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It has been about a month since the last earnings report for Match Group (MTCH - Free Report) . Shares have added about 11.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Match Group due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Match Group Inc. before we dive into how investors and analysts have reacted as of late.

Match Group Q2 Earnings & Revenues Miss Estimates, Sales Decline Y/YMatch Group reported second-quarter 2026 earnings of 92 cents per share, missing the Zacks Consensus Estimate by 5.15%.

Revenues were $853 million, down 1% year over year, and lagging the Zacks Consensus Estimate of $856 million by 0.34%. The quarter reflected improving engagement trends at Tinder and continued expansion at Hinge.

MTCH’s Q2 Operating Metrics DetailsThe company’s key operating metrics showed mixed momentum, with total payers declining 6% year over year to 13.3 million, while revenue per payer (RPP) increased 6% to $21.13. Tinder’s user trends improved, while Hinge continued to deliver strong growth through product innovation and international expansion.

MTCH Improves Tinder Engagement TrendsTinder direct revenues were $457.5 million in the second quarter, down 1% year over year and down 2% on a foreign exchange-neutral basis.

Payers declined 5% to 8.5 million, while RPP increased 4% to $17.90. Adjusted EBITDA was $233 million, down 5% year over year, with a 50% margin.

The company continued investing in Tinder’s product turnaround. Management highlighted improvements in recommendation algorithms, Trust and Safety initiatives, and new features designed to create lower-pressure ways for users to connect. Tinder’s daily active users declined 4% year over year in the quarter, representing the best performance in 10 quarters.

Match Group Sees Hinge Growth ContinueHinge remained a major growth contributor, with direct revenues rising 22% year over year to $203.5 million. Revenues increased 20% on a foreign exchange-neutral basis, supported by a 17% increase in payers to 2 million and a 4% rise in RPP to $33.11.

Match Group noted that Hinge’s global monthly active users increased 13% year over year, driven by expansion markets. The company continued broadening Hinge’s international presence, entering six new European countries and four additional countries in Latin America during the quarter.

The business is still expected to reach $1 billion in revenues in 2027, with growth expected to come from product innovation, international expansion and additional monetization opportunities.

MTCH Reports Segment Pressure From E&EEveryone Everywhere (E&E) direct revenues were $178.9 million, down 17% year over year and down 17% on a foreign exchange-neutral basis. Payers declined 21% to 2.7 million, while RPP increased 4% to $22.24. Adjusted EBITDA was $54 million, up 69%, and at a 30% margin.

The company continued restructuring the portfolio, with E&E now including Azar and Pairs. Management said the segment is benefiting from shared capabilities across Match Group, including Trust and Safety, recommendation algorithms, centralized marketing and consumer research.

The company expects E&E revenue trends to remain pressured by the Azar app redesign while maintaining a focus on improving the long-term health of the portfolio.

Match Group’s Q2 Operating DetailsTotal operating expenses declined 9% year over year to $608 million in the second quarter. Cost of revenues decreased 16% year over year, helped by alternative payment savings, while general and administrative expenses declined 22%, driven by lower headcount-related costs and legal expenses.

Adjusted EBITDA was $331 million, up 14% year over year, representing an adjusted EBITDA margin of 39%, which expanded approximately 500 basis points from 33% in the year-ago quarter.

MTCH’s Balance Sheet and Cash FlowAs of June 30, 2026, Match Group had cash, cash equivalents and short-term investments of $584 million compared with $1.02 billion as of March 31, 2026. The decline primarily reflected the use of $424 million in cash to repay the company’s 0.875% exchangeable senior notes due in June 2026.

Long-term debt, including current maturities, stood at $3.6 billion as of June 30, 2026. Match Group ended the quarter with trailing twelve-month gross leverage of 2.7x and net leverage of 2.2x. The company’s $500 million revolving credit facility remained undrawn as of June 30, 2026.

Match Group generated $370 million in operating cash flow and $353 million in free cash flow in the second quarter. It also repurchased 7.3 million shares for $245 million and paid $91 million in dividends during the period.

MTCH Provides Q3 & 2026 OutlookFor the third quarter of 2026, Match Group expects revenues of $885 million to $895 million, representing a year-over-year decline of 2% to 3%. Adjusted EBITDA is projected at $330 million to $335 million, implying a 10% year-over-year increase at the midpoint.

For full-year 2026, management expects revenues to be near the midpoint of its previously issued guidance range on an as-reported basis and at or above the midpoint on a foreign exchange-neutral basis. Adjusted EBITDA is expected to be at or above the high end of prior guidance, with margin expected to exceed the company’s 37.5% target.

The company expects Tinder direct revenues to decline in the low-single-digit percentage range for the year, an improvement from its previous outlook. It also expects free cash flow to be at the high end of its prior guidance range.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 11.67% due to these changes.

