LOS ANGELES, Nov. 4, 2025 /PRNewswire/ -- Match Group (NASDAQ:MTCH) today announced financial results for the third quarter ended September 30, 2025, as well as meaningful advances in its product-led transformation. The company delivered on its revenue expectations and exceeded its Adjusted EBITDA expectations, excluding a $61 million legal settlement charge.
"We've moved quickly to accelerate innovation, strengthen accountability, and build for long-term growth," said CEO Spencer Rascoff. "Our strategy is showing real progress this quarter, as we achieved our revenue goals and made meaningful progress on our product roadmap."
Rascoff continued, "This quarter we increased product velocity, strengthened trust and safety, and operated with sharper discipline across the business. Our focus on execution, accountability, and efficiency is driving stronger performance while setting the foundation for long-term growth. I firmly believe that by combining innovation, operational rigor, and user empathy, we can shape the future of connection and strengthen our leadership in the category."
In Q3, Match Group executed against its $50 million reinvestment plan across its portfolio to test user-first features, strengthen marketing, and expand its international footprint. Early results are instilling confidence in our strategy and learnings from these investments will inform how we deploy capital in 2026 and lay the foundation for the "Resurgence" phase of the turnaround that Match Group expects to take hold in 2026 and 2027.
Match Group also resolved Candelore v. Tinder, Inc., a decade-old case challenging Tinder's former age-based pricing practices. The settlement closes a long-running matter and allows the company to move forward with focus and confidence.
Match Group Q3 2025 Financial Highlights
Total Revenue of $914 million was up 2% year-over-year ("Y/Y"), up 1% on a foreign exchange ("FX") neutral basis ("FXN"), driven by a 7% Y/Y increase in RPP to $20.58, partially offset by a 5% Y/Y decline in Payers to 14.5 million.
Net Income of $161 million increased 18% Y/Y, representing a Net Income Margin of 18%.
Adjusted EBITDA of $301 million declined 12% Y/Y, representing an Adjusted EBITDA Margin of 33%.
Excluding a $61 million legal settlement charge and $2 million of restructuring costs, Adjusted EBITDA would have been $364 million, up 6% Y/Y, representing an Adjusted EBITDA Margin of 40%.
Operating Cash Flow and Free Cash Flow were $758 million and $716 million, respectively, year-to-date through September 30, 2025.
Repurchased 17.4 million of our shares at an average price of $32 per share on a trade date basis for a total of $550 million and paid $141 million in dividends, deploying 97% of our free cash flow for capital return to shareholders year-to-date through September 30, 2025.
Diluted shares outstanding1 were 245 million as of October 31, 2025, a decrease of 8%, since November 1, 2024.
The following table summarizes total company consolidated financial results for the three months ended September 30, 2025 and 2024.
Three Months Ended September 30,
(Dollars in millions, except RPP, Payers in thousands)
2025
2024
Y/Y Change
Total Revenue
$ 914
$ 895
2 %
Direct Revenue
$ 897
$ 879
2 %
Net income attributable to Match Group, Inc. shareholders
$ 161
$ 136
18 %
Net Income Margin
18 %
15 %
Adjusted EBITDA
$ 301
$ 343
(12) %
Adjusted EBITDA Margin
33 %
38 %
Payers
14,527
15,214
(5) %
RPP
$ 20.58
$ 19.26
7 %
We have updated the title of our primary non-GAAP measure to "Adjusted EBITDA" from our previous title "Adjusted Operating Income." We believe this updated title better aligns with our peers. Numerically, Adjusted EBITDA is the same as Adjusted Operating Income; however, the starting point of the reconciliation to the most comparable GAAP financial measure has changed from operating income to net income. See below for the full definition of Adjusted EBITDA and a reconciliation of net income attributable to Match Group, Inc. shareholders to Adjusted EBITDA.
Other Quarterly Highlights:
Tinder's AI-driven Interactive Matching feature, Chemistry, continues to evolve how people connect by creating a more intentional and personalized discovery experience. Using deep learning and user-permissioned data (like camera roll insights), Chemistry surfaces a few highly compatible profiles each day, leading to more relevant matches and engaging conversations. Chemistry is currently live in New Zealand and Australia, with plans to expand to additional countries in the coming months.
Face Check, Tinder's new facial verification feature, is setting a new standard for authenticity in dating. It helps confirm users are real and match their profile photos. The feature is now mandatory for all new users in California and will roll out to additional U.S. states and countries in the coming months, following successful launches in Canada, India, Australia, and Colombia. Early results show an over 60% decrease in exposure to potential bad actors[2], a 40% reduction in bad actor reports, and meaningful improvements in users' reported trust and authenticity.
Hinge continues to build strong momentum, with sustained growth and continued progress across its international markets. The app launched in Mexico in September and is expanding to Brazil in Q4, extending its reach in key international markets. Hinge also continues to advance its AI-powered features, including Conversation Starters and its Recommendation System, to improve connection quality and drive more meaningful engagement globally.
