 14,37024,178 - - 38,548Adjusted EBITDA$941,351$226,499$140,436$66,375$(138,270)$ - $1,236,391Revenue$1,924,711$690,872$608,093$268,166$ - $(4,645)$3,487,197Net Income Margin18%Operating Income Margin(b)43%24%10%2%NANA25%Adjusted EBITDA Margin49%33%23%25%NANA35% Match Group has various tranches of dilutive securities. The table below details these securities and their In 2025, we achieved our Match Group revenue and margin goals, excluding the discrete Our latest research with Harris Poll shows that roughly 80% of Gen Z singles want Taken together, the work at Tinder and Hinge Including stock-based compensation (“SBC”) expense, total expenses in Q4 were down Match Group reports Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Revenue Excluding Stock-based compensation expense consists principally of expense associated with the grants of RSUs, At E&E, we expect Direct Revenue to decline in the low-double-digits, as we work to Q1 2026 Today, I’ll share more details on our latest performance and discuss our guidance for Q1 measurable signal that the ecosystem is healing, and I’m very encouraged by the trends. authenticity and trust, so we’re further strengthening verification and safety. And they are markets, where it is the top downloaded quarter was $263 million, up 1%, representing an Adjusted EBITDA margin of 55%. potentially dilutive impact (shares in millions; rounding differences may occur). Reconciliations of GAAP to Non-GAAP Measures Leverage on a net basis is calculated as principal debt balance less cash and cash equivalents and short-term Foreign Exchange Effects, all of which are supplemental measures to U.S. generally accepted accounting performance-based RSUs, and market-based awards. These expenses are not paid in cash, and we include the Three Months Ended December 31,Years Ended December 31, 2025$ Change% Change20242025$ Change% Change2024 (Dollars in millions, rounding differences may occur)Total Revenue, as reported$878.0$17.82%$860.2$3,487.2$7.8 - %$3,479.4Foreign exchange effects(19.8)(23.8)Total Revenue, excluding foreign exchange effects$858.2$(2.0) - %$860.2$3,463.4$(16.0) - %$3,479.4Direct Revenue, as reported$860.3$15.02%$845.4$3,414.9$(3.1) - %$3,418.0Foreign exchange effects(19.5)(23.6)Direct Revenue, excluding foreign exchange effects$840.8$(4.5)(1)%$845.4$3,391.3$(26.7)(1)%$3,418.0Tinder Direct Revenue, as reported$463.8$(12.2)(3)%$476.0$1,862.9$(77.7)(4)%$1,940.6Foreign exchange effects(13.3)(14.8)Tinder Direct Revenue, excluding foreign exchange effects$450.4$(25.6)(5)%$476.0$1,848.1$(92.5)(5)%$1,940.6Hinge Direct Revenue, as reported$186.5$38.826%$147.7$690.9$140.426%$550.4Foreign exchange effects(2.9)(4.6)Hinge Direct Revenue, excluding foreign exchange effects$183.5$35.824%$147.7$686.2$135.825%$550.4E&E Direct Revenue, as reported$144.5$(10.6)(7)%$155.1$593.8$(49.2)(8)%$643.0Foreign exchange effects(3.4)(6.7)E&E Direct Revenue, excluding foreign exchange effects$141.1$(14.0)(9)%$155.1$587.1$(55.9)(9)%$643.0MG Asia Direct Revenue, as reported$65.6$(1.0)(2)%$66.6$267.3$(16.6)(6)%$283.9Foreign exchange effects0.22.5MG Asia Direct Revenue, excluding foreign exchange effects$65.8$(0.8)(1)%$66.6$269.8$(14.1)(5)%$283.9MG Asia Direct Revenue excluding Hakuna, as reported$65.6$(1.0)(2)%$66.6$267.3$(0.3) - %$267.6Foreign exchange effects0.22.5MG Asia Direct Revenue excluding Hakuna, excluding foreign exchange effects$65.8$(0.8)(1)%$66.6$269.8$2.21%$267.6Azar Direct Revenue$38.8$0.31%$38.6$155.8$1.31%$154.5Foreign exchange effects(0.1)3.9Azar Direct Revenue, excluding foreign exchange effects$38.8$0.21%$38.6$159.6$5.13%$154.5Pairs Direct Revenue, as reported$26.7$(1.3)(5)%$28.1$111.6$(1.6)(1)%$113.1Foreign exchange effects0.3(1.3)Pairs Direct Revenue, excluding foreign exchange effects$27.0$(1.0)(4)%$28.1$110.2$(2.9)(3)%$113.1 items we’ve called out in prior quarters and generated over $1 billion of Free Cash Flow meaningful relationships, much higher rates than older generations, and we believe our gives us greater clarity on how the portfolio fits 7%. Cost of revenue decreased 6% and represented 25% of Total Revenue, down two reinvigorate Emerging brands growth by improving user outcomes. We expect Adjusted and full year 2026. Unless otherwise noted, all amounts are on an as reported basis and feeling dating fatigue, so we’re redesigning discovery to be more expressive and less dating app as of December 2025. In these investments divided by Adjusted EBITDA for the period referenced. Average Exercise Price1/31/2026Share Price$31.15Absolute Shares232.6Equity AwardsOptions$17.810.1RSUs and subsidiary denominated equity awards8.3Total Dilution - Equity Awards8.4Outstanding WarrantsWarrants expiring on September 15, 2026 (5.0 million outstanding)$130.90 - Warrants expiring on April 15, 2030 (7.0 million outstanding)$130.95 - Total Dilution - Outstanding Warrants - Total Dilution8.4% Dilution3.5%Total Diluted Shares Outstanding241.0 principles (“GAAP”). The Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow measures are among related shares in our fully diluted shares outstanding using the treasury stock method; however, performance- We expect Q1 Total Revenue for Match Group of $850 million to $860 million, up 2% to 3% One Year In (“FCF”), which we returned to shareholders through nearly $800 million of share buybacks platforms will increasingly be where those connections begin. Hinge continues to be the together and how we can unlock new value with points as a percentage of Total Revenue, driven by alternative payment savings. Selling We also closely track new registrations as a leading indicator For the full year, Tinder delivered Direct