Match Group Inc.

08/05/2026 | Press release | Distributed by Public on 08/05/2026 05:08

Quarterly Report for Quarter Ending June 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®,
Meetic®, OkCupid®, Plenty Of Fish®, Pairs™, Azar®, BLK®, Chispa™, The League®, Upward®,
Salams®, HER™, and other smaller 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 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
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 capitalized. These expenses are not paid in cash.
Long-term debt:
•Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. As
of June 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 June 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 June 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 June 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 June 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
June 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.
The proceeds from the issuance of these notes were used to repay all of the outstanding 2026
Exchangeable Notes at their maturity or earlier, and the remaining proceeds were used for
general corporate purposes. As of June 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 June 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., 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™, Plenty Of Fish®, 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.
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 and the temporary removal from the app store
resulted in lower Direct Revenue for the three and six months ended June 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.
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 six months ended June 30, 2026 compared to the three
and six months ended June 30, 2025
Revenue
Three Months Ended June 30,
Six Months Ended June 30,
2026
$ Change
% Change
2025
2026
$ Change
% Change
2025
(In thousands, except RPP)
Revenue
Direct Revenue:
Tinder
$457,464
$(3,687)
(1)%
$461,151
$912,161
$3,607
-%
$908,554
Hinge
203,533
36,028
22%
167,505
398,030
78,284
24%
319,746
Everyone Everywhere
178,936
(37,859)
(17)%
216,795
377,600
(52,000)
(12)%
429,600
Total Direct Revenue
839,933
(5,518)
(1)%
845,451
1,687,791
29,891
2%
1,657,900
Indirect Revenue
13,172
(5,115)
(28)%
18,287
29,248
(7,768)
(21)%
37,016
Total Revenue
$853,105
$(10,633)
(1)%
$863,738
$1,717,039
$22,123
1%
$1,694,916
Payers:
Tinder
8,518
(452)
(5)%
8,970
8,575
(463)
(5)%
9,038
Hinge
2,049
17%
1,747
2,003
16%
1,722
Everyone Everywhere
2,683
(693)
(21)%
3,376
2,807
(579)
(17)%
3,386
Total
13,250
(843)
(6)%
14,093
13,385
(761)
(5)%
14,146
(Change calculated using non-rounded numbers)
RPP:
Tinder
$17.90
$0.76
4%
$17.14
$17.73
$0.98
6%
$16.75
Hinge
$33.11
$1.15
4%
$31.96
$33.12
$2.18
7%
$30.94
Everyone Everywhere
$22.24
$0.84
4%
$21.40
$22.42
$1.27
6%
$21.15
Total
$21.13
$1.13
6%
$20.00
$21.02
$1.49
8%
$19.53
For the three months ended June 30, 2026 compared to the three months ended June 30, 2025
Tinder Direct Revenue declined 1%, driven by a 5% decrease in Payers, partially offset by an
increase in RPP of 4%.
Hinge Direct Revenue grew 22%, driven by 17% Payer growth, reflecting Hinge's continued
European expansion, and 4% RPP growth.
E&E Direct Revenue declined 17%, including a $19 million decrease in revenue at Azar impacted
by the temporary Azar app removal discussed in the Azar business update above. Additional decreases
occurred at several other brands within E&E.
Indirect Revenue decreased due to lower direct advertisement revenue compared to 2025.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Tinder Direct Revenue increased $3.6 million, essentially flat compared to 2025. Direct Revenue
benefited from a 6% increase in RPP, which was positively impacted by the weakening of the U.S.
dollar compared to the Euro, mostly offset by a 5% decrease in Payers. On a consistent foreign
exchange rate basis, Direct Revenue declined $22.9 million, or 3%.
Hinge Direct Revenue grew $78.3 million, or 24%. Revenue growth was driven by continued
growth in the US and other English speaking markets and in European expansion markets. Payers
increased 16%, and RPP increased 7%. RPP was positively impacted by the weakening of the U.S.
dollar compared to the Euro.
