Match Group Inc.

11/03/2026 | Press release | Distributed by Public on 11/03/2026 05:01

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of
Operations
During the quarter ended June 30, 2026, we reorganized our brands into three operating
segments. Specifically, the Evergreen and Emerging and MG Asia operating segments were combined
into a new segment called "Everyone Everywhere." This change has been reflected in all historical
periods presented. The Tinder and Hinge operating segments remain unchanged.
Key Terms:
Operating and financial metrics:
•Tinder consists of the world-wide activity of the brand Tinder®.
•Hinge consists of the world-wide activity of the brand Hinge®.
•Everyone Everywhere ("E&E") consists of the world-wide activity of the brands Match®,
BLK®, OurTime®, Upward®, HER™, The League®, Pairs™, Azar®, and other brands.
•Corporate and unallocated costs includes 1) corporate expenses (such as executive
management, investor relations, corporate development, board of directors, and public
company listing fees), 2) portions of corporate services (such as legal, human resources,
accounting, and tax), and 3) certain centrally managed services and technology that have not
been allocated to the individual business segments (such as central trust and safety
operations and certain shared software).
•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 an end user of our services,
substantially all 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.
Operating costs and expenses:
•Cost of revenue consists primarily of the amortization of in-app purchase fees, Variable
Expenses (defined below), and employee compensation expense and stock-based
compensation expense for personnel engaged in data center and customer care functions.
•Selling and marketing expense consists primarily of cost of acquisition expense and
employee compensation expense and stock-based compensation expense for personnel
engaged in selling and marketing, sales support, and public relations functions.
•General and administrative expense consists primarily of employee compensation expense
and stock-based compensation expense for personnel engaged in executive management,
finance, legal, tax, and human resources, fees for professional services (including transaction-
related costs for acquisitions), and facilities costs.
•Product development expense consists primarily of employee compensation expense and
stock-based compensation expense that are not otherwise capitalized for personnel engaged
in the design, development, testing, and enhancement of our services and related technology.
•In-app purchase fees consists of the amortization of in-app purchase fees, which are monies
paid to Apple and Google in connection with the processing of in-app purchases of
subscriptions and service features through the in-app payment systems provided by Apple and
Google. Additionally, fees paid to Apple and Google for transactions not processed through
their in-app payment systems are included within in-app purchase fees.
•Variable Expenses consists primarily of hosting fees, credit card processing fees, and rent,
energy, and bandwidth costs associated with data centers.
•Cost of acquisition consists primarily of advertising expenditures, including online marketing
(fees paid to search engines and social media sites), offline marketing, including television and
print advertising, and production of advertising content.
•Employee compensation expense consists primarily of compensation expense (excluding
stock-based compensation expense) and other employee-related costs that are not otherwise
capitalized.
•Stock-based compensation expense consists principally of expense associated with awards
of restricted stock units ("RSUs"), performance-based RSUs, and market-based awards that is
not otherwise capitalized and not paid in cash.
Long-term debt:
•Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. As
of September 30, 2026 and December 31, 2025, there was $0.6 million outstanding in letters
of credit and $499.4 million of availability under the Credit Facility.
•5.00% Senior Notes - MG Holdings II's 5.00% Senior Notes due December 15, 2027, with
interest payable each June 15 and December 15, which were issued on December 4, 2017. As
of September 30, 2026, $450 million aggregate principal amount was outstanding.
•4.625% Senior Notes - MG Holdings II's 4.625% Senior Notes due June 1, 2028, with interest
payable each June 1 and December 1, which were issued on May 19, 2020. As of
September 30, 2026, $500 million aggregate principal amount was outstanding.
•5.625% Senior Notes - MG Holdings II's 5.625% Senior Notes due February 15, 2029, with
interest payable each February 15 and August 15, which were issued on February 15, 2019.
As of September 30, 2026, $350 million aggregate principal amount was outstanding.
•4.125% Senior Notes - MG Holdings II's 4.125% Senior Notes due August 1, 2030, with
interest payable each February 1 and August 1, which were issued on February 11, 2020. As
of September 30, 2026, $500 million aggregate principal amount was outstanding.
•3.625% Senior Notes - MG Holdings II's 3.625% Senior Notes due October 1, 2031, with
interest payable each April 1 and October 1, which were issued on October 4, 2021. As of
September 30, 2026, $500 million aggregate principal amount was outstanding.
•6.125% Senior Notes - MG Holdings II's 6.125% Senior Notes due September 15, 2033, with
interest payable each March 15 and September 15, which were issued on August 20, 2025.