Revenue of $1.9 billion, down 4%, down 5% EBITDA margins to expand to the high 20%s, with the completion of our platform Reconciliation of Net Income to Adjusted EBITDA the primary metrics by which we evaluate the performance of our business, on which our internal budget is based RSUs and market-based awards are included only to the extent the applicable performance or market comparisons will be discussed on a year-over-year (“Y/Y”) basis. More details can be found repetitive. markets, Hinge ended 2025 with over 3.3 Y/Y. This range assumes a three and a half-point tailwind from FX. FXN, we expect Total Safe Harbor Statement Under the Private Securities Litigation Reform Act of and nearly $200 million in dividends, reducing our diluted shares outstanding by 7% year- leading app in this intentional dating space, with strong user growth and revenue focus and investment. Our robust multi-brand and marketing costs increased $6 million, or 4%, but was flat at 17% of Total Revenue, of future MAU growth. Globally, new registration trends have FXN. Adjusted EBITDA was $941 million, down 7%, representing an Adjusted consolidation efforts and from alternative payment savings. based and by which management is compensated. Revenue Excluding Foreign Exchange Effects provides a condition(s) have been met (assuming the end of the reporting period is the end of the contingency period). Good afternoon, and in the financial table below. million MAU, up from approximately 200 Revenue to be down 1% to flat. We expect Match Group Adjusted EBITDA of $315 million to 1995 Three Months Ended December 31, 2025TinderHingeE&EMG AsiaCorporate & unallocated costsEliminationsTotal Match Group(Dollars in thousands)Net income attributable to Match Group, Inc. shareholders$209,649Add back:Net income attributable to noncontrolling interests(a)7Income tax provision(a)45,051Other income, net(a)(13,137)Interest expense(a)43,111Operating income (loss)(b)$238,579$52,421$29,538$2,272$(38,129)$ - $284,681Stock-based compensation expense22,92513,7659,9565,23412,155 - 64,035Depreciation1,3471,2805,1673,6521,031 - 12,477Amortization of intangibles - - 3,6564,995 - - 8,651Adjusted EBITDA$262,851$67,466$48,317$16,153$(24,943)$ - $369,844Revenue$479,250$186,453$148,063$65,824$ - $(1,584)$878,006Net Income Margin24%Operating Income Margin(b)50%28%20%3%NANA32%Adjusted EBITDA Margin55%36%33%25%NANA42% over-year (“Y/Y”). And we did this while making meaningful progress on the Tinder momentum. Their exceptional performance reflects clear positioning, disciplined portfolio provides scale, rich data from multiple primarily due to higher marketing spend at Hinge. General and administrative costs improved significantly, down 5% Y/Y in Q4 compared to down EBITDA margin of 49%. Excluding the $61 million Candelore legal settlement comparable framework for assessing the performance of our business without the effect of exchange rate To the extent stock-based awards are settled on a net basis, we remit the required tax-withholding amounts thanks for joining us. thousand at launch. User growth continues to And at MG Asia, we expect Direct Revenue to decline in the high-single-digits, reflecting $320 million, representing a 15% Y/Y increase, and an Adjusted EBITDA margin of 37% at differences when compared to prior periods. We believe that investors should have access to the same set of from our current funds. turnaround and continuing to invest in Hinge®. execution, and a simple north star of getting users on more great dates. apps (in a multi-app usage category), and the decreased 22%, down three points as a percentage of Total Revenue to 10%, driven by the We finished 2025 with another quarter of strong execution. Total Revenue and Adjusted 12% in Q2, also a positive signal. charge and $5 million of restructuring costs, Adjusted EBITDA margin would have These prepared remarks and our conference call, which will be held at 5:00 p.m. Eastern Time on February 3, scale rapidly, with MAU growing nearly 50% Azar’s ongoing block in Turkey and its global rollout of a new user verification technology, Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios the mid-points of the ranges. Q1 Total Revenue guidance assumes a $6 million negative tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to ability to serve different user intents, while gain on sale of an L.A. office building and lower legal fees. Product development costs Just one year ago, I EBITDA both exceeded the high-end of our Q4 guidance. Total Revenue benefited from a been 52%. 2026, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Depreciation is a non-cash expense relating to our property and equipment and is computed using the Y/Y in 2025. We expect Hinge to deliver over results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP In 2026, we expect Tinder Y/Y Direct Revenue declines to be similar to 2025 as we Twelve months endedDecember 31, 2025(In thousands)Net income attributable to Match Group, Inc. shareholders$613,446Add back:Net loss attributable to noncontrolling interests15Income tax provision132,542Other income, net(21,025)Interest expense147,551Stock-based compensation expense258,202Depreciation67,112Amortization of intangibles38,548Adjusted EBITDA$1,236,391 MAU naturally lags, but we’re starting to see some progress which builds upon Face Check. We also expect a three-point FX headwind to MG Asia impact to Tinder Direct Revenue from user experience tests. preserving strong and distinct brand identities. remained flat at 12% of Total Revenue. Depreciation and amortization decreased by $10 Reform Act of 1995. All statements that are not historical facts are “forward looking statements.” The use of became CEO of Match smaller-than-expected impact from Tinder’s user experience tests. These tests had a $6 straight-line method to allocate the cost of depreciable assets to operations over their estimated useful lives, results. Match Group endeavors to compensate for the limitations of the non-GAAP measures presented by $100 million of Direct Revenue in 2026 in its continue to make product changes to improve user outcomes and drive long-term here as well. MAU was down 9% Y/Y in Q4 compared to down •Hinge Q4 Direct Revenue was $186 million, up 26%, up 24% FXN. Payers were up Direct Revenue. We expect Adjusted EBITDA margins to be in the low-to-mid 20%s. words such as “anticipates,” “estimates,” “expects,” “plans,” “believes,” “will,” and “would,” among others, or, in the case of leasehold improvements, the lease term, if shorter. million to $21 million due to lower internally developed capitalized software costs, Group. million negative impact to Tinder Direct Revenue in Q4, which was $8 million less than we Total RevenueAdjusted EBITDAQ1 2026$850 to $860 million$315 to $320 million providing the comparable GAAP measures and descriptions of the reconciling items, including quantifying European expansion markets, with significant sustainable growth, but with short-term revenue trade-offs. Across the rest of the We’ve introduced a simple internal framework 10% Y/Y in Q3. In fact, Y/Y MAU declines in December 17% to 1.9 million, and RPP grew 8% to $32.96. Adjusted EBITDA was $67 million in generally identify forward-looking statements. These forward-looking statements include, among others, primarily at Tinder. such items, to derive the non-GAAP measures. We encourage investors to examine the reconciling expected at the time of our last call, and Adjusted EBITDA benefited from our ongoing We expect FCF of $1.085 billion to $1.135 billion in 2026, an 8% Y/Y increase, and Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash statements relating to: Match Group’s future financial performance, Match Group’s business prospects and runway ahead. portfolio, we expect continued strong Direct Revenue growth at Hinge, while Evergreen & to articulate how we position our brands based From day one, my focus improved by at least two points across 15 countries (together Q4, up 54%, representing an Adjusted EBITDA Margin of 36%. adjustments between the GAAP and non-GAAP measures, which we describe below. Interim results are not cost efficiency efforts. expenses related primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived representing 85% FCF conversion at the mid-point, due in part to the Apple payment we strategy, anticipated trends, and other similar matters. These forward-looking statements are based on Emerging (“E&E”) and MG Asia continue to face headwinds. on how they solve users’ needs. was clear: prioritize user necessarily indicative of the results that may be expected for a full year. representing approximately one-third of Tinder’s global MAU) Capital Allocation & Liquidity intangible assets of the acquired company, such as customer lists, trade names and technology, are valued In H2’25, Hinge successfully launched in both management’s current expectations and assumptions about future events, which are inherently subject to For the full year, Hinge delivered Direct Revenue of $691 million, up 26%, up 25% originally expected in December, but received in January. We expect SBC expense of $250 outcomes to rebuild trust Diving deeper into Q4, Match Group delivered Total Revenue of $878 million, up 2%, and and in 10 of those markets we are actively testing new and amortized over their estimated lives. Value is also assigned to (i) acquired indefinite-lived intangible uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ Mexico and Brazil, where very early results have far outpaced our expectations. Hinge was We are reinvesting savings from last year’s workforce reductions and alternative At one end of the portfolio is Fun, where Tinder FXN. Adjusted EBITDA was $226 million, up 36%, for an Adjusted EBITDA margin of to $260 million and capital expenditures of $55 to $65 million. Our effective tax rate is Definitions of Non-GAAP Measures Our trailing twelve-month gross leverage was 3.2x and net leverage was 2.4x at the end assets, which consist of trade names and trademarks, and (ii) goodwill, which are not subject to amortization. and position Match Group flat on a foreign exchange (“FX”) neutral (“FXN”) basis. Payers declined 5% to 13.8 million, marketing strategies. This momentum has continued into materially from those contained in these forward-looking statements for a variety of reasons, including, Full Year 2026 already the second most downloaded dating app in Mexico and Brazil as of December payments initiative into Tinder and Hinge product and marketing to drive long-term leads with social, low-pressure connection. At 33%. expected to be approximately 19%. of Q4. We ended the quarter with $1.0 billion of cash, cash equivalents, and short-term An impairment is recorded when the carrying value of an intangible asset or goodwill exceeds its fair value. among others: failure to retain existing users or add new users, or if users do not convert to paying users; to lead the next chapter while RPP increased 7% to $20.72. Adjusted EBITDA was $370 million, up 14%, early 2026, driven by better retention of existing users. Adjusted EBITDA is defined as net income attributable to Match Group, Inc. shareholders excluding: (1) net 2025, and is clearly resonating with intentioned daters. growth and shareholder value. another is Focus, where Hinge leads with We believe that intangible assets represent costs incurred by the acquired company to build value prior to investments on hand, and plan to use $424 million of cash to pay off the 2026 convertible competition; risks related to our restructuring and reorganization activities; our ability to attract and retain For the full year 2026, we expect Match Group to deliver Total Revenue of $3.410 to $3.535 income attributable to noncontrolling interests; (2) income tax provision or benefit; (3) other income (expense), Total RevenueAdjusted EBITDAFree Cash FlowFY 2026$3,410 to $3,535 million$1,280 to $1,325 million$1,085 to $1,135 million of human connection. representing an Adjusted EBITDA margin of 42%. Excluding an $8 million gain on the sale
