Match Group (MTCH) Q4 2025 earnings summary

Executive summary

• Achieved and exceeded 2025 revenue and margin goals, with Q4 revenue at $878M (up 2%) and Adjusted EBITDA at $370M (up 14%), alongside strong engagement improvements at Tinder and rapid international growth at Hinge.

• Completed company reset and first year of a three-phase transformation, now focused on user outcomes, product innovation, and long-term growth, especially at Tinder and Hinge.

• Returned over $1B in free cash flow to shareholders in 2025 through $800M buybacks and $200M dividends, reducing diluted shares by 7% year-over-year to 241M.

• Net income for 2025 was $613M, up 11% year-over-year, with Q4 net income at $210M, up 32% year-over-year.

• Net income and Adjusted EBITDA include an $8M gain from a building sale and $2M in restructuring costs in Q4 2025.

Financial highlights

• Full-year 2025 revenue was $3.5B (flat year-over-year); Q4 2025 revenue was $878M, up 2% year-over-year.

• Adjusted EBITDA for 2025 was $1.2B, down 1% year-over-year, with a margin of 35%; Q4 margin was 42%.

• Free cash flow for 2025 was $1.0B–$1.024B; operating cash flow was $1.1B.

• RPP increased 5–7% year-over-year to $20.09–$20.72, while payers declined 5% to 13.8–14.2M.

• Share repurchases in 2025 totaled $789M, representing 95% of free cash flow.

Outlook and guidance

• 2026 total revenue expected flat year-over-year at $3.41–$3.54B; Adjusted EBITDA margin ~37.5%.

• Q1 2026 revenue guidance: $850M–$860M, up 2–3% year-over-year; Adjusted EBITDA: $315M–$320M.

• Free cash flow for 2026 expected at $1.085B–$1.14B, up 8% year-over-year.

• Plan to use 100% of free cash flow for buybacks, dividends, and net selling employee equity awards.

• Tinder direct revenue to decline at a similar rate as 2025; Hinge to grow direct revenue in the low-to-mid-20% range.