Match Group, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
MTCH$39.03-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-27.
0000891103-25-000027
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-26.
0000891103-26-000025
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 176 previous paragraphs and 629 current paragraphs.
38 unchanged; 107 reworded; 194 added; 31 removed; 0 previous and 290 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (194)
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Updated Financial Metrics
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We have updated the title of our primary non-GAAP measure to “Adjusted EBITDA” from our previous title
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“Adjusted Operating Income.” We believe this updated title better aligns with our peers. Numerically, Adjusted
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EBITDA is the same as Adjusted Operating Income; however, the starting point of the reconciliation to the most
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comparable GAAP financial measure has changed from operating income to net income. See “Non-GAAP
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Financial Measures” below for the full definition of Adjusted EBITDA and a reconciliation of net income
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attributable to Match Group, Inc. shareholders to Adjusted EBITDA.
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HER™, and other smaller brands.
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period.
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and facilities costs.
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Apple and Google for transactions not processed through their in-app payment systems are included
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within in-app purchase fees.
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and production of advertising content.
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availability under the Credit Facility.
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aggregate principal amount was outstanding.
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•6.125% Senior Notes - MG Holdings II’s 6.125% Senior Notes due September 15, 2033, with interest
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payable each March 15 and September 15, commencing on March 15, 2026, which were issued on
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August 20, 2025. The proceeds from the issuance of these notes will be used to repay all of the
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outstanding 2026 Exchangeable Notes at or prior to their maturity, and the remaining proceeds will be
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used for general corporate purposes. As of December 31, 2025,$700 million aggregate principal
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amount was outstanding.
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November 13, 2025, we repurchased $76.4 million and $74.8 million of 2026 Exchangeable Notes,
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respectively. At December 31, 2025,$424 million aggregate principal amount was outstanding and is
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presented as a current liability.
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•Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)- is a
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EBITDA and a reconciliation of net income attributable to Match Group, Inc. to Adjusted EBITDA.
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preferences of our users.
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Match Group Asia.
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is displayed.
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following:
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Apple and Google, notwithstanding the availability of alternative payment options in certain circumstances.
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and Google, as applicable, a meaningful share (for subscribers, generally up to 30% on iOS and 15% on Android)
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share of those transactions; however, Apple does not currently impose such fees for alternative payments on iOS
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in the United States. In 2024, we entered into a partnership with Google through Q1 2027 that provides value
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exchange across our broader relationship. We expect this partnership to help offset additional costs that some
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concessions from Apple.
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In total, these developments, including the Google partnership, our increased ability to offer alternative
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payment options in certain circumstances, and the current inability of Apple to impose fees on transactions
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processed through alternative payment systems in the U.S., led to savings in in-app purchase fees in 2025
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compared to 2024. We expect to realize significant in-app purchase fee savings in 2026 compared to 2025 for
Showing the first 40 of 194 passages. Open the source sections for the rest.
Removed paragraphs (31)
Previous report
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. Our services are available in over 40 languages to our users all over the world.
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Increase in acceptance and growth of technologies to meet people globally. Over the past decade, there has been meaningful growth in the use of technologies to meet people in North America and Western Europe, and we see the potential for similar growth in the rest of the world in the years ahead. As more internet-connected people seeking connections utilize technologies to meet people, we believe there remains potential for accelerating growth in the use of these technologies in certain global markets where adoption lags more developed countries. As a result, new services, entrants to the market, and business models are likely to continue to emerge, sometimes at the expense of our existing brands, by harnessing a new technology, such as generative artificial intelligence (“AI”) or a new or existing distribution channel, creating a new or different approach to connecting people, or some other means.
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2024 Consolidated Results
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In 2024, total revenue grew 3%, operating income decreased 10%, and Adjusted Operating Income was flat year-over-year. Revenue growth was primarily due to growth at Hinge, and to a lesser extent Tinder, offset by declines at E&E and MG Asia. Operating income and Adjusted Operating Income were positively affected by the increase in revenue. Operating income declined due to increases in non-cash compensation, impairments of certain intangible assets, and depreciation.
