Match Group Announces Second Quarter Results
Tinder Transformation Advances, Hinge Grows Revenue 25% Year-Over-Year
LOS ANGELES, Aug. 5, 2025 /PRNewswire/ -- Match Group (NASDAQ:MTCH) today announced financial results for the second quarter ended June 30, 2025, and outlined progress on the company's multi-phase transformation. The company's Total Revenue and Adjusted Operating Income both exceeded guidance and Wall Street expectations in the quarter, after excluding an unanticipated $14 million legal settlement charge.
Earlier this year, Match Group launched a bold, three-phase turnaround strategy: Reset, focused on reworking the company's structure and culture; Revitalize, centered on accelerating product development and aligning around user outcomes; and Resurgence, the forward-looking phase aimed at strengthening the category and driving long-term growth.
"Six months ago, we took a hard look at how we work, what we build, and what users want from our apps," said CEO Spencer Rascoff. "We moved fast to reset the company culturally, organizationally, and strategically. We then began revitalizing our apps around clearer brand purpose and real user outcomes. Match Group is now oriented around urgency, accountability, and product obsession."
Rascoff continued, "With meaningful product progress at Tinder, strong momentum at Hinge, and a portfolio of distinct brands aligned around user needs, we're building a product-first company positioned for long-term success. We're moving with urgency, operating with focus, and committed to the long game. As we look ahead to our resurgence phase in 2026 and 2027, we are focused on delivering app experiences that feel modern, human, and built for today's users. We are also working to spark a resurgence of trust, relevance, and confidence among both our users and investors."
To support this strategy, Match Group plans to reinvest savings of approximately $50 million in the second half of 2025 in strategic initiatives across the portfolio. This includes product testing at Tinder, geographic expansion for Hinge, Azar, and The League, and early-stage bets like Archer, HER, and a new dating app concept. By enhancing product experiences and increasing marketing support, the company is aiming to deliver more value to users while meeting its previously shared full year revenue growth and margin targets.
Match Group Q2 2025 Financial Highlights
Total Revenue of $864 million flat year-over-year ("Y/Y"), down 1% on a foreign exchange ("FX") neutral basis ("FXN"), driven by a 5% Y/Y decline in Payers to 14.1 million, partially offset by a 5% Y/Y increase in RPP to $20.00.
Operating Income of $194 million declined 5% Y/Y, representing an Operating Income Margin of 22%.
Adjusted Operating Income of $290 million declined 5% Y/Y, representing an Adjusted Operating Income Margin of 34%.
Operating Cash Flow and Free Cash Flow were $437 million and $409 million, respectively, year-to-date through June 30, 2025.
Repurchased 13.7 million of our shares at an average price of $31 per share on a trade date basis for a total of $420 million and paid $95 million in dividends, deploying over 125% of our free cash flow for capital return to shareholders year-to-date through June 30, 2025.
Diluted shares outstanding1 were 249 million as of July 31, 2025, a decrease of 9%, since July 26, 2024.
The following table summarizes total company consolidated financial results for the three months ended June 30, 2025 and 2024.
Three Months Ended June 30,
(Dollars in millions, except RPP, Payers in thousands)
2025
2024
Y/Y Change
Total Revenue
$ 864
$ 864
— %
Direct Revenue
$ 845
$ 848
— %
Operating Income
$ 194
$ 205
(5) %
Operating Income Margin
22 %
24 %
Adjusted Operating Income
$ 290
$ 306
(5) %
Adjusted Operating Income Margin
34 %
35 %
Payers
14,093
14,841
(5) %
RPP
$ 20.00
$ 19.05
5 %
Other Quarterly Highlights:
Tinder launched Double Date globally in June, introducing a new social discovery feature that lets users connect as a pair. Rolled out six months ahead of schedule, the feature is already showing strong early traction, with 92% of Double Date users under 30.
Tinder advanced development of new product features focused on solving three core Gen Z user pain points: authenticity, dating fatigue, and outcomes. Recent initiatives include a redesigned Recommendations engine and a new Interactive Matching product (also referred to as "AI-enabled Discovery"). Upcoming features include a Modes navigation system that lets users tailor discovery to their dating goals, and Contextual Liking, which enables users to react to specific parts of a profile.
Tinder improved platform trust and authenticity through the expanded rollout of Face Check, which helps confirm users are real and match their photos, and enhanced Bot Detection systems that more effectively identify bad actors while reducing false positives.