VGM ScoresCurrently, Match Group has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a grade of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Match Group has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerMatch Group belongs to the Zacks Internet - Software industry. Another stock from the same industry, Automatic Data Processing (ADP - Free Report) , has gained 4.1% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

ADP reported revenues of $5.47 billion in the last reported quarter, representing a year-over-year change of +6.8%. EPS of $2.64 for the same period compares with $2.26 a year ago.

ADP is expected to post earnings of $2.78 per share for the current quarter, representing a year-over-year change of +11.7%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for ADP. Also, the stock has a VGM Score of D.

The online dating industry is facing one of its biggest tests since the pandemic boom.

After years of rapid expansion caused by swipe-based matchmaking, many of the industry's biggest players are grappling with slowing user growth, declining engagement and increasing skepticism from younger users. 

While companies are investing in artificial intelligence, safety features and new products to revive growth, investors remain cautious about whether the sector can return to its high-growth days.

The diverging fortunes of Match Group's Hinge and Tinder, alongside Bumble's continued struggles, illustrate how the market is evolving—and why Wall Street is waiting for stronger evidence before turning more optimistic on the sector.

Users are increasingly disillusioned with dating apps as they find it increasingly hard to find their companions via apps. 

The scrolling experience has also made users more anxious rather than going out or having fun. 

According to a Forbes survey, 78% of users on dating apps have felt “emotionally, mentally or physically exhausted” by the apps. 

Research shows that dating app users are more likely to have symptoms of anxiety, depression, and anxious attachment orientation than non-users.

The increasingly frustrating experience with dating apps has led people to look for romance in real-life meetups, social events or niche clubs. 

According to Strava’s Year in Sport: Trend Report for 2025, Gen Z was 39% more likely than Gen X to use fitness to meet people who share similar interests. 

Susannah Streeter, chief investment strategist at Wealth Club, told Invezz, “Younger users in particular are increasingly meeting people through shared interests, events and “third places” like gyms rather than relying solely on dedicated dating platforms.”

Expert view

After years of relying on swipe-based platforms, some users are experiencing dating fatigue as the whole process can feel repetitive and transactional, creating a perception that apps are better at encouraging engagement than helping people move towards meaningful relationships.

The latest results of dating app companies show companies have still not managed to arrest the user decline. 

Match Group, owner of Tinder and Hinge, reported revenue of $853 million in the second quarter, coming below analyst expectations. Paying users across the company’s apps also fell by 6%.

Tinder’s monthly average user trends fell by 7% from the previous year. Hinge has been a bright spot for the company, with global monthly active users increasing by 13% year over year. 

Bumble’s second-quarter revenue fell by 15% to $210.5 million, and total paying users fell by 16% to 3.16 million.

Match Group’s stock is up only 4% in the last 12 months, while Bumble’s shares have plunged 55% in the same period. 

A Reuters report in June said Bumble was exploring a sale, amid a slowdown in dating app usage.

Wall Street is also indifferent to the performance of the companies.

According to TipRanks data, Match Group has 3 buy ratings and 6 hold ratings across its coverage. Bumble, on the other hand, has 9 hold ratings and 1 sell rating. 

Chris Beauchamp, chief market analyst at IG Group, told Invezz that investors are reluctant to become more optimistic because the companies have yet to prove they can return to sustainable growth.

"Analysts see enough cash generation to rule out a sell, but not enough growth to justify a buy," he said.

According to Beauchamp, pricing has already been pushed aggressively while user growth continues to slow. 

“To earn upgrades, companies must show retention, engagement and product changes feeding through into the numbers”, he added.

Streeter said that “To shift analyst sentiment, companies need to demonstrate that they can improve the quality of interactions rather than simply drive more activity.”

She added that investors are looking for “stronger retention, better conversion of free users into paying subscribers, improved match quality and evidence that premium features are genuinely delivering better outcomes.”

Broader economic conditions, which have caused people to cut down on discretionary spending, have also affected dating. 

A BMO Financial Group survey conducted from the end of December for a month shows that the average date cost in the US is $189, an increase of 12.5% from the previous year.

The survey shows that 50% of Gen Z daters and 40% of millennial daters said the costs interfere with their financial goals. 

This, coupled with screen fatigue, means the dating app companies’ struggles are not over. 

Analysts also said that even if economic conditions improve, dating apps would struggle to bring back users without providing meaningful experiences.

Beauchamp said the falling user growth is due to a combination of genuine structural shift and macro pressures.

Expert view

Cost-of-living pressure and screen fatigue can ease if the macro backdrop improves. But some people are dating differently now, leaning on friend networks and in-person circles, which suggests the swipe-based audience may not fully rebound even when conditions do.

Streeter said that cost pressures have made consumers reassess discretionary subscriptions. 

“However, even if the economic backdrop improves, dating apps will still need to prove they remain relevant in a world where people have more ways than ever to meet and connect”, she added. 

One area where dating companies have managed to offset slowing user growth is monetization.

Beauchamp noted that companies have relied more heavily on premium subscription tiers, shorter-duration plans and pricing changes to lift average revenue per paying user.