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Tinder Direct Revenue grew 7% in 2023 versus 2022, driven by growth in RPP due to pricing optimizations in the U.S. market and new weekly subscription offerings, partially offset by a decrease in Payers partially attributable to the pricing optimizations.
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Hinge Direct Revenue grew 40% in 2023 versus 2022, driven by 27% growth in Payers and 10% growth in RPP. The Payer growth at Hinge was across geographies, but in particular in the Americas and Europe, which was a focus of international expansion in 2023 for Hinge. RPP increased as a result of pricing optimizations in the U.S.
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E&E Direct Revenue declined 5% in 2023 versus 2022, as we continued to moderate marketing spend at our Evergreen brands. The decline at our Evergreen brands was partially offset by growth at our Emerging brands.
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MG Asia Direct Revenue declined 6% in 2023 versus 2022, driven by declines at Hakuna and Pairs, partially offset by growth at Azar.
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Indirect Revenue decreased $2.2 million primarily due to a lower rate per ad impression compared to the prior year, partially offset by higher ad impressions.
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Selling and marketing expense increased primarily due to higher cost of acquisition expense of $27.2 million primarily at Hinge and Tinder, partially offset by decreases at E&E and MG Asia.
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Selling and marketing expense increased primarily due to higher cost of acquisition expense of $44.7 million primarily at Tinder and Hinge, partially offset by decreases at E&E and MG Asia.
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General and administrative expense increased primarily due to an increase in digital sales taxes of $11.1 million, the majority of which relates to Canada’s implementation of a digital sales tax in June 2024 retroactive to 2022. Additionally, employee compensation expense increased $8.3 million and stock-based compensation expense increased $5.0 million across all segments and within Corporate and Unallocated costs.
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General and administrative expense declined primarily due to a decrease in legal and other professional fees of $25.5 million within Corporate and Unallocated costs and a decrease in stock-based compensation expense of $7.6 million due to forfeitures of equity awards and modification of certain stock-based awards in the prior year, partially offset by an increase in employee compensation expense of $15.7 million, primarily within Corporate and Unallocated costs.
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Product development expense increased primarily due to increases in employee compensation expense of $24.5 million and stock-based compensation expense of $26.3 million, both due to increased headcount at Hinge and Tinder, partially offset by a decrease at E&E.
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Product development expense increased primarily due to increases in employee compensation expense of $18.3 million and stock-based compensation expense of $33.7 million, both due to increased headcount at both Hinge and Tinder.
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Depreciation was higher in 2023 as compared to 2022 primarily due to an increase in internally developed software placed in service at Tinder and MG Asia.
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Operating Income and Adjusted Operating Income
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Operating income decreased 10% or $93.6 million, and Adjusted Operating Income was relatively flat compared to 2023. Operating income and Adjusted Operated Income each benefited from the increase in revenue of $114.9 million, which was driven by growth at Hinge, offset by increased (i) cost of revenue, primarily due to increased in-app purchase fees as revenue at Hinge increased and as a result of returned escrow payments associated with the Google litigation in the prior year, (ii) selling and marketing expense, primarily due to increased cost of acquisition expense, (iii) general and administrative expense, primarily due to increased digital sales taxes, and (iv) product development expense, primarily due to increased employee compensation expense. Operating income was further impacted by increased (i) stock-based compensation expense of $35.3 million, primarily due to increased headcount within product development at Tinder and Hinge, (ii) impairments and amortization of intangible assets of $26.4 million, primarily related to impairments at MG Asia and E&E in 2024, and (iii) depreciation of $25.7 million, primarily related to internally developed software at Tinder, MG Asia, and E&E.
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Operating income increased 78% or $401.9 million, and Adjusted Operating Income increased 11% or $129.8 million. Operating income and Adjusted Operated Income each benefited from the increase in revenue of $175.7 million which was driven by growth at Tinder and Hinge, and lower general and administrative expense primarily related to decreases in legal and other professional fees. That benefit was partially offset by increases in selling and marketing spend and an increase in product development expense primarily due to increased compensation expense. Operating income further benefited from decreases in impairments of intangible assets of $316.1 million, partially offset by increased stock-based compensation expense primarily due to new stock-based awards granted during the year.
