Three Months Ended June 30, | |||||
(Dollars in millions, except RPP, Payers in thousands) | 2026 | 2025 | Y/Y Change | ||
Total Revenue | $853 | $864 | (1)% | ||
Direct Revenue | $840 | $845 | (1)% | ||
Net income attributable to Match Group, Inc. shareholders | $171 | $125 | 36% | ||
Net Income Margin | 20% | 15% | |||
Adjusted EBITDA | $331 | $290 | 14% | ||
Adjusted EBITDA Margin | 39% | 34% | |||
Payers | 13,250 | 14,093 | (6)% | ||
RPP | $21.13 | $20.00 | 6% | ||
Three Months Ended June 30, | |||||||||
(Dollars in thousands) | 2026 | % of Revenue | 2025 | % of Revenue | Y/Y Change | ||||
Cost of revenue | $204,262 | 24% | $241,938 | 28% | (16)% | ||||
Selling and marketing expense | 158,253 | 19% | 148,254 | 17% | 7% | ||||
General and administrative expense | 106,468 | 12% | 136,555 | 16% | (22)% | ||||
Product development expense | 114,816 | 13% | 114,511 | 13% | —% | ||||
Depreciation | 15,325 | 2% | 18,061 | 2% | (15)% | ||||
Amortization of intangibles | 8,531 | 1% | 10,498 | 1% | (19)% | ||||
Total operating costs and expenses | $607,655 | 71% | $669,817 | 78% | (9)% | ||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
(In thousands, except per share data) | |||||||
Revenue | $853,105 | $863,738 | $1,717,039 | $1,694,916 | |||
Operating costs and expenses: | |||||||
Cost of revenue (exclusive of depreciation shown separately below) | 204,262 | 241,938 | 414,918 | 478,846 | |||
Selling and marketing expense | 158,253 | 148,254 | 321,283 | 305,350 | |||
General and administrative expense | 106,468 | 136,555 | 195,596 | 248,075 | |||
Product development expense | 114,816 | 114,511 | 231,621 | 235,365 | |||
Depreciation | 15,325 | 18,061 | 29,457 | 39,790 | |||
Impairments and amortization of intangibles | 8,531 | 10,498 | 42,298 | 20,976 | |||
Total operating costs and expenses | 607,655 | 669,817 | 1,235,173 | 1,328,402 | |||
Operating income | 245,450 | 193,921 | 481,866 | 366,514 | |||
Interest expense | (42,381) | (32,160) | (84,906) | (67,416) | |||
Other income (expense), net | 11,579 | (4,056) | 18,219 | (1,440) | |||
Income before income taxes | 214,648 | 157,705 | 415,179 | 297,658 | |||
Income tax provision | (44,102) | (32,227) | (77,788) | (54,609) | |||
Net income | 170,546 | 125,478 | 337,391 | 243,049 | |||
Net income attributable to noncontrolling interests | — | — | (8) | (1) | |||
Net income attributable to Match Group, Inc. shareholders | $170,546 | $125,478 | $337,383 | $243,048 | |||
Net earnings per share attributable to Match Group, Inc. shareholders: | |||||||
Basic | $0.73 | $0.51 | $1.45 | $0.98 | |||
Diluted | $0.70 | $0.49 | $1.37 | $0.93 | |||
Basic shares outstanding | 232,504 | 244,370 | 232,970 | 247,731 | |||
Diluted shares outstanding | 247,757 | 263,773 | 249,620 | 267,832 | |||
Stock-based compensation expense by function: | |||||||
Cost of revenue | $1,379 | $1,715 | $2,846 | $3,550 | |||
Selling and marketing expense | 2,726 | 3,124 | 5,334 | 5,866 | |||
General and administrative expense | 22,968 | 25,736 | 42,730 | 52,742 | |||
Product development expense | 34,948 | 36,892 | 69,678 | 75,703 | |||
Total stock-based compensation expense | $62,021 | $67,467 | $120,588 | $137,861 | |||
June 30, 2026 | December 31, 2025 | ||
(In thousands) | |||
ASSETS | |||
Cash and cash equivalents | $580,580 | $1,027,838 | |
Short-term investments | 3,228 | 3,461 | |
Accounts receivable, net | 279,307 | 303,495 | |
