Match Group (MTCH) Q4 2025 earnings summary

Executive summary

• Achieved $3.5B in FY 2025 revenue, flat year-over-year, with Q4 revenue up 2% to $878M and net income for Q4 at $210M (+32% YoY, 24% margin); FY net income was $613M (+11% YoY, 18% margin).

• Adjusted EBITDA for Q4 2025 was $370M (+14% YoY, 42% margin); FY Adjusted EBITDA was $1.2B (down 1% YoY, 35% margin), up to $1.3B (38% margin) excluding discrete items.

• Generated over $1B in free cash flow in 2025, returning $789M via buybacks and $186M in dividends, reducing diluted shares outstanding by 7% YoY.

• Strategic focus on user outcomes, product revitalization, and long-term growth, especially at Tinder and Hinge, with strong engagement improvements and international expansion.

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

Financial highlights

• Q4 2025 total revenue: $878M (+2% YoY); direct revenue: $860M (+2% YoY); FY 2025 revenue: $3.5B (flat YoY).

• Q4 2025 payers: 13.8M (down 5% YoY); RPP: $20.72 (+7% YoY); FY 2025 RPP: $20.09 (+5% YoY), payers: 14.2M (down 5% YoY).

• Operating cash flow for 2025: $1.1B (+7% YoY); free cash flow: $1.0B; Q4 free cash flow: $308M.

• Q4 2025 expenses down 7% YoY; cost of revenue down 6%, G&A down 22%.

• Free cash flow conversion for 2025 was 83%.

Outlook and guidance

• FY 2026 revenue guidance: $3.41B–$3.54B, approximately flat YoY; Adjusted EBITDA: $1.28B–$1.33B (37.5% margin midpoint).

• Q1 2026 revenue guidance: $850M–$860M (+2–3% YoY); Adjusted EBITDA: $315M–$320M (+15% YoY), margin 37%.

• Hinge expected to grow direct revenue in low-to-mid 20% range in 2026; Tinder direct revenue expected to decline at a similar rate as 2025.

• Free cash flow for 2026 expected at $1.085B–$1.135B (+8% YoY).

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