However, he warned that the strategy leaves companies vulnerable if consumers become resistant to additional price increases.

Among the major platforms, he views Hinge as the most resilient, citing continued growth in both paying users and revenue. 

Tinder remains critical because of its enormous scale; even modest growth can have a meaningful impact on Match Group's financial performance. 

Bumble, by comparison, continues to see greater pressure on its paying subscriber base.

Investors in the companies would be banking on their efforts to win back customers. 

The industry's largest players are already rolling out product changes aimed at improving engagement and attracting users back to their platforms.

Match Group said Tinder updated its recommendation algorithm in mid-July, resulting in more longer conversations and more real-world connections. The company also introduced Tinder's first global rebrand in more than five years, with Match stating that nearly all engagement metrics improved following the rollout.

Tinder is also targeting Gen Z users through features designed to encourage in-person interactions, including events and optional location-based tools with privacy controls that help users discover people nearby.

Bumble, meanwhile, is rebuilding its platform through its AI-powered "Bumble 2.0" initiative, which the company says is designed to deliver a more curated experience rather than relying solely on traditional swipe-based matching.

The company also removed its women-first texting requirement in the app, which was one of the app's unique features from its inception in 2014.

Ultimately, dating apps will need to prove that their product changes can rebuild user engagement and deliver sustainable growth before investors are likely to turn more bullish on the sector.

Tinder Y/Y DAU and MAU Trends Improve as Turnaround Gains Momentum

Hinge Grew Revenue 22% Y/Y as International Expansion Continues

, /PRNewswire/ -- Match Group (NASDAQ: MTCH) today announced financial results for the second quarter ended June 30, 2026, reflecting continued progress in its product-led turnaround. In Q2, the company delivered revenue in line with expectations and exceeded Adjusted EBITDA expectations, while improving user engagement at Tinder and delivering strong global user and revenue growth at Hinge.

Match Group

Match Group Announces Second Quarter Results At Tinder, product improvements continued to translate into stronger engagement and user trends. Sparks and Sparks Coverage were broadly stable versus Q1, year-over-year ("Y/Y") DAU declines narrowed to 4% in Q2, the best result in 10 quarters, and Y/Y MAU declines improved across each of Tinder's top five revenue countries and among women. Trends have further strengthened in July, supported by ongoing improvements to recommendation algorithms and product innovation. In Q2, Hinge grew overall revenue 22% Y/Y, with global MAU up 13% Y/Y, and entered six new European countries and four additional countries in Latin America. Hinge also grew revenue 86% Y/Y across its European expansion markets1, while maintaining the number one downloaded2 position in aggregate across those markets in Q2.

"Tinder finally looks and feels like the app young daters want to use. We have improved our recommendation algorithms, strengthened Trust and Safety, introduced new ways to connect with features like Double Date and Music Mode, and completed Tinder's first full rebrand in nearly a decade, and these changes are driving meaningful gains in metrics like DAU and retention to date. The next step is winning back singles who've drifted away, and reaching those who've never tried Tinder at all. In-person Events, now live in the U.S. and Europe, are an important part of that strategy," said CEO Spencer Rascoff. "Meanwhile, Hinge is expanding rapidly in new countries and has become a global leader in the intentional dating category, and E&E is more streamlined and focused than ever, with sharper priorities centered on user outcomes and continued product innovation. Match Group is having a great 2026, positioning us well for 2027."

Match Group Q2 2026 Financial Highlights

Total Revenue of $853 million was down 1% Y/Y, down 2% on a foreign exchange ("FX") neutral basis ("FXN"), with a 6% Y/Y increase in RPP to $21.13, and a 6% Y/Y decline in Payers to 13.3 million. Net Income of $171 million increased 36% Y/Y, representing a Net Income Margin of 20%. Adjusted EBITDA of $331 million increased 14% Y/Y, representing an Adjusted EBITDA Margin of 39%. Operating Cash Flow and Free Cash Flow were $564 million and $527 million, respectively, year-to-date through June 30, 2026. Repurchased 7.3 million of our shares at an average price of $34 per share for a total of $245 million, paid $91 million in dividends, and deployed $92 million of cash toward the net settlement of employee equity awards to reduce dilution, equating to 81% of Free Cash Flow year-to-date through June 30, 2026. Diluted shares outstanding3 were 237 million as of July 31, 2026, a decrease of 12 million shares, or 5%, since July 31, 2025. The following table summarizes total company consolidated financial results for the three months ended June 30, 2026 and 2025.