- E&E Q4 Direct Revenue was $145 million, down 7%, down 9% FXN. Payers were acquisition and the related amortization and impairment charges of intangible assets or goodwill, if intention and depth. And across Familiarity, our users through cost-effective marketing efforts; our reliance on a variety of third-party platforms, in particular, Much of this progress is a result of our increased focus on improving the experience for notes on, or before, their maturity in June. In Q4, we repurchased 7.3 million shares at an net; (4) interest expense; (5) depreciation; (6) acquisition-related items consisting of amortization of intangible billion, approximately flat Y/Y at the mid-point of the range. This Y/Y range assumes a one- Given Tinder®’s scale and of an L.A. office building and $2 million of restructuring costs, Adjusted EBITDA margin Together, we expect this to result in relatively flat Match Group Total Revenue Y/Y in 2026 down 14% to 2.1 million, and RPP grew 8% to $22.53. Adjusted EBITDA was $48 applicable, are not ongoing costs of doing business. mobile app stores; our ability to realize reductions in in-app purchase fees; inappropriate actions by certain of Affinity brands serve communities with shared identity and purpose. Some of our apps sit assets and impairments of goodwill and intangible assets, if applicable and (ii) gains and losses recognized on women (and in turn for all users), through greater relevance and stronger safety. For average price of $33 per share on a trade date basis, for a total of $239 million and paid point tailwind from FX, a nearly one and a half-point headwind from Tinder user importance, I also took would have been 41%. and Adjusted EBITDA margins broadly in-line with last year, excluding the discrete items million, flat Y/Y, representing an Adjusted EBITDA Margin of 33%. our users could be attributed to us or may not be adequately prevented by us; dependence on our key changes in fair value of contingent consideration arrangements, as applicable; and (7) stock-based at the intersection of these user needs - for example, The League® (our app for intentional example, we’ve been testing new AI-driven recommendation algorithms which affect the $45 million in dividends. Additional Definitions experience tests, and a one-point headwind from the planned rollout of Face Check direct ownership of its personnel; volatile global economic conditions; operational and financial risks in connection with acquisitions; we’ve discussed. compensation expense. We believe Adjusted EBITDA is useful to analysts and investors as this measure allows ______________________ dating among highly ambitious people) sits at the intersection of Focus and Familiarity. For the full year 2025, Match Group delivered Total Revenue of $3.5 billion, flat both as order of profiles shown to women. For the full year, E&E delivered Direct Revenue of $594 million, down 8%, down 9% impairment charges related to our intangible assets; operations in various international markets, including across the portfolio. We expect full year 2026 Indirect Revenue to decline in the mid-teens turnaround. a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA has Year Ended December 31, 2024TinderHingeE&EMG AsiaCorporate & unallocated costsEliminationsTotal Match Group(Dollars in thousands)Net income attributable to Match Group, Inc. shareholders$551,276Add back:Net income attributable to noncontrolling interests(a)37Income tax provisiona152,743Other income, neta(40,815)Interest expensea160,071Operating income (loss)(b)$889,222$121,482$66,088$(32,345)$(221,135)$ - $823,312Stock-based compensation expense90,14142,67354,92225,81853,827 - 267,381Depreciation37,6602,32321,73220,8344,950 - 87,499Impairments and amortization of intangibles - - 27,67646,499 - - 74,175Adjusted EBITDA$1,017,023$166,478$170,418$60,806$(162,358)$ - $1,252,367Revenue$1,991,137$550,435$654,168$284,522$ - $(889)$3,479,373Net Income Margin16%Operating Income (Loss) Margin(b)45%22%10%(11)%NANA24%Adjusted EBITDA Margin51%30%26%21%NANA36% For the full year 2025, we delivered Operating Cash Flow of $1.1 billion and FCF of $1.0 Tinder consists of the world-wide activity of the brand Tinder®. The dilutive securities presentation above is calculated using the methods and assumptions described below; Our capital allocation strategy remains unchanged, prioritizing organic investment in our reported and FXN. Adjusted EBITDA for the full year was $1.2 billion, down 1%, representing certain markets in which we have limited experience; foreign currency exchange rate fluctuations; challenges FXN. Adjusted EBITDA was $140 million, down 18%, for an Adjusted EBITDA margin certain limitations because it excludes certain expenses. At a segment level, the closest GAAP measure is percent. The Tinder Turnaround is Progressing This rubric shapes how we think about future growth, including M&A