# Match Group, Inc. (MTCH) Informational only - not investment advice. CIK: 0000891103 SIC: 7370 Services-Computer Programming, Data Processing, Etc. SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7370 Services-Computer Programming, Data Processing, Etc.](/industry/7370/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=891103 Filing source: https://www.sec.gov/Archives/edgar/data/891103/000089110326000025/mtch-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0000891103-26-000025 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000891103.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,487,197,000 USD | 2025 | verified | | Net income | 613,461,000 USD | 2025 | verified | | Assets | 4,460,811,000 USD | 2025 | verified | | Free cash flow | 1,023,615,000 USD | 2025 | computed | | Net margin | 17.59% | 2025 | computed | | Operating margin | 25.02% | 2025 | computed | | Revenue YoY | +0.22% | 2025 | computed | Stockholders' equity was not positive at FY2025 year-end (-253,504,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed. Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | MTCH | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 17.6% | 2.4% | 70 | 31 | | Operating margin | 25.0% | 4.2% | 83 | 31 | | Revenue growth | 0.2% | 5.5% | 16 | 32 | | FCF margin | 29.4% | 15.0% | 83 | 31 | | ROA | 13.8% | 1.6% | 74 | 32 | | Current ratio | 1.42 | 1.98 | 39 | 32 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7370 Services-Computer Programming, Data Processing, Etc., not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 3487197000 | USD | 2025 | 2026-02-26 | | Net income | 613461000 | USD | 2025 | 2026-02-26 | | Assets | 4460811000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000891103.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 3,139,882,000 | 3,307,239,000 | 1,729,850,000 | 2,051,258,000 | 2,391,269,000 | 2,983,277,000 | 3,188,843,000 | 3,364,504,000 | 3,479,373,000 | 3,487,197,000 | | Net income | | -16,151,000 | 358,008,000 | 757,747,000 | 566,527,000 | 221,609,000 | 276,554,000 | 359,919,000 | 651,472,000 | 551,313,000 | 613,461,000 | | Operating income | | -32,625,000 | 188,466,000 | 549,469,000 | 645,454,000 | 745,715,000 | 851,679,000 | 515,005,000 | 916,896,000 | 823,312,000 | 872,529,000 | | Diluted EPS | | -0.52 | 3.18 | 3.05 | 2.15 | 0.66 | 0.93 | 1.24 | 2.26 | 2.02 | 2.38 | | Operating cash flow | 405,671,000 | 344,238,000 | 416,699,000 | 988,128,000 | 937,939,000 | | 912,499,000 | 525,688,000 | 896,791,000 | 932,719,000 | 1,080,380,000 | | Capital expenditures | | 78,039,000 | 75,523,000 | 31,397,000 | 39,035,000 | 42,376,000 | 79,971,000 | 49,125,000 | 67,412,000 | 50,578,000 | 56,765,000 | | Dividends paid | | | | 105,126,000 | 0.00 | 0.00 | | | 0.00 | 0.00 | 186,255,000 | | Share buybacks | | 308,948,000 | 56,424,000 | 133,455,000 | 216,353,000 | 0.00 | 0.00 | 482,049,000 | 546,198,000 | 752,674,000 | 788,810,000 | | Assets | | 4,645,873,000 | 5,867,810,000 | 6,874,585,000 | 8,364,803,000 | 3,046,454,000 | 5,063,288,000 | 4,182,764,000 | 4,507,886,000 | 4,465,771,000 | 4,460,811,000 | | Stockholders' equity | | 1,869,222,000 | 2,430,028,000 | 2,843,125,000 | 2,928,042,000 | -1,414,417,000 | -203,769,000 | -359,875,000 | -19,548,000 | -63,659,000 | -253,504,000 | | Cash and cash equivalents | | 1,329,187,000 | 272,624,000 | 186,947,000 | 465,676,000 | 739,164,000 | 815,384,000 | 572,395,000 | 862,440,000 | 965,993,000 | 1,027,838,000 | | Free cash flow | | 266,199,000 | 341,176,000 | 956,731,000 | 898,904,000 | | 832,528,000 | 476,563,000 | 829,379,000 | 882,141,000 | 1,023,615,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -0.51% | 10.82% | 43.80% | 27.62% | 9.27% | 9.27% | 11.29% | 19.36% | 15.85% | 17.59% | | Operating margin | | -1.04% | 5.70% | 31.76% | 31.47% | 31.18% | 28.55% | 16.15% | 27.25% | 23.66% | 25.02% | | Return on assets | | -0.35% | 6.10% | 11.02% | 6.77% | 7.27% | 5.46% | 8.60% | 14.45% | 12.35% | 13.75% | | Current ratio | | 2.58 | 2.66 | 3.13 | 3.67 | 2.04 | 1.04 | 1.59 | 2.39 | 2.54 | 1.42 | ## As-reported value updates 14 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/MTCH/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000891103.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.44 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.42 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.48 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 881,600,000 | 163,756,000 | 0.57 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 866,228,000 | 229,680,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 859,647,000 | 123,234,000 | 0.44 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 864,066,000 | 133,320,000 | 0.48 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 895,484,000 | 136,481,000 | 0.51 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 860,176,000 | 158,278,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 831,178,000 | 117,571,000 | 0.44 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 863,738,000 | 125,478,000 | 0.49 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 914,275,000 | 160,756,000 | 0.62 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 878,006,000 | 209,656,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 863,934,000 | 166,845,000 | 0.68 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 853,105,000 | 170,546,000 | 0.70 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from MTCH's latest 10-K: [/company/MTCH/business/](/company/MTCH/business/). ## Risk Factors Verbatim Item 1A Risk Factors from MTCH's latest 10-K: [/company/MTCH/risk-factors/](/company/MTCH/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/891103/000089110326000130/mtch-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations During the quarter ended June 30, 2026, we reorganized our brands into three operating segments. Specifically, the Evergreen and Emerging and MG Asia operating segments were combined into a new segment called “Everyone Everywhere.” This change has been reflected in all historical periods presented. The Tinder and Hinge operating segments remain unchanged. Key Terms: Operating and financial metrics: •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. •Corporate and unallocated costs includes 1) corporate expenses (such as executive management, investor relations, corporate development, 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). •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 an end user of our services, substantially all 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. Operating costs and expenses: •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. •Selling and marketing expense consists primarily of cost of acquisition expense and employee compensation expense and stock-based compensation expense for personnel engaged in selling and marketing, sales support, and public relations functions. •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. •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 our services and related technology. 