Hinge continued its strong performance, with MAU up nearly 20% year-over-year in the first half of 2025. In European Expansion2 markets, users grew over 60% year-over-year as locally tailored brand campaigns drove gains in awareness and perception. Hinge is set to expand into Mexico and Brazil later this year.
Hinge's new AI-powered Core Discovery Algorithm has driven a 15% increase in matches and contact exchanges since launching in March. Additional features like Prompt Feedback and Chat-Specific Notifications improved onboarding quality and user engagement.
A webcast of our second quarter 2025 results will be available at https://ir.mtch.com, along with our Prepared Remarks and Supplemental Financial Materials. The webcast will begin today, August 5, 2025 at 5:00 PM Eastern Time. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.
Dividend Declaration
Match Group's Board of Directors has declared a cash dividend of $0.19 per share of the company's common stock. The dividend is payable on October 17, 2025 to stockholders of record as of October 3, 2025.
Financial Outlook
For Q3 2025, Match Group expects:
Total Revenue of $910 to $920 million, up 2% to 3% Y/Y.
Adjusted Operating Income of $330 to $335 million, down 3% Y/Y.
Adjusted Operating Income Margin of approximately 36% at the midpoints of the ranges.
Financial Results
Consolidated Operating Costs and Expenses
Three Months Ended June 30,
(Dollars in thousands)
2025
% of Revenue
2024
% of Revenue
Y/Y Change
Cost of revenue
$ 241,938
28 %
$ 244,988
28 %
(1) %
Selling and marketing expense
148,254
17 %
154,628
18 %
(4) %
General and administrative expense
136,555
16 %
114,304
13 %
19 %
Product development expense
114,511
13 %
113,576
13 %
1 %
Depreciation
18,061
2 %
21,092
2 %
(14) %
Amortization of intangibles
10,498
1 %
10,952
1 %
(4) %
Total operating costs and expenses
$ 669,817
78 %
$ 659,540
76 %
2 %
Liquidity and Capital Resources
During the six months ended June 30, 2025, we generated operating cash flow of $437 million and Free Cash Flow of $409 million.
During the quarter ended June 30, 2025, we repurchased 7.6 million shares of our common stock for $225 million on a trade date basis at an average price of $29.45. Between July 1 and July 31, 2025, we repurchased an additional 1.5 million shares of our common stock for $47 million on a trade date basis at an average price of $32.62. As of July 31, 2025, $1.28 billion in aggregate value of shares of Match Group stock remains available under our share repurchase program.
As of June 30, 2025, we had $340 million in cash, cash equivalents, and short-term investments and $3.5 billion of long-term debt, inclusive of current maturities, all of which is fixed rate debt, including $1.2 billion of Exchangeable Senior Notes. Our $500 million revolving credit facility was undrawn as of June 30, 2025. Match Group's trailing twelve-month leverage3 as of June 30, 2025 was 2.8x on a gross basis and 2.5x on a net basis.
On July 18, 2025, we paid a dividend of $0.19 per share to holders of record on July 3, 2025. The total cash payout was $46 million.
GAAP Financial Statements
Consolidated Statement of Operations
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
(In thousands, except per share data)
Revenue
$ 863,738
$ 864,066
$ 1,694,916
$ 1,723,713
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)
241,938
244,988
478,846
501,730
Selling and marketing expense
148,254
154,628
305,350
319,929
General and administrative expense
136,555
114,304
248,075
220,545
Product development expense
114,511
113,576
235,365
229,313
Depreciation
18,061
21,092
39,790
41,613
Amortization of intangibles
10,498
10,952
20,976
21,319
Total operating costs and expenses
669,817
659,540
1,328,402
1,334,449
Operating income
193,921
204,526
366,514
389,264
Interest expense
(32,160)
(40,038)
(67,416)
(80,391)
Other (expense) income, net
(4,056)
10,525
(1,440)
19,999
Earnings before income taxes
157,705
175,013
297,658
328,872
Income tax provision
(32,227)
(41,693)
(54,609)
(72,318)
Net earnings
125,478
133,320
243,049
256,554
Net earnings attributable to noncontrolling interests
—
(6)
(1)
(42)
Net earnings attributable to Match Group, Inc. shareholders
$ 125,478