E&E Direct Revenue declined $52.0 million, or 12%. The decline at E&E was driven by lower
revenue at Azar, reflecting the temporary app removal, as well as Payer declines at several other 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 June 30, 2026 compared to the three months ended June 30, 2025
Three Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Cost of revenue
$204,262
$(37,676)
(16)%
$241,938
Percentage of revenue
24%
28%
Cost of revenue decreased across all segments primarily due to Payers shifting from app store
payments to alternate payment methods, resulting in $38.0 million lower in-app purchase fees and an
increase of $4.6 million in credit card processing fees.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Six Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Cost of revenue
$414,918
$(63,928)
(13)%
$478,846
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 June 30, 2026 compared to the three months ended June 30, 2025
Three Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Selling and marketing expense
$158,253
$9,999
7%
$148,254
Percentage of revenue
19%
17%
Selling and marketing expense increased 7% primarily due to higher cost of acquisition expense at
Tinder and Hinge, partially offset by reductions at E&E.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Six Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Selling and marketing expense
$321,283
$15,933
5%
$305,350
Percentage of revenue
19%
18%
Selling and marketing expense increased 5% primarily due to the factors described above in the
three-month discussion.
General and administrative expense
For the three months ended June 30, 2026 compared to the three months ended June 30, 2025
Three Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
General and administrative expense
$106,468
$(30,087)
(22)%
$136,555
Percentage of revenue
12%
16%
General and administrative expense decreased primarily due to a decrease in employee
compensation of $12.0 million primarily within E&E and Corporate and Unallocated Costs due to a
reduction in severance expense and reduced headcount. Additionally, legal expense decreased $15.1
million primarily within E&E, partially offset by an increase at Tinder.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Six Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
General and administrative expense
$195,596
$(52,479)
(21)%
$248,075
Percentage of revenue
11%
15%
General and administrative expense decreased primarily due to a decrease in employee
compensation of $20.6 million primarily within Corporate and Unallocated Costs and E&E due to
reduced headcount and a reduction in severance expense compared to 2025. Stock-based
compensation decreased $10.0 million primarily within Hinge and Tinder mostly due to headcount
reductions. Additionally, legal expense decreased $16.6 million primarily within E&E, partially offset by
an increase at Tinder.
Product development expense
For the three months ended June 30, 2026 compared to the three months ended June 30, 2025
Three Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Product development expense
$114,816
$305
-%
$114,511
Percentage of revenue
13%
13%
Product development expense was flat with lower employee and stock-based compensation
expense at Tinder and E&E; mostly offset by increased employee and stock-based compensation
expense at Hinge and increased expense at Tinder and Hinge related to utilization of AI.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Six Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Product development expense
$231,621
$(3,744)
(2)%
$235,365
Percentage of revenue
13%
14%
Product development expense decreased 2% primarily due to the lower compensation expense
noted in the three-month discussion above, partially offset by the incremental expense associated with
AI utilization.
Depreciation
For the three months ended June 30, 2026 compared to the three months ended June 30, 2025
Three Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Depreciation
$15,325
$(2,736)
(15)%
$18,061
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,
partially offset by increases within Hinge and E&E.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Six Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Depreciation
$29,457
$(10,333)
(26)%
$39,790
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 June 30, 2026 compared to the three months ended June 30, 2025
Three Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Amortization of intangibles
$8,531
$(1,967)
(19)%
$10,498
Percentage of revenue
1%
1%
Amortization of intangibles decreased primarily due to certain acquired assets having been fully
amortized in 2025.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Six Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Impairments and amortization of intangibles
$42,298
$21,322
102%
$20,976
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.
Net Income, Operating income, and Adjusted EBITDA
Three Months Ended June 30,
Six Months Ended June 30,
2026
$ Change
%
Change
2025
2026
$ Change
%
Change
2025
(Dollars in thousands)
Net income
attributable to
Match Group, Inc.