As of September 30, 2026, $700 million aggregate principal amount was outstanding.
•2026 Exchangeable Notes - The 0.875% Exchangeable Senior Notes which were repaid at
maturity on June 15, 2026.
•2030 Exchangeable Notes - The 2.00% Exchangeable Senior Notes due January 15, 2030
issued by Match Group FinanceCo 3, Inc., a subsidiary of the Company, which are
exchangeable into shares of the Company's common stock. Interest is payable each January
15 and July 15. As of September 30, 2026, $575 million aggregate principal amount was
outstanding.
Non-GAAP financial measure:
•Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted
EBITDA") - is a Non-GAAP financial measure. See "Non-GAAP Financial Measures" below for
the definition of Adjusted EBITDA and a reconciliation of net income attributable to Match
Group, Inc. to Adjusted EBITDA.
Management Overview
Match Group, Inc., is leading the next chapter of human connection. Our global portfolio of brands
- including Tinder, Hinge, Match, Pairs, Upward, OurTime, The League, HER, Azar, and more - spark
meaningful real-world connections across cultures, communities, and every stage of life.
We manage our portfolio of brands in three business units: Tinder, Hinge, and Everyone
Everywhere.
As used herein, "Match Group," the "Company," "we," "our," "us," and similar terms refer to Match
Group, Inc. and its subsidiaries, unless the context indicates otherwise.
For a more detailed description of the Company's operating businesses, see "Item 1. Business" of
the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Azar Business Update
On February 22, 2026, Apple removed the Azar app from the Apple App Store following a February
6, 2026 update to Apple's App Review Guidelines. Updates were subsequently made to the app to
comply with the updated guidelines, which led to the reinstatement of a new version on April 6, 2026.
The app updates necessitated by the new guidelines resulted in lower monetization from the new app.
This change, together with Azar's absence from the App Store from February 22 to April 6, 2026,
resulted in lower Direct Revenue for the three and nine months ended September 30, 2026.
During the quarter ended March 31, 2026, we also updated the business forecast associated with
the Azar app, which resulted in an impairment of $25.2 million to the indefinite-lived asset associated
with the Azar trade name, which was reclassified to a definite-lived intangible asset as of March 31,
2026.
Additional Information
Investors and others should note that we announce material financial and operational information
to our investors using our investor relations website at https://ir.mtch.com, our newsroom website at
https://mtch.com/news, Tinder's newsroom website at www.tinderpressroom.com, Hinge's newsroom
website at https://hinge.co/press, Securities and Exchange Commission ("SEC") filings, press releases,
and public conference calls. We use these channels as well as social media to communicate with our
users and the public about our company, our services, and other issues. It is possible that the
information we post on social media could be deemed to be material information. Accordingly, investors,
the media, and others interested in our company should monitor the websites listed above and the
social media channels listed on our investor relations website in addition to following our SEC filings,
press releases, and public conference calls. Neither the information on our website, nor the information
on the website of any Match Group business, is incorporated by reference into this report, or into any
other filings with, or into any other information furnished or submitted to, the SEC.
Results of Operations for the three and nine months ended September 30, 2026 compared to the
three and nine months ended September 30, 2025
Revenue
Three Months Ended September 30,
Nine Months Ended September 30,
2026
$ Change
% Change
2025
2026
$ Change
% Change
2025
(In thousands, except RPP)
Revenue
Direct Revenue:
Tinder
$480,019
$(10,594)
(2)%
$490,613
$1,392,180
$(6,987)
-%
$1,399,167
Hinge
220,586
35,915
19%
184,671
618,616
114,199
23%
504,417
Everyone Everywhere
176,019
(45,358)
(20)%
221,377
553,619
(97,358)
(15)%
650,977
Total Direct Revenue
876,624
(20,037)
(2)%
896,661
2,564,415
9,854
-%
2,554,561
Indirect Revenue
14,608
(3,006)
(17)%
17,614
43,856
(10,774)
(20)%
54,630
Total Revenue
$891,232
$(23,043)
(3)%
$914,275
$2,608,271
$(920)
-%
$2,609,191
Payers:
Tinder
8,879
(379)
(4)%
9,258
8,677
(434)
(5)%
9,111
Hinge
2,312
23%
1,873
2,106
19%
1,772
Everyone Everywhere
2,598
(798)
(23)%
3,396
2,737
(652)
(19)%
3,389
Total
13,789
(738)
(5)%
14,527
13,520
(752)
(5)%
14,272
(Change calculated using non-rounded numbers)
RPP:
Tinder
$18.02
$0.36
2%
$17.66
$17.83
$0.77
4%
$17.06
Hinge
$31.81
$(1.06)
(3)%
$32.87
$32.64
$1.02
3%
$31.62
Everyone Everywhere
$22.58
$0.85
4%
$21.73
$22.47
$1.13
5%
$21.34
Total
$21.19
$0.61
3%
$20.58
$21.08
$1.19
6%
$19.89
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Tinder Direct Revenue declined 2%, driven by a 4% decrease in Payers, partially offset by an
increase in RPP of 2%.
