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, Feb. 3, 2026 /PRNewswire/ -- Match Group $(MTCH)$ 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(1) 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.
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 items2 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 outstanding3 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 Y/Y Y/Y
thousands) 2025 2024 Change 2025 2024 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 %
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$(TM)$, Tinder's new facial verification
feature, has led to a more than 50% reduction in interactions with bad
actors4 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 markets5 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 20256.
-- 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.
Financial Results
Consolidated Operating Costs and Expenses
Three Months Ended December 31,
--------------------------------------------------
% of % of Y/Y
(Dollars in thousands) 2025 Revenue 2024 Revenue 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.
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