shareholders
$170,546
$45,068
36%
$125,478
$337,383
$94,335
39%
$243,048
Operating income
(loss)
Tinder
$210,890
$(6,078)
(3)%
$216,968
$426,814
$16,498
4%
$410,316
Hinge
63,094
24,168
62%
38,926
119,206
51,655
76%
67,551
Everyone
Everywhere
21,001
25,660
NM
(4,659)
24,902
19,436
356%
5,466
Corporate and
unallocated costs
(49,535)
7,779
(14)%
(57,314)
(89,056)
27,763
(24)%
(116,819)
Operating income
$245,450
$51,529
27%
$193,921
$481,866
$115,352
31%
$366,514
Adjusted EBITDA
Tinder
$232,999
$(13,215)
(5)%
$246,214
$470,051
$(4,631)
(1)%
$474,682
Hinge
79,443
25,608
48%
53,835
149,960
53,550
56%
96,410
Everyone
Everywhere
54,094
22,071
69%
32,023
114,582
34,904
44%
79,678
Corporate and
unallocated costs
(35,209)
6,916
(16)%
(42,125)
(60,384)
25,245
(29)%
(85,629)
Adjusted EBITDA
$331,327
$41,380
14%
$289,947
$674,209
$109,068
19%
$565,141
______________________
NM = Not meaningful
For a reconciliation of operating income to Adjusted EBITDA for each reportable segment, see
"Non-GAAP Financial Measures."
For the three months ended June 30, 2026 compared to the three months ended June 30, 2025
•Tinder's operating income was $210.9 million, down 3%, and Adjusted EBITDA was $233.0
million, down 5%, primarily due to an increase in cost of acquisition and a decrease in revenue,
partially offset by a reduction in in-app purchase fees. Operating income further benefited from
a reduction in depreciation and stock-based compensation expense.
•Hinge's operating income was $63.1 million, an increase of 62%, and Adjusted EBITDA was
$79.4 million, an increase of 48%, primarily due to continued Payer growth, partially offset by
increased cost of acquisition and employee compensation within product development
expense.
•E&E's operating income was $21.0 million, an increase of $25.7 million, and Adjusted EBITDA
was $54.1 million, an increase of 69%, both improving primarily due to reductions in legal
expenses, in-app purchase fees, cost of acquisition, and employee compensation expense.
These reductions were partially offset by the decrease in revenue.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
•Tinder's operating income was $426.8 million, up 4%, and Adjusted EBITDA was $470.1
million, down 1%, 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 $119.2 million, an increase of 76%, and Adjusted EBITDA was
$150.0 million, an increase of 56%, primarily due to the factors described above in the three-
month discussion.
•E&E's operating income was $24.9 million, an increase of $19.4 million, and Adjusted EBITDA
was $114.6 million, an increase of 44%, both improving primarily due to the factors described
above in the three-month discussion.
At June 30, 2026, there was $381.5 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 2.1 years.
Interest expense
For the three months ended June 30, 2026 compared to the three months ended June 30, 2025
Three Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Interest expense
$42,381
$10,221
32%
$32,160
Interest expense increased primarily due to the issuance of the 6.125% Senior Notes in August
2025.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Six Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Interest expense
$84,906
$17,490
26%
$67,416
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.
Other income (expense), net
For the three months ended June 30, 2026 compared to the three months ended June 30, 2025
Three Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Interest Income
$6,701
$4,637
225%
$2,064
Foreign currency losses
(412)
5,554
NM
(5,966)
Other
5,290
5,444
NM
(154)
Other income (expense), net
$11,579
$15,635
NM
$(4,056)
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Six Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Interest Income
$15,379
$7,696
100%
$7,683
Foreign currency gains (losses)
9,903
(109)%
(9,048)
Other
1,985
2,060
NM
(75)
Other income (expense), net
$18,219
$19,659
NM
$(1,440)
Income tax provision
For the three months ended June 30, 2026 compared to the three months ended June 30, 2025
Three Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Income tax provision
$44,102
$11,875
37%
$32,227
Effective income tax rate
21%
20%
In 2026 and 2025, the effective rates of 21% and 20%, respectively, were at or lower than the
statutory rate primarily due to the lower tax rate on U.S. income derived from foreign sources and
research credits. These effects were partially offset by state income taxes, nondeductible stock-based
compensation, and foreign income taxed at higher rates.
