Match Group, Inc. · NASDAQ:MTCH
Match — Q4 2025 Earnings Presentation
38 slides from Match's earnings presentation, Feb 3, 2026
Slide 1: Q4 2025 Supplemental Materials
Q4 2025 Supplemental Materials FEBRUARY 3, 2026
Slide 2: Disclosures and Definitions
Q4 2025 | SUPPLEMENTAL MATERIALS Disclosures and Definitions Non-GAAP Financial Measures This presentation includes certain non -GAAP financial measures in addition to financial measures presented in accordance with U. S. GAAP. These non -GAAP financial measures are in addition to, and not a substit
Slide 3: Business Performance Snapshot
Q4 2025 Business Performance Snapshot
Slide 4: Q4 2025 Business Performance
Q4 2025 | SUPPLEMENTAL MATERIALS Q4 2025 Business Performance TOTAL REVENUE DIRECT REVENUE PAYERS RPP Q4 2025 Q4 2025 Q4 2025 Q4 2025 $878M $860M 13.8M $20.72 +2% vs. Q4 2024 +2% vs. Q4 2024 (5)% vs. Q4 2024 +7% vs. Q4 2024 NET INCOME 1 ADJUSTED EBITDA 1 OPERATING CASH FLOW FREE CASH FLOW Q4 2025 Q4
Slide 5: Q4 2025 Business Unit Performance
Q4 2025 | SUPPLEMENTAL MATERIALS Q4 2025 Business Unit Performance Direct $463.8 (3)% Y/Y $186.5 +26% Y/Y $144.5 (7)% Y/Y $65.6 (2)% Y/Y Revenue ($M) (5)% FXN +24% FXN (9)% FXN (1)% FXN Payers (000s) 8,769 (8)% Y/Y 1,886 +17% Y/Y 2,138 (14)% Y/Y 1,046 +3% Y/Y RPP $17.63 +5% Y/Y $32.96 +8% Y/Y $22.53
Slide 6: Trended Financial Highlights
Q4 2025 Trended Financial Highlights
Slide 7: Consolidated Total Revenue
Q4 2025 | SUPPLEMENTAL MATERIALS Consolidated Total Revenue In $ Millions $914 $878 $860 $864 $831 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Y/Y Growth (1)% (3)% 0% 2% 2% Y/Y FXN Growth 1% (1)% (1)% 1% (0)% 7
Slide 8: Consolidated Net Income & Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS Consolidated Net Income & Adjusted EBITDA Net Income ($M) and Margin 1 Adjusted EBITDA ($M) and Margin 1 $370 $210 $324 $301 $290 $275 $158 $161 $125 $118 24% 42% 38% 33% 34% 33% 18% 18% 14% 15% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net Income N
Slide 9: Consolidated Payers & RPP
Q4 2025 | SUPPLEMENTAL MATERIALS Consolidated Payers & RPP Payers (M) RPP 14.6 14.5 14.2 14.1 $20.58 $20.72 13.8 $20.00 $19.29 $19.07 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Y/Y Growth (4)% (5)% (5)% (5)% (5)% 3% 1% 5% 7% 7% 9
Slide 10: Tinder Trended Performance
Q4 2025 | SUPPLEMENTAL MATERIALS Tinder Trended Performance Direct Revenue ($M) Payers (M) & RPP $491 $17.66 $17.63 $476 $461 $464 $447 9.5 $17.14 9.1 9.3 9.0 8.8 $16.72 $16.38 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Payers RPP Operating Income ($M) and Margin 1 Adjusted EBITDA (
Slide 11: Hinge Trended Performance
Q4 2025 | SUPPLEMENTAL MATERIALS Hinge Trended Performance Direct Revenue ($M) Payers (M) & RPP $185 $186 $31.96 $32.87 $32.96 $30.42 $29.90 $168 $148 $152 1.9 1.9 1.7 1.7 1.6 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Payers RPP Operating Income ($M) and Margin 1 Adjusted EBITDA ($
Slide 12: E&E Trended Performance
Q4 2025 | SUPPLEMENTAL MATERIALS E&E Trended Performance Direct Revenue ($M) Payers (M) & RPP $155 $152 $149 $148 2.5 2.4 $145 2.3 2.3 2.1 $22.22 $22.53 $20.80 $20.76 $21.34 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Payers RPP Operating Income/(Loss) ($M) and Margin 1 Adjusted EBIT
Slide 13: MG Asia Trended Performance
Q4 2025 | SUPPLEMENTAL MATERIALS MG Asia Trended Performance Direct Revenue ($M) Payers (K) & RPP 1,012 999 1,067 1,112 1,046 $69 $69 $67 $66 $64 $21.95 $21.53 $21.23 $20.73 $20.91 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Payers RPP Operating (Loss)/Income ($M) and Margin 1 Adjust
Slide 14: Free Cash Flow
Q4 2025 | SUPPLEMENTAL MATERIALS Free Cash Flow Annual & LTM FCF ($M) Quarterly Free Cash Flow ($M) and FCF Conversion % $1,024M $307M $308M $882M $829M $247M $231M $178M Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 FCF Conversion % 66% 70% 83% 14
Slide 15: Capital Returns
Q4 2025 | SUPPLEMENTAL MATERIALS Capital Returns Quarterly Capital Return Annual & LTM Capital Return $284M $975M $272M $243M $45M $186M $47M $753M $48M $176M $546M $46M $117M $225M $239M $789M $195M $130M Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 Share Repurchases 1 Dividends Share Repurchases D
Slide 16: Leverage Ratios and Debt Maturity Schedule
