Match Group, Inc. Q4 FY2025 earnings call

Management Statement and Operational Highlights

• Tinder Transformation: Completed reset phase, now in revitalize phase. Key leading indicators like sparks and spark coverage are improving. Product roadmap for 2026 addresses Gen Z pain points such as relevance, authenticity/safety, and discovery redesign. First-ever product event in Los Angeles in March 2026 to showcase updates.
• Hinge Growth: Hinge is leading in intentional dating, with strong user growth and revenue momentum. Rolled out face check feature, testing new features like direct to date and convo starters. Expanding to new markets in Latin America and APAC, with over 3.3 million MAU in European expansion markets in 2025.
• Brand Portfolio: Introduced framework positioning brands based on solving users' needs, with Tinder in fun/social low-pressure connection, Hinge in focus/intention, and affinity brands in familiarity/shared intent. Actively incubating new ideas and exploring potential M&A.

Segment Performance

• Tinder: Q4 2025 direct revenue was $464 million, down 3% year-over-year; payers declined 8% to 8.8 million; RPP grew 5% to $17.63. Full-year 2025 direct revenue was $1.9 billion, down 4% year-over-year; adjusted EBITDA was $941 million, down 7%, with an adjusted EBITDA margin of 49%.
• Hinge: Q4 2025 direct revenue was $186 million, up 26% year-over-year; payers were up 17% to 1.9 million; RPP grew 8% to $32.96. Full-year 2025 direct revenue was $691 million, up 26% year-over-year; adjusted EBITDA was $226 million, up 36%, with an adjusted EBITDA margin of 33%.
• E and E: Q4 2025 direct revenue was $145 million, down 7% year-over-year; payers were down 14% to 2.1 million; RPP grew 8% to $22.53. Full-year 2025 direct revenue was $594 million, down 8% year-over-year; adjusted EBITDA was $140 million, down 18%, with an adjusted EBITDA margin of 23%.
• Match Group Asia: Q4 2025 direct revenue was $66 million, down 2% year-over-year; payers increased 3% to 1 million; RPP declined 5% to $20.91. Full-year 2025 direct revenue was $267 million, down 6% year-over-year; adjusted EBITDA was $66 million, up 9%, with an adjusted EBITDA margin of 25%.

Guidance

• Q1 2026: Expect total revenue of $850 million to $860 million, up 2%-3% year-over-year (3.5% FX tailwind); adjusted EBITDA of $315 million to $320 million, up 15% year-over-year, with an adjusted EBITDA margin of 37% at midpoints.
• Full Year 2026: Expect total revenue of $3.41 billion to $3.535 billion, approximately flat year-over-year; adjusted EBITDA of $1.28 billion to $1.325 billion, with an adjusted EBITDA margin of 37.5% at midpoints. Tinder direct revenue to decline similarly to 2025; Hinge to have strong direct revenue growth; E and E to face revenue declines; Match Group Asia to face revenue declines. Free cash flow expected to be $1.085 billion to $1.135 billion, an 8% year-over-year increase.

Risks

• App Store Policy Changes: The App Store fees we pay could change based on evolving litigation and regulatory changes both in the US and other jurisdictions, including the Epic Games versus Apple case, which could impact our financials.

Q: Talk about balancing buybacks/dividend and product focus, and early learnings from Project Prism?

A: Able to do multiple things simultaneously including increasing Tinder's marketing budget, giving users more value, investing in Hinge, funding buybacks, and paying dividends. Prism is a Match Group wide analysis of marketing efficacy, showing benefits of down funnel advertising for Tinder and informing marketing strategy.

Q: Timeline to monetization for Hinge in new markets and early learnings from Mexico and Brazil?

A: Monetization takes time as seen in Europe with Hinge. In Mexico and Brazil, early results outpaced expectations, and the rollout is now under a unified MG philosophy with more coordination between brands.