Three Months Ended March 31, | |||||
(Dollars in millions, except RPP, Payers in thousands) | 2026 | 2025 | Y/Y Change | ||
Total Revenue | $864 | $831 | 4% | ||
Direct Revenue | $848 | $812 | 4% | ||
Net income attributable to Match Group, Inc. shareholders | $167 | $118 | 42% | ||
Net Income Margin | 19% | 14% | |||
Adjusted EBITDA | $343 | $275 | 25% | ||
Adjusted EBITDA Margin | 40% | 33% | |||
Payers | 13,521 | 14,198 | (5)% | ||
RPP | $20.90 | $19.07 | 10% | ||
Three Months Ended March 31, | |||||||||
(Dollars in thousands) | 2026 | % of Revenue | 2025 | % of Revenue | Y/Y Change | ||||
Cost of revenue | $210,656 | 24% | $236,908 | 29% | (11)% | ||||
Selling and marketing expense | 163,030 | 19% | 157,096 | 19% | 4% | ||||
General and administrative expense | 89,128 | 10% | 111,520 | 13% | (20)% | ||||
Product development expense | 116,805 | 14% | 120,854 | 15% | (3)% | ||||
Depreciation | 14,132 | 2% | 21,729 | 3% | (35)% | ||||
Impairments and amortization of intangibles | 33,767 | 4% | 10,478 | 1% | 222% | ||||
Total operating costs and expenses | $627,518 | 73% | $658,585 | 79% | (5)% | ||||
Three Months Ended March 31, | |||
2026 | 2025 | ||
(In thousands, except per share data) | |||
Revenue | $863,934 | $831,178 | |
Operating costs and expenses: | |||
Cost of revenue (exclusive of depreciation shown separately below) | 210,656 | 236,908 | |
Selling and marketing expense | 163,030 | 157,096 | |
General and administrative expense | 89,128 | 111,520 | |
Product development expense | 116,805 | 120,854 | |
Depreciation | 14,132 | 21,729 | |
Impairment and amortization of intangibles | 33,767 | 10,478 | |
Total operating costs and expenses | 627,518 | 658,585 | |
Operating income | 236,416 | 172,593 | |
Interest expense | (42,525) | (35,256) | |
Other income, net | 6,640 | 2,616 | |
Income before income taxes | 200,531 | 139,953 | |
Income tax provision | (33,686) | (22,382) | |
Net income | 166,845 | 117,571 | |
Net income attributable to noncontrolling interests | (8) | (1) | |
Net income attributable to Match Group, Inc. shareholders | $166,837 | $117,570 | |
Net earnings per share attributable to Match Group, Inc. shareholders: | |||
Basic | $0.71 | $0.47 | |
Diluted | $0.68 | $0.44 | |
Basic shares outstanding | 233,441 | 251,130 | |
Diluted shares outstanding | 251,477 | 271,928 | |
Stock-based compensation expense by function: | |||
Cost of revenue | $1,467 | $1,835 | |
Selling and marketing expense | 2,608 | 2,742 | |
General and administrative expense | 19,762 | 27,006 | |
Product development expense | 34,730 | 38,811 | |
Total stock-based compensation expense | $58,567 | $70,394 | |
March 31, 2026 | December 31, 2025 | ||
(In thousands) | |||
ASSETS | |||
Cash and cash equivalents | $1,020,095 | $1,027,838 | |
Short-term investments | 3,298 | 3,461 | |
Accounts receivable, net | 293,186 | 303,495 | |
Other current assets | 105,609 | 92,500 | |
Total current assets | 1,422,188 | 1,427,294 | |
Property and equipment, net | 138,877 | 131,159 | |
Goodwill | 2,336,995 | 2,339,350 | |
Intangible assets, net | 152,411 | 192,929 | |
Deferred income taxes | 195,649 | 216,057 | |
Other non-current assets | 161,817 | 154,022 | |
TOTAL ASSETS | $4,407,937 | $4,460,811 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
LIABILITIES | |||
Current maturities of long-term debt, net | $423,729 | $423,580 | |
Accounts payable | 9,309 | 9,577 | |
Deferred revenue | 150,252 | 151,337 | |
Accrued expenses and other current liabilities | 323,303 | 422,051 | |
Total current liabilities | 906,593 | 1,006,545 | |
Long-term debt, net of current maturities | 3,550,473 | 3,549,099 | |
Income taxes payable | 45,873 | 43,522 | |
Deferred income taxes | 1,781 | 10,732 | |
Other long-term liabilities | 121,334 | 104,309 | |
Commitments and contingencies | |||
SHAREHOLDERS’ EQUITY | |||
Common stock | 303 | 300 | |
Additional paid-in capital | 8,661,187 | 8,721,015 | |
Retained deficit | (5,799,470) | (5,966,307) | |
Accumulated other comprehensive loss | (434,141) | (422,620) | |
Treasury stock | (2,645,996) | (2,585,892) | |
Total Match Group, Inc. shareholders’ equity | (218,117) | (253,504) | |
Noncontrolling interests | — | 108 | |
Total shareholders’ equity | (218,117) | (253,396) | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $4,407,937 | $4,460,811 | |
Three Months Ended March 31, | |||
2026 | 2025 | ||
(In thousands) | |||
Cash flows from operating activities: | |||
Net income | $166,845 | $117,571 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation expense | 58,567 | 70,394 | |