Three Months Ended June 30,

(Dollars in millions, except RPP, Payers in thousands)

2026

2025

Y/Y Change

Total Revenue

$      853

$      864

(1) %

Direct Revenue

$      840

$      845

(1) %

Net income attributable to Match Group, Inc. shareholders

$      171

$      125

36 %

Net Income Margin

20 %

15 %

Adjusted EBITDA

$      331

$      290

14 %

Adjusted EBITDA Margin

39 %

34 %

Payers

13,250

14,093

(6) %

RPP

$   21.13

$   20.00

6 %

Other Quarterly Highlights:

Tinder's product-led turnaround continued to build momentum in Q2. Sparks and Sparks Coverage were broadly stable versus Q1, both globally and among women, and through July have moved substantially higher Y/Y following updates to its recommendation algorithms. Tinder Events, a new feature that lets users discover and attend local activities together, expanded into nine additional U.S. and European cities, with plans to reach 26 cities around the world by the end of September. During its pilot in Los Angeles, 71% of eligible active users ages 18-24 engaged with the in-app Events tab, demonstrating especially strong adoption among Gen Z users. Hinge is still expected to reach $1 billion in revenue in 2027, driven by continued product innovation, international expansion, and monetization gains. In mid-July, Hinge launched Friend's Take, a new feature that brings friends and family into the dating experience. E&E, which now includes Azar and Pairs and stands for "Everyone Everywhere," has completed all major platform migrations. E&E brands are benefiting from shared Match Group capabilities, including Trust and Safety, recommendation algorithms, cross-sell, centralized marketing, consumer research, and more. A webcast of our second quarter 2026 results will be available at https://ir.mtch.com, along with our Prepared Remarks and Supplemental Financial Materials. The webcast will begin today, August 4, 2026, at 5:00 PM Eastern Time. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.

Financial Outlook

For Q3 2026, Match Group expects:

Total Revenue of $885 to $895 million, down 2% to 3% Y/Y. Adjusted EBITDA of $330 to $335 million, representing a Y/Y increase of 10% at the mid-point of the range. Adjusted EBITDA Margin of 37% at the mid-points of the ranges. Dividend Declaration

Match Group's Board of Directors has declared a cash dividend of $0.20 per share of the company's common stock. The dividend is payable on October 20, 2026 to shareholders of record as of October 5, 2026.

Financial Results

Consolidated Operating Costs and Expenses

Three Months Ended June 30,

(Dollars in thousands)

2026

% of
Revenue

2025

% of
Revenue

Y/Y Change

Cost of revenue

$      204,262

24 %

$      241,938

28 %

(16) %

Selling and marketing expense

158,253

19 %

148,254

17 %

7 %

General and administrative expense

106,468

12 %

136,555

16 %

(22) %

Product development expense

114,816

13 %

114,511

13 %

— %

Depreciation

15,325

2 %

18,061

2 %

(15) %

Amortization of intangibles

8,531

1 %

10,498

1 %

(19) %

Total operating costs and expenses

$      607,655

71 %

$      669,817

78 %

(9) %

Liquidity and Capital Resources

During the six months ended June 30, 2026, we generated operating cash flow of $564 million and Free Cash Flow of $527 million.

During the quarter ended June 30, 2026, we repurchased 5.3 million shares of our common stock for $185 million at an average price of $34.92. Between July 1 and July 31, 2026, we repurchased an additional 0.4 million shares of our common stock for $16 million at an average price of $38. As of July 31, 2026, $697 million in aggregate value of shares of Match Group stock remains available under our share repurchase program.

As of June 30, 2026, we had $0.6 billion in cash, cash equivalents, and short-term investments and $3.6 billion of long-term debt, inclusive of current maturities, all of which is fixed rate debt, including $0.6 billion of Exchangeable Senior Notes.

In June 2026, we used $424 million of cash on hand to repay the outstanding 0.875% exchangeable senior notes due 2026 (the "2026 Exchangeable Notes") at their maturity. Our $500 million revolving credit facility was undrawn as of June 30, 2026. Match Group's trailing twelve-month leverage4 as of June 30, 2026 was 2.7x on a gross basis and 2.2x on a net basis.

On July 21, 2026, we paid a dividend of $0.20 per share to holders of record on July 7, 2026. The total cash payout was $46 million.

GAAP Financial Statements

Consolidated Statement of Operations

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(In thousands, except per share data)

Revenue

$        853,105

$       863,738

$     1,717,039

$     1,694,916

Operating costs and expenses:

Cost of revenue (exclusive of depreciation shown separately below)

204,262

241,938

414,918

478,846

Selling and marketing expense

158,253

148,254

321,283

305,350

General and administrative expense

106,468

136,555

195,596

248,075

Product development expense

114,816

114,511

231,621

235,365

Depreciation

15,325

18,061

29,457

39,790

Impairments and amortization of intangibles

8,531

10,498

42,298

20,976

Total operating costs and expenses

607,655

669,817

1,235,173

1,328,402

Operating income

245,450

193,921

481,866

366,514

Interest expense

(42,381)

(32,160)

(84,906)

(67,416)

Other income (expense), net

11,579

(4,056)

18,219

(1,440)

Income before income taxes

214,648

157,705

415,179

297,658

Income tax provision

(44,102)

(32,227)

(77,788)

(54,609)