and incubations. It these are different from GAAP dilution, which is calculated based on the treasury stock method. Reconciliation of Forecasted Net Income to Forecasted Adjusted EBITDA Project Aurora has been an important learning engine, allowing us to test multiple high- billion. FCF was negatively impacted by the timing of the final Apple payment of the year, in measuring our user metrics and other estimates; the limited operating history of our newer brands and business, capital return to shareholders through buybacks and the dividend, and selective To guide this work, I laid an Adjusted EBITDA Margin of 35%. Excluding the legal settlements, restructuring costs, operating income as items outside operating income are not allocated to segments. of 23%. Excluding the $14 million Federal Trade Commission legal settlement Hinge consists of the world-wide activity of the brand Hinge®. Options - The table above assumes the options are settled net of the option exercise price and employee helps us identify white and gray space where unmet user needs exist, and where we can conviction product changes together in a single market, Australia. In tests, Sparks went which we expected in December but did not receive until early January. For the full year services makes it difficult to evaluate our current business and future prospects; impacts of climate change; Now, let me go a level deeper on Tinder. We expect Total Match Group Adjusted EBITDA of $1.280 to $1.325 billion and Adjusted M&A. We plan to continue net settling employee equity awards in 2026 to reduce dilution. out a simple three-phase transformation. Reset the company. Revitalize the products. and the sale of an L.A. office building, each of which we’ve discussed in prior quarters, Three Months EndedMarch 31, 2026Year EndedDecember 31, 2026(In millions)Net income attributable to Match Group, Inc. shareholders$160 to $165$650 to $670Add back:Net income attributable to noncontrolling interests00Income tax provision38150 to 160Other income, net(7)(14) to (17)Interest expense43168 to 172Stock-based compensation expense61250 to 260Depreciation and amortization of intangibles2076 to 80Adjusted EBITDA$315 to $320$1,280 to $1,325Revenue$850 to $860$3,410 to $3,535Net Income Margin (at the mid-point of the ranges)19%19%Adjusted EBITDA Margin (at the mid-point of the ranges)37%38% withholding taxes, as is our practice, and the dilutive effect is presented as the net shares that would be issued charge and $6 million of restructuring costs, Adjusted EBITDA margin would have Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. We believe Adjusted EBITDA the integrity of our and third parties’ systems and infrastructure; cyberattacks on our systems and build or acquire products that meaningfully expand how people connect. from down 14% in December 2024 to down around 8% Y/Y in December 2025, and Sparks Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands, including Match®, 2025, we repurchased 24.7 million shares at an average price of $32 per share on a trade upon exercise. Withholding taxes paid by the Company on behalf of the employees upon exercise is EBITDA Margin of 37.5% at the mid-point of the ranges, as we reinvest savings into Tinder And drive a Resurgence with our audiences and, over time, our financials. Adjusted EBITDA margin would have been 38%, which meaningfully exceeded our 36.5% been 26%. Margin is useful for analysts and investors as this measure allows a more meaningful comparison between our infrastructure and cyberattacks experienced by third parties; our ability to access, collect, and use personal The most important leading indicators Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands and our Emerging We expect to use 100% of FCF for buybacks, dividends, and net settling employee equity estimated to be $4.0 million, assuming the stock price in the table above and a 50% estimated employee Coverage reversed declines from down 2% to up 2% Y/Y over that same time period. MAU Three Months Ended December 31, 2024TinderHingeE&EMG AsiaCorporate & unallocated costsEliminationsTotal Match Group(Dollars in thousands)Net income attributable to Match Group, Inc. shareholders$158,296Add back:Net loss attributable to redeemable noncontrolling interestsa(18)Income tax provisiona39,266Other income, neta(13,716)Interest expensea39,560Operating income (loss)(b)$226,346$30,556$26,021$(418)$(59,117)$ - $223,388Stock-based compensation expense23,58412,69512,9445,13514,848 - 69,206Depreciation9,2356215,8223,8771,029 - 20,584Impairments and amortization of intangibles - - 3,4717,295 - - 10,766Adjusted EBITDA$259,165$43,872$48,258$15,889$(43,240)$ - $323,944Revenue$488,341$147,688$158,094$66,754$ - $(701)$860,176Net Income Margin18%Operating Income (Loss) Margin(b)46%21%16%(1)%NANA26%Adjusted EBITDA Margin53%30%31%24%NANA38% date basis for a total of $789 million, paid $186 million in dividends, and deployed $129 and Hinge to drive the Revitalize phase of our transformation. Trust and safety is foundational to the Hinge experience. Built upon Tinder’s successful margin target provided at the beginning of 2025, primarily due to our restructuring efforts performance and that of our competitors. Adjusted EBITDA Margin has certain limitations in that it does not data about our users; breaches or unauthorized access of personal and confidential or sensitive user brands including, BLK®, ChispaTM, The League®, Archer®, Upward®, YuzuTM, Salams®, HERTM, and other smaller withholding tax rate. Closing Thoughts we track for product efficacy are Sparks awards over time; however, the percent of FCF used in any particular quarter or