Depreciation | 14,132 | 21,729 | |
Impairments and amortization of intangibles | 33,767 | 10,478 | |
Deferred income taxes | 11,641 | (3,722) | |
Other adjustments, net | 2,211 | 5,325 | |
Changes in assets and liabilities | |||
Accounts receivable | 8,992 | 2,510 | |
Other assets | (9,450) | 15,230 | |
Accounts payable and other liabilities | (98,042) | (49,339) | |
Income taxes payable and receivable | 6,491 | 11,525 | |
Deferred revenue | (796) | (8,584) | |
Net cash provided by operating activities | 194,358 | 193,117 | |
Cash flows from investing activities: | |||
Capital expenditures | (20,384) | (15,427) | |
Other, net | — | (1,067) | |
Net cash used in investing activities | (20,384) | (16,494) | |
Cash flows from financing activities: | |||
Principal payments on Term Loan | — | (425,000) | |
Proceeds from issuance of common stock pursuant to stock-based awards and employee stock purchase plan | — | 378 | |
Withholding taxes paid on behalf of employees on net settled stock-based awards | (74,848) | (78,749) | |
Dividends | (44,189) | (47,791) | |
Purchase of treasury stock | (60,104) | (188,676) | |
Purchase of noncontrolling interests | (232) | (84) | |
Other, net | — | (374) | |
Net cash used in financing activities | (179,373) | (740,296) | |
Total cash used | (5,399) | (563,673) | |
Effect of exchange rate changes on cash and cash equivalents | (2,344) | 7,102 | |
Net decrease in cash and cash equivalents | (7,743) | (556,571) | |
Cash, cash equivalents, and restricted cash at beginning of period | 1,027,838 | 965,993 | |
Cash, cash equivalents, and restricted cash at end of period | $1,020,095 | $409,422 | |
Three Months Ended March 31, | |||
2026 | 2025 | ||
(Dollars in thousands) | |||
Net income attributable to Match Group, Inc. shareholders | $166,837 | $117,570 | |
Add back: | |||
Net income attributable to noncontrolling interests | 8 | 1 | |
Income tax provision | 33,686 | 22,382 | |
Other income, net | (6,640) | (2,616) | |
Interest expense | 42,525 | 35,256 | |
Stock-based compensation expense | 58,567 | 70,394 | |
Depreciation | 14,132 | 21,729 | |
Impairment and amortization of intangibles | 33,767 | 10,478 | |
Adjusted EBITDA | $342,882 | $275,194 | |
Revenue | $863,934 | $831,178 | |
Net Income Margin | 19% | 14% | |
Adjusted EBITDA Margin | 40% | 33% | |
Twelve months ended March 31, 2026 | |
(In thousands) | |
Net income attributable to Match Group, Inc. shareholders | $662,713 |
Add back: | |
Net income attributable to noncontrolling interests | 22 |
Income tax provision | 143,846 |
Other income, net | (25,049) |
Interest expense | 154,820 |
Stock-based compensation expense | 246,375 |
Depreciation | 59,515 |
Impairment and amortization of intangibles | 61,837 |
Adjusted EBITDA | $1,304,079 |
Three months ended March 31, 2026 | |
(In thousands) | |
Net cash provided by operating activities | $194,358 |
Capital expenditures | (20,384) |
Free Cash Flow | $173,974 |
Three Months Ended June 30, 2026 | |
(In millions) | |
Net income attributable to Match Group, Inc. shareholders | $160 to $165 |
Add back: | |
Income tax provision | 40 |
Other income, net | (6) |
Interest expense | 43 |
Stock-based compensation expense | 65 |
Depreciation and amortization of intangibles | 23 |
Adjusted EBITDA | $325 to $330 |
Revenue | $850 to $860 |
Net Income Margin (at the mid-point of the ranges) | 19% |
Adjusted EBITDA Margin (at the mid-point of the ranges) | 38% |
Three Months Ended March 31, | |||||||
2026 | $ Change | % Change | 2025 | ||||
(Dollars in millions, rounding differences may occur) | |||||||
Total Revenue, as reported | $863.9 | $32.8 | 4% | $831.2 | |||
Foreign exchange effects | (31.6) | ||||||
Total Revenue, excluding foreign exchange effects | $832.3 | $1.1 | —% | $831.2 | |||
Average Exercise Price | 4/30/2026 | ||
Share Price | $37.42 | ||
Absolute Shares | 233.3 | ||
Equity Awards | |||
Options | $18.79 | 0.1 | |
RSUs and subsidiary denominated equity awards | 9.0 | ||
Total Dilution - Equity Awards | 9.1 | ||
Outstanding Warrants | |||
Warrants expiring on September 15, 2026 (5.0 million outstanding) | $130.08 | — | |
Warrants expiring on April 15, 2030 (7.1 million outstanding) | $130.14 | — | |
Total Dilution - Outstanding Warrants | — | ||
Total Dilution | 9.1 | ||
% Dilution | 3.8% | ||
Total Diluted Shares Outstanding | 242.4 |
Tanny Shelburne Match Group Investor Relations ir@match.com | Vidhya Murugesan Match Group Corporate Communications matchgroupPR@match.com |
Match Group 8750 North Central Expressway, Suite 1400, Dallas, TX 75231, (214) 576-9352 https://mtch.com | |