Hinge Direct Revenue grew 19%, driven by 23% Payer growth, reflecting Hinge's continued
European expansion, partially offset by a decrease in RPP of 3% to $31.81 as a result of the expansion
of discount optimizations and testing of a new lower priced subscription tier.
E&E Direct Revenue declined 20%, including a $20 million decrease in revenue at Azar resulting
from the changes discussed in the Azar business update above. Additional decreases occurred across
most brands within E&E as a result of Payer declines.
Indirect Revenue decreased due to lower direct advertisement revenue compared to 2025.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Tinder Direct Revenue was essentially flat compared to the same period in 2025, decreasing by
$7.0 million. Direct Revenue benefited from a 4% increase in RPP, which was positively impacted by
the weakening of the U.S. dollar compared to the Euro and the Australian Dollar, offset by a 5%
decrease in Payers. On a consistent foreign exchange rate basis, Direct Revenue declined $32.3
million, or 2%.
Hinge Direct Revenue grew $114.2 million, or 23%. Revenue growth was driven by continued
growth in the US and other English speaking markets and in European expansion markets. Payers
increased 19%, and RPP increased 3%. RPP was positively impacted by the weakening of the U.S.
dollar compared to the Australian Dollar and Euro.
E&E Direct Revenue declined $97.4 million, or 15%. The decline at E&E was driven by lower
revenue at Azar, as well as Payer declines at most E&E brands, partially offset by higher RPP. RPP was
positively impacted by the weakening of the U.S. dollar compared to the Euro.
Indirect Revenue decreased due to lower direct advertisement revenue compared to 2025.
Cost of revenue (exclusive of depreciation)
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Three Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Cost of revenue
$206,522
$(40,521)
(16)%
$247,043
Percentage of revenue
23%
27%
Cost of revenue decreased across all segments primarily due to Payers shifting from app store
payments to alternate payment methods, resulting in $43.0 million lower in-app purchase fees partially
offset by an increase of $4.5 million in credit card processing fees.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Nine Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Cost of revenue
$621,440
$(104,449)
(14)%
$725,889
Percentage of revenue
24%
28%
Cost of revenue decreased across all segments primarily due to the factors described above in the
three-month discussion.
Selling and marketing expense
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Three Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Selling and marketing expense
$185,028
$15,886
9%
$169,142
Percentage of revenue
21%
19%
Selling and marketing expense increased 9% primarily due to higher cost of acquisition expense at
Tinder and Hinge, partially offset by reductions at E&E.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Nine Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Selling and marketing expense
$506,311
$31,819
7%
$474,492
Percentage of revenue
19%
18%
Selling and marketing expense increased 7% primarily due to the factors described above in the
three-month discussion.
General and administrative expense
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Three Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
General and administrative expense
$92,181
$(55,840)
(38)%
$148,021
Percentage of revenue
10%
16%
General and administrative expense decreased $55.8 million primarily due to a legal settlement of
$60.5 million incurred in the prior year at Tinder. Otherwise, general and administrative expense was
slightly up compared to the prior year.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Nine Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
General and administrative expense
$287,777
$(108,319)
(27)%
$396,096
Percentage of revenue
11%
15%
General and administrative expense decreased as a result of the Tinder legal settlement in 2025
described above in the three-month discussion, and an additional legal settlement at E&E of $14.0
million incurred in the prior year period. The decrease is also related to a $21.0 million reduction in
employee compensation costs primarily within E&E and Corporate and Unallocated Costs due to
reduced headcount and lower severance expense compared to 2025. Stock-based compensation
decreased $8.6 million primarily within Hinge due to the departure of an executive in prior year.
Product development expense
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Three Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Product development expense
$119,804
$14,835
14%
$104,969
Percentage of revenue
13%
11%
Product development expense increased primarily due to increased expense at Tinder and Hinge
related to utilization of tokens associated with AI, and increased employee compensation primarily at
Hinge due to increased headcount.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Nine Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Product development expense
$351,425
$11,091
3%
$340,334
Percentage of revenue
13%
13%
Product development expense increased 3% primarily due to increased expense at Tinder and
Hinge related to utilization of tokens associated with AI and increased headcount at Hinge. The
increase is partially offset by lower stock-based compensation expense primarily at E&E and Tinder
related to reduced headcount, and increases in capitalized salary costs.
