Match Group, Inc.
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PART I
Item 1. Business
Who we are
Match Group, Inc., through its portfolio companies, is a leading provider of digital technologies designed to
help people make meaningful connections. Our global portfolio of brands includes Tinder®, Hinge®, Match®,
Meetic®, OkCupid®, Pairs™, Plenty Of Fish®, Azar®, BLK®, and more, each built to increase our users’ likelihood of
connecting with others. Through our trusted brands, we provide tailored services to meet the varying
preferences of our users.
As used herein, “Match Group,” the “Company,” “we,” “our,” “us,” and similar terms refer to Match Group,
Inc. and its subsidiaries, unless the context indicates otherwise.
The business of creating meaningful connections
Our goal is to spark meaningful connections for every single person worldwide. Consumers’
preferences vary significantly, influenced in part by demographics, geography, cultural
norms, religion, and intent (for example, casual dating or more serious relationships). As a
result, the market for social connection apps is fragmented, and no single service has been
able to effectively serve all of those seeking social connections.
Human connection is a fundamental need, yet the ways people meet and build relationships
have evolved significantly over time. Historically, connections were shaped by physical proximity and social
circles such as the workplace, schools, religious institutions, social gatherings, and local communities. Today,
mobile technology and the internet play a central role in how people can create new interactions and develop
meaningful connections. Additionally, the increasing integration of technology into daily life has contributed to
broader acceptance of digital tools for connecting with others, eroding biases and stigmas across the world,
which previously served as barriers that limited adoption.
We believe that technologies that bring people together serve as a natural extension of the traditional
means of meeting people and provide a number of benefits for users, including:
•Expanded options: Social connection apps provide users access to a large pool of people they otherwise
would not have a chance to meet.
•Efficiency: The search and recommending features, as well as the profile information available on social
connection apps, allow users to better navigate potential connections more effectively.
•More comfort and control: Compared to the traditional ways that people meet, social connection apps
provide an environment that reduces the awkwardness around identifying and reaching out to new
people who are interested in connecting. This reduces friction and increases the likelihood that more
people will engage.
•Trust and Safety: Social connection apps can offer a safer way to contact new people for the first-time
by allowing people to limit the amount of personal information exchanged and providing an
opportunity to vet a new connection before meeting in person, including via video communication.
•Convenience: The internet and mobile access allow users to connect with new people at any time,
regardless of where they are.
Depending on a person’s circumstances, social connection apps can act as a supplement to, or substitute
for, traditional means of meeting people. When selecting a social connection app, we believe that users consider
the following attributes:
•Brand recognition, trust, and scale: Brand is very important. Users generally associate strong brands
with a higher likelihood of success and more tools to help the user connect safely and securely.
Generally, successful brands depend on large, active communities of users, strong algorithmic filtering
technology, and awareness of successful usage among similar users.
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•Success and outcomes: Demonstrated success of other users attracts new users through word-of-
mouth recommendations. Positive outcomes drive initial adoption and repeat usage.
•Relevance and sense of belonging: Users typically look for social connection apps that align with their
demographic, religion, geography, or intent. Through offering a sense of community, the perceived
relevance of potential connections increases.
•Service features and user experience: Users tend to gravitate towards social connection apps that offer
features and user experiences that resonate with them, such as question-based matching algorithms,
location-based features, or search capabilities. User experience is also driven by the type of user
interface (for example, Swipe® based discovery or scroll-based profile exploration), a particular mix of
free and paid features, ease of use, privacy, and security. Users expect every interaction with a social
connection app to be seamless and intuitive.
Our portfolio
We operate a portfolio of differentiated brands designed to serve distinct user needs, preferences, and
relationship intents. Collectively, our brands span a range of connection experiences, from discovery-oriented
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of
Operations
Key Terms:
Operating and financial metrics:
•Tinder consists of the world-wide activity of the brand Tinder®.
•Hinge consists of the world-wide activity of the brand Hinge®.
•Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands,
including Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically
focused brands, and our Emerging brands, including BLK®, Chispa™, The League®, Upward®,
Yuzu™, Salams®, HER™, and other smaller brands.
•Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands Pairs™ and
Azar®.
•Corporate and unallocated costs includes 1) corporate expenses (such as executive
management, investor relations, corporate development, board of directors, and public
company listing fees), 2) portions of corporate services (such as legal, human resources,
accounting, and tax), and 3) certain centrally managed services and technology that have not
been allocated to the individual business segments (such as central trust and safety
operations and certain shared software).
•Direct Revenue is revenue that is received directly from end users of our services and
includes both subscription and à la carte revenue.