Net income

170,546

125,478

337,391

243,049

Net income attributable to noncontrolling interests

—

—

(8)

(1)

Net income attributable to Match Group, Inc. shareholders

$       170,546

$        125,478

$       337,383

$      243,048

Net earnings per share attributable to Match Group, Inc. shareholders:

     Basic

$              0.73

$              0.51

$              1.45

$             0.98

     Diluted

$              0.70

$              0.49

$              1.37

$             0.93

Basic shares outstanding

232,504

244,370

232,970

247,731

Diluted shares outstanding

247,757

263,773

249,620

267,832

Stock-based compensation expense by function:

Cost of revenue

$             1,379

$             1,715

$           2,846

$           3,550

Selling and marketing expense

2,726

3,124

5,334

5,866

General and administrative expense

22,968

25,736

42,730

52,742

Product development expense

34,948

36,892

69,678

75,703

Total stock-based compensation expense

$          62,021

$         67,467

$       120,588

$        137,861

Consolidated Balance Sheet

June 30, 2026

December 31, 2025

(In thousands)

ASSETS

Cash and cash equivalents

$            580,580

$           1,027,838

Short-term investments

3,228

3,461

Accounts receivable, net

279,307

303,495

Other current assets

89,111

92,500

Total current assets

952,226

1,427,294

Property and equipment, net

146,255

131,159

Goodwill

2,335,189

2,339,350

Intangible assets, net

152,985

192,929

Deferred income taxes

180,442

216,057

Other non-current assets

266,818

154,022

TOTAL ASSETS

$          4,033,915

$           4,460,811

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Current maturities of long-term debt, net

$                        —

$             423,580

Accounts payable

26,609

9,577

Deferred revenue

152,738

151,337

Accrued expenses and other current liabilities

373,025

422,051

Total current liabilities

552,372

1,006,545

Long-term debt, net of current maturities

3,551,878

3,549,099

Income taxes payable

48,806

43,522

Deferred income taxes

1,552

10,732

Other long-term liabilities

116,362

104,309

Commitments and contingencies

SHAREHOLDERS' EQUITY

Common stock

305

300

Additional paid-in capital

8,663,665

8,721,015

Retained deficit

(5,628,924)

(5,966,307)

Accumulated other comprehensive loss

(441,337)

(422,620)

Treasury stock

(2,830,764)

(2,585,892)

Total Match Group, Inc. shareholders' equity

(237,055)

(253,504)

Noncontrolling interests

—

108

Total shareholders' equity

(237,055)

(253,396)

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$          4,033,915

$           4,460,811

Consolidated Statement of Cash Flows

Six Months Ended June 30,

2026

2025

(In thousands)

Cash flows from operating activities:

Net income

$           337,391

$         243,049

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation expense

120,588

137,861

Depreciation

29,457

39,790

Impairments and amortization of intangibles

42,298

20,976

Deferred income taxes

26,726

(7,908)

Other adjustments, net

(1,985)

15,721

Changes in assets and liabilities

Accounts receivable

22,487

(12,739)

Other assets

12,570

32,304

Accounts payable and other liabilities

(47,425)

(19,438)

Income taxes payable and receivable

20,060

(6,071)

Deferred revenue

2,032

(6,586)

Net cash provided by operating activities

564,199

436,959

Cash flows from investing activities:

Capital expenditures

(37,698)

(28,297)

Purchases of investments

(112,000)

—

Other, net

12

(25,976)

Net cash used in investing activities

(149,686)

(54,273)

Cash flows from financing activities:

Principal payments on Term Loan

—

(425,000)

Payments to settle exchangeable notes

(423,854)

—

Proceeds from issuance of common stock pursuant to stock-based awards and employee stock purchase plan

3,157

3,598

Withholding taxes paid on behalf of employees on net settled stock-based awards

(92,489)

(89,921)

Dividends

(90,929)

(94,968)

Purchases of treasury stock

(245,400)

(419,676)

Purchase of noncontrolling interests

(232)

(84)

Other, net

(6,010)

(6,225)

Net cash used in financing activities

(855,757)

(1,032,276)

Total cash used

(441,244)

(649,590)

Effect of exchange rate changes on cash and cash equivalents

(6,014)

18,840

Net decrease in cash and cash equivalents

(447,258)

(630,750)

Cash and cash equivalents at beginning of period

1,027,838

965,993

Cash and cash equivalents at end of period

$         580,580

$          335,243

Reconciliations of GAAP to Non-GAAP Measures

Reconciliation of Net Income to Adjusted EBITDA

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(Dollars in thousands)

Net income attributable to Match Group, Inc. shareholders

$      170,546

$      125,478

$     337,383

$    243,048

Add back:

Net income attributable to noncontrolling interests

—

—

8

1

Income tax provision

44,102

32,227

77,788

54,609

Other (income) expense, net

(11,579)

4,056

(18,219)

