LendingTree (TREE) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 12% YoY to $343.6M, the 10th consecutive quarter of double-digit growth, with growth across all three segments.

• Q3 results beat guidance; FY26 midpoint implies 17% revenue growth and 14% Adjusted EBITDA growth despite mortgage headwinds.

• Diversified operations, disciplined costs and AI-enabled execution were cited as drivers of resilience and future growth.

Financial highlights

• Q3 revenue was $343.6M, up 12% YoY and 10% QoQ; 9M revenue was $984.3M versus $797.6M a year earlier.

• Variable marketing margin was $94.9M, up 2% YoY and 9% QoQ, at 28% of revenue; Adjusted EBITDA was $39.6M, down 1% YoY and up 13% QoQ.

• GAAP net loss was $72.4M, or $5.15 per diluted share, primarily reflecting a $98.8M non-cash goodwill impairment.

• Q3 LTM free cash flow was $100M excluding litigation payments.

• Cash and cash equivalents were $82.7M at September 30, 2026; long-term debt was $326.7M.

Outlook and guidance

• FY26 outlook: revenue $1.30B–$1.31B, VMM $370M–$375M and Adjusted EBITDA $151M–$153M; midpoint targets are $372.5M VMM and $152M Adjusted EBITDA.

• Q4 outlook: revenue $315M–$325M, VMM $88M–$93M and Adjusted EBITDA $34M–$36M.

• Q4 Home is seasonally lower and may be weaker than normal; Consumer is expected roughly flat QoQ as SMB strength offsets softer personal loans.

• Q4 guidance assumes a seasonal insurance budget increase, smaller than in prior years; management characterized this as conservative.

• Home growth is expected to be driven by home equity; insurance tailwinds are expected into 2027 and beyond, while SMB recovery remains uncertain.