31 Table of Contents •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. Additionally, fees paid to Apple and Google for transactions not processed through their in-app payment systems are included within in-app purchase fees. •Variable Expenses consists primarily of hosting fees, credit card processing fees, and rent, energy, and bandwidth costs associated with data centers. •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. •Employee compensation expense consists primarily of compensation expense (excluding stock-based compensation expense) and other employee-related costs that are not capitalized. •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. Long-term debt: •Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. As of June 30, 2026 and December 31, 2025, there was $0.6 million outstanding in letters of credit and $499.4 million of availability under the Credit Facility. •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. As of June 30, 2026, $450 million aggregate principal amount was outstanding. •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. As of June 30, 2026, $500 million aggregate principal amount was outstanding. •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. As of June 30, 2026, $350 million aggregate principal amount was outstanding. •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. As of June 30, 2026, $500 million aggregate principal amount was outstanding. •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. As of June 30, 2026, $500 million aggregate principal amount was outstanding. •6.125% Senior Notes - MG Holdings II’s 6.125% Senior Notes due September 15, 2033, with interest payable each March 15 and September 15, which were issued on August 20, 2025. The proceeds from the issuance of these notes were used to repay all of the outstanding 2026 Exchangeable Notes at their maturity or earlier, and the remaining proceeds were used for general corporate purposes. As of June 30, 2026, $700 million aggregate principal amount was outstanding. •2026 Exchangeable Notes - The 0.875% Exchangeable Senior Notes which were repaid at maturity on June 15, 2026. •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. As of June 30, 2026, $575 million aggregate principal amount was outstanding. 32 Table of Contents Non-GAAP financial measure: •Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) - is a Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for the definition of Adjusted EBITDA and a reconciliation of net income attributable to Match Group, Inc. to Adjusted EBITDA. Management Overview 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. We manage our portfolio of brands in three business units: Tinder, Hinge, and Everyone Everywhere. As used herein, “Match Group,” the “Company,” “we,” “our,” “us,” and similar terms refer to Match Group, Inc. and its subsidiaries, unless the context indicates otherwise. For a more detailed description of the Company’s operating businesses, see “Item 1. Business” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Azar Business Update On February 22, 2026, Apple removed the Azar app from the Apple App Store following a February 6, 2026 update to Apple’s App Review Guidelines. Updates were subsequently made to the app to comply with the updated guidelines, which led to the reinstatement of a new version on April 6, 2026. The app updates necessitated by the new guidelines and the temporary removal from the app store resulted in lower Direct Revenue for the three and six months ended June 30, 2026. During the quarter ended March 31, 2026, we also updated the business forecast associated with the Azar app, which resulted in an impairment of $25.2 million to the indefinite-lived asset associated with the Azar trade name. Additional Information Investors and others should note that we announce material financial and operational information to our investors using our investor relations website at https://ir.mtch.com, our newsroom website at https://mtch.com/news, Tinder’s newsroom website at www.tinderpressroom.com, Hinge’s newsroom website at https://hinge.co/press, Securities and Exchange Commission (“SEC”) filings, press releases, and public conference calls. We use these channels as well as social media to communicate with our users and the public about our company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Accordingly, investors, the media, and others interested in our company should monitor the websites listed above and the social media channels listed on our investor relations website in addition to following our SEC filings, press releases, and public conference calls. Neither the information on our website, nor the information on the website of any Match Group business, is incorporated by reference into this report, or into any other filings with, or into any other information furnished or submitted to, the SEC. 33 Table of Contents Results of Operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 Revenue [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/891103/000089110326000025/mtch-20251231.htm Complete FY 2025 MD&A: /company/MTCH/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations Updated Financial Metrics 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 “Non-GAAP Financial Measures” below for the full definition of Adjusted EBITDA and a reconciliation of net income attributable to Match Group, Inc. shareholders to Adjusted EBITDA. Key Terms: Operating and financial metrics: •Tinder consists of the world-wide activity of the brand Tinder®. •Hinge consists of the world-wide activity of the brand Hinge®. •Evergreen & Emerging (“E&E”) consists of the world-wide activity of our Evergreen brands, including Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands, and our Emerging brands, including BLK®, Chispa™, The League®, Archer®, Upward®, Yuzu™, Salams®, HER™, and other smaller brands. •Match Group Asia (“MG Asia”) consists of the world-wide activity of the brands Pairs™ and Azar®. •Corporate and unallocated costs includes 1) corporate expenses (such as executive management, investor relations, corporate development, 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). •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 an end user of our services, substantially all 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. Operating costs and expenses: •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. •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. •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. 