1,440

Interest expense

42,381

32,160

84,906

67,416

Stock-based compensation expense

62,021

67,467

120,588

137,861

Depreciation

15,325

18,061

29,457

39,790

Impairments and amortization of intangibles

8,531

10,498

42,298

20,976

Adjusted EBITDA

$       331,327

$     289,947

$     674,209

$       565,141

Revenue

$      853,105

$     863,738

$    1,717,039

$   1,694,916

Net Income Margin

20 %

15 %

20 %

14 %

Adjusted EBITDA Margin

39 %

34 %

39 %

33 %

Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios

Twelve months ended

June 30, 2026

(In thousands)

Net income attributable to Match Group, Inc. shareholders

$             707,781

Add back:

Net income attributable to noncontrolling interests

22

Income tax provision

155,721

Other income, net

(40,684)

Interest expense

165,041

Stock-based compensation expense

240,929

Depreciation

56,779

Impairments and amortization of intangibles

59,870

Adjusted EBITDA

$          1,345,459

Reconciliation of Operating Cash Flow to Free Cash Flow

Six months ended
June 30, 2026

(In thousands)

Net cash provided by operating activities

$                 564,199

Capital expenditures

(37,698)

Free Cash Flow

$                 526,501

Reconciliation of Forecasted Net Income to Forecasted Adjusted EBITDA

Three Months Ended
September 30, 2026

(In millions)

Net income attributable to Match Group, Inc. shareholders

$175 to $180

Add back:

Income tax provision

41

Other income, net

(5)

Interest expense

42

Stock-based compensation expense

58

Depreciation and amortization of intangibles

19

Adjusted EBITDA

$330 to $335

Revenue

$885 to $895

Net Income Margin (at the mid-point of the ranges)

20 %

Adjusted EBITDA Margin (at the mid-point of the ranges)

37 %

Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects

Three Months Ended June 30,

Six Months Ended June 30,

2026

$ Change

% Change

2025

2026

$ Change

% Change

2025

(Dollars in millions, rounding differences may occur)

Total Revenue, as reported

$         853.1

$         (10.6)

(1) %

$       863.7

$        1,717.0

$              22.1

1 %

$      1,694.9

Foreign exchange effects

(6.6)

(38.2)

Total Revenue, excluding foreign exchange effects

$         846.5

$         (17.2)

(2) %

$       863.7

$      1,678.8

$            (16.1)

(1) %

$      1,694.9

Dilutive Securities

Match Group has various tranches of dilutive securities. The table below details these securities and their potentially dilutive impact (shares in millions; rounding differences may occur).

Average Exercise
Price

7/31/2026

Share Price

$39.41

Absolute Shares

229.6

Equity Awards

Options

$20.79

0.1

RSUs and subsidiary denominated equity awards

7.7

Total Dilution - Equity Awards

7.8

Outstanding Warrants

Warrants expiring on September 15, 2026 (5.0 million outstanding)

$129.39

—

Warrants expiring on April 15, 2030 (7.1 million outstanding)

$129.45

—

Total Dilution - Outstanding Warrants

—

Total Dilution

7.8

% Dilution

3.3 %

Total Diluted Shares Outstanding

237.3

______________________

The dilutive securities presentation above is calculated using the methods and assumptions described below; these are different from GAAP dilution, which is calculated based on the treasury stock method.

Options — The table above assumes the options are settled net of the option exercise price and employee withholding taxes, as is our practice, and the dilutive effect is presented as the net shares that would be issued upon exercise. Withholding taxes paid by the Company on behalf of the employees upon exercise is estimated to be $2.8 million, assuming the stock price in the table above and a 50% estimated employee withholding tax rate.

RSUs and subsidiary denominated equity awards — The table above assumes RSUs are settled net of employee withholding taxes, as is our practice, and the dilutive effect is presented as the net number of shares that would be issued upon vesting. Withholding taxes paid by the Company on behalf of the employees upon vesting is estimated to be $302.9 million, assuming the stock price in the table above and a 50% withholding rate.

All market-based awards reflect the expected shares that will vest based on current market estimates. The table assumes no change in the fair value estimate of the subsidiary denominated equity awards from the values used for GAAP purposes at June 30, 2026.

Exchangeable Senior Notes — The Company has one series of Exchangeable Senior Notes outstanding. In the event of an exchange, the Exchangeable Senior Notes can be settled in cash, shares, or a combination of cash and shares. At the time of the Exchangeable Senior Notes issuance, the Company purchased call options with a strike price equal to the exchange price of the Exchangeable Senior Notes ("Note Hedge"), which can be used to offset the dilution of the Exchangeable Senior Notes. No dilution is reflected in the table above for the Exchangeable Senior Notes because it is the Company's intention to settle the Exchangeable Senior Notes with cash equal to the face amount of the notes; any shares issued would be offset by shares received upon exercise of the Note Hedge.

