LendingTree (TREE) Q2 2025 earnings summary

Executive summary

• Achieved consolidated Q2 2025 revenue of $250.1 million, up 19% year-over-year, with all business segments delivering double-digit growth and marking the fifth consecutive period of year-over-year revenue gains.

• Adjusted EBITDA rose 35% to $31.8 million, and GAAP net income reached $8.9 million, a 14% increase year-over-year.

• Operating income more than doubled to $20.9 million in Q2 2025 compared to Q2 2024.

• AI integration and investments in data infrastructure are driving efficiency, innovation, and operational improvements.

• Spring platform users reached 32.6 million, with 0.5 million net new users added in Q2 2025.

Financial highlights

• Q2 2025 revenue: $250.1 million (up 19% year-over-year); adjusted EBITDA: $31.8 million (up 35%); net income: $8.9 million.

• Cash and cash equivalents at June 30, 2025: $149.1 million, up from $106.6 million at year-end 2024.

• Operating cash flow for the first six months: $27.7 million, up from $0.8 million in 2024.

• Variable marketing margin was $83.6 million, up 18% year-over-year, representing 33% of revenue.

• Net leverage improved to 3x from 5x over the past year.

Outlook and guidance

• Q3 2025 revenue expected between $273–$281 million; full-year 2025 guidance: revenue of $1.0–$1.05 billion, variable marketing margin $329–$336 million, adjusted EBITDA $119–$126 million.

• Management remains optimistic about Insurance segment demand and expects continued elevated carrier partner activity for the remainder of 2025.

• Home segment outlook is cautiously optimistic, anticipating potential benefits from expected decreases in interest rates.

• Expecting continued strength in home equity and insurance, with a seasonal decline in Q4.

• The company expects sufficient liquidity to fund operations for the next twelve months and beyond.