Depreciation
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Three Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Depreciation
$14,595
$(250)
(2)%
$14,845
Percentage of revenue
2%
2%
Depreciation in 2026 was essentially flat compared to 2025.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Nine Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Depreciation
$44,052
$(10,583)
(19)%
$54,635
Percentage of revenue
2%
2%
Depreciation was lower in 2026 compared to 2025 primarily due to a decrease in depreciation of
internally developed software at Tinder as certain assets became fully depreciated in the prior year.
Impairments and amortization of intangibles
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Three Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Amortization of intangibles
$4,533
$(4,388)
(49)%
$8,921
Percentage of revenue
1%
1%
Amortization of intangibles decreased primarily due to certain acquired assets having been fully
amortized.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Nine Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Impairments and amortization of intangibles
$46,831
$16,934
57%
$29,897
Percentage of revenue
2%
1%
Impairments and amortization of intangibles increased primarily due to impairments of intangible
assets at E&E of $25.2 million, as discussed in the Azar business update above, partially offset by the
decrease in amortization of intangibles due to certain acquired assets having been fully amortized.
Net Income, Operating income, and Adjusted EBITDA
Three Months Ended September 30,
Nine Months Ended September 30,
2026
$ Change
%
Change
2025
2026
$ Change
%
Change
2025
(Dollars in thousands)
Net income
attributable to
Match Group, Inc.
shareholders
$174,361
$13,612
8%
$160,749
$511,744
$107,947
27%
$403,797
Operating income
(loss)
Tinder
$222,938
$39,195
21%
$183,743
$649,752
$55,693
9%
$594,059
Hinge
70,214
23,900
52%
46,314
189,420
75,555
66%
113,865
Everyone
Everywhere
21,835
(10,413)
(32)%
32,248
46,737
9,023
24%
37,714
Corporate and
unallocated costs
(46,418)
(5,447)
13%
(40,971)
(135,474)
22,316
(14)%
(157,790)
Operating income
$268,569
$47,235
21%
$221,334
$750,435
$162,587
28%
$587,848
Adjusted EBITDA
Tinder
$244,367
$40,549
20%
$203,818
$714,418
$35,918
5%
$678,500
Hinge
87,852
25,229
40%
62,623
237,812
78,779
50%
159,033
Everyone
Everywhere
45,118
(17,545)
(28)%
62,663
159,700
17,359
12%
142,341
Corporate and
unallocated costs
(32,874)
(5,176)
19%
(27,698)
(93,258)
20,069
(18)%
(113,327)
Adjusted EBITDA
$344,463
$43,057
14%
$301,406
$1,018,672
$152,125
18%
$866,547
For a reconciliation of operating income to Adjusted EBITDA for each reportable segment, see
"Non-GAAP Financial Measures."
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
•Tinder's operating income was $222.9 million, an increase of 21%, and Adjusted EBITDA was
$244.4 million, an increase of 20%, primarily due to the decrease in legal settlements and
decreases in in-app purchase fees; partially offset by increases in selling and marketing
expense and a decrease in revenue.
•Hinge's operating income was $70.2 million, an increase of 52%, and Adjusted EBITDA was
$87.9 million, an increase of 40%, primarily due to continued revenue from Payer growth and
decreases in in-app purchase fees, partially offset by increased cost of acquisition and
employee compensation within product development expense.
•E&E's operating income was $21.8 million, a decrease of $10.4 million, and Adjusted EBITDA
was $45.1 million, a decrease of 28%, primarily due to the decrease in revenue at Azar as well
as declines at nearly all other E&E brands. This reduction was partially offset by a decrease in
in-app purchase fees and cost of acquisition. Operating income also benefited from a reduction
in amortization expense.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
•Tinder's operating income was $649.8 million, up 9%, and Adjusted EBITDA was $714.4
million, up 5%, primarily due to the factors described above in the three-month discussion.
Operating income further benefited from a reduction in depreciation and stock-based
compensation expense.
•Hinge's operating income was $189.4 million, an increase of 66%, and Adjusted EBITDA was
$237.8 million, an increase of 50%, primarily due to the factors described above in the three-
month discussion and increases in RPP. Operating income was further impacted by an increase
in depreciation.
