Revenue accelerated to $138.1M in 2026Q2 (up 32.5% YoY) with gross margin stable at 75.0%, but operating margin contracted to 23.5% from 39.1% in 2025Q3 due to R&D and SG&A escalation.
Grindr Inc. (GRND) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 509.82M | 439.9M | 344.64M | 259.69M | 195.01M | 145.83M | 104.46M |
| Revenue Growth % | 32.38% | 27.64% | 32.71% | 33.16% | 33.72% | 39.6% | - |
| Cost of Goods Sold | 128.82M | 121.42M | 87.58M | 67.46M | 51.28M | 37.36M | 31.42M |
| COGS % of Revenue | - | 27.6% | 25.41% | 25.98% | 26.3% | 25.62% | 30.08% |
| Gross Profit | 381M | 318.48M | 257.06M | 192.23M | 143.74M | 108.47M | 73.04M |
| Gross Margin % | 74.73% | 72.4% | 74.59% | 74.02% | 73.7% | 74.38% | 69.92% |
| Gross Profit Growth % | - | 23.89% | 33.72% | 33.74% | 32.51% | 48.51% | - |
| Operating Expenses | 229.22M | 192.19M | 164.46M | 136.78M | 130.7M | 84.77M | 73.95M |
| OpEx % of Revenue | - | 43.69% | 47.72% | 52.67% | 67.02% | 58.12% | 70.79% |
| Selling, General & Admin | 164.14M | 143.26M | 113.55M | 80.42M | 75.3M | 30.62M | 31.25M |
| SG&A % of Revenue | - | 32.57% | 32.95% | 30.97% | 38.61% | 21% | 29.92% |
| Research & Development | 61.94M | 48.93M | 36.4M | 29.33M | 17.9M | 10.91M | 15.36M |
| R&D % of Revenue | - | 11.12% | 10.56% | 11.29% | 9.18% | 7.48% | 14.71% |
| Other Operating Expenses | 2.88M | 0 | 14.51M | 27.04M | 37.51M | 43.23M | 27.33M |
| Operating Income | 152.07M | 126.29M | 92.6M | 55.45M | 13.04M | 23.71M | -907K |
| Operating Margin % | 29.83% | 28.71% | 26.87% | 21.35% | 6.68% | 16.26% | -0.87% |
| Operating Income Growth % | - | 36.38% | 67% | 325.38% | -45.02% | 2714.11% | - |
| EBITDA | 156.26M | 135.15M | 105.92M | 82.49M | 51.59M | 66.94M | 25.77M |
| EBITDA Margin % | 30.65% | 30.72% | 30.73% | 31.76% | 26.45% | 45.9% | 24.67% |
| EBITDA Growth % | 42.01% | 27.6% | 28.4% | 59.89% | -22.94% | 159.76% | - |
| D&A (Non-Cash Add-back) | 4.19M | 8.86M | 13.32M | 27.04M | 38.55M | 43.23M | 26.68M |
| EBIT | 134.69M | 136.26M | 93.85M | -5.74M | 31.53M | 25M | 333K |
| Net Interest Income | -10.13M | -17.64M | -25.62M | -46.01M | -31.54M | -18.7M | 14.65K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 14.65K |
| Interest Expense | 10.13M | 17.64M | 25.62M | 46.01M | 31.54M | 18.7M | 0 |
| Other Income/Expense | -27.5M | -7.67M | -210.89M | -107.19M | -13.04M | -17.41M | -9.59M |
| Pretax Income | 124.56M | 118.61M | -118.29M | -51.74M | -7K | 6.3M | -10.5M |
| Pretax Margin % | 24.43% | 26.96% | -34.32% | -19.93% | -0% | 4.32% | -10.05% |
| Income Tax | 28.98M | 23.86M | 12.71M | 4.02M | -859K | 1.24M | 2.57M |
| Effective Tax Rate % | 23.26% | 20.12% | -10.75% | -7.77% | 12271.43% | 19.62% | -24.5% |
| Net Income | 95.59M | 94.75M | -131M | -55.77M | 852K | 5.06M | -13.07M |
| Net Margin % | 18.75% | 21.54% | -38.01% | -21.47% | 0.44% | 3.47% | -12.51% |
| Net Income Growth % | 272.19% | 172.33% | -134.9% | -6645.54% | -83.18% | 138.74% | - |
| Net Income (Continuing) | 95.59M | 94.75M | -131M | -55.77M | 852K | 5.06M | -13.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.53 | 0.49 | -0.74 | -0.32 | 0.01 | 0.03 | -0.60 |
| EPS Growth % | 231.89% | 166.22% | -131.25% | - | -83.69% | 105.52% | - |
| EPS (Basic) | - | 0.50 | -0.74 | -0.32 | 0.01 | 0.03 | -0.60 |
| Diluted Shares Outstanding | 178.96M | 192.56M | 175.88M | 174.17M | 159.17M | 152.87M | 34.5M |
| Basic Shares Outstanding | 176.76M | 189.71M | 175.88M | 174.17M | 157.88M | 152.81M | 34.5M |
| Dividend Payout Ratio | - | - | - | - | 23040.49% | - | - |
Quick answers to the most common questions about buying GRND stock.
For fiscal year 2025, Grindr Inc. (GRND) reported total revenue of $439.9M. This represents a 321.1% increase compared to $104.5M in 2020.
Grindr Inc. (GRND) is profitable, generating $94.8M in net income for the fiscal year ending 2025 with a net profit margin of 21.5%.
Grindr Inc. (GRND) reported an operating income of $126.3M, resulting in an operating profit margin of 28.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Grindr Inc. (GRND) generated $318.5M in gross profit for the year, representing a gross profit margin of 72.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and expense volatility
Metrics are mathematically derived from official filings.
Accelerating Revenue Momentum
Grindr's revenue grew 32.5% YoY in 2026Q2, accelerating from 26.6% in 2025Q2, per the latest quarterly report, indicating sustained monetization traction.
The sequential acceleration from 26.6% to 32.5% YoY suggests that the company's focus on converting free users to paid tiers is gaining traction. This growth rate outpaces peers like Match Group (0.2%) and Bumble (-9.9%), reinforcing Grindr's position as a high-growth niche player. However, the durability of this growth depends on maintaining user engagement and avoiding market saturation within its core demographic.
Stable Gross Margin, Operating Leverage
Gross margin held steady at 75.0% in 2026Q2, while operating margin expanded to 23.5% from 23.4% a year earlier, as reported in the income statement.
The consistent gross margin around 74-75% indicates a scalable subscription model with minimal cost pressure. Operating margin volatility, however, is notable: it swung from 39.1% in 2025Q3 to 23.5% in 2026Q2, driven by fluctuations in SG&A and R&D spending. This suggests that while the core business is highly profitable, expense management is not yet stable, warranting close monitoring.
Operating Leverage Masked by Expense Swings
Despite revenue growth of 32.5% YoY in 2026Q2, operating income rose only 33.7% from $24.3M to $32.5M, per the latest financials, indicating limited operating leverage.
The near-parallel growth in revenue and operating income suggests that incremental revenue is being absorbed by higher R&D and SG&A costs. For instance, R&D jumped from $12.9M to $20.3M YoY, a 57% increase, while SG&A rose from $36.5M to $49.9M, a 37% increase. This implies that the company is reinvesting heavily in product and marketing, which may be necessary to sustain growth but could pressure margins if revenue growth decelerates.
SBC Distorts Reported Earnings
Stock-based compensation reached $20.6M in 2026Q2, exceeding net income of $17.7M, as per the income statement, highlighting a significant non-cash expense.
The magnitude of SBC relative to net income suggests that reported earnings are heavily influenced by non-cash charges. In 2026Q2, SBC was 116% of net income, meaning that without SBC, net income would be substantially higher. This raises questions about the quality of earnings and the sustainability of EPS growth, as dilution from SBC could offset per-share gains. Investors should adjust for SBC when evaluating the company's true profitability.
R&D and SG&A Escalation
R&D spending surged 57% YoY to $20.3M in 2026Q2, while SG&A rose 37% to $49.9M, according to the latest quarterly data, outpacing revenue growth.
The disproportionate increase in R&D and SG&A relative to revenue suggests a deliberate investment phase, possibly to enhance product features and expand user acquisition. However, this cost escalation is compressing operating margins, which fell from 33.1% in 2026Q1 to 23.5% in 2026Q2. If these investments do not translate into sustained revenue growth, margin pressure could persist.
Expense Volatility Threatens Margin Stability
Operating margin swung from 39.1% in 2025Q3 to 23.5% in 2026Q2, per the income statement, revealing unpredictable cost behavior that could undermine profitability.
The wide fluctuation in operating margin, driven by erratic SG&A and R&D spending, suggests that management lacks consistent expense discipline. For example, SG&A dropped to $29.3M in 2025Q3 only to spike to $49.9M in 2026Q2. This volatility makes it difficult to forecast future profitability and may indicate that the company is reacting to competitive pressures or growth opportunities in an ad hoc manner. Short-sellers could argue that the company's high growth is not translating into stable bottom-line expansion.