Match Group (MTCH) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $831M, down 3% year-over-year, with declines at Tinder, Evergreen & Emerging, and MG Asia, partially offset by 23% growth at Hinge; payers fell 5% to 14.2M, but RPP rose 1% to $19.07.

• Adjusted operating income was $275M (33% margin), down 2% year-over-year; operating income was $173M (21% margin), down 7%.

• Major reorganization announced, including a 13% workforce reduction and centralization of key functions, targeting over $100M in annualized savings.

• Focus on product innovation, AI integration, and user trust & safety, with new features launched at Tinder and Hinge.

• Net earnings attributable to shareholders were $117.6M, down from $123.2M in Q1 2024.

Financial highlights

• Direct revenue was $812M, down 4% year-over-year; indirect revenue (ads) hit a record, up 31% year-over-year.

• Operating cash flow was $193M; free cash flow was $178M.

• Cost of revenue decreased 8% year-over-year; selling/marketing costs fell 5%; G&A costs rose 5% due to severance and compensation.

• Cash and equivalents at quarter-end were $414M.

• Repurchased 6.1M shares for $195M and paid $48M in dividends, returning over 135% of free cash flow to shareholders.

Outlook and guidance

• Q2 2025 revenue expected between $850M–$860M, down 2% to flat year-over-year; AOI guidance is $295M–$300M, margin ~35%.

• Full-year 2025 revenue guidance unchanged at $3,375M–$3,500M; AOI expected within $1,232M–$1,278M, margin target 36.5% excluding restructuring.

• FX expected to be a tailwind in Q2, but macroeconomic and FX volatility remain risks.

• $1.45B remains available for share repurchases as of April 30, 2025.