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Interest expense remained relatively flat as compared to the prior year.
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Interest expense increased primarily due to a higher interest rate on the Term Loan in 2023 as compared to the prior year.
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For the year ended December 31, 2023, the Company recorded an income tax provision from continuing operations of $125.3 million at an effective tax rate of 16%, which is lower than the statutory rate primarily due to (i) a release of a valuation allowance associated with U.S. foreign tax credits that we now expect to utilize, (ii) a lower tax rate on U.S. income derived from foreign sources, and (iii) the generation of federal and state research credits. These benefits were partially offset by state income taxes and nondeductible stock-based compensation.
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For the year ended December 31, 2022, the Company recorded an income tax provision from continuing operations of $15.4 million at an effective tax rate of 4%, which is lower than the statutory rate primarily due to (i) excess tax benefits generated by the exercise and vesting of stock-based awards, (ii) a release of a valuation allowance on certain foreign deferred tax assets that we expect to utilize, (iii) favorable outcomes of tax audits and (iv) a lower tax rate on U.S. income derived from foreign sources. The benefits were partially offset by higher state income taxes due to higher taxable income in the U.S.
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Adjusted Operating Income
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Net cash provided by operating activities attributable to continuing operations in 2023 includes adjustments to earnings consisting primarily of $232.1 million of stock-based compensation expense; $61.8 million of depreciation; $47.7 million of impairments and amortization of intangibles; deferred income taxes of $26.6 million; and other adjustments of $9.9 million, which includes amortization of deferred financing costs of $6.5 million. The decrease in cash from changes in working capital primarily consists of an increase in accounts receivable of $107.4 million primarily related to the timing of receipts and an increase in revenue from app stores, and a decrease in deferred revenue of $41.2 million as weekly subscriptions have increased. These decreases in cash were partially offset by an increase from other assets of $25.1 million.
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Net cash used in investing activities attributable to continuing operations in 2023 consists primarily of capital expenditures of $67.4 million that are primarily related to internal development of software and computer hardware to support our services.
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Net cash used in financing activities attributable to continuing operations in 2023 is primarily due to purchases of treasury stock of $546.2 million and payments of $5.9 million of withholding taxes paid on behalf of employees for net-settled stock-based awards. These uses of cash were partially offset by $19.9 million of proceeds from the issuance of common stock pursuant to stock-based awards.
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Net cash provided by operating activities attributable to continuing operations in 2022 includes adjustments to earnings consisting primarily of $366.3 million of impairments and amortization of intangibles; $203.9 million of stock-based compensation expense; $43.6 million of depreciation; and other adjustments of $7.0 million, which includes amortization of deferred financing costs of $6.7 million. Partially offsetting these adjustments was a deferred income tax benefit of $30.0 million. The decrease in cash from changes in working capital primarily consists of a decrease in accounts payable and other liabilities of $472.6 million due mainly to the settlement payment for Rad, et al. v. IAC/InterActiveCorp, et al. and related arbitrations, and timing of other payments; an increase in accounts receivable of $6.7 million primarily related to increased revenue from mobile applications; and a decrease in deferred revenue of $6.5 million. These uses of cash were partially offset by an increase from other assets of $59.6 million primarily due to the amortization of prepaid hosting services.
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Net cash used in investing activities attributable to continuing operations in 2022 consists primarily of capital expenditures of $49.1 million that are primarily related to internal development of software and computer hardware to support our services, and cash used in an acquisition, net of cash acquired, of $25.7 million.
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Net cash used in financing activities attributable to continuing operations in 2022 is primarily due to purchases of treasury stock of $482.0 million, payments of $176.3 million to settle the outstanding 2022 Exchangeable Notes, payments of $109.3 million of withholding taxes paid on behalf of employees for net-settled stock-based awards, purchases of non-controlling interests for $10.6 million, and payments of $7.5 million to settle outstanding warrants associated with the 2022 Exchangeable Notes. These uses of cash were partially offset by proceeds of $75.9 million related to the settlement of certain note hedges associated with the 2022 Exchangeable Notes, and $20.5 million of proceeds from the issuance of common stock pursuant to stock-based awards.