•E&E's operating income was $46.7 million, an increase of 24%, and Adjusted EBITDA was
$159.7 million, an increase of 12%, primarily due to the decreases in in-app purchase fees, cost
of acquisition, and employee compensation expense. These reductions were partially offset by
the decrease in revenue. Operating income was further impacted by the impairments of
intangible assets related to Azar, partially offset by a decrease in stock-based compensation
expense.
At September 30, 2026, there was $338.0 million of unrecognized compensation cost, net of
estimated forfeitures, related to stock-based awards, which is expected to be recognized over a
weighted average period of approximately 2.0 years.
Interest expense
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Three Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Interest expense
$41,510
$4,486
12%
$37,024
Interest expense increased primarily due to the issuance of the 6.125% Senior Notes in August
2025, partially offset by the decrease in the outstanding balance of the 2026 Exchangeable Notes,
which were repaid in full in June 2026.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Nine Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Interest expense
$126,416
$21,976
21%
$104,440
Interest expense increased primarily due to the issuance of the 6.125% Senior Notes in August
2025, partially offset by the decrease in the outstanding balance of the Company's former term loan,
which was repaid in full in January 2025, and the decrease in the outstanding balance of the 2026
Exchangeable Notes, which were repaid in full in June 2026.
Other (expense) income, net
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Three Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Interest Income
$4,639
$(880)
(16)%
$5,519
Foreign currency losses
(11,216)
(12,737)
NM
1,521
Other
4,318
2,030
89%
2,288
Other (expense) income, net
$(2,259)
$(11,587)
NM
$9,328
______________________
NM = Not meaningful
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Nine Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Interest Income
$20,018
$6,816
52%
$13,202
Foreign currency gains (losses)
(10,361)
(2,834)
38%
(7,527)
Other
6,303
4,090
185%
2,213
Other income, net
$15,960
$8,072
102%
$7,888
Income tax provision
For the three months ended September 30, 2026 compared to the three months ended September 30,
2025
Three Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Income tax provision
$50,439
$17,557
53%
$32,882
Effective income tax rate
22%
17%
In 2026, the effective rate of 22% was higher than the statutory rate primarily due to the effects of
foreign income taxed at higher rates and state income taxes. These effects were partially offset by a
lower tax rate on U.S. income derived from foreign sources.
In 2025, the effective rate of 17% was lower than the statutory rate primarily due to changes in tax
reserves.
For the nine months ended September 30, 2026 compared to the nine months ended September 30,
2025
Nine Months Ended September 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Income tax provision
$128,227
$40,736
47%
$87,491
Effective income tax rate
20%
18%
In 2026 and 2025, the effective rates of 20% and 18%, respectively, were lower than the statutory
rate primarily due to the lower tax rate on U.S. income derived from foreign sources, excess tax benefits
generated by the exercise and vesting of stock-based awards, and, for 2026, research credits. These
effects were partially offset by nondeductible stock-based compensation and state income taxes, and,
for 2026, foreign income taxed at higher rates.
A number of countries have enacted or are actively drafting legislation to implement the
Organization for Economic Cooperation and Development's ("OECD") international tax framework,
including the Pillar II minimum tax regime. The Company analyzed the impact of enacted legislation and
determined it does not have a material impact to the income tax provision. The Company is continuing
to monitor future developments, including the side-by-side safe harbor, which would exclude U.S.-
parented multinational enterprises from the scope of certain Pillar II taxes.
For further details of income tax matters see "Note 2-Income Taxes" to the consolidated financial
statements included in "Item 1-Consolidated Financial Statements."
NON-GAAP FINANCIAL MEASURES
Match Group reports Adjusted EBITDA and Revenue excluding foreign exchange effects, both of
which are supplemental measures to U.S. generally accepted accounting principles ("GAAP"). Adjusted
EBITDA is 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 how our business performed 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
with equal or greater prominence 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 discuss below.
Adjusted EBITDA
Adjusted EBITDA is defined as net income attributable to Match Group, Inc. shareholders
excluding: (1) net income or loss 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. At a segment level, the closest GAAP measure is
operating income (loss) as items outside operating income (loss) are not allocated to segments.
Non-Cash Expenses That Are Excluded From Adjusted EBITDA
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 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.