Other current assets | 89,111 | 92,500 | |
Total current assets | 952,226 | 1,427,294 | |
Property and equipment, net | 146,255 | 131,159 | |
Goodwill | 2,335,189 | 2,339,350 | |
Intangible assets, net | 152,985 | 192,929 | |
Deferred income taxes | 180,442 | 216,057 | |
Other non-current assets | 266,818 | 154,022 | |
TOTAL ASSETS | $4,033,915 | $4,460,811 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
LIABILITIES | |||
Current maturities of long-term debt, net | $— | $423,580 | |
Accounts payable | 26,609 | 9,577 | |
Deferred revenue | 152,738 | 151,337 | |
Accrued expenses and other current liabilities | 373,025 | 422,051 | |
Total current liabilities | 552,372 | 1,006,545 | |
Long-term debt, net of current maturities | 3,551,878 | 3,549,099 | |
Income taxes payable | 48,806 | 43,522 | |
Deferred income taxes | 1,552 | 10,732 | |
Other long-term liabilities | 116,362 | 104,309 | |
Commitments and contingencies | |||
SHAREHOLDERS’ EQUITY | |||
Common stock | 305 | 300 | |
Additional paid-in capital | 8,663,665 | 8,721,015 | |
Retained deficit | (5,628,924) | (5,966,307) | |
Accumulated other comprehensive loss | (441,337) | (422,620) | |
Treasury stock | (2,830,764) | (2,585,892) | |
Total Match Group, Inc. shareholders’ equity | (237,055) | (253,504) | |
Noncontrolling interests | — | 108 | |
Total shareholders’ equity | (237,055) | (253,396) | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $4,033,915 | $4,460,811 | |
Six Months Ended June 30, | |||
2026 | 2025 | ||
(In thousands) | |||
Cash flows from operating activities: | |||
Net income | $337,391 | $243,049 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation expense | 120,588 | 137,861 | |
Depreciation | 29,457 | 39,790 | |
Impairments and amortization of intangibles | 42,298 | 20,976 | |
Deferred income taxes | 26,726 | (7,908) | |
Other adjustments, net | (1,985) | 15,721 | |
Changes in assets and liabilities | |||
Accounts receivable | 22,487 | (12,739) | |
Other assets | 12,570 | 32,304 | |
Accounts payable and other liabilities | (47,425) | (19,438) | |
Income taxes payable and receivable | 20,060 | (6,071) | |
Deferred revenue | 2,032 | (6,586) | |
Net cash provided by operating activities | 564,199 | 436,959 | |
Cash flows from investing activities: | |||
Capital expenditures | (37,698) | (28,297) | |
Purchases of investments | (112,000) | — | |
Other, net | 12 | (25,976) | |
Net cash used in investing activities | (149,686) | (54,273) | |
Cash flows from financing activities: | |||
Principal payments on Term Loan | — | (425,000) | |
Payments to settle exchangeable notes | (423,854) | — | |
Proceeds from issuance of common stock pursuant to stock-based awards and employee stock purchase plan | 3,157 | 3,598 | |
Withholding taxes paid on behalf of employees on net settled stock-based awards | (92,489) | (89,921) | |
Dividends | (90,929) | (94,968) | |
Purchases of treasury stock | (245,400) | (419,676) | |
Purchase of noncontrolling interests | (232) | (84) | |
Other, net | (6,010) | (6,225) | |
Net cash used in financing activities | (855,757) | (1,032,276) | |
Total cash used | (441,244) | (649,590) | |
Effect of exchange rate changes on cash and cash equivalents | (6,014) | 18,840 | |
Net decrease in cash and cash equivalents | (447,258) | (630,750) | |
Cash and cash equivalents at beginning of period | 1,027,838 | 965,993 | |