calendar We completed the Reset phase by putting user outcomes at the center of everything we trends have also improved in Australia, from down 12% in January 2025 to down 9% Y/Y in million of cash toward net share settlement of employee equity awards to reduce share •MG Asia Direct Revenue in Q4 was $66 million, down 2%, down 1% FXN. Azar® Direct take into account the impact to our consolidated statement of operations of certain expenses. information that we maintain and store; challenges with properly managing the use of artificial intelligence; rollout of Face Check™, Hinge is also rapidly testing the feature across key markets. By and alternative payments initiative. brands. RSUs and subsidiary denominated equity awards - The table above assumes RSUs are settled net of and Sparks Coverage. Sparks reflect the Our guidance assumes approximately $110 million of Adjusted EBITDA savings in 2026 year could vary due to a number of factors, including market conditions. While execution do, rationalizing costs, and shifting from a siloed organization to a more collaborative December 2025 and improvement was even more pronounced among women over the dilution, equating to 108% of Free Cash Flow in total. As of January 31, 2026, we’ve reduced Revenue was up 1% both as reported and FXN. Pairs™ Direct Revenue was down risks related to credit card payments; risks related to our use of “open source” software; complex and evolving I’ll close with this. employee withholding taxes, as is our practice, and the dilutive effect is presented as the net number of the end of Q1, we expect Tinder to launch Face Check globally in the majority of markets, Free Cash Flow is defined as net cash provided by operating activities, less capital expenditures. We believe number of users engaging in a six-way Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands Pairs® and Azar®. from alternative payments, based on current app store policies. The app store fees we pay in our existing businesses remains our top priority, we may use FCF for selective M&A, shares that would be issued upon vesting. Withholding taxes paid by the Company on behalf of the “One MG” approach. With that foundation in place, we are now firmly in the Revitalize same period. Importantly, the negative revenue impact from these product changes U.S., foreign, and international laws and regulations; our ability to protect our intellectual property rights or diluted shares outstanding by 7% Y/Y, a meaningful accomplishment. 5%, down 4% FXN. Across MG Asia, Payers increased 3% to 1.0 million, while RPP The early indicators give us confidence in our strategy and I expect more lagging and Hinge to have rolled out in some of its major markets. On Tinder, Face Check has led Free Cash Flow is useful to investors because it represents the cash that our operating businesses generate, employees upon vesting is estimated to be $258.1 million, assuming the stock price in the table above and a conversation, which we believe is a At the core of our vision for Match Group is a simple truth: humans need humans. In a accusations that we infringe upon the intellectual property rights of others; adverse outcomes in litigation; could change based on evolving litigation and regulatory changes both in the U.S. and in evaluated on a case-by-case basis. We will continue to target net leverage of 2.0x to 3.0x. phase, focused on delivering clear value to users and building experiences that lead to continues to be less than we expected. This gives us a lot of confidence that the declined 5% to $20.91. Adjusted EBITDA was $16 million, up 2%, representing an indicators like Y/Y MAU trends to improve throughout the year as we execute on the Direct Revenue is revenue that is received directly from end users of our services and includes both before taking into account non-operational cash movements. Free Cash Flow has certain limitations in that it 50% withholding rate. to a more than 50% reduction in interactions with bad actors in markets where it’s been Our Board of Directors declared a cash dividend of $0.20 per share, representing a 5% risks related to our taxation in multiple jurisdictions; risks related to our indebtedness; and risks relating to strong proxy for real connection. Sparks world facing a growing loneliness and mental health crisis, we believe Match Group is other jurisdictions, including the Epic Games v. Apple case which was recently sent back real human connection. turnaround is working. subscription and à la carte revenue. Adjusted EBITDA Margin of 25%. does not represent the total increase or decrease in the cash balance for the period, nor does it represent the product roadmap. Our objective is to re-establish Tinder as a sustainable growth business All performance-based and market-based awards reflect the expected shares that will vest based on current rolled out (with only a minimal impact on revenue), and we expect it to meaningfully ownership of our common stock. Certain of these and other risks and uncertainties are discussed in Match Taking a step back, we’ve reduced our diluted shares outstanding by 7% over the last increase from our prior quarterly dividend. The dividend is payable on April 21, 2026 to Coverage measures what percent of our uniquely positioned to make a positive impact by helping people form real connections. to the lower court. We continue to monitor these events closely and will determine the performance or market estimates. The table assumes no change in the fair value estimate of the subsidiary residual cash flow for discretionary expenditures. Therefore, we think it is important to evaluate Free Cash in 2027 and