Warrants — At the time of the issuance of the outstanding Exchangeable Senior Notes and the 2026 Exchangeable Notes, the Company also sold warrants for the number of shares with the strike prices reflected in the table above. The cash generated from the exercise of the warrants is assumed to be used to repurchase Match Group shares and the resulting net dilution, if any, is reflected in the table above. The warrants expiring on September 15, 2026 related to the 2026 Exchangeable Notes.

Non-GAAP Financial Measures

Match Group reports Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Revenue Excluding Foreign Exchange Effects, all of which are supplemental measures to U.S. generally accepted accounting principles ("GAAP"). The Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow measures are among the primary metrics by which we evaluate the performance of our business, on which our internal budget is based and by which management is compensated. Revenue Excluding Foreign Exchange Effects provides a comparable framework for assessing the performance of our business without the effect of exchange rate differences when compared to prior periods. We believe that investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Match Group endeavors to compensate for the limitations of the non-GAAP measures presented by providing the comparable GAAP measures and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures, which we describe below. Interim results are not necessarily indicative of the results that may be expected for a full year.

Definitions of Non-GAAP Measures

Adjusted EBITDA is defined as net income attributable to Match Group, Inc. shareholders excluding: (1) net income attributable to noncontrolling interests; (2) income tax provision or benefit; (3) other income (expense), net; (4) interest expense; (5) depreciation; (6) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable and (ii) gains and losses recognized on changes in fair value of contingent consideration arrangements, as applicable; and (7) stock-based compensation expense. We believe Adjusted EBITDA is useful to analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA has certain limitations because it excludes certain expenses.

Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. We believe Adjusted EBITDA Margin is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA Margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.

Free Cash Flow is defined as net cash provided by operating activities, less capital expenditures. We believe Free Cash Flow is useful to investors because it represents the cash that our operating businesses generate, before taking into account non-operational cash movements. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, we think it is important to evaluate Free Cash Flow along with our consolidated statement of cash flows.

We look at Free Cash Flow as a measure of the strength and performance of our businesses, not for valuation purposes. In our view, applying "multiples" to Free Cash Flow is inappropriate because it is subject to timing, seasonality and one-time events. We manage our business for cash, and we think it is of utmost importance to maximize cash – but our primary valuation metric is Adjusted EBITDA.

Revenue Excluding Foreign Exchange Effects is calculated by translating current period revenues using prior period exchange rates. The percentage change in Revenue Excluding Foreign Exchange Effects is calculated by determining the change in current period revenues over prior period revenues where current period revenues are translated using prior period exchange rates. We believe the impact of foreign exchange rates on Match Group, due to its global reach, may be an important factor in understanding period over period comparisons if movement in rates is significant. Since our results are reported in U.S. dollars, international revenues are favorably impacted as the U.S. dollar weakens relative to other currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other currencies. We believe the presentation of revenue excluding foreign exchange effects in addition to reported revenue helps improve the ability to understand Match Group's performance because it excludes the impact of foreign currency volatility that is not indicative of Match Group's core operating results.

Non-Cash Expenses That Are Excluded From Our Non-GAAP Measures

Stock-based compensation expense consists principally of expense associated with the grants of RSUs, performance-based RSUs, and market-based awards. These expenses are not paid in cash, and we include the related shares in our fully diluted shares outstanding using the treasury stock method; however, performance-based RSUs and market-based awards are included only to the extent the applicable performance or market condition(s) have been met (assuming the end of the reporting period is the end of the contingency period). To the extent stock-based awards are settled on a net basis, we remit the required tax-withholding amounts from our current funds.

Depreciation is a non-cash expense relating to our property and equipment and is computed using the straight-line method to allocate the cost of depreciable assets to operations over their estimated useful lives, or, in the case of leasehold improvements, the lease term, if shorter.

Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash expenses related primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived intangible assets of the acquired company, such as customer lists, trade names and technology, are valued and amortized over their estimated lives. Value is also assigned to (i) acquired indefinite-lived intangible assets, which consist of trade names and trademarks, and (ii) goodwill, which are not subject to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired company to build value prior to acquisition and the related amortization and impairment charges of intangible assets or goodwill, if applicable, are not ongoing costs of doing business.

Additional Definitions

Tinder consists of the world-wide activity of the brand Tinder®.

Hinge consists of the world-wide activity of the brand Hinge®.

Everyone Everywhere ("E&E") consists of the world-wide activity of the brands Match®, Meetic®, OkCupid®, Plenty Of Fish®, Pairs™, Azar®, BLK®, Chispa™, The League®, Upward®, Salams®, HER™, and other smaller brands.

Retention measures the share of existing users who remain active after 30 days.

Sparks is the number of users engaging in six-way conversations on Tinder in a given week. When presented on a monthly, quarterly or year-to-date basis, Sparks represents the average of the weekly values for the respective period presented.

Sparks Coverage is the percentage of active Tinder users who experience a Spark in a given period and is average Sparks for the period divided by average weekly active users in the period.

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 end users of our services, a majority 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.

