Match Group (MTCH) Q4 2025 earnings summary

Executive summary

• Completed the reset phase and began revitalizing products, focusing on user outcomes and trust, especially at Tinder, while achieving Q4 and full-year 2025 revenue and margin goals and exceeding Q4 expectations.

• Net income for Q4 2025 was $210M, up 32% year-over-year, with a 24% margin; full-year net income was $613M, up 11%, with an 18% margin.

• Adjusted EBITDA for Q4 2025 was $370M, up 14% year-over-year, with a 42% margin; full-year Adjusted EBITDA was $1.2B, down 1%, margin 35%.

• Early indicators such as Sparks, Spark coverage, and new registrations show improving user engagement and retention, especially among Gen Z and women.

• Completed the first year of a three-phase transformation, focusing on product innovation and portfolio brand positioning.

Financial highlights

• Q4 2025 total revenue: $878M, up 2% year-over-year; direct revenue: $860M, up 2%; Adjusted EBITDA: $370M, up 14%, margin 42%.

• Full-year 2025 revenue: $3.5B (flat year-over-year); Adjusted EBITDA: $1.2B, down 1%, margin 35%; net income: $613M, up 11%.

• Free cash flow for 2025: $1.024B; operating cash flow: $1.1B; free cash flow conversion: 83%.

• Share repurchases in 2025 totaled $789M, representing 95% of free cash flow; $186M paid in dividends.

• Revenue per payer (RPP) increased 7% year-over-year to $20.72; payers declined 5% to 13.8M.

Outlook and guidance

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

• Q1 2026 revenue guidance: $850M–$860M, up 2–3% year-over-year; Adjusted EBITDA: $315M–$320M, margin 37%.

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

• Free cash flow for 2026 expected at $1.09–$1.14B, up 8% year-over-year.

• Management continues to focus on margin expansion and capital returns.