•Indirect Revenue is revenue that is not received directly from an end user of our services,
substantially all of which is advertising revenue.
•Payers are unique users at a brand level in a given month from whom we earned Direct
Revenue. When presented as a quarter-to-date or year-to-date value, Payers represents the
average of the monthly values for the respective period presented. At a consolidated level and
a business unit level to the extent a business unit consists of multiple brands, duplicate Payers
may exist when we earn revenue from the same individual at multiple brands in a given month,
as we are unable to identify unique individuals across brands in the Match Group portfolio.
•Revenue Per Payer (“RPP”) is the average monthly revenue earned from a Payer and is
Direct Revenue for a period divided by the Payers in the period, further divided by the number
of months in the period.
Operating costs and expenses:
•Cost of revenue consists primarily of the amortization of in-app purchase fees, Variable
Expenses (defined below), and employee compensation expense and stock-based
compensation expense for personnel engaged in data center and customer care functions.
•Selling and marketing expense consists primarily of cost of acquisition expense and
employee compensation expense and stock-based compensation expense for personnel
engaged in selling and marketing, sales support, and public relations functions.
•General and administrative expense consists primarily of employee compensation expense
and stock-based compensation expense for personnel engaged in executive management,
finance, legal, tax, and human resources, fees for professional services (including transaction-
related costs for acquisitions), and facilities costs.
•Product development expense consists primarily of employee compensation expense and
stock-based compensation expense that are not capitalized for personnel engaged in the
design, development, testing, and enhancement of our services and related technology.
•In-app purchase fees consists of the amortization of in-app purchase fees, which are monies
paid to Apple and Google in connection with the processing of in-app purchases of
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subscriptions and service features through the in-app payment systems provided by Apple and
Google. Additionally, fees paid to Apple and Google for transactions not processed through
their in-app payment systems are included within in-app purchase fees.
•Variable Expenses consists primarily of hosting fees, credit card processing fees, and rent,
energy, and bandwidth costs associated with data centers.
•Cost of acquisition consists primarily of advertising expenditures, including online marketing
(fees paid to search engines and social media sites), offline marketing, including television and
print advertising, and production of advertising content.
•Employee compensation expense consists primarily of compensation expense (excluding
stock-based compensation expense) and other employee-related costs that are not
capitalized.
•Stock-based compensation expense consists principally of expense associated with awards
of restricted stock units (“RSUs”), performance-based RSUs, and market-based awards that is
not capitalized. These expenses are not paid in cash.
Long-term debt:
•Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. As
of March 31, 2026 and December 31, 2025, there was $0.6 million outstanding in letters of
credit and $499.4 million of availability under the Credit Facility.
•5.00% Senior Notes - MG Holdings II’s 5.00% Senior Notes due December 15, 2027, with
interest payable each June 15 and December 15, which were issued on December 4, 2017. As
of March 31, 2026, $450 million aggregate principal amount was outstanding.
•4.625% Senior Notes - MG Holdings II’s 4.625% Senior Notes due June 1, 2028, with interest
payable each June 1 and December 1, which were issued on May 19, 2020. As of March 31,
2026, $500 million aggregate principal amount was outstanding.
•5.625% Senior Notes - MG Holdings II’s 5.625% Senior Notes due February 15, 2029, with
interest payable each February 15 and August 15, which were issued on February 15, 2019.
As of March 31, 2026, $350 million aggregate principal amount was outstanding.
•4.125% Senior Notes - MG Holdings II’s 4.125% Senior Notes due August 1, 2030, with
interest payable each February 1 and August 1, which were issued on February 11, 2020. As
of March 31, 2026, $500 million aggregate principal amount was outstanding.
•3.625% Senior Notes - MG Holdings II’s 3.625% Senior Notes due October 1, 2031, with
interest payable each April 1 and October 1, which were issued on October 4, 2021. As of
March 31, 2026, $500 million aggregate principal amount was outstanding.
•6.125% Senior Notes - MG Holdings II’s 6.125% Senior Notes due September 15, 2033, with
interest payable each March 15 and September 15, which were issued on August 20, 2025.
The proceeds from the issuance of these notes will be used to repay all of the outstanding
2026 Exchangeable Notes at or prior to their maturity, and the remaining proceeds will be used
for general corporate purposes. As of March 31, 2026, $700 million aggregate principal
amount was outstanding.
