LendingTree (TREE) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 revenue of $319.7 million, up 22% year-over-year, driven by strong Insurance and Consumer segment growth.

• All three reportable segments posted double-digit VMD growth, led by insurance, which delivered record performance.

• Insurance segment revenue grew 10% year-over-year to $174 million, with broad-based growth across top carriers.

• Consumer group segment profit rose 17% for the year, driven by 60% revenue growth in small business.

• GAAP net income reached $144.7 million, or $10.27 per diluted share, benefiting from a $146.4 million tax benefit.

Financial highlights

• Revenue: $319.7 million, up 22% year-over-year and 4% sequentially.

• Adjusted EBITDA increased 28% year-over-year, outpacing VMD growth.

• Variable marketing margin: $92.0 million, up 6% year-over-year.

• Segment margin for both Q4 and full year remained stable at 51%.

• AI-driven call center improvements generated $10+ million in quarterly revenue growth over six quarters, with minimal OpEx increase.

Outlook and guidance

• Q1 2026 guidance: Revenue $317–$325 million, VMM $94–$99 million, Adjusted EBITDA $39–$41 million.

• Full-year 2026 guidance: Revenue $1,275–$1,330 million, VMM $374–$394 million, Adjusted EBITDA $150–$160 million.

• Expecting another record year for insurance in 2026, with Q1 anticipated to set a new revenue record.

• Consumer segment outlook driven by continued investment in small business and personal loans, with margins expected to remain near Q4 levels.

• Home segment guidance does not assume further rate improvements, making forecasts conservative.