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December 31, 2024, we repurchased 22.2 million shares for $752.7 million under the January Share Repurchase Program.
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•Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands, which include Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands, and our Emerging brands, which include BLK®, Chispa™, The League®, Archer®, Upward®, Yuzu™, and other smaller brands.
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•Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands, including
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•Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands primarily focused on Asia and the Middle East, including Pairs™ and Azar®, which has expanded into Europe and the U.S.
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•Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands Pairs™ and Azar®.
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•Corporate and unallocated costs includes 1) corporate expenses (such as executive management, investor relations, corporate development, and 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).
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•Corporate and unallocated costs includes 1) corporate expenses (such as executive management,
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•Direct Revenue is revenue that is received directly from end users of our services and includes both subscription and à la carte revenue.
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•Direct Revenue is revenue that is received directly from end users of our services and includes both
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•Indirect Revenue is revenue that is not received directly from an end user of our services, substantially all of which is advertising revenue.
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•Indirect Revenue is revenue that is not received directly from an end user of our services, substantially
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•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.
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•Payers are unique users at a brand level in a given month from whom we earned Direct Revenue.
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•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.
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for a period divided by the Payers in the period, further divided by the number of months in the
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•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.
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•Cost of revenue consists primarily of the amortization of in-app purchase fees, Variable Expenses
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•Selling and marketing expense consists primarily of cost of acquisition expense, employee compensation expense, and stock-based compensation expense for personnel engaged in selling and marketing, sales support, and public relations functions.
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•Selling and marketing expense consists primarily of cost of acquisition expense, employee
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•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.
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•General and administrative expense consists primarily of employee compensation expense and stock-
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•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 product offerings and related technology.
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•Product development expense consists primarily of employee compensation expense and stock-based
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•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 subscriptions and service features through the in-app payment systems provided by Apple and Google.
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•In-app purchase fees consists of the amortization of in-app purchase fees, which are monies paid to
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•Variable Expenses consists primarily of hosting fees, credit card processing fees, and rent, energy, and bandwidth costs associated with data centers.
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•Variable Expenses consists primarily of hosting fees, credit card processing fees, and rent, energy, and
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•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.
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to search engines and social media sites), offline marketing, including television and print advertising,
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•Employee compensation expense consists primarily of compensation expense (excluding stock-based compensation expense) and other employee-related costs that are not capitalized.
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•Employee compensation expense consists primarily of compensation expense (excluding stock-based
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•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.
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•Stock-based compensation expense consists principally of expense associated with awards of
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•Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. On March 20, 2024, we entered into an amendment to reduce the borrowing availability under the Credit Facility from $750 million to $500 million and extend the maturity date of the Credit Facility. At December 31, 2024, there was $0.6 million outstanding in letters of credit and $499.4 million of availability under the Credit Facility.
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•Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. At
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•Term Loan- The term loan facility under the credit agreement of MG Holdings II. At December 31, 2023, the Term Loan bore interest at a term secured overnight financing rate plus an applicable adjustment (“Adjusted Term SOFR”) plus 1.75% and the then applicable rate was 7.27%. As of December 31, 2024, $425 million was outstanding under the Term Loan, which bore interest at 6.22%. On January 21, 2025, we repaid the Term Loan in full utilizing cash on hand.
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•Term Loan- The former term loan facility under the credit agreement of MG Holdings II. At
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On January 21, 2025, the Company repaid the Term Loan in full utilizing cash on hand.
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January 21, 2025, we repaid the Term Loan in full utilizing cash on hand.
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•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. At December 31, 2024, $450 million aggregate principal amount was outstanding.
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•5.00% Senior Notes - MG Holdings II’s 5.00% Senior Notes due December 15, 2027, with interest
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•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. At December 31, 2024, $500 million aggregate principal amount was outstanding.
