Match Group NASDAQ: MTCH executives used the company’s fourth-quarter 2025 earnings call to outline a product-led turnaround at Tinder, continued momentum at Hinge, and a capital return strategy that management said is reducing share count while funding investment in product and marketing.
CEO highlights transformation progress and early Tinder signals
Chief Executive Officer Spencer Rascoff said he marked one year in the CEO role with a focus on “user outcomes” to rebuild trust and improve long-term performance. He described a three-phase transformation—reset, revitalize, and resurgence—saying the company has completed the “reset” phase through cost rationalization, a shift to a more collaborative “1MG” operating approach, and a renewed emphasis on user outcomes. Rascoff said Match Group is now “firmly in the revitalize phase” with 2026 product roadmaps across the portfolio, adding that at Tinder, the product should “feel meaningfully different” by the end of 2026.
On Tinder, Rascoff emphasized internal leading indicators including “Sparks” (users engaging in a six-way conversation) and “Spark coverage” (the percentage of users who get a Spark). He said both metrics have improved, including among Gen Z users in the U.S. Rascoff cited global Spark trends improving from down 11% year-over-year in December 2024 to down 5% in December 2025, while global Spark coverage improved from down 1% to up 4% over the same period. He said data indicates Sparks drive retention, which supports MAU stabilization and eventual revenue recovery.
Rascoff also pointed to improving new registration trends, saying global new registrations were down 5% year-over-year in Q4 versus down 12% in Q2. MAU declines eased to down 9% year-over-year in Q4 from down 10% in Q3. He added that MAU declines improved by at least two points in December across 15 countries representing about one-third of Tinder’s global MAU, with marketing tests underway in 10 of those markets.
Project Aurora and product changes: Australia test market results
In Q&A, Rascoff provided additional color on “Project Aurora,” a bundled test of product and marketing changes in Australia. He said Australia Sparks improved from down 14% year-over-year in December 2024 to down 8% in December 2025, while Spark coverage improved from down 2% to up 2%. Australia MAU trends improved from down 12% year-over-year in January 2025 to down 9% in December 2025, with female MAU improving by five points versus a three-point improvement overall.
Rascoff also cited rising usage of the “Double Date” feature in Australia. He said in the latest quarter, one out of four Australians aged 18-22 were using Double Date, up from one out of six previously cited, and that 10% of users in Australia were using Double Date overall.
Management said Aurora’s learnings are informing broader rollouts, including marketing tactics. Rascoff said the company is shifting in 2026 toward more “bottom-of-funnel” user acquisition and performance marketing rather than top-of-funnel brand campaigns, pointing to user-generated content on platforms like TikTok and Instagram as a focus.
Hinge growth, international expansion, and trust & safety rollout
Rascoff described Hinge as the leading app in “intentional or focused” dating, with strong user and revenue momentum. He highlighted trust and safety initiatives, including FaceCheck, which he said is being rolled out at Hinge “rapidly” after being built on Tinder’s rollout. Rascoff said FaceCheck on Tinder has led to more than a 50% reduction in interactions with bad actors in markets where it has been deployed, with only a minimal revenue impact.
He said by the end of Q1, Tinder is expected to launch FaceCheck globally in the majority of markets and Hinge is expected to have rolled it out in some major markets.
On product features, Rascoff said Hinge is testing “Direct to Date” to clarify intent and accelerate in-real-life plans, a redesigned onboarding experience, and plans to expand an AI-driven “Convo Starters” feature to more countries after a U.S. rollout in December.
Internationally, Rascoff said Hinge’s European expansion markets had more than 3.3 million MAUs at the end of 2025, up from about 200,000 at launch, with MAU growing nearly 50% year-over-year in 2025. He said the company expects Hinge to deliver over $100 million of direct revenue in 2026 in its European expansion markets. Rascoff also said Hinge launched in Mexico and Brazil in the second half of 2025, with early results “far outpaced” expectations, and that Hinge plans to expand in 2026 to Argentina, Chile, and Peru, as well as India. He said Hinge had built an organic presence in India with over 1 million MAUs in 2025, growing 40% year-over-year without marketing spend.
Q4 and full-year 2025 financial results
Chief Financial Officer Steven Bailey said total revenue and adjusted EBITDA exceeded the high end of Q4 guidance, helped by a smaller-than-expected revenue impact from Tinder user experience tests and ongoing cost efficiency efforts. He said Tinder user experience tests created a $6 million negative impact to Tinder direct revenue in Q4, which was $8 million less than expected.