Daily Active User ("DAU") is the average daily number of unique registered users at a brand level who has visited the brand's app or, if applicable, their website in the past seven days as of any given day. When presented on a monthly, quarterly or year-to-date basis, DAU represents the average of the daily DAU 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 users will exist within DAU when the same individual visits multiple brands in a given day.

Monthly Active User ("MAU") is a unique registered user at a brand level who has visited the brand's app or, if applicable, their website in the given month. For measurement periods that span multiple months, the average of each month is used. At a consolidated level and a business unit level to the extent a business unit consists of multiple brands, duplicate users will exist within MAU when the same individual visits multiple brands in a given month.

Leverage on a gross basis is calculated as principal debt balance divided by Adjusted EBITDA for the period referenced.

Leverage on a net basis is calculated as principal debt balance less cash and cash equivalents and short-term investments divided by Adjusted EBITDA for the period referenced.

Other Information

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release and our conference call, which will be held at 5:00 p.m. Eastern Time on August 4, 2026, may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not historical facts are "forward looking statements." The use of words such as "anticipates," "estimates," "expects," "plans," "believes," "will," and "would," among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: Match Group's future financial performance, Match Group's business prospects and strategy, anticipated trends, and other similar matters. These forward-looking statements are based on management's current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: failure to retain existing users or add new users, or if users do not convert to paying users; competition; risks related to our restructuring and reorganization activities; our ability to attract and retain users through cost-effective marketing efforts; our reliance on a variety of third-party platforms, in particular, mobile app stores; our ability to realize reductions in in-app purchase fees; inappropriate actions by certain of our users could be attributed to us or may not be adequately prevented by us; dependence on our key personnel; volatile global economic conditions; operational and financial risks in connection with acquisitions; impairment charges related to our intangible assets; operations in various international markets, including certain markets in which we have limited experience; foreign currency exchange rate fluctuations; challenges in measuring our user metrics and other estimates; the limited operating history of our newer brands and services makes it difficult to evaluate our current business and future prospects; impacts of climate change; the integrity of our and third parties' systems and infrastructure; cyberattacks on our systems and infrastructure and cyberattacks experienced by third parties; our ability to access, collect, and use personal data about our users; breaches or unauthorized access of personal and confidential or sensitive user information that we maintain and store; challenges with properly managing the use of artificial intelligence; risks related to credit card payments; risks related to our use of "open source" software; complex and evolving U.S., foreign, and international laws and regulations; our ability to protect our intellectual property rights or accusations that we infringe upon the intellectual property rights of others; adverse outcomes in litigation; risks related to our taxation in multiple jurisdictions; risks related to our indebtedness; and risks relating to ownership of our common stock. Certain of these and other risks and uncertainties are discussed in Match Group's filings with the Securities and Exchange Commission. Other unknown or unpredictable factors that could also adversely affect Match Group's business, financial condition and results of operations may arise from time to time. In light of these risks and uncertainties, these forward-looking statements may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of Match Group management as of the date of this press release. Match Group does not undertake to update these forward-looking statements.

About Match Group

Match Group (NASDAQ: MTCH), 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.

_________________

1 Hinge's European expansion markets are: France, Germany, Austria, Switzerland, Denmark, Finland, Sweden, Norway, Spain, Italy, Netherlands, and Belgium.

2 Source: Sensor Tower. Combined downloads across Apple App Store and Google Play Store. Among all dating apps as defined by Match Group.

3 As defined on page 10 of this press release.

4 Leverage is calculated utilizing the non-GAAP measure Adjusted EBITDA as the denominator. For a reconciliation of the non-GAAP measure for each period presented, see page 8.

SOURCE Match Group

MTCH stock is moving. Watch the price action here. Match Q2 Details       Match Group reported quarterly earnings of 70 cents per share, which beat the analyst consensus estimate of 65 cents, according to Benzinga Pro data.

Quarterly revenue came in at $853.11 million, which missed the Street estimate of $856.83 million and was down from $863.74 million in the same period last year.

The company reported that Tinder year-over-year DAU and MAU trends improved and Hinge grew its revenue by 22% year-over-year as the international expansion continued. Payers declined by 6% to 13.3 million.

“Match Group is having a great 2026, positioning us well for 2027,” said CEO Spencer Rascoff.

MTCH Stock Price Activity: According to data from Benzinga Pro, Match stock was down 11.4% to $36.55 in Tuesday’s extended trading.  

Photo: Shutterstock

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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Match Group (NASDAQ: MTCH) will release financial results for the second quarter 2026 on Tuesday, August 4, 2026 after-market close. The company will host its quarterly conference call to discuss these results at 5:00 p.m. ET on the same day.

A live webcast of the conference call, along with supplemental investor materials, can be accessed at https://ir.mtch.com. A replay of the webcast will be available through the same link following the conference call.

Match Group About Match Group

Match Group (NASDAQ: MTCH), 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™, PlentyOfFish®, 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. Our services are available in over 40 languages to our users all over the world.

SOURCE Match Group

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