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•4.625% Senior Notes - MG Holdings II’s 4.625% Senior Notes due June 1, 2028, with interest payable
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•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. At December 31, 2024, $350 million aggregate principal amount was outstanding.
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•5.625% Senior Notes - MG Holdings II’s 5.625% Senior Notes due February 15, 2029, with interest
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•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. At December 31, 2024, $500 million aggregate principal amount was outstanding.
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•4.125% Senior Notes - MG Holdings II’s 4.125% Senior Notes due August 1, 2030, with interest payable
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•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. At December 31, 2024, $500 million aggregate principal amount was outstanding.
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•3.625% Senior Notes - MG Holdings II’s 3.625% Senior Notes due October 1, 2031, with interest
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•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. At December 31, 2024, $575 million aggregate principal amount was outstanding.
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•2026 Exchangeable Notes - The 0.875% Exchangeable Senior Notes due June 15, 2026 issued by Match
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•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 15 and July 15. At December 31, 2024, $575 million aggregate principal amount was outstanding.
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•2030 Exchangeable Notes - The 2.00% Exchangeable Senior Notes due January 15, 2030 issued by
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•Adjusted Operating Income- is a Non-GAAP financial measure. See “Non-GAAP Financial Measures” for the definition of Adjusted Operating Income and a reconciliation of operating income to Adjusted Operating Income.
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Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for the definition of Adjusted
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We manage our portfolio of brands in four business units: Tinder, Hinge, Evergreen and Emerging, and Match Group Asia.
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We manage our portfolio of brands in four business units: Tinder, Hinge, Evergreen and Emerging, and
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All of our services provide the use of certain features for free as well as a variety of additional features through a subscription or, for certain features, on a pay-per-use, or à la carte, basis. Our revenue is primarily derived directly from users in the form of recurring subscription fees and à la carte purchases.
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All of our services provide the use of certain features for free as well as a variety of additional features
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Subscription revenue is presented net of credits and credit card chargebacks. Payers who purchase subscriptions or à la carte features pay in advance, primarily by using a credit card or through mobile app stores, and, subject to certain conditions identified in our terms and conditions, all purchases are final and nonrefundable. Fees collected, or contractually due, in advance for subscriptions are deferred and recognized as revenue using the straight-line method over the term of the applicable subscription period, which primarily ranges from one week to six months, and corresponding in-app purchase fees incurred on such transactions, if any, are deferred and expensed over the same period. Revenue from the purchase of à la carte features is recognized based on usage. We also earn revenue from online advertising, which is recognized each time an ad is displayed.
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Subscription revenue is presented net of credits and credit card chargebacks. Payers who purchase
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Each brand in our portfolio has the goal of using technology to help people make meaningful connections. While the goal is the same for each brand, the means to achieve that goal can be differentiated by how a specific brand targets their primary demographic. With users of our apps often utilizing multiple apps, our brands can often have overlap on targeted users. The overall trends affecting all brands within our portfolio, include the following:
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Each brand in our portfolio has the goal of using technology to help people make meaningful connections.
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In-App Purchase Fees. Purchases made by our customers through mobile applications, as opposed to desktop or mobile web, continue to increase, and are required in most cases to be processed through the in-app payment systems provided by Apple and Google, although some of our applications are currently able to use their own payment systems for in-app purchases made on Android devices. Where we are required to use Apple’s or Google’s payment systems, we pay Apple and Google, as applicable, a meaningful share (generally 30% or, for subscriptions purchased on Android devices, 15%) of the revenue we receive from these transactions. Where payments on Android devices are processed through other payment systems, we are also required to pay Google a meaningful share. We have entered into a partnership, which started in the second quarter of 2024 and will continue through the first quarter of 2027, with Google that will provide value exchange across our broad relationship with them, which we expect to help offset the additional costs that some of our brands incurred or expect to incur associated with implementing Google’s User Choice Billing system, which allows application developers to offer an additional billing system alongside Google Play’s billing system.