- Q4 total revenue: $878 million, up 2% year-over-year (flat FX-neutral).
- Q4 payers: 13.8 million, down 5%; RPP: $20.72, up 7%.
- Q4 adjusted EBITDA: $370 million, up 14%, for a 42% margin (41% excluding an $8 million gain on an L.A. office building sale and $2 million of restructuring costs).
For full-year 2025, Bailey reported total revenue of $3.5 billion (flat as-reported and FX-neutral) and adjusted EBITDA of $1.2 billion (down 1%) for a 35% margin. Excluding legal settlements, restructuring costs, and the office building sale, adjusted EBITDA margin would have been 38%, which Bailey said exceeded the company’s 36.5% target for 2025, citing restructuring and the alternative payments initiative.
Business unit performance included:
- Tinder Q4 direct revenue: $464 million, down 3% (down 5% FX-neutral); payers down 8% to 8.8 million; RPP up 5% to $17.63; adjusted EBITDA margin 55%.
- Hinge Q4 direct revenue: $186 million, up 26% (up 24% FX-neutral); payers up 17% to 1.9 million; RPP up 8% to $32.96; adjusted EBITDA margin 36%.
- Evergreen & Emerging (E&E) Q4 direct revenue: $145 million, down 7% (down 9% FX-neutral); adjusted EBITDA margin 33%.
- Match Group Asia Q4 direct revenue: $66 million, down 2% (down 1% FX-neutral); adjusted EBITDA margin 25%.
2026 outlook: flat revenue, reinvestment, and capital returns
Management guided to Q1 2026 total revenue of $850 million to $860 million (up 2% to 3% year-over-year, assuming a 3.5-point FX tailwind), with FX-neutral revenue expected to be down 1% to flat. Q1 adjusted EBITDA guidance was $315 million to $320 million, implying a 37% margin at the midpoint. The Q1 outlook assumes a $6 million negative impact to Tinder direct revenue from user experience tests.
For full-year 2026, Bailey guided to total revenue of $3.41 billion to $3.535 billion, approximately flat year-over-year at the midpoint, and adjusted EBITDA of $1.28 billion to $1.325 billion for a 37.5% margin at the midpoint. The company expects indirect revenue to decline in the mid-teens percentage range. Bailey said the full-year outlook assumes alternative payments deliver about $110 million of adjusted EBITDA savings in 2026, based on current App Store policies, while noting that fees could change due to ongoing litigation and regulatory developments.
By segment, management said it expects:
- Tinder: direct revenue declines at approximately the same rate as 2025, with headwinds from user experience tests and a full rollout of FaceCheck; a $50 million increase in marketing spend to about $230 million; adjusted EBITDA margins around 50%.
- Hinge: low-to-mid-20% direct revenue growth and mid-to-high-30% adjusted EBITDA margins; management reiterated Hinge remains on track for $1 billion in revenue in 2027.
- E&E: direct revenue declines in the low double digits; adjusted EBITDA margins expected to expand to the high-20% range.
- Match Group Asia: direct revenue declines in the high single digits, reflecting Azar’s ongoing block in Turkey and verification rollout; adjusted EBITDA margins expected in the low-to-mid-20% range.
On capital returns, Bailey said the board declared a quarterly cash dividend of $0.20 per share, a 5% increase, payable April 21, 2026, to shareholders of record April 7. He said diluted shares outstanding were reduced 7% year-over-year as of Jan. 31, 2026, and management expects a similar reduction in 2026. Rascoff said the company believes it can simultaneously invest in Tinder and Hinge while sustaining buybacks and the dividend, given the business’s profitability.
Rascoff also announced Tinder will host its first product event on March 12 in Los Angeles to showcase upcoming feature updates and AI-driven innovations, with a webcast available via the investor relations website.
About Match Group NASDAQ: MTCH
Match Group, Inc NASDAQ: MTCH is a leading provider of online dating products and services. The company owns and operates a diverse portfolio of consumer brands that connect singles through digital platforms. Its flagship offerings include Match.com, Tinder, Hinge, OkCupid and PlentyOfFish, which together serve users looking for long-term relationships, casual encounters and social networking opportunities.
Originating with the launch of Match.com in 1995, Match Group has grown through a combination of organic development and strategic acquisitions.
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