beyond by restoring durable user engagement and relevance at scale. While Group’s filings with the Securities and Exchange Commission. Other unknown or unpredictable factors that improve Hinge’s user experience as well. Indirect Revenue is revenue that is not received directly from end users of our services, a majority of which is year and our plan calls for a similar reduction in 2026. While we’re hard at work turning We have compelling 2026 product roadmaps across the company, and, at Tinder, I’m Building on this momentum, Hinge plans to expand to three additional Latin America shareholders of record as of April 7, 2026. The increased dividend reflects our commitment denominated equity awards from the values used for GAAP purposes at December 31, 2025. For the full year, MG Asia Direct Revenue was $267 million, down 6%, down 5% FXN. users get a Spark in that period. Both Flow along with our consolidated statement of cash flows. appropriate course of action if and when there are future changes to app store policies. could also adversely affect Match Group’s business, financial condition and results of operations may arise this approach involves making some near-term revenue trade offs, we believe it ultimately advertising revenue. We believe Match Group plays a fundamentally different role in people’s lives than most around Tinder’s MAU trends, we’re also aggressively reducing shares outstanding, which confident that by the end of this year the product will feel meaningfully different. Exchangeable Senior Notes - The Company has two series of Exchangeable Senior Notes outstanding. In markets in 2026 - Argentina, Chile and Peru - and into its first APAC market: India. Hinge to providing shareholders with a predictable and consistent form of capital return. The Excluding the exit of our live streaming businesses, MG Asia Direct Revenue would metrics are improving, including among from time to time. In light of these risks and uncertainties, these forward-looking statements may not prove to In Q1, Hinge is also testing features that help users get out on great dates faster, including strengthens Tinder’s long-term monetization engine, and will provide opportunities to We look at Free Cash Flow as a measure of the strength and performance of our businesses, not for valuation the event of an exchange, each series of Exchangeable Senior Notes can be settled in cash, shares, or a digital platforms. Our goal is clear: help users get off their phones and into the real world, At Tinder, we expect Direct Revenue to decline at approximately the same rate as 2025. we expect will leave us in a very attractive spot on the other side of this. has already built a meaningful organic presence in India with over one million MAU in dividend is expected to be paid on a quarterly basis going forward, subject to approval by Payers are unique users at a brand level in a given month from whom we earned Direct Revenue. When be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which have been flat Y/Y, up 1% FXN. Adjusted EBITDA was $66 million, up 9%, for an Gen Z users in the U.S. Globally, total combination of cash and shares. At the time of each Exchangeable Senior Notes issuance, the Company Direct to Date, which clarifies intent to accelerate IRL plans, and a redesigned purposes. In our view, applying “multiples” to Free Cash Flow is inappropriate because it is subject to timing, Before focusing on Tinder, I first want to highlight our financial performance in 2025 and increase both Payer Penetration and RPP, as user outcomes and the overall ecosystem where meaningful relationships actually form. Our guidance includes a three-point headwind from user experience tests and a onepresented as a quarter-to-date or year-to-date value, Payers represents the average of the monthly values for only reflect the views of Match Group management as of the date of this press release. Match Group does not 2025, growing 40% Y/Y without marketing spend. our Board of Directors. purchased call options with a strike price equal to the exchange price of each series of Exchangeable Senior Adjusted EBITDA Margin of 25%. Sparks were down 11% Y/Y in December seasonality and one-time events. We manage our business for cash, and we think it is of utmost importance onboarding experience to build confidence in profile creation. Hinge also plans to roll out our expectations for 2026, which Steve will then cover in more detail. improves. the respective period presented. At a consolidated level and a business unit level to the extent a business unit undertake to update these forward-looking statements. Notes (“Note Hedge”), which can be used to offset the dilution of each series of the Exchangeable Senior point headwind from the full rollout of Face Check. It also includes a $50 million increase to maximize cash - but our primary valuation metric is Adjusted EBITDA. 