The following tables reconcile net income attributable to Match Group, Inc. shareholders to
Adjusted EBITDA for the Company's reportable segments and at a consolidated level:
Three Months Ended September 30, 2026
Tinder
Hinge
Everyone
Everywhere
Corporate &
unallocated
costs
Total Match
Group
(In thousands)
Net income attributable to
Match Group, Inc.
shareholders
$174,361
Add back:
Income tax provisiona
50,439
Other expense, neta
2,259
Interest expensea
41,510
Operating income (loss)
$222,938
$70,214
$21,835
$(46,418)
$268,569
Stock-based compensation
expense
19,412
15,604
9,186
12,564
56,766
Depreciation
2,017
2,034
9,564
14,595
Amortization of intangibles
-
-
4,533
-
4,533
Adjusted EBITDA
$244,367
$87,852
$45,118
$(32,874)
$344,463
Three Months Ended September 30, 2025
Tinder
Hinge
Everyone
Everywhere
Corporate &
unallocated
costs
Total Match
Group
(In thousands)
Net income attributable to
Match Group, Inc.
shareholders
$160,749
Add back:
Net income attributable to
redeemable noncontrolling
interestsa
Income tax provisiona
32,882
Other income, neta
(9,328)
Interest expensea
37,024
Operating income (loss)
$183,743
$46,314
$32,248
$(40,971)
$221,334
Stock-based compensation
expense
17,624
15,238
11,288
12,156
56,306
Depreciation
2,451
1,071
10,206
1,117
14,845
Amortization of intangibles
-
-
8,921
-
8,921
Adjusted EBITDA
$203,818
$62,623
$62,663
$(27,698)
$301,406
Nine Months Ended September 30, 2026
Tinder
Hinge
Everyone
Everywhere
Corporate &
unallocated
costs
Total Match
Group
(In thousands)
Net income attributable to
Match Group, Inc.
shareholders
$511,744
Add back:
Net income attributable to
redeemable noncontrolling
interestsa
Income tax provisiona
128,227
Other income, neta
(15,960)
Interest expensea
126,416
Operating income (loss)
$649,752
$189,420
$46,737
$(135,474)
$750,435
Stock-based compensation
expense
59,420
42,732
36,037
39,165
177,354
Depreciation
5,246
5,660
30,095
3,051
44,052
Impairment and amortization of
intangibles
-
-
46,831
-
46,831
Adjusted EBITDA
$714,418
$237,812
$159,700
$(93,258)
$1,018,672
Nine Months Ended September 30, 2025
Tinder
Hinge
Everyone
Everywhere
Corporate &
unallocated
costs
Total Match
Group
(In thousands)
Net income attributable to
Match Group, Inc.
shareholders
$403,797
Add back:
Net income attributable to
redeemable noncontrolling
interestsa
Income tax provisiona
87,491
Other income, neta
(7,888)
Interest expensea
104,440
Operating income (loss)
$594,059
$113,865
$37,714
$(157,790)
$587,848
Stock-based compensation
expense
66,661
42,514
44,410
40,582
194,167
Depreciation
17,780
2,654
30,320
3,881
54,635
Amortization of intangibles
-
-
29,897
-
29,897
Adjusted EBITDA
$678,500
$159,033
$142,341
$(113,327)
$866,547
______________________
(a)Management does not allocate these items to segments.
Effects of Changes in Foreign Exchange Rates on Revenue
The impact of foreign exchange rates on the Company, due to its global reach, may be an
important factor in understanding period over period comparisons if movement in exchange rates is
significant. Since our results are reported in U.S. dollars, international revenue is 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 the effects
from foreign exchange, in addition to reported revenue, helps improve investors' ability to understand
the Company's performance because it excludes the impact of foreign currency volatility that is not
indicative of Match Group's core operating results.
Revenue excluding foreign exchange effects compares results between periods as if exchange
rates had remained constant period over period. Revenue excluding foreign exchange effects is
calculated by translating current period revenue using prior period exchange rates. The percentage
change in revenue excluding foreign exchange effects is calculated by determining the change in
current period revenue over prior period revenue where current period revenue is translated using prior
period exchange rates.