For the six months ended June 30, 2026 compared to the six months ended June 30, 2025
Six Months Ended June 30,
2026
$ Change
% Change
2025
(Dollars in thousands)
Income tax provision
$77,788
$23,179
42%
$54,609
Effective income tax rate
19%
18%
In 2026 and 2025, the effective rates of 19% 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 research credits. These effects were
partially offset by nondeductible stock-based compensation, state income taxes, and 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 June 30, 2026
Tinder
Hinge
Everyone
Everywhere
Corporate &
unallocated
costs
Total Match
Group
(In thousands)
Net income attributable to
Match Group, Inc.
shareholders
$170,546
Add back:
Income tax provisiona
44,102
Other income, neta
(11,579)
Interest expensea
42,381
Operating income (loss)
$210,890
$63,094
$21,001
$(49,535)
$245,450
Stock-based compensation
expense
20,432
14,446
13,799
13,344
62,021
Depreciation
1,677
1,903
10,763
15,325
Amortization of intangibles
-
-
8,531
-
8,531
Adjusted EBITDA
$232,999
$79,443
$54,094
$(35,209)
$331,327
Three Months Ended June 30, 2025
Tinder
Hinge
Everyone
Everywhere
Corporate &
unallocated
costs
Total Match
Group
(In thousands)
Net income attributable to
Match Group, Inc.
shareholders
$125,478
Add back:
Income tax provisiona
32,227
Other expense, neta
4,056
Interest expensea
32,160
Operating income (loss)
$216,968
$38,926
$(4,659)
$(57,314)
$193,921
Stock-based compensation
expense
23,722
14,044
16,061
13,640
67,467
Depreciation
5,524
10,123
1,549
18,061
Amortization of intangibles
-
-
10,498
-
10,498
Adjusted EBITDA
$246,214
$53,835
$32,023
$(42,125)
$289,947
Six Months Ended June 30, 2026
Tinder
Hinge
Everyone
Everywhere
Corporate &
unallocated
costs
Total Match
Group
(In thousands)
Net income attributable to
Match Group, Inc.
shareholders
$337,383
Add back:
Net income attributable to
redeemable noncontrolling
interestsa
Income tax provisiona
77,788
Other income, neta
(18,219)
Interest expensea
84,906
Operating income (loss)
$426,814
$119,206
$24,902
$(89,056)
$481,866
Stock-based compensation
expense
40,008
27,128
26,851
26,601
120,588
Depreciation
3,229
3,626
20,531
2,071
29,457
Impairment and amortization of
intangibles
-
-
42,298
-
42,298
Adjusted EBITDA
$470,051
$149,960
$114,582
$(60,384)
$674,209
Six Months Ended June 30, 2025
Tinder
Hinge
Everyone
Everywhere
Corporate &
unallocated
costs
Total Match
Group
(In thousands)
Net income attributable to
Match Group, Inc.
shareholders
$243,048
Add back:
Net income attributable to
redeemable noncontrolling
interestsa
Income tax provisiona
54,609
Other expense, neta
1,440
Interest expensea
67,416
Operating income (loss)
$410,316
$67,551
$5,466
$(116,819)
$366,514
Stock-based compensation
expense
49,037
27,276
33,122
28,426
137,861
Depreciation
15,329
1,583
20,114
2,764
39,790
Amortization of intangibles
-
-
20,976
-
20,976
Adjusted EBITDA
$474,682
$96,410
$79,678
$(85,629)
$565,141
______________________
(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 six months ended June 30, 2026, compared to the three and six
months ended June 30, 2025:
Three Months Ended June 30,
Six Months Ended June 30,
2026
$ Change
% Change
2025
2026
$ Change
% Change
2025
(Dollars in thousands)
Total Revenue, as
reported
$853,105
$(10,633)
(1)%
$863,738
$1,717,039
$22,123
1%
$1,694,916
Foreign exchange
effects
(6,615)
(38,240)
Total Revenue
excluding foreign
exchange effects
$846,490
$(17,248)
(2)%
$863,738
$1,678,799
$(16,117)
(1)%
$1,694,916
Tinder Direct Revenue,
as reported
$457,464
$(3,687)
(1)%
$461,151
$912,161
$3,607
-%
$908,554
Foreign exchange
effects
(6,090)
(26,554)
Tinder Direct Revenue,
excluding foreign
exchange effects
$451,374
$(9,777)
(2)%
$461,151
$885,607
$(22,947)
(3)%
$908,554
Hinge Direct Revenue,
as reported
$203,533
$36,028
22%
$167,505
$398,030
$78,284
24%
$319,746
Foreign exchange
effects
(1,927)
(7,846)
Hinge Direct Revenue,
excluding foreign
exchange effects
$201,606
$34,101
20%
$167,505
$390,184
$70,438
22%
$319,746
E&E Direct Revenue,
as reported
$178,936
$(37,859)
(17)%
$216,795
$377,600
$(52,000)
(12)%
$429,600
Foreign exchange
effects
1,518
(3,214)
E&E Direct Revenue,
excluding foreign
exchange effects
$180,454
$(36,341)
(17)%
$216,795
$374,386
$(55,214)
(13)%
$429,600
FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES
Financial Position
June 30, 2026
December 31, 2025
(In thousands)
Cash and cash equivalents:
United States
$205,558
$687,987
All other countries