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In-App Purchase Fees. Purchases made by our users through mobile applications, as opposed to desktop or
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Additionally, while Apple was recently ordered to change its rules in the U.S. marketplace on anti-steering to allow for payment processing outside its payment systems, Apple has stated that it will still charge up to 27% for those transactions. We do not expect to realize any meaningful decrease in app store fees in the U.S. market as a result of this change. In the European Union, the Digital Markets Act went into effect in March 2024. Apple’s compliance plan lowers the 30% service fee in the EU to 17% for our applications, but also adds a payment processing fee of 3%, as well as a 0.50 Euro fee per download (including updates) per year. Apple’s plan is subject to approval by the European Commission, which has launched infringement proceedings against Apple and may require further concessions from Apple. For additional information, see “Item 1 Business—Dependencies on services provided by others—App Stores.”
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In the European Union, the Digital Markets Act went into effect in March 2024. Apple’s compliance plan
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Implementing new technologies that enhance our user experience. We expect new technologies, including those utilizing generative AI, will be needed to continue to drive user engagement. As new technologies develop, we evaluate whether those technologies can be incorporated into our apps to enhance the user experience. In particular, we are working to further integrate AI technologies into our services, such as the recent launch of several AI integration initiatives, including the introduction of AI photo selection features to the Tinder and Hinge services, and an enhanced recommendation system, as well as integrated dating support, to the Hinge service. These integrations, and others that may be launched in the future, may become important to our operations over time. The rapid evolution of AI will require the dedication of significant resources to develop, test, and maintain these technologies. We expect other technologies to evolve and be tested in our services and incorporated into our apps in the future.
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Implementing new technologies that enhance our user experience. We expect new technologies will be
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In addition to the trends affecting our overall portfolio, some of our individual brands are affected by certain other trends, including the following:
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In addition to the trends affecting our overall portfolio, some of our individual brands are affected by
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Tinder. When Tinder was first developed, the smart phone provided a unique way of offering connections that traditional desktop-based services did not offer. Tinder was able to capitalize on the rise in the use of smart phones and with its younger audience was able to achieve considerable scale through word-of-mouth and viral moments on social media without the need to supplement with significant marketing. As the availability of services catering to human connections has increased, we have begun to supplement Tinder’s viral growth with marketing to build out Tinder’s brand narrative and grow the size of its user base, which has resulted in an increase in selling and marketing expenses at Tinder. In the past two years, Tinder has experienced a decline in user growth, with plans to return to growth through product initiatives that focus on the female experience and younger users.
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Tinder. Over the past several years, Tinder has experienced a decline in user growth and recently shifted its
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Hinge. Hinge has developed a strong user base in English speaking markets and began expanding into European markets in the latter half of 2022. Its strong user growth in English speaking and other European markets has helped to contribute to a high level of revenue growth. As Hinge continues to expand its footprint globally, we intend to continue to focus on adding new features to its service to continue to drive user satisfaction for its target audience of intentioned daters, and to drive additional opportunities for monetization. In the near term, we expect to continue to make investments in the business to support Hinge’s growth, including investments in product development as well as marketing.
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Hinge. Hinge has a strong user base in English speaking markets and has expanded into additional
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Evergreen & Emerging. Our collections of brands within E&E include well-known pioneers in online relationships (which we refer to as Evergreen brands) and newer brands which target specific demographics (which we refer to as Emerging brands). Revenues from the Evergreen brands have declined in recent years, while Emerging brands are in the early stages of growth and in many cases are relying on marketing to increase the size of their user base. We are in the middle of our multi-year process of consolidating technology platforms across various Evergreen and Emerging brands to enable faster new feature releases and to reduce the cost to maintain those platforms.
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Evergreen & Emerging. Our collections of brands within E&E include well-known pioneers in online
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MG Asia. Our Azar app, which provides one to one video chat, has a strong presence in the Middle East, growth in Europe, and expanded into the U.S. in 2024. Azar leverages AI capabilities to drive user growth and monetization globally. Our Pairs brand is a leader in dating in Japan. Pairs began advertising on television in 2024. We expect the advertising to continue to increase Pairs’ brand recognition while we work to grow users through various product initiatives and by partnering with local governments to improve declining marriage rates in the country. Pairs also has plans to expand into other Asian countries in 2025.
