Revenue growth has accelerated to $327.3 million in 2026Q1, though operating margins remain sensitive to marketing spend, peaking at only 9.5% during the same period.
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 | -44.35M | -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 % | -48.26% | -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 % | -4.86% | -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 | 44.35M | 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 | 1.2M | 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 | 1.27B | 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 % | 103.62% | 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 | 1.22B | 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 % | 25.82% | 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 | 1.12B | 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 | 91.28% | 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 | 105.5M | 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 % | 8.62% | 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 | 62.93M | 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 % | 5.14% | 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 | -118.73M | -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 % | -188.68% | -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 | 181.66M | 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 % | 14.84% | 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 % | 436.5% | 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) | 181.66M | 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) | 12.93 | 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 % | 418.52% | 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 | 14.05M | 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 13.5%.
LendingTree, Inc. (TREE) reported an operating income of $82.1M, resulting in an operating profit margin of 7.3%. 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 94.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Marketing spend efficiency volatility
Metrics are mathematically derived from official filings.
Revenue Scaling Through Market Recovery
According to quarterly financial data, LendingTree's revenue has demonstrated a clear upward trajectory, climbing from $134.4 million in 2023Q4 to $327.3 million by 2026Q1, suggesting a successful capture of market demand as the company navigates through a challenging interest rate environment and shifting consumer credit appetites.
The consistent sequential revenue growth indicates that the company's pivot toward diversified segments is effectively offsetting the cyclical weakness in the mortgage business. Investors should monitor whether this growth is sustainable or if it remains tethered to aggressive, potentially non-recurring, marketing-led customer acquisition strategies.
Structural Gross Margin Stability Persists
As reported in recent income statements, LendingTree maintains a remarkably consistent gross margin profile, hovering near 96% throughout the last ten quarters, which highlights the platform's inherent asset-light nature and its reliance on high-margin lead generation rather than capital-intensive financial product origination or balance sheet lending.
While these headline margins appear robust, they mask the reality that the company's true unit economics are dictated by the efficiency of its marketing spend. The lack of meaningful variance in gross margins suggests that the company has successfully insulated its core platform from direct production cost inflation.
Operating Leverage Remains Highly Sensitive
Based on the provided figures, operating margins have fluctuated significantly, ranging from a low of -3.0% in 2025Q1 to a peak of 9.5% in 2026Q1, illustrating that the company's ability to scale operating income is directly tied to its capacity to manage variable marketing expenses relative to revenue.
The volatility in operating margins suggests that the company lacks the fixed-cost leverage typically associated with mature software platforms. Management appears to prioritize top-line growth over consistent operating margin expansion, which may indicate that the business model requires constant, high-level reinvestment to maintain its competitive position.
Earnings Quality Obscured by Volatility
Analysis of the income statement reveals that net income has been subject to extreme swings, such as the $144.7 million profit in 2025Q4 compared to a $58.0 million loss in 2024Q3, suggesting that non-operating items and tax anomalies significantly distort the company's true underlying profitability.
The discrepancy between operating income and net income warrants further investigation into the nature of these non-recurring gains and losses. Investors should focus on adjusted EBITDA metrics to strip away the noise created by these accounting fluctuations and better assess the company's core cash-generative capacity.
Sustainability of Marketing-Driven Growth
Data from the last ten quarters suggests that LendingTree's growth is heavily dependent on SG&A expenditures, which have scaled in tandem with revenue, raising concerns that the company may be trapped in a cycle of diminishing returns on its customer acquisition spend as competition for digital traffic intensifies.
Short-sellers may focus on the fact that any meaningful reduction in marketing spend appears to correlate with immediate revenue contraction, implying a lack of organic brand loyalty. This dependency on paid search and social media channels represents a structural risk that could lead to margin compression if ad auction prices rise.