Match Group's continued rollout of alternative payments across its portfolio is increasing flexibility for users and lowering processing fees. These efforts are expected to generate approximately $14 million in savings in Q4 2025 and roughly $90 million in savings in 2026. Combined with earlier cost-reduction initiatives that produced $100 million in annualized savings, these improvements are enabling reinvestment in growth, including $50 million dedicated to testing new user-first features, strengthening marketing, and expanding internationally.
A webcast of our third quarter 2025 results will be available at https://ir.mtch.com, along with our Prepared Remarks and Supplemental Financial Materials. The webcast will begin today, November 4, 2025, 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.
Dividend Declaration
Match Group's Board of Directors has declared a cash dividend of $0.19 per share of the company's common stock. The dividend is payable on January 21, 2026 to stockholders of record as of January 6, 2026.
Financial Outlook
For Q4 2025, Match Group expects:
Total Revenue of $865 to $875 million, up 1% to 2% Y/Y.
Adjusted EBITDA of $350 to $355 million, representing a Y/Y increase of 9% at the midpoints of the ranges.
Adjusted EBITDA Margin of 41% at the midpoints of the ranges.
Financial Results
Consolidated Operating Costs and Expenses
Three Months Ended September 30,
(Dollars in thousands)
2025
% of Revenue
2024
% ofRevenue
Y/Y Change
Cost of revenue
$ 247,043
27 %
$ 253,129
28 %
(2) %
Selling and marketing expense
169,142
19 %
156,656
17 %
8 %
General and administrative expense
148,021
16 %
103,923
12 %
42 %
Product development expense
104,969
11 %
103,724
12 %
1 %
Depreciation
14,845
2 %
25,302
3 %
(41) %
Impairments and amortization of intangibles
8,921
1 %
42,090
5 %
(79) %
Total operating costs and expenses
$ 692,941
76 %
$ 684,824
76 %
1 %
Liquidity and Capital Resources
During the nine months ended September 30, 2025, we generated operating cash flow of $758 million and Free Cash Flow of $716 million.
During the quarter ended September 30, 2025, we repurchased 3.7 million shares of our common stock for $130 million on a trade date basis at an average price of $35.30. Between October 1 and October 31, 2025, we repurchased an additional 3.0 million shares of our common stock for $100 million on a trade date basis at an average price of $33.02. As of October 31, 2025, $1.10 billion in aggregate value of shares of Match Group stock remains available under our share repurchase program.
As of September 30, 2025, we had $1.1 billion in cash, cash equivalents, and short-term investments and $4.1 billion of long-term debt, inclusive of current maturities, all of which is fixed rate debt, including $1.1 billion of Exchangeable Senior Notes. Our $500 million revolving credit facility was undrawn as of September 30, 2025. Match Group's trailing twelve-month leverage[3] as of September 30, 2025 was 3.4x on a gross basis and 2.5x on a net basis.
On August 20, 2025, we completed a private offering of $700 million aggregate principal amount of 6.125% Senior Notes due 2033. The proceeds from the issuance of these notes will be used to repay all of the outstanding 0.875% exchangeable senior notes due 2026 at or prior to their maturity and the remaining proceeds will be used for general corporate purposes.
On September 8, 2025, we repurchased $76 million aggregate principal amount of 0.875% exchangeable senior notes due 2026.
On October 17, 2025, we paid a dividend of $0.19 per share to holders of record on October 3, 2025. The total cash payout was $45 million.
GAAP Financial Statements
Consolidated Statement of Operations
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(In thousands, except per share data)
Revenue
$ 914,275
$ 895,484
$ 2,609,191
$ 2,619,197
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)
247,043
253,129
725,889
754,859
Selling and marketing expense
169,142
156,656
474,492
476,585
General and administrative expense
148,021
103,923
396,096
324,468
Product development expense
104,969
103,724
340,334
333,037
Depreciation
14,845
25,302
54,635
66,915
Impairments and amortization of intangibles
8,921
42,090
29,897
63,409
Total operating costs and expenses
692,941
684,824
2,021,343
2,019,273
Operating income
221,334
210,660
587,848
599,924
Interest expense
(37,024)
(40,120)
(104,440)
(120,511)
Other income, net
9,328
7,100
7,888
27,099
Income before income taxes
193,638
177,640
491,296
506,512
Income tax provision
(32,882)
(41,159)
(87,491)
(113,477)
Net income
160,756
136,481
403,805
393,035
Net income attributable to noncontrolling interests
(7)
(13)
(8)
(55)
Net income attributable to Match Group, Inc. shareholders
$ 160,749
$ 136,468
$ 403,797
$ 392,980
Net earnings per share attributable to Match Group, Inc. shareholders:
