Revenue of $313.4M in 2026Q2 declined 4.2% sequentially from $327.3M while the efficiency ratio held at an elevated 89.2% and 100% of revenue remained fee-dependent, with structural NII drag of -$8.5M further compressing margins.
LendingTree, Inc. (TREE) annual income statement — 20-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | -35.57M | -46.79M | -27.85M | 0 | -26.01M | -46.87M | -36.3M | -20.27M | -12.44M | -7.03M | -561K | -171K | -2K | -19K | -881K | -368K | -464K | -529K | -516K | 185K | 0 |
| NII Growth % | 78.76% | -68% | - | 100% | 44.49% | -29.11% | -79.07% | -62.99% | -76.96% | -1152.76% | -228.07% | -8450% | 89.47% | 97.84% | -139.4% | 20.69% | 12.29% | -2.52% | -378.92% | - | - |
| Net Interest Margin % | -4.42% | -5.47% | -3.63% | 0% | -2.17% | -3.61% | -3.05% | -2.14% | -1.39% | -1.01% | -0.17% | -0.06% | -0% | -0.01% | -0.62% | -0.1% | -0.16% | -0.18% | -0.18% | 0.04% | 0% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 88K | 134K | 1.17M | 0 |
| Interest Expense | 35.57M | 46.79M | 27.85M | 0 | 26.01M | 46.87M | 36.3M | 20.27M | 12.44M | 7.03M | 561K | 171K | 2K | 19K | 881K | 368K | 472K | 617K | 650K | 986K | 0 |
| Loan Loss Provision | 16.04M | 17.39M | 8.22M | 38.76M | 31.75M | 10.43M | 18.19M | 48.11M | 23.96M | 10.2M | 13.2M | 9.2M | 7.9M | 6.52M | 3.41M | 3.77M | 4.66M | 74.14M | 76.15M | 72.13M | 73.22M |
| Non-Interest Income | 1.3B | 1.12B | 900.22M | 672.5M | 984.99M | 1.1B | 909.99M | 1.11B | 764.87M | 617.74M | 384.4M | 254.22M | 167.35M | 139.24M | 77.44M | 54.62M | 59.91M | 216.69M | 228.44M | 345.21M | 476.48M |
| Non-Interest Income % | 102.8% | 104.37% | 103.19% | 100% | 102.71% | 104.46% | 104.15% | 101.87% | 101.65% | 101.15% | 100.15% | 100.07% | 100% | 100.01% | 101.15% | 100.68% | 100.78% | 100.24% | 100.23% | 99.95% | 100% |
| Total Net Revenue | 1.27B | 1.07B | 872.37M | 672.5M | 958.98M | 1.05B | 873.69M | 1.09B | 752.43M | 610.71M | 383.84M | 254.04M | 167.35M | 139.22M | 76.56M | 54.25M | 59.45M | 216.16M | 227.92M | 345.39M | 476.48M |
| Revenue Growth % | 25.36% | 22.72% | 29.72% | -29.87% | -8.81% | 20.37% | -19.57% | 44.38% | 23.21% | 59.1% | 51.09% | 51.81% | 20.2% | 81.84% | 41.13% | -8.74% | -72.5% | -5.16% | -34.01% | -27.51% | - |
| Non-Interest Expense | 1.15B | 971.04M | 819.52M | 674.36M | 959.99M | 1.03B | 862.1M | 987.5M | 672.27M | 567.38M | 318.53M | 216.33M | 160.42M | 133.81M | 76M | 111.59M | 87.86M | 166.33M | 366.81M | 813.7M | 389.09M |
| Efficiency Ratio | 90.37% | 90.71% | 93.94% | 100.28% | 100.11% | 98.24% | 98.67% | 90.9% | 89.35% | 92.91% | 82.98% | 85.15% | 95.86% | 96.11% | 99.26% | 205.7% | 147.8% | 76.95% | 160.93% | 235.59% | 81.66% |
| Operating Income | 106.06M | 82.11M | 44.63M | -40.61M | -32.76M | 8.03M | -6.6M | 50.73M | 56.19M | 33.13M | 52.11M | 28.51M | -969K | -1.11M | -2.85M | -61.11M | -33.08M | -24.31M | -215.03M | -540.44M | 14.17M |
| Operating Margin % | 8.36% | 7.67% | 5.12% | -6.04% | -3.42% | 0.76% | -0.76% | 4.67% | 7.47% | 5.43% | 13.58% | 11.22% | -0.58% | -0.8% | -3.72% | -112.64% | -55.65% | -11.25% | -94.34% | -156.47% | 2.97% |
| Operating Income Growth % | - | 83.98% | 209.89% | -23.96% | -507.94% | 221.63% | -113.02% | -9.72% | 69.59% | -36.42% | 82.76% | 3042.62% | 12.47% | 61.17% | 95.33% | -84.72% | -36.06% | 88.69% | 60.21% | -3913.7% | - |
| Pretax Income | -27.06M | 21.02M | -37.38M | -124.92M | -54.93M | 84.44M | -42.53M | 30.98M | 43.74M | 25.71M | 51.57M | 28.34M | -971K | -1.13M | -3.73M | -61.48M | -33.55M | -24.84M | -215.55M | -540.24M | 13.71M |
| Pretax Margin % | -2.13% | 1.96% | -4.29% | -18.58% | -5.73% | 8.03% | -4.87% | 2.85% | 5.81% | 4.21% | 13.44% | 11.16% | -0.58% | -0.81% | -4.87% | -113.32% | -56.43% | -11.49% | -94.57% | -156.41% | 2.88% |
| Income Tax | -126.19M | -130.28M | 4.32M | -2.52M | 133.02M | 11.3M | -19.96M | -8.48M | -65.58M | 6.29M | 20.37M | -22.97M | -484K | -453K | -1.48M | -11.77M | -6.94M | -368K | -13.27M | 10.16M | 5.02M |
| Effective Tax Rate % | 466.36% | -619.69% | -11.56% | 2.01% | -242.15% | 13.38% | 46.94% | -27.37% | -149.91% | 24.47% | 39.49% | -81.05% | 49.85% | 40.23% | 39.74% | 19.14% | 20.69% | 1.48% | 6.16% | -1.88% | 36.62% |
| Net Income | 99.13M | 151.31M | -41.7M | -122.4M | -187.95M | 69.11M | -48.26M | 17.83M | 96.5M | 15.58M | 27.49M | 48.05M | 9.36M | 3.95M | 46.63M | -59.5M | -18.18M | -24.47M | -202.28M | -550.4M | 8.69M |
| Net Margin % | 7.82% | 14.13% | -4.78% | -18.2% | -19.6% | 6.57% | -5.52% | 1.64% | 12.83% | 2.55% | 7.16% | 18.91% | 5.59% | 2.84% | 60.9% | -109.68% | -30.58% | -11.32% | -88.75% | -159.36% | 1.82% |
| Net Income Growth % | 600.18% | 462.81% | 65.93% | 34.87% | -371.94% | 243.23% | -370.67% | -81.53% | 519.46% | -43.34% | -42.78% | 413.21% | 137.19% | -91.53% | 178.36% | -227.35% | 25.73% | 87.9% | 63.25% | -6431.55% | - |
| Net Income (Continuing) | 99.13M | 151.31M | -41.7M | -122.4M | -187.95M | 73.14M | -22.57M | 39.46M | 109.32M | 19.42M | 31.21M | 51.32M | -487K | -673K | -2.25M | -49.71M | -26.6M | -24.47M | -202.28M | -550.4M | 8.69M |
| EPS (Diluted) | 7.06 | 10.78 | -3.14 | -9.46 | -14.69 | 5.05 | -3.71 | 2.70 | 6.85 | 1.14 | 2.15 | 3.83 | 0.84 | 0.38 | 4.10 | -4.17 | -1.60 | -2.32 | -21.59 | -59.00 | 0.91 |
| EPS Growth % | 588.24% | 443.31% | 66.81% | 35.6% | -390.89% | 236.12% | -237.41% | -60.58% | 500.88% | -46.98% | -43.86% | 355.95% | 121.05% | -90.73% | 198.32% | -160.63% | 31.03% | 89.25% | 63.41% | -6583.52% | - |
| EPS (Basic) | - | 11.14 | -3.14 | -9.46 | -14.69 | 5.24 | -3.71 | 1.39 | 7.72 | 1.30 | 2.33 | 4.17 | 0.84 | 0.38 | 4.10 | -4.17 | -1.60 | -2.32 | -21.59 | -59.00 | 0.91 |
| Diluted Shares Outstanding | 14.04M | 14.06M | 13.27M | 12.94M | 12.79M | 13.7M | 13.01M | 14.62M | 14.1M | 13.68M | 12.77M | 12.54M | 11.19M | 11.04M | 11.31M | 10.99M | 11.01M | 10.54M | 9.37M | 9.33M | 9.52M |
Quick answers to the most common questions about buying TREE stock.
For fiscal year 2025, LendingTree, Inc. (TREE) reported total revenue of $1.07B. This represents a 124.7% increase compared to $476.5M in 2006.
LendingTree, Inc. (TREE) is profitable, generating $151.3M in net income for the fiscal year ending 2025 with a net profit margin of 14.1%.