Cash and cash equivalents at end of period | $580,580 | $335,243 | |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
(Dollars in thousands) | |||||||
Net income attributable to Match Group, Inc. shareholders | $170,546 | $125,478 | $337,383 | $243,048 | |||
Add back: | |||||||
Net income attributable to noncontrolling interests | — | — | 8 | 1 | |||
Income tax provision | 44,102 | 32,227 | 77,788 | 54,609 | |||
Other (income) expense, net | (11,579) | 4,056 | (18,219) | 1,440 | |||
Interest expense | 42,381 | 32,160 | 84,906 | 67,416 | |||
Stock-based compensation expense | 62,021 | 67,467 | 120,588 | 137,861 | |||
Depreciation | 15,325 | 18,061 | 29,457 | 39,790 | |||
Impairments and amortization of intangibles | 8,531 | 10,498 | 42,298 | 20,976 | |||
Adjusted EBITDA | $331,327 | $289,947 | $674,209 | $565,141 | |||
Revenue | $853,105 | $863,738 | $1,717,039 | $1,694,916 | |||
Net Income Margin | 20% | 15% | 20% | 14% | |||
Adjusted EBITDA Margin | 39% | 34% | 39% | 33% | |||
Twelve months ended June 30, 2026 | |
(In thousands) | |
Net income attributable to Match Group, Inc. shareholders | $707,781 |
Add back: | |
Net income attributable to noncontrolling interests | 22 |
Income tax provision | 155,721 |
Other income, net | (40,684) |
Interest expense | 165,041 |
Stock-based compensation expense | 240,929 |
Depreciation | 56,779 |
Impairments and amortization of intangibles | 59,870 |
Adjusted EBITDA | $1,345,459 |
Six months ended June 30, 2026 | |
(In thousands) | |
Net cash provided by operating activities | $564,199 |
Capital expenditures | (37,698) |
Free Cash Flow | $526,501 |
Three Months Ended September 30, 2026 | |
(In millions) | |
Net income attributable to Match Group, Inc. shareholders | $175 to $180 |
Add back: | |
Income tax provision | 41 |
Other income, net | (5) |
Interest expense | 42 |
Stock-based compensation expense | 58 |
Depreciation and amortization of intangibles | 19 |
Adjusted EBITDA | $330 to $335 |
Revenue | $885 to $895 |
Net Income Margin (at the mid-point of the ranges) | 20% |
Adjusted EBITDA Margin (at the mid-point of the ranges) | 37% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | $ Change | % Change | 2025 | 2026 | $ Change | % Change | 2025 | ||||||||
(Dollars in millions, rounding differences may occur) | |||||||||||||||
Total Revenue, as reported | $853.1 | $(10.6) | (1)% | $863.7 | $1,717.0 | $22.1 | 1% | $1,694.9 | |||||||
Foreign exchange effects | (6.6) | (38.2) | |||||||||||||
Total Revenue, excluding foreign exchange effects | $846.5 | $(17.2) | (2)% | $863.7 | $1,678.8 | $(16.1) | (1)% | $1,694.9 | |||||||
Average Exercise Price | 7/31/2026 | ||
Share Price | $39.41 | ||
Absolute Shares | 229.6 | ||
Equity Awards | |||
Options | $20.79 | 0.1 | |
RSUs and subsidiary denominated equity awards | 7.7 | ||
Total Dilution - Equity Awards | 7.8 | ||
Outstanding Warrants | |||
Warrants expiring on September 15, 2026 (5.0 million outstanding) | $129.39 | — | |
Warrants expiring on April 15, 2030 (7.1 million outstanding) | $129.45 | — | |
Total Dilution - Outstanding Warrants | — | ||
Total Dilution | 7.8 | ||
% Dilution | 3.3% | ||
Total Diluted Shares Outstanding | 237.3 |
Tanny Shelburne Match Group Investor Relations ir@match.com | Match Group Corporate Communications matchgroupPR@match.com |
Match Group 8750 North Central Expressway, Suite 1400, Dallas, TX 75231, (214) 576-9352 https://mtch.com | |