•2026 Exchangeable Notes - The 0.875% Exchangeable Senior Notes due June 15, 2026
issued by Match Group FinanceCo 2, Inc., a subsidiary of the Company, which are
exchangeable into shares of the Company's common stock. Interest is payable each June 15
and December 15. As of March 31, 2026, $424 million aggregate principal amount was
outstanding and is presented as a current liability.
•2030 Exchangeable Notes - The 2.00% Exchangeable Senior Notes due January 15, 2030
issued by Match Group FinanceCo 3, Inc., a subsidiary of the Company, which are
exchangeable into shares of the Company's common stock. Interest is payable each January
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15 and July 15. As of March 31, 2026, $575 million aggregate principal amount was
outstanding.
Non-GAAP financial measure:
•Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted
EBITDA”) - is a Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for
the definition of Adjusted EBITDA and a reconciliation of net income attributable to Match
Group, Inc. to Adjusted EBITDA.
Management Overview
Match Group, Inc., through its portfolio companies, is a leading provider of digital technologies
designed to help people make meaningful connections. Our global portfolio of brands includes Tinder®,
Hinge®, Match®, Meetic®, OkCupid®, Pairs™, Plenty Of Fish®, Azar®, BLK®, and more, each built to
increase our users’ likelihood of connecting with others. Through our trusted brands, we provide tailored
services to meet the varying preferences of our users.
We manage our portfolio of brands in four business units: Tinder, Hinge, Evergreen and Emerging,
and Match Group Asia.
As used herein, “Match Group,” the “Company,” “we,” “our,” “us,” and similar terms refer to Match
Group, Inc. and its subsidiaries, unless the context indicates otherwise.
For a more detailed description of the Company’s operating businesses, see “Item 1. Business” of
the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Azar Business Update
On February 22, 2026, Apple removed the Azar app from the Apple App Store following a February
6, 2026 update to Apple’s App Review Guidelines. Updates were subsequently made to the app to
comply with the updated guidelines, which led to the reinstatement of a new version on April 6, 2026.
This temporary removal resulted in lower Direct Revenue for the three months ended March 31, 2026.
We also updated the business forecast associated with the Azar app, which resulted in an impairment
of $25.2 million to the indefinite-lived asset associated with the Azar trade name.
Additional Information
Investors and others should note that we announce material financial and operational information
to our investors using our investor relations website at https://ir.mtch.com, our newsroom website at
https://mtch.com/news, Tinder’s newsroom website at www.tinderpressroom.com, Hinge’s newsroom
website at https://hinge.co/press, Securities and Exchange Commission (“SEC”) filings, press releases,
and public conference calls. We use these channels as well as social media to communicate with our
users and the public about our company, our services, and other issues. It is possible that the
information we post on social media could be deemed to be material information. Accordingly, investors,
the media, and others interested in our company should monitor the websites listed above and the
social media channels listed on our investor relations website in addition to following our SEC filings,
press releases, and public conference calls. Neither the information on our website, nor the information
on the website of any Match Group business, is incorporated by reference into this report, or into any
other filings with, or into any other information furnished or submitted to, the SEC.
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Results of Operations for the three months ended March 31, 2026 compared to the three months
ended March 31, 2025
Revenue
Three Months Ended March 31, | |||||||
2026 | $ Change | % Change | 2025 | ||||
(In thousands, except RPP) | |||||||
Revenue | |||||||
Direct Revenue: | |||||||
Tinder | $454,697 | $7,294 | 2% | $447,403 | |||
Hinge | 194,497 | 42,256 | 28% | 152,241 | |||
Evergreen & Emerging | 139,144 | (10,006) | (7)% | 149,150 | |||
MG Asia | 59,520 | (4,135) | (6)% | 63,655 | |||
Total Direct Revenue | 847,858 | 35,409 | 4% | 812,449 | |||
Indirect Revenue | 16,076 | (2,653) | (14)% | 18,729 | |||
Total Revenue | $863,934 | $32,756 | 4% | $831,178 | |||
Payers: | |||||||
Tinder | 8,632 | (475) | (5)% | 9,107 | |||
Hinge | 1,957 | 260 | 15% | 1,697 | |||
Evergreen & Emerging | 2,019 | (376) | (16)% | 2,395 | |||
MG Asia | 913 | (86) | (9)% | 999 | |||
Total | 13,521 | (677) | (5)% | 14,198 | |||
(Change calculated using non-rounded numbers) | |||||||
RPP: | |||||||
Tinder | $17.56 | $1.18 | 7% | $16.38 | |||
Hinge | $33.13 | $3.23 | 11% | $29.90 | |||
Evergreen & Emerging | $22.97 | $2.21 | 11% | $20.76 | |||
MG Asia | $21.74 | $0.51 | 2% | $21.23 | |||
Total | $20.90 | $1.83 | 10% | $19.07 | |||
Tinder Direct Revenue increased $7.3 million, or 2%. The increase in Direct Revenue was driven
by a 7% increase in RPP, which was positively impacted by the weakening of the U.S. dollar compared
to the Euro, partially offset by a 5% decrease in Payers. On a consistent foreign exchange rate basis,
Direct Revenue declined $13.1 million, or 3%.