40 Table of Contents •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. •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. Additionally, fees paid to Apple and Google for transactions not processed through their in-app payment systems are included within in-app purchase fees. •Variable Expenses consists primarily of hosting fees, credit card processing fees, and rent, energy, and bandwidth costs associated with data centers. •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. •Employee compensation expense consists primarily of compensation expense (excluding stock-based compensation expense) and other employee-related costs that are not capitalized. •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. Long-term debt: •Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. At December 31, 2025, there was $0.6 million outstanding in letters of credit and $499.4 million of availability under the Credit Facility. •Term Loan - The former term loan facility under the credit agreement of MG Holdings II. At December 31, 2024, 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 6.22%. On January 21, 2025, we repaid the Term Loan in full utilizing cash on hand. •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, 2025, $450 million aggregate principal amount was outstanding. •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, 2025, $500 million aggregate principal amount was outstanding. •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, 2025, $350 million aggregate principal amount was outstanding. •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, 2025, $500 million aggregate principal amount was outstanding. •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, 2025, $500 million aggregate principal amount was outstanding. •6.125% Senior Notes - MG Holdings II’s 6.125% Senior Notes due September 15, 2033, with interest payable each March 15 and September 15, commencing on March 15, 2026, which were issued on August 20, 2025. The proceeds from the issuance of these notes will be used to repay all of the outstanding 2026 Exchangeable Notes at or prior to their maturity, and the remaining proceeds will be used for general corporate purposes. As of December 31, 2025, $700 million aggregate principal amount was outstanding. 41 Table of Contents •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. On September 8 and November 13, 2025, we repurchased $76.4 million and $74.8 million of 2026 Exchangeable Notes, respectively. At December 31, 2025, $424 million aggregate principal amount was outstanding and is presented as a current liability. •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, 2025, $575 million aggregate principal amount was outstanding. Non-GAAP financial measure: •Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) - is a Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for the definition of Adjusted EBITDA and a reconciliation of net income attributable to Match Group, Inc. to Adjusted EBITDA. 42 Table of Contents MANAGEMENT OVERVIEW 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. We manage our portfolio of brands in four business units: Tinder, Hinge, Evergreen and Emerging, and Match Group Asia. As used herein, “Match Group,” the “Company,” “we,” “our,” “us,” and similar terms refer to Match Group, Inc. and its subsidiaries, unless the context indicates otherwise. Sources of Revenue 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. 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. Trends affecting our business 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 user demographic. With users of our apps often utilizing multiple apps, our brands can often have overlapping target users. The overall trends affecting all brands within our portfolio, include the following: In-App Purchase Fees. Purchases made by our users through mobile applications, as opposed to desktop or mobile web, continue to increase, and are generally processed through the in-app payment systems provided by Apple and Google, notwithstanding the availability of alternative payment options in certain circumstances. Where users make in-app purchases using Apple’s or Google’s payment systems, we are required to pay Apple and Google, as applicable, a meaningful share (for subscribers, generally up to 30% on iOS and 15% on Android) of the revenue we receive from these t [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/MTCH/mda/fy2025/ All MD&A years: /company/MTCH/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/MTCH/mda/fy2024/): filed 2025-02-27; accession 0000891103-25-000027 (https://www.sec.gov/Archives/edgar/data/891103/000089110325000027/mtch-20241231.htm) - [FY 2023 MD&A](/company/MTCH/mda/fy2023/): filed 2024-02-23; accession 0000891103-24-000014 (https://www.sec.gov/Archives/edgar/data/891103/000089110324000014/mtch-20231231.htm) - [FY 2022 MD&A](/company/MTCH/mda/fy2022/): filed 2023-02-24; accession 0000891103-23-000013 (https://www.sec.gov/Archives/edgar/data/891103/000089110323000013/mtch-20221231.htm) - [FY 2021 MD&A](/company/MTCH/mda/fy2021/): filed 2022-02-24; accession 0000891103-22-000020 (https://www.sec.gov/Archives/edgar/data/891103/000089110322000020/mtch-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7370 Services-Computer Programming, Data Processing, Etc.) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/MTCH.md · JSON record: /company/MTCH.json · verified financials: /company/MTCH/financials.json / /company/MTCH/financials.csv · machine TOC for the whole site: /llms.txt