The following tables present the impact of foreign exchange effects on total revenue and Direct
Revenue by segment for the three and nine months ended September 30, 2026, compared to the three
and nine months ended September 30, 2025:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
$ Change
% Change
2025
2026
$ Change
% Change
2025
(Dollars in thousands)
Total Revenue, as
reported
$891,232
$(23,043)
(3)%
$914,275
$2,608,271
$(920)
-%
$2,609,191
Foreign exchange
effects
4,297
(33,943)
Total Revenue
excluding foreign
exchange effects
$895,529
$(18,746)
(2)%
$914,275
$2,574,328
$(34,863)
(1)%
$2,609,191
Tinder Direct Revenue,
as reported
$480,019
$(10,594)
(2)%
$490,613
$1,392,180
$(6,987)
-%
$1,399,167
Foreign exchange
effects
1,282
(25,272)
Tinder Direct Revenue,
excluding foreign
exchange effects
$481,301
$(9,312)
(2)%
$490,613
$1,366,908
$(32,259)
(2)%
$1,399,167
Hinge Direct Revenue,
as reported
$220,586
$35,915
19%
$184,671
$618,616
$114,199
23%
$504,417
Foreign exchange
effects
(7,789)
Hinge Direct Revenue,
excluding foreign
exchange effects
$220,643
$35,972
19%
$184,671
$610,827
$106,410
21%
$504,417
E&E Direct Revenue,
as reported
$176,019
$(45,358)
(20)%
$221,377
$553,619
$(97,358)
(15)%
$650,977
Foreign exchange
effects
2,903
(311)
E&E Direct Revenue,
excluding foreign
exchange effects
$178,922
$(42,455)
(19)%
$221,377
$553,308
$(97,669)
(15)%
$650,977
FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES
Financial Position
September 30, 2026
December 31, 2025
(In thousands)
Cash and cash equivalents:
United States
$306,876
$687,987
All other countries
419,320
339,851
Total cash and cash equivalents
726,196
1,027,838
Short-term investments
2,946
3,461
Total cash and cash equivalents and short-term investments
$729,142
$1,031,299
Long-term debt:
Credit Facility due March 20, 2029(a)
$-
$-
5.00% Senior Notes due December 15, 2027
450,000
450,000
4.625% Senior Notes due June 1, 2028
500,000
500,000
5.625% Senior Notes due February 15, 2029
350,000
350,000
4.125% Senior Notes due August 1, 2030
500,000
500,000
3.625% Senior Notes due October 1, 2031
500,000
500,000
6.125% Senior Notes due September 15, 2033
700,000
700,000
2026 Exchangeable Notes due June 15, 2026
-
423,854
2030 Exchangeable Notes due January 15, 2030
575,000
575,000
Total debt
3,575,000
3,998,854
Less: Current maturities of long-term debt
-
423,854
Less: Unamortized original issue discount
1,043
Less: Unamortized debt issuance costs
21,037
24,858
Total long-term debt, net
$3,553,307
$3,549,099
______________________
(a)The maturity date of the Credit Facility is the earlier of (x) March 20, 2029 and (y) the date that
is 91 days prior to the maturity date of the existing senior notes due 2027, 2028, or 2029, or any
new indebtedness used to refinance such senior notes that matures prior to the date that is 91
days after March 20, 2029, in each case if and only if at least $250 million in aggregate
principal amount of such debt is outstanding on such date.
Long-term Debt
For a detailed description of long-term debt, see "Note 4-Long-term Debt, net" to the
consolidated financial statements included in "Item 1-Consolidated Financial Statements."
Cash Flow Information
In summary, the Company's cash flows are as follows:
Nine Months Ended September 30,
2026
2025
(In thousands)
Net cash provided by operating activities
$886,340
$757,600
Net cash used in investing activities
(165,820)
(67,883)
Net cash used in financing activities
(1,017,481)
(617,184)
2026
Net cash provided by operating activities in 2026 includes adjustments to income of $177.4 million
of stock-based compensation expense, $46.8 million of impairments and amortization of intangibles,
$44.1 million of depreciation, and $43.0 million of deferred income taxes. The increase in cash from
changes in working capital was primarily due to an increase from accounts receivable of $24.2 million,
an increase from net income taxes of $39.4 million due to timing of payments, and an increase from
other assets of $15.5 million. Partially offsetting these increases was a decrease from accounts payable
and other liabilities of $23.2 million due to the timing of payments.
Net cash used in investing activities in 2026 is primarily a $100.0 million minority investment in
Sniffies and capital expenditures of $54.7 million primarily related to internal development of software.
Net cash used in financing activities in 2026 is primarily due to payments of $423.9 million to repay
the outstanding 2026 Exchangeable Notes at maturity, purchases of treasury stock of $335.5 million,
dividends paid of $136.9 million, and payments of $118.1 million of withholding taxes paid on behalf of
employees for net-settled stock-based awards.
2025
Net cash provided by operating activities in 2025 includes adjustments to income of $194.2 million
of stock-based compensation expense, $54.6 million of depreciation, $35.2 million of deferred income
taxes, and $29.9 million of amortization of intangibles. The increase in cash from changes in working
capital primarily consists of a decrease in other assets of $43.8 million and an increase in accounts
payable and other liabilities of $36.6 million, primarily related to the timing of payments. These
increases were partially offset by a decrease from net income taxes payable of $31.1 million due to
timing of payments, an increase in accounts receivable of $16.5 million, and a decrease in deferred
revenue of $8.4 million.
