Match Group (MTCH) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $914.3 million, up 2% year-over-year, with net income of $161 million, up 18% year-over-year and an 18% margin.

• Adjusted EBITDA was $301 million, down 12% year-over-year; excluding a $61 million legal settlement and $2 million restructuring costs, Adjusted EBITDA was $364 million, up 6% year-over-year.

• Payers declined 5% year-over-year to 14.5 million, but revenue per payer (RPP) increased 7% to $20.58.

• The company completed the "Reset" phase of its turnaround, focusing on speed, accountability, and product excellence, and is now in the "Revitalize" phase, emphasizing user outcomes and engagement.

• Accelerated product innovation, including AI-driven features and international expansion, with a focus on trust and safety.

Financial highlights

• Direct revenue was $897 million, up 2% year-over-year; indirect revenue was $18 million, up 8% year-over-year.

• Operating cash flow year-to-date was $758 million; free cash flow was $716 million.

• Q3 Adjusted EBITDA margin was 33%; excluding one-time items, margin would have been 40%.

• Cost of revenue decreased 2% year-over-year, while selling and marketing costs increased 8%.

• General and administrative costs rose 42% year-over-year, mainly due to the legal settlement.

Outlook and guidance

• Q4 2025 revenue guidance is $865–$875 million, up 1–2% year-over-year; Adjusted EBITDA guidance is $350–$355 million, up 9% year-over-year, with a 41% margin.

• Full-year 2025 free cash flow guidance increased to $1.11–$1.14 billion, assuming legal settlement payment in Q1 2026.

• Q4 guidance includes a $14 million negative impact to Tinder revenue from user experience testing and a $9 million negative impact to MG Asia from Azar's block in Turkey.

• Full-year tax rate expected in the high teens.

• Anticipates $14 million in Q4 2025 savings and $90 million in 2026 from alternative payment rollouts.