LendingTree, Inc. (TREE) reported an operating income of $82.1M, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
LendingTree, Inc. (TREE) generated $1.05B in gross profit for the year, representing a gross profit margin of 98.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
100% fee dependency, structural NII drag
Metrics are mathematically derived from official filings.
Structural NII Drag Persistent Across All Quarters
According to LendingTree's reported figures, net interest income has been persistently negative across all 10 quarters, ranging from -$1.2M to -$17.9M, reflecting structural funding costs that consistently exceed interest income earned on assets held.
The negative NII appears structural rather than cyclical, as LendingTree operates a marketplace-originated consumer finance model where interest expense on corporate debt and warehouse facilities consistently exceeds interest income from any held assets. The worst drag materialized in 2025Q3 at -$17.9M, though the drag has moderated to approximately -$8.5M to -$9.4M in the most recent three quarters, suggesting some balance sheet optimization. This persistent drag effectively reduces annual pre-provision earnings by roughly $35M and structurally caps operating margins before any credit cost is recognized.
Absolute Fee Income Dependency Concentrates Risk
Based on recent SEC filings, fee income represents 100% of LendingTree's revenue across all 10 reported quarters, with total revenue reaching $313.4M in 2026Q2, underscoring the company's complete reliance on marketplace and transaction-based revenue streams.
The total absence of meaningful net interest income means LendingTree's earnings are driven entirely by consumer matching volumes, lender participation, and take rates on its platform. While this asset-light structure avoids balance sheet credit exposure, it also means there is no diversified revenue engine to cushion downturns in consumer lending demand. Revenue grew approximately 87% from $167.8M in 2024Q1 to $313.4M in 2026Q2, but the sequential decline of -4.2% from 2026Q1's $327.3M warrants close monitoring for potential cyclicality in consumer refinancing and origination activity.
Efficiency Ratio Elevated Near 89% Ceiling
As disclosed in financial statements, LendingTree's efficiency ratio oscillated between 86.9% and 98.8% over 10 quarters, with 2026Q2 at 89.2%, indicating the company retains less than 11 cents of every revenue dollar before credit costs are recognized.
Despite revenue nearly doubling over the reported period, operating leverage has been structurally limited by a high fixed cost base. Operating income of $22.6M on $313.4M revenue in 2026Q2 yields a 7.2% operating margin, consistent with the company's cost-intensive marketplace and technology infrastructure. The improvement from 98.8% in 2025Q1 to 86.9% in 2026Q1 suggested positive operating leverage was emerging, but the reversion to 89.2% in 2026Q2 raises questions about sustainability. Peer QuinStreet (QNST) shows a comparably thin 0.6% operating margin on similar marketplace economics, suggesting the industry structurally struggles to convert revenue growth into operating income.
Earnings Quality Warrants Close Scrutiny
Based on LendingTree's reported financials, 2025Q4 net income of $144.7M (EPS $10.27) stands as a dramatic outlier versus the typical $1M-$17M range, appearing to reflect a one-time gain or valuation allowance release that obscures underlying profitability trends.
Excluding the 2025Q4 outlier, net income has ranged from a loss of -$58.0M in 2024Q3 to gains of $17.3M in 2026Q1, indicating highly volatile underlying earnings. The company also posted operating losses in 2025Q1 (-$7.1M) and substantial net losses in 2024Q3 and 2025Q1, suggesting breakeven thresholds remain uncomfortably close to current cost levels. With negative NIM ranging from -0.1% to -2.4% confirming the balance sheet is a net cost center, and with 100% of revenue dependent on consumer lending marketplace demand, any sustained slowdown in originations volumes could push operating income materially lower or into negative territory.
Revenue Deceleration Emerges in 2026Q2
According to recent filings, LendingTree's 2026Q2 revenue of $313.4M declined -4.2% sequentially from 2026Q1's $327.3M, marking the first sequential contraction after four quarters of consistent growth, potentially signaling a turning point in consumer lending demand.
After revenue grew sequentially from $239.7M in 2025Q1 to $327.3M in 2026Q1, the 2026Q2 decline to $313.4M coincides with EPS growth of just 3.0% — a sharp deceleration from 116.8% growth in 2025Q3. This pattern may indicate softening consumer refinancing demand or increasingly competitive dynamics compressing marketplace take rates. Given that operating leverage remains limited by an 89.2% efficiency ratio, a sustained revenue plateau could push operating income toward breakeven when combined with the persistent -$35M annual NII drag. Investors should monitor whether 2026Q3 confirms this deceleration or whether it reflects quarter-to-quarter seasonality inherent in consumer credit markets.