375,022
339,851
Total cash and cash equivalents
580,580
1,027,838
Short-term investments
3,228
3,461
Total cash and cash equivalents and short-term investments
$583,808
$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
22,334
24,858
Total long-term debt, net
$3,551,878
$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:
Six Months Ended June 30,
2026
2025
(In thousands)
Net cash provided by operating activities
$564,199
$436,959
Net cash used in investing activities
(149,686)
(54,273)
Net cash used in financing activities
(855,757)
(1,032,276)
2026
Net cash provided by operating activities in 2026 includes adjustments to income of $120.6 million
of stock-based compensation expense, $42.3 million of impairments and amortization of intangibles,
$29.5 million of depreciation, and $26.7 million of deferred income taxes. The increase in cash from
changes in working capital was primarily due to an increase from accounts receivable of $22.5 million,
an increase from net income taxes of $20.1 million due to timing of payments, and an increase from
other assets of $12.6 million. Partially offsetting these increases was a decrease from accounts payable
and other liabilities of $47.4 million, including the $60.5 million settlement of the Allan Candelore v.
Tinder lawsuit that was paid into escrow during the period, in addition to the timing of other payments.
Net cash used in investing activities in 2026 is primarily a $100.0 million minority investment in
Sniffies and capital expenditures of $37.7 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 $245.4 million,
payments of $92.5 million of withholding taxes paid on behalf of employees for net-settled stock-based
awards, and dividends paid of $90.9 million.
2025
Net cash provided by operating activities in 2025 includes adjustments to income of $137.9 million
of stock-based compensation expense, $39.8 million of depreciation, and $21.0 million of amortization
of intangibles. The decrease in cash from changes in working capital primarily consists of a decrease in
accounts payable and other liabilities of $19.4 million, primarily related to the timing of payments, a
decrease in net income taxes payable of $6.1 million due to timing of payments, and a decrease in
deferred revenue of $6.6 million. These items were partially offset by a decrease in other assets of
$32.3 million.
Net cash used in investing activities in 2025 consists primarily of capital expenditures of $28.3
million primarily related to internal development of software and $26.0 million of other investing cash
outflows.
Net cash used in financing activities in 2025 is primarily due to the repayment of the Company's
former term loan of $425.0 million, purchases of treasury stock of $419.7 million, dividends paid of
$95.0 million, and payments of $89.9 million of withholding taxes paid on behalf of employees for net-
settled stock-based awards.
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 June 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 $68.0 million for 2027, and $70.3
million for 2028.
At June 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, $697 million in aggregate value of shares of Match
Group common stock remains available for repurchase as of July 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 six months ended June 30, 2026, we repurchased 7.3 million
shares for $245.4 million under the Share Repurchase Program. Between July 1 and July 31, 2026, we
repurchased 0.4 million shares for $16.2 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 July 31, 2026 were net settled at the closing price on that date, we
would issue 7.8 million shares of common stock (of which 0.1 million are related to vested awards and
7.7 million are related to unvested awards) and, assuming a 50% withholding rate, would remit $305.7
million in cash for withholding taxes (of which $2.8 million is related to vested awards and $302.9 million
is related to unvested awards). If we did not settle awards on a net basis and instead issued a sufficient
number of shares to cover the $305.7 million employee withholding tax obligation, 7.8 million additional
shares would be issued by the Company.
As of June 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 six months ended June 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 August 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 05, 2026 at 11:15 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]