Q4 2025 | SUPPLEMENTAL MATERIALS Leverage Ratios and Debt Maturity Schedule Gross and Net Leverage 1 Debt Maturity Schedule ($M) 2 3.2x 3.1x 3.1x 2.4x 2.3x 2.4x $575 $350 $700 $450 $500 $500 $500 $500 $424 12/31/2023 12/31/2024 12/31/2025 12/31/2023 12/31/2024 12/31/2025 2026 2027 2028 2029 2030 203
Slide 17: Appendix
AG MatchGroup Q4 2025 Appendix
Slide 18: Trended Revenue Metrics
Q4 2025 | SUPPLEMENTAL MATERIALS Trended Revenue Metrics 2023 2024 2025 Year Ended December 31, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Revenue (in millions, rounding differences may occur) Direct Revenue: Tinder $ 441.1 $ 474.7 $ 508.5 $ 493.2 $ 481.5 $ 479.9 $ 503.2 $ 476.0 $ 447.4 $ 46
Slide 19: Trended Profitability Metrics
Q4 2025 | SUPPLEMENTAL MATERIALS Trended Profitability Metrics 2023 2024 2025 Year Ended December 31, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Net income attributable to Match Group, Inc. shareholders (in millions) Match Group $ 120.8 $ 137.3 $ 163.7 $ 229.7 $ 123.2 $ 133.3 $ 136.5 $ 158.3
Slide 20: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended March 31, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholder
Slide 21: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended June 30, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders
Slide 22: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended September 30, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareho
Slide 23: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended December 31, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. sharehol
Slide 24: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended March 31, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholder
Slide 25: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended June 30, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc.
Slide 26: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended September 30, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group,
Slide 27: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended December 31, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group,
Slide 28: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended March 31, 2025 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc
Slide 29: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended June 30, 2025 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc.
Slide 30: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended September 30, 2025 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group,
Slide 31: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Three Months Ended December 31, 2025 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group,
Slide 32: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Year Ended December 31, 2023 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 6
Slide 33: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Year Ended December 31, 2024 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. sha
Slide 34: Reconciliation of Net Income to Adjusted EBITDA
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA Year Ended December 31, 2025 Corporate & unallocated Total Match Tinder Hinge E&E MG Asia costs Eliminations Group (Dollars in thousands) Net income attributable to Match Group, Inc. sha
Slide 35: Reconciliation of GAAP Revenue to Non-GAAP Revenue
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of GAAP Revenue to Non -GAAP Revenue, Excluding Foreign Exchange Effects Three Months Ended December 31, 2025 $ Change % Change 2024 (Dollars in millions, rounding differences may occur) Direct Revenue, as reported $ 86
Slide 36: Reconciliation of GAAP Revenue to Non-GAAP Revenue
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of GAAP Revenue to Non -GAAP Revenue, Excluding Foreign Exchange Effects Three Months Ended December 31, Three Months Ended March 31, 2025 $ Change % Change 2024 2025 $ Change % Change 2024 (Dollars in millions, roundin
Slide 37: Reconciliation of Net Cash Provided to Free Cash Flow
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Years Ended December 31, 2023 2024 2025 (Dollars in thousands) Net cash provided by operating activities $ 896,791 $ 932,719 $ 1,080,380 Capital expenditure
Slide 38: Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios
Q4 2025 | SUPPLEMENTAL MATERIALS GAAP to Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios Years Ended December 31, 2023 2024 2025 (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 651,539 $ 551,276 $ 613,446 Add back: N