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MG Asia. Our Azar app, which provides one-to-one video chat, has a market presence primarily in the
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Cost of Acquisition. Our cost of acquisition has consistently been one of our larger operating expenses. How we deploy our advertising spend varies among brands, with the majority of our advertising spend taking place online, including social media sites, streaming services, search engines, and influencers. Additionally, some brands utilize offline and out-of-home marketing campaigns, such as on television and outdoor billboards. For established brands, we seek to optimize for total return on advertising spend by frequently analyzing and adjusting spend to focus on marketing channels and markets that generate returns above our thresholds. Our data-driven approach provides us the flexibility to scale and optimize our advertising spend. We spend advertising dollars against an expected lifetime value of a Payer that is realized over a multi-year period. While this advertising spend is intended to be profitable on that basis, it is nearly always negative during the period in which the expense is incurred. For newer brands that are gaining scale, or existing brands that are expanding into new geographies, we may make incremental advertising investments to establish the brand before optimizing monetization of the brand. Our advertising spend may be incurred unevenly throughout the year.
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Cost of Acquisition. The cost of acquiring new users has consistently been one of our larger operating
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Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands, and
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our Emerging brands, including BLK®, Chispa™, The League®, Archer®, Upward®, Yuzu™, Salams®,
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investor relations, corporate development, board of directors, and public company listing fees), 2)
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portions of corporate services (such as legal, human resources, accounting, and tax), and 3) certain
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centrally managed services and technology that have not been allocated to the individual business
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segments (such as central trust and safety operations and certain shared software).
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subscription and à la carte revenue.
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all of which is advertising revenue.
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When presented as a quarter-to-date or year-to-date value, Payers represents the average of the
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monthly values for the respective period presented. At a consolidated level, and a business unit level
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to the extent a business unit consists of multiple brands, duplicate Payers may exist when we earn
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revenue from the same individual at multiple brands in a given month, as we are unable to identify
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unique individuals across brands in the Match Group portfolio.
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•Revenue Per Payer (“RPP”) is the average monthly revenue earned from a Payer and is Direct Revenue
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(defined below), and employee compensation expense and stock-based compensation expense for
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personnel engaged in data center and customer care functions.
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compensation expense, and stock-based compensation expense for personnel engaged in selling and
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marketing, sales support, and public relations functions.
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based compensation expense for personnel engaged in executive management, finance, legal, tax, and
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human resources, fees for professional services (including transaction-related costs for acquisitions),
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compensation expense that are not capitalized for personnel engaged in the design, development,
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testing, and enhancement of product offerings and related technology.
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Apple and Google in connection with the processing of in-app purchases of subscriptions and service
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features through the in-app payment systems provided by Apple and Google. Additionally, fees paid to
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bandwidth costs associated with data centers.
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•Cost of acquisition consists primarily of advertising expenditures, including online marketing (fees paid
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compensation expense) and other employee-related costs that are not capitalized.
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restricted stock units (“RSUs”), performance-based RSUs, and market-based awards that is not
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capitalized. These expenses are not paid in cash.
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December 31, 2025, there was$0.6 million outstanding in letters of credit and$499.4 million of
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December 31, 2024, the Term Loan bore interest at a term secured overnight financing rate plus an
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applicable adjustment (“Adjusted Term SOFR”) plus 1.75% and the then applicable rate was 6.22%. On
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payable each June 15 and December 15, which were issued on December 4, 2017. At December 31,
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2025,$450 million aggregate principal amount was outstanding.
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each June 1 and December 1, which were issued on May 19, 2020. At December 31, 2025,$500 million
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payable each February 15 and August 15, which were issued on February 15, 2019. At December 31,
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2025,$350 million aggregate principal amount was outstanding.
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each February 1 and August 1, which were issued on February 11, 2020. At December 31, 2025,$500
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million aggregate principal amount was outstanding.
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payable each April 1 and October 1, which were issued on October 4, 2021. At December 31, 2025,
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