Net cash used in investing activities in 2025 consists primarily of capital expenditures of $42.1
million primarily related to internal development of software and purchases of computer hardware and
$25.8 million of other investing cash outflows.
Net cash used in financing activities in 2025 is primarily due to purchases of treasury stock of
$549.9 million, the repayment of the Company's former term loan of $425.0 million, dividends paid of
$140.9 million, payments of $115.6 million of withholding taxes paid on behalf of employees for net-
settled stock-based awards, and payment to repurchase a portion of the 2026 Exchangeable Notes of
$74.4 million. These uses of cash were partially offset by proceeds from the issuance of the 6.125%
Senior Notes of $700.0 million.
Liquidity and Capital Resources
The Company's principal sources of liquidity are its cash and cash equivalents as well as cash
flows generated from operations. As of September 30, 2026, $499.4 million was available under
the Credit Facility.
The Company has various obligations related to long-term debt instruments and operating leases.
For additional information on long-term debt, including maturity dates and interest rates, see "Note 4-
Long-term Debt, net" to the consolidated financial statements included in "Item 1-Consolidated
Financial Statements." For additional information on operating lease payments, including a schedule of
obligations by year, see "Note 12-Leases" to the consolidated financial statements included in "Item 8
-Consolidated Financial Statements and Supplementary Data" of the Company's Annual Report on
Form 10-K for the year ended December 31, 2025. The Company believes it has sufficient cash flows
from operations to satisfy these future obligations.
The Company anticipates that it will need to make capital and other expenditures in connection
with the development and expansion of its operations. The Company expects that 2026 cash capital
expenditures will be between $65 million and $75 million, an increase to 2025 cash capital expenditures
primarily due to an increase in leasehold improvements and capitalized labor.
We have entered into various purchase commitments, primarily consisting of web hosting services.
Our obligations under these various purchase commitments are $62.8 million for 2027, and $39.3
million for 2028.
At September 30, 2026, we do not have any off-balance sheet arrangements, other than as
described above.
On December 10, 2024, the Board of Directors authorized a share repurchase program of up to
$1.5 billion in aggregate value of shares of Match Group common stock (the "Share Repurchase
Program"). Under the Share Repurchase Program, $579 million in aggregate value of shares of Match
Group common stock remains available for repurchase as of October 31, 2026. Under the Share
Repurchase Program, shares of our common stock may be purchased on a discretionary basis from
time to time, subject to general business and market conditions and other investment opportunities,
through open market purchases, privately negotiated transactions or other means, including through
Rule 10b5-1 trading plans. The Share Repurchase Program may be commenced, suspended or
discontinued at any time. During the nine months ended September 30, 2026, we repurchased 9.6
million shares for $335.5 million under the Share Repurchase Program. Between October 1 and
October 31, 2026, we repurchased 1.1 million shares for $44.2 million under the Share Repurchase
Program.
The Company currently settles substantially all stock-based awards on a net basis. Assuming all
stock-based awards outstanding on October 31, 2026 were net settled at the closing price on that date,
we would issue 7.5 million shares of common stock and, assuming a 50% withholding rate, would remit
$312.5 million in cash for withholding taxes. If we did not settle awards on a net basis and instead
issued a sufficient number of shares to cover the $312.5 million employee withholding tax obligation,
7.5 million additional shares would be issued by the Company.
As of September 30, 2026, all of the Company's international cash can be repatriated without
significant tax consequences.
Our indebtedness could limit our ability to: (i) obtain additional financing to fund working capital
needs, acquisitions, capital expenditures, debt service, or other requirements; and (ii) use operating
cash flow to pursue acquisitions or invest in other areas, such as developing properties and exploiting
business opportunities. The Company may need to raise additional capital through future debt or equity
financing to make additional acquisitions and investments or to provide for greater financial flexibility.
Additional financing may not be available on terms favorable to the Company or at all.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Management of the Company is required to make certain estimates, judgments and assumptions
during the preparation of its consolidated financial statements in accordance with U.S. GAAP. These
estimates, judgments and assumptions impact the reported amount of assets, liabilities, revenue and
expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from
these estimates.
During the nine months ended September 30, 2026, there were no material changes to the
Company's critical accounting policies and estimates since the disclosure in our Annual Report on Form
10-K for the year ended December 31, 2025.
Match Group Inc. published this content on November 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 03, 2026 at 11:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]