Hinge Direct Revenue grew $42.3 million, or 28%. Revenue growth was driven by continued
growth in certain European expansion markets. Payers increased 15% compared to 2025, and RPP
increased 11% over 2025. RPP was positively impacted by the weakening of the U.S. dollar compared
to the Euro.
E&E Direct Revenue declined $10.0 million, or 7%. The decline at E&E was driven by a decline in
Payers of 16%, partially offset by increased RPP of 11%. RPP was positively impacted by the
weakening of the U.S. dollar compared to the Euro.
MG Asia Direct Revenue declined $4.1 million, or 6%. Payers were down 9%, partially impacted by
the temporary Azar app removal discussed in the Azar business update above. Partially offsetting this
decline is an increase of 2% in RPP.
Indirect Revenue decreased due to lower direct advertisement revenue compared to 2025.
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Cost of revenue (exclusive of depreciation)
Three Months Ended March 31, | |||||||
2026 | $ Change | % Change | 2025 | ||||
(Dollars in thousands) | |||||||
Cost of revenue | $210,656 | $(26,252) | (11)% | $236,908 | |||
Percentage of revenue | 24% | 29% | |||||
Cost of revenue decreased across all segments primarily due to Payers shifting from app store
payments to alternate payment methods, resulting in a decrease of $24.1 million within in-app purchase
fees and an increase of $3.8 million in credit card processing fees.
Selling and marketing expense
Three Months Ended March 31, | |||||||
2026 | $ Change | % Change | 2025 | ||||
(Dollars in thousands) | |||||||
Selling and marketing expense | $163,030 | $5,934 | 4% | $157,096 | |||
Percentage of revenue | 19% | 19% | |||||
Selling and marketing expense increased 4% primarily due to higher cost of acquisition expense at
Tinder and Hinge, partially offset by reductions at E&E and MG Asia.
General and administrative expense
Three Months Ended March 31, | |||||||
2026 | $ Change | % Change | 2025 | ||||
(Dollars in thousands) | |||||||
General and administrative expense | $89,128 | $(22,392) | (20)% | $111,520 | |||
Percentage of revenue | 10% | 13% | |||||
General and administrative expense decreased primarily due to Canada rescinding its digital sales
tax resulting in a $10.2 million reversal of expense during the quarter, and a reduction in headcount
decreasing employee compensation and stock-based compensation by $8.6 million and $7.2 million,
respectively, primarily within Corporate and Unallocated Costs and E&E.
Product development expense
Three Months Ended March 31, | |||||||
2026 | $ Change | % Change | 2025 | ||||
(Dollars in thousands) | |||||||
Product development expense | $116,805 | $(4,049) | (3)% | $120,854 | |||
Percentage of revenue | 14% | 15% | |||||
Product development expense decreased 3% primarily due to lower employee and stock-based
compensation expense at Tinder, partially offset by increased employee and stock-based compensation
expense at Hinge.
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-05-08 | Brenner Melissa Anne | Director | Sell | -5,141 | $35.94 | -$184,761 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-08-05 10-Q expected by 2026-08-09 (in 51 days)
- ~2026-11-04 10-Q expected by 2026-11-08 (in 142 days)
- ~2027-02-26 10-K expected by 2027-02-28 (in 256 days)
- ~2027-05-05 10-Q expected by 2027-05-09 (in 324 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-05-06 10-Q Quarterly Report
- 2026-05-05 8-K Earnings Release; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
- 2026-04-30 8-K Officer/Director Change
- 2026-04-30 DEF 14A Proxy Statement
- 2026-03-05 8-K Officer/Director Change
- 2026-02-26 10-K Annual Report
- 2026-02-17 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-02-03 8-K Earnings Release; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
- 2025-11-05 10-Q Quarterly Report
- 2025-11-04 8-K Earnings Release; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
- 2025-08-20 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-08-06 10-Q Quarterly Report
- 2025-08-06 8-K Other Events; Financial Statements and Exhibits
- 2025-08-06 8-K Other Events; Financial Statements and Exhibits
- 2025-08-05 8-K Earnings Release; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits