Revenue growth has trended downward to 3.9% in 2026Q1, while operating margins remain volatile, fluctuating between 20.8% and 32.4% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.52B | 3.49B | 3.48B | 3.36B | 3.19B | 2.98B | 2.39B | 2.05B | 4.26B | 3.31B | 3.14B | 3.23B | 3.11B | 3.02B | 2.8B | 2.06B | 1.64B | 1.38B | 1.45B | 6.37B | 6.28B | 5.75B | 6.19B | 6.33B | 4.62B | 3.47B | 4.6B | 3.24B | 2.63B | 1.26B | 75.2M |
| Revenue Growth % | 2% | 0.22% | 3.41% | 5.51% | 6.89% | 24.76% | 16.58% | -51.88% | 28.9% | 5.33% | -2.82% | 3.9% | 2.86% | 7.93% | 36% | 25.82% | 18.97% | -4.8% | -77.33% | 1.53% | 9.11% | -7.09% | -2.14% | 36.94% | 33.22% | -24.61% | 42.21% | 22.84% | 108.77% | 1577.79% | 56.99% |
| Cost of Goods Sold | 922.12M | 948.37M | 991.27M | 954.01M | 959.96M | 839.31M | 635.83M | 527.18M | 911.15M | 651.01M | 755.73M | 778.16M | 883.18M | 1B | 992.47M | 761.24M | 593.82M | 449.79M | 518.19M | 3.37B | 3.22B | 3.13B | 2.82B | 3.47B | 2.82B | 2.33B | 2.21B | 1.37B | 1.04B | 643.2M | 16.8M |
| COGS % of Revenue | - | 27.2% | 28.49% | 28.36% | 30.1% | 28.13% | 26.59% | 25.7% | 21.37% | 19.68% | 24.07% | 24.08% | 28.4% | 33.08% | 35.43% | 36.96% | 36.28% | 32.69% | 35.86% | 52.95% | 51.31% | 54.37% | 45.6% | 54.82% | 60.99% | 67.21% | 48.05% | 42.33% | 39.65% | 50.98% | 22.34% |
| Gross Profit | 2.6B | 2.54B | 2.49B | 2.41B | 2.23B | 2.14B | 1.76B | 1.52B | 3.35B | 2.66B | 2.38B | 2.45B | 2.23B | 2.02B | 1.81B | 1.3B | 1.04B | 926M | 926.9M | 3B | 3.06B | 2.63B | 3.37B | 2.86B | 1.8B | 1.14B | 2.39B | 1.87B | 1.59B | 618.5M | 58.4M |
| Gross Margin % | 73.8% | 72.8% | 71.51% | 71.64% | 69.9% | 71.87% | 73.41% | 74.3% | 78.63% | 80.32% | 75.93% | 75.92% | 71.6% | 66.92% | 64.57% | 63.04% | 63.72% | 67.31% | 64.14% | 47.05% | 48.69% | 45.63% | 54.4% | 45.18% | 39.01% | 32.79% | 51.94% | 57.67% | 60.35% | 49.02% | 77.66% |
| Gross Profit Growth % | - | 2.04% | 3.22% | 8.15% | 3.96% | 22.13% | 15.18% | -54.53% | 26.18% | 11.41% | -2.8% | 10.17% | 10.06% | 11.86% | 39.31% | 24.47% | 12.64% | -0.1% | -69.09% | -1.88% | 16.41% | -22.06% | 17.83% | 58.59% | 58.5% | -52.41% | 28.09% | 17.38% | 157.04% | 959.08% | 23.47% |
| Operating Expenses | 1.66B | 1.67B | 1.66B | 1.49B | 1.71B | 1.29B | 1.01B | 878.62M | 2.79B | 2.47B | 2.14B | 2.26B | 1.85B | 1.6B | 1.48B | 1.1B | 965.17M | 1.07B | 988.86M | 3.16B | 2.8B | 2.28B | 3.13B | 2.45B | 1.64B | 1.35B | 2.32B | 1.65B | 1.37B | 524M | 54.9M |
| OpEx % of Revenue | - | 47.78% | 47.85% | 44.39% | 53.75% | 43.32% | 42.23% | 42.83% | 65.37% | 74.62% | 68.2% | 69.92% | 59.42% | 52.82% | 53.01% | 53.43% | 58.97% | 77.53% | 68.43% | 49.56% | 44.65% | 39.65% | 50.62% | 38.67% | 35.52% | 39.03% | 50.47% | 51.09% | 52.07% | 41.53% | 73.01% |
| Selling, General & Admin | 1.09B | 1.11B | 1.06B | 999.87M | 970.38M | 981.28M | 791.11M | 683.58M | 2.29B | 2.1B | 1.79B | 1.87B | 1.57B | 1.34B | 1.29B | 942.9M | 808.71M | 764.1M | 776.84M | 2.29B | 2.24B | 1.61B | 2.09B | 1.76B | 1.19B | 762.39M | 937.52M | 711.1M | 604.4M | 424.9M | 35.2M |
| SG&A % of Revenue | - | 31.86% | 30.49% | 29.72% | 30.43% | 32.89% | 33.08% | 33.32% | 53.8% | 63.51% | 57.09% | 57.92% | 50.43% | 44.21% | 46.23% | 45.78% | 49.41% | 55.54% | 53.76% | 35.97% | 35.64% | 28.07% | 33.79% | 27.88% | 25.73% | 21.98% | 20.37% | 21.98% | 22.95% | 33.68% | 46.81% |
| Research & Development | 445.46M | 449.51M | 442.18M | 384.19M | 333.64M | 241.05M | 169.81M | 151.96M | 309.33M | 250.88M | 197.88M | 185.77M | 160.51M | 141.33M | 101.87M | 78.76M | 65.1M | 64.31M | 65.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 12.89% | 12.71% | 11.42% | 10.46% | 8.08% | 7.1% | 7.41% | 7.26% | 7.59% | 6.3% | 5.75% | 5.16% | 4.68% | 3.64% | 3.82% | 3.98% | 4.67% | 4.53% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 105.66M | 161.67M | 109.54M | 409.85M | 69.96M | 48.8M | 43.08M | 305.75M | -16.21M | 60.46M | 36.15M | -42.79M | 30.31M | -65K | 78.78M | 91.37M | 238.17M | 146.57M | 865.71M | 565.42M | 666.47M | 1.04B | 683.1M | 452.57M | 591.46M | 1.38B | 942M | 767.3M | 99.1M | 19.7M |
| Operating Income | 936.35M | 872.53M | 823.31M | 916.9M | 515M | 851.68M | 745.72M | 645.45M | 565.14M | 188.47M | -32.63M | 179.59M | 378.73M | 426.2M | 323.57M | 197.76M | 49.8M | -1.06B | -61.96M | -159.56M | 253.37M | 344.23M | 232.51M | 400.18M | 86.75M | -216.42M | 67.84M | 213M | 218.1M | 94.5M | 3.5M |
| Operating Margin % | 26.6% | 25.02% | 23.66% | 27.25% | 16.15% | 28.55% | 31.18% | 31.47% | 13.26% | 5.7% | -1.04% | 5.56% | 12.18% | 14.1% | 11.55% | 9.6% | 3.04% | -76.94% | -4.29% | -2.5% | 4.04% | 5.98% | 3.75% | 6.32% | 1.88% | -6.24% | 1.47% | 6.58% | 8.28% | 7.49% | 4.65% |
| Operating Income Growth % | - | 5.98% | -10.21% | 78.04% | -39.53% | 14.21% | 15.53% | 14.21% | 199.86% | 677.67% | -118.17% | -52.58% | -11.14% | 31.72% | 63.61% | 297.15% | 104.7% | -1608.34% | 61.17% | -162.98% | -26.39% | 48.05% | -41.9% | 361.29% | 140.08% | -419.03% | -68.15% | -2.34% | 130.79% | 2600% | -57.32% |
| EBITDA | 1.01B | 978.19M | 910.81M | 1.03B | 558.6M | 893.08M | 786.99M | 826.45M | 748.9M | 304.87M | 118.48M | 381.75M | 497.81M | 544.96M | 411.82M | 276.54M | 141.16M | -820.33M | 53.01M | 203.25M | 659.27M | 887.84M | 1.09B | 1.09B | 467.28M | 261.18M | 1.45B | 1.16B | 985.4M | 193.6M | 23.2M |
| EBITDA Margin % | 28.69% | 28.05% | 26.18% | 30.51% | 17.52% | 29.94% | 32.91% | 40.29% | 17.57% | 9.22% | 3.77% | 11.82% | 16.01% | 18.03% | 14.7% | 13.43% | 8.62% | -59.63% | 3.67% | 3.19% | 10.5% | 15.43% | 17.6% | 17.16% | 10.11% | 7.53% | 31.57% | 35.69% | 37.41% | 15.34% | 30.85% |
| EBITDA Growth % | 9.61% | 7.4% | -11.26% | 83.75% | -37.45% | 13.48% | -4.77% | 10.36% | 145.64% | 157.33% | -68.96% | -23.32% | -8.65% | 32.33% | 48.92% | 95.9% | 117.21% | -1647.57% | -73.92% | -69.17% | -25.74% | -18.55% | 0.37% | 132.39% | 78.91% | -82.02% | 25.78% | 17.21% | 408.99% | 734.48% | 1.31% |
| D&A (Non-Cash Add-back) | 73.45M | 105.66M | 87.5M | 109.54M | 43.59M | 41.4M | 41.27M | 180.99M | 183.76M | 116.41M | 151.1M | 202.16M | 119.08M | 118.75M | 88.25M | 78.78M | 91.37M | 238.17M | 114.97M | 362.81M | 405.9M | 543.61M | 857.48M | 685.74M | 380.53M | 477.61M | 1.38B | 942M | 767.3M | 99.1M | 19.7M |
| EBIT | 954.76M | 893.55M | 864.13M | 936.67M | 523.04M | 386.64M | 761.58M | 643.43M | 556.98M | 172.25M | 28.02M | 216.53M | 326.24M | 449.9M | 295.21M | 176.95M | 28.09M | -941.18M | 125.85M | -78.5M | -105.97M | 326.28M | 160.6M | 138.36M | 214.64M | -202.01M | -349.75M | 269.9M | 249.9M | 94.5M | 3.5M |
| Net Interest Income | -147.24M | -147.55M | -118.97M | -133.09M | -141.18M | -130.49M | -130.62M | -136.17M | -94.57M | -105.3M | -109.11M | -73.64M | -56.31M | -30.99M | -2.69M | -225K | 1.11M | 4.39M | -7.61M | -234.31M | -52.71M | 0 | 115.36M | -9.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.58M | 0 | 41.1M | 26.8M | 4.37M | 0 | 0 | 4.4M | 0 | 0 | 0 | 0 | 0 | 2.61M | 3.46M | 5.21M | 6.52M | 10.22M | 24.76M | 67.52M | 72.59M | 0 | 191.68M | 175.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 154.82M | 147.55M | 160.07M | 159.89M | 145.55M | 130.49M | 130.62M | 140.57M | 109.33M | 105.3M | 109.11M | 73.64M | 56.31M | 33.6M | 6.15M | 5.43M | 5.4M | 5.82M | 17.13M | 301.83M | 125.3M | 0 | 76.32M | 185.66M | 0 | 0 | 65.17M | 54.2M | 0 | 46.8M | 4.8M |
| Other Income/Expense | -129.77M | -126.53M | -119.26M | -140.12M | -137.51M | -595.53M | -114.76M | -113.03M | -87.06M | -121.51M | -48.46M | -36.7M | -108.8M | -9.9M | -34.51M | -26.24M | -27.11M | 22.02M | -43.55M | 87.49M | -329.23M | 601.99M | 152.51M | -413.69M | -105.57M | 2.45M | 221.2M | -150.3M | -87.4M | -40.3M | -8.1M |
| Pretax Income | 806.58M | 746M | 704.06M | 776.78M | 377.49M | 256.15M | 630.95M | 532.42M | 761.56M | 66.96M | -81.27M | 142.87M | 269.93M | 416.3M | 289.06M | 171.52M | 22.69M | -967.53M | 93.48M | -72.08M | 299.38M | 989.46M | 364.95M | 197.35M | 47.03M | -184.35M | 24.28M | 63.3M | 204.5M | 54.2M | -4.6M |
| Pretax Margin % | 22.91% | 21.39% | 20.24% | 23.09% | 11.84% | 8.59% | 26.39% | 25.96% | 17.86% | 2.02% | -2.59% | 4.42% | 8.68% | 13.77% | 10.32% | 8.33% | 1.39% | -70.33% | 6.47% | -1.13% | 4.77% | 17.2% | 5.89% | 3.12% | 1.02% | -5.31% | 0.53% | 1.96% | 7.76% | 4.3% | -6.12% |
| Income Tax | 143.85M | 132.54M | 152.74M | 125.31M | 15.36M | -19.9M | 43.27M | 15.08M | 3.81M | -291.05M | -64.93M | 29.52M | 35.37M | 134.5M | 119.22M | -4.05M | 32.08M | 1.49M | -37.7M | 138.05M | 125.14M | 391.07M | 179.19M | 70.69M | 5.57M | 2.45M | 112.87M | 90.9M | 127.6M | 41.1M | 1.9M |
| Effective Tax Rate % | 17.83% | 17.77% | 21.69% | 16.13% | 4.07% | -7.77% | 6.86% | 2.83% | 0.5% | -434.68% | 79.9% | 20.66% | 13.1% | 32.31% | 41.24% | -2.36% | 141.4% | -0.15% | -40.32% | -191.53% | 41.8% | 39.52% | 49.1% | 35.82% | 11.85% | -1.33% | 464.84% | 143.6% | 62.4% | 75.83% | -41.3% |
| Net Income | 662.71M | 613.45M | 551.28M | 651.54M | 361.95M | 277.72M | 162.33M | 431.13M | 626.96M | 304.92M | -41.28M | 119.47M | 414.87M | 285.78M | 159.27M | 174.23M | 99.36M | -978.82M | -156.2M | -144.07M | 192.63M | 876.15M | 164.86M | 167.4M | 1.95B | 392.8M | -147.98M | -27.6M | 76.9M | 13.1M | -6.5M |
| Net Margin % | 18.83% | 17.59% | 15.84% | 19.37% | 11.35% | 9.31% | 6.79% | 21.02% | 14.71% | 9.22% | -1.31% | 3.7% | 13.34% | 9.45% | 5.69% | 8.46% | 6.07% | -71.15% | -10.81% | -2.26% | 3.07% | 15.23% | 2.66% | 2.65% | 42.26% | 11.32% | -3.22% | -0.85% | 2.92% | 1.04% | -8.64% |
| Net Income Growth % | 21.45% | 11.28% | -15.39% | 80.01% | 30.33% | 71.09% | -62.35% | -31.23% | 105.61% | 838.67% | -134.55% | -71.2% | 45.17% | 79.44% | -8.59% | 75.36% | 110.15% | -526.64% | -8.42% | -174.79% | -78.01% | 431.45% | -1.51% | -91.43% | 397.23% | 365.43% | -436.17% | -135.89% | 487.02% | 301.54% | -6600% |
| Net Income (Continuing) | 662.73M | 613.46M | 551.31M | 651.47M | 362.13M | 276.05M | 587.68M | 517.34M | 451.1M | 358.01M | -16.15M | 113.37M | 234.56M | 281.8M | 169.85M | 175.57M | -9.39M | -956.47M | 131.18M | -6.41M | -26.63M | 568.9M | 228M | 10.71M | 2M | -186.8M | -172.4M | 16.5M | 63.9M | 13.1M | -6.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -2.21M | 509K | -366.07M | 49.19M | 306.64M | 0 | 0 | 0 | 174.67M | 1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 108K | 2K | 475K | 994K | 9.19M | 1.68M | 1.01B | 774.36M | 559.66M | 174.28M | 441.69M | 41.62M | 85.53M | 110.03M | 105.44M | 59.87M | 28.18M | 22.77M | 40.48M | 24.88M | 5.51M | 20.64M | 110.8M | 1.07B | 706.69M | 4.82B | 4.49B | 3.63B | 372.2M | 356.1M |
| EPS (Diluted) | 2.52 | 2.38 | 2.02 | 2.26 | 1.24 | 0.93 | 0.66 | 1.90 | 3.05 | 1.47 | -0.24 | 0.62 | 2.17 | 1.52 | 0.79 | 0.86 | 0.43 | -3.27 | -0.50 | -0.47 | 0.55 | 2.26 | 0.42 | 0.45 | 16.88 | 3.80 | -0.81 | -0.09 | 0.39 | 0.06 | -0.32 |
| EPS Growth % | 26.47% | 17.82% | -10.62% | 82.26% | 33.33% | 40.91% | -65.26% | -37.7% | 107.48% | 712.5% | -138.71% | -71.43% | 42.76% | 92.41% | -8.14% | 100% | 113.15% | -554% | -6.38% | -185.45% | -75.66% | 438.1% | -6.67% | -97.33% | 344.21% | 569.14% | -829.97% | -122.33% | 601.44% | 117.38% | - |
| EPS (Basic) | - | 2.53 | 2.12 | 2.36 | 1.28 | 1.01 | 0.73 | 2.22 | 3.48 | 1.77 | -0.24 | 0.67 | 2.31 | 1.58 | 0.86 | 0.93 | 0.43 | -3.27 | -0.52 | -0.47 | 0.57 | 2.43 | 0.45 | 0.45 | 16.88 | 3.80 | -0.81 | -0.09 | 0.50 | 0.06 | -0.32 |
| Diluted Shares Outstanding | 262.48M | 262.48M | 279.06M | 293.28M | 295.21M | 304.84M | 256.02M | 206.79M | 205.35M | 184.13M | 172.77M | 190.52M | 191.14M | 187.22M | 200.92M | 203.58M | 230.6M | 299.25M | 310.76M | 308.31M | 342.17M | 381.15M | 394.21M | 374.79M | 225.96M | 233.48M | 182.02M | 316.94M | 200.42M | 120.75M | 20.5M |
| Basic Shares Outstanding | 242.68M | 242.68M | 260.3M | 275.77M | 282.56M | 275M | 223.43M | 181.75M | 179.95M | 172.86M | 171.36M | 179.03M | 179.78M | 180.18M | 186.16M | 187.25M | 230.6M | 299.25M | 301.85M | 308.31M | 330.95M | 354.96M | 368.15M | 374.79M | 225.96M | 201.46M | 182.02M | 316.94M | 140.3M | 120.75M | 20.5M |
| Dividend Payout Ratio | - | 30.36% | - | - | - | - | - | - | 16.77% | - | - | 94.75% | 23.46% | 27.71% | 42.8% | 6.12% | - | - | - | - | - | 1.09% | 7.92% | 7.8% | 0.52% | 4.42% | - | - | - | - | - |
Tinder user base stagnation
As reported in recent financial filings, Match Group's revenue growth has fluctuated significantly, moving from a 9.2% year-over-year increase in 2024Q1 to a modest 3.9% in 2026Q1, reflecting the ongoing difficulty in sustaining top-line expansion as the flagship Tinder brand reaches maturity in core markets.
The deceleration in revenue growth suggests that the company is struggling to offset the saturation of its primary dating platforms with newer growth engines like Hinge. Investors should monitor whether the recent shift toward aggressive pricing tiers can effectively compensate for the underlying decline in active user counts.
Based on the provided income statement data, Match Group has maintained gross margins within a tight 70.1% to 75.6% range, a structural reality dictated by the persistent 15-30% commission fees levied by mobile app store operators on the company's direct revenue streams.
The inability to meaningfully expand gross margins beyond this band implies that the company lacks the leverage to bypass current platform gatekeepers. Any future margin expansion appears contingent upon regulatory changes or a successful pivot toward alternative, lower-cost payment processing methods.
According to quarterly income statements, operating margins have oscillated between 20.8% and 32.4% over the last ten quarters, indicating that the company's ability to scale operating income relative to gross profit is frequently disrupted by fluctuating marketing expenditures and shifting corporate overhead requirements.
The inconsistency in operating leverage suggests that management's expense discipline is highly reactive to user acquisition needs rather than being structurally optimized. This volatility warrants further investigation into whether the current cost structure can support consistent profitability during periods of intensified competitive marketing spend.
As evidenced by the income statement data, Match Group consistently records significant stock-based compensation expenses, often exceeding $50 million per quarter, which serves to artificially inflate net income figures and complicates the assessment of the company's underlying operational cash-generating efficiency for equity holders.
The periodic absence of SBC in certain quarters, such as 2025Q4, creates significant noise in EPS comparisons and may mask the true cost of talent retention. Analysts should be cautious of relying on GAAP net income as a proxy for performance without adjusting for these recurring non-cash charges.
While management's pivot toward aggressive pricing and VIP tiers may boost short-term revenue per payer, the recent trend of decelerating growth suggests that these tactics may be accelerating user churn, potentially undermining the long-term viability of the company's core subscription-based business model.
Short-sellers would likely focus on the risk that the company is extracting maximum value from a shrinking user base, which may lead to a terminal decline in brand equity. This strategy appears to prioritize immediate financial optics over the long-term health of the platform's network effects.
Quick answers to the most common questions about buying MTCH stock.
For fiscal year 2025, Match Group, Inc. (MTCH) reported total revenue of $3.49B. This represents a 4537.2% increase compared to $75.2M in 1996.
Match Group, Inc. (MTCH) is profitable, generating $613.4M in net income for the fiscal year ending 2025 with a net profit margin of 17.6%.
Match Group, Inc. (MTCH) reported an operating income of $872.5M, resulting in an operating profit margin of 25.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Match Group, Inc. (MTCH) generated $2.54B in gross profit for the year, representing a gross profit margin of 72.8%. This demonstrates the company's core pricing power and production efficiency.