2024 compared to down 5% Y/Y in an AI-driven feature, Convo Starters, to more countries following its successful rollout in Long-term value creation depends on delivering successful outcomes for our users. Notes. No dilution is reflected in the table above for any of the Exchangeable Senior Notes because it is the consists of multiple brands, duplicate Payers may exist when we earn revenue from the same individual at Overall, Hinge is on track with the targets we have shared previously and demonstrates in Tinder marketing spend, for a total budget of approximately $230 million, as we test Company’s intention to settle the Exchangeable Senior Notes with cash equal to the face amount of the December 2025. Similarly, global Sparks On March 12, Tinder will host our first ever product event in Los Angeles to showcase multiple brands in a given month, as we are unable to identify unique individuals across brands in the Match the U.S. in December. People will only use our products if they work. We believe AI is a core enabler of how we Revenue Excluding Foreign Exchange Effects is calculated by translating current period revenues using how a strong focus on product-market fit and user outcomes can drive durable growth into marketing to support our product turnaround and user growth efforts. We expect notes; any shares issued would be offset by shares received upon exercise of the Note Hedge. Group portfolio. Coverage improved from down 1% to up upcoming feature updates, AI-driven innovations, and a deeper look into our roadmap. prior period exchange rates. The percentage change in Revenue Excluding Foreign Exchange Effects is improve relevance and matching, strengthen trust and safety at scale, and increase the and long-term shareholder value. Warrants - At the time of the issuance of each series of Exchangeable Senior Notes, the Company also sold Adjusted EBITDA margins of approximately 50% with alternative payments savings Hinge is poised to stay at the forefront of product innovation in the category, and it calculated by determining the change in current period revenues over prior period revenues where current 4% Y/Y over that same time period. Our product work is paying off. The event will be webcast and available via our IR website. speed at which we learn and iterate. Reconciliation of Forecasted Operating Cash Flow to Free Cash Flow warrants for the number of shares with the strike prices reflected in the table above. The cash generated from Revenue Per Payer (“RPP”) is the average monthly revenue earned from a Payer and is Direct Revenue for a helping to offset higher marketing spend. period revenues are translated using prior period exchange rates. We believe the impact of foreign exchange continues to show broad appeal not only in the U.S., but across every international market the exercise of the warrants is assumed to be used to repurchase Match Group shares and the resulting net ______________________ Year EndedDecember 31, 2026(In millions)Net cash provided by operating activities$1,150 to $1,190Capital expenditures(55 to 65)Free Cash Flow$1,085 to $1,135 period divided by the Payers in the period, further divided by the number of months in the period. rates on Match Group, due to its global reach, may be an important factor in understanding period over dilution, if any, is reflected in the table above. it has entered. Hinge officially entered its first non-English-speaking market in Q2’22, The early progress we’re seeing in our technology, product quality, and user outcomes (a) These items are not allocated to a segment. At Hinge, we expect continued strong Direct Revenue growth in the low-to-mid 20%s and period comparisons if movement in rates is significant. Since our results are reported in U.S. dollars, Monthly Active User (“MAU”) is a unique registered user at a brand level who has visited the brand’s app or, if supported by already strong organic traction. reinforce our decision to double down on these initiatives, all while maintaining a international revenues are favorably impacted as the U.S. dollar weakens relative to other currencies, and applicable, their website in the given month. For measurement periods that span multiple months, the Adjusted EBITDA margins in the mid-to-high 30%s, with robust margin expansion driven (b) At a segment level, the closest GAAP measure is operating income as items outside operating income are not allocated commitment to returning meaningful capital to shareholders through buybacks and the unfavorably impacted as the U.S. dollar strengthens relative to other currencies. We believe the presentation average of each month is used. At a consolidated level and a business unit level to the extent a business unit to segments. by our plan to reinvest only about 1/3rd of Hinge’s expected savings from alternative 2025 Adjusted EBITDA includes $75 million of legal settlement costs, $22 million of restructuring and related costs, and an $8 million gain on the sale of one of our two buildings in L.A. As defined on page 17. Source: Match Group survey of 2,500 U.S. adult singles conducted in late September 2025 to early October 2025. 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). European expansion markets where Hinge is actively marketing include: France, Germany, Austria, Switzerland, Denmark, Finland, Sweden, Norway, Spain, Italy, Netherlands, and Belgium. Source: Sensor Tower. Combined downloads and rank across Apple App Store and Google Play Store. 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. As defined on page 17. dividend, and boosts our confidence in the turnaround already underway at Match Group. of revenue excluding foreign exchange effects in addition to reported revenue helps improve the ability to consists of multiple brands, duplicate users will exist within MAU when the same individual visits multiple payments. Hinge remains on track to achieve $1 billion in revenue in 2027 with continued understand Match Group’s performance because it excludes the impact of foreign currency volatility that is brands in a given month. 2025 Adjusted EBITDA includes $75 million of legal settlement costs, $22 million of restructuring and related costs, and an $8 million gain on the sale of one of our two buildings in L.A. margin expansion. As defined on page 17. not indicative of Match Group’s core operating results.
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