mtch-20260930

As filed with the Securities and Exchange Commission on November 2, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended		September 30, 2026
Or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________

Commission File No. 001-34148

Match Group, Inc.

(Exact name of registrant as specified in its charter)


Delaware		59-2712887
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

8750 North Central Expressway, Suite 1400, Dallas, Texas 75231

(Address of registrant’s principal executive offices)

(214) 576-9352

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock, par value $0.001	MTCH	The Nasdaq Stock Market LLC
		(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file

such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be

submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant

was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a

smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”

“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated

filer

☑

Accelerated filer

☐

Non-

accelerated filer

☐

Smaller reporting

company

☐

Emerging growth

company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange

Act). Yes ☐ No ☑

As of October 31, 2026, there were 227,529,464 shares of common stock outstanding.

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)


	September 30, 2026	December 31, 2025

	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$726,196	$1,027,838
Short-term investments	2,946	3,461
Accounts receivable, net of allowance of $306 and $304, respectively	278,854	303,495
Other current assets	96,314	92,500
Total current assets	1,104,310	1,427,294
Property and equipment, net of accumulated depreciation and amortization of $317,263 and $323,896, respectively	157,074	131,159
Goodwill	2,340,393	2,339,350
Intangible assets, net of accumulated amortization of $202,510 and $172,567, respectively	157,007	192,929
Deferred income taxes	164,258	216,057
Other non-current assets	269,226	154,022
TOTAL ASSETS	$4,192,268	$4,460,811
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current maturities of long-term debt, net	$—	$423,580
Accounts payable	27,687	9,577
Deferred revenue	151,929	151,337
Accrued expenses and other current liabilities	436,310	422,051
Total current liabilities	615,926	1,006,545
Long-term debt, net	3,553,307	3,549,099
Income taxes payable	43,672	43,522
Deferred income taxes	2,659	10,732
Other long-term liabilities	116,173	104,309

Commitments and contingencies

SHAREHOLDERS’ EQUITY
Common stock; $0.001 par value; authorized 1,600,000,000 shares; 305,752,284 and 300,166,909 shares issued; and 228,548,530 and 232,530,646 outstanding at September 30, 2026 and December 31, 2025, respectively	306	300
Additional paid-in capital	8,657,759	8,721,015
Retained deficit	(5,454,563)	(5,966,307)
Accumulated other comprehensive loss	(420,124)	(422,620)
Treasury stock; 77,203,754 and 67,636,263 shares, respectively	(2,922,847)	(2,585,892)
Total Match Group, Inc. shareholders’ equity	(139,469)	(253,504)
Noncontrolling interests	—	108
Total shareholders’ equity	(139,469)	(253,396)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$4,192,268	$4,460,811

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025

	(In thousands, except per share data)
Revenue	$891,232	$914,275	$2,608,271	$2,609,191
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)	206,522	247,043	621,440	725,889
Selling and marketing expense	185,028	169,142	506,311	474,492
General and administrative expense	92,181	148,021	287,777	396,096
Product development expense	119,804	104,969	351,425	340,334
Depreciation	14,595	14,845	44,052	54,635
Impairment and amortization of intangibles	4,533	8,921	46,831	29,897
Total operating costs and expenses	622,663	692,941	1,857,836	2,021,343
Operating income	268,569	221,334	750,435	587,848
Interest expense	(41,510)	(37,024)	(126,416)	(104,440)
Other (expense) income, net	(2,259)	9,328	15,960	7,888
Income before income taxes	224,800	193,638	639,979	491,296
Income tax provision	(50,439)	(32,882)	(128,227)	(87,491)
Net income	174,361	160,756	511,752	403,805
Net income attributable to noncontrolling interests	—	(7)	(8)	(8)
Net income attributable to Match Group, Inc. shareholders	$174,361	$160,749	$511,744	$403,797

Net earnings per share attributable to Match Group, Inc. shareholders:
Basic	$0.76	$0.67	$2.21	$1.65
Diluted	$0.73	$0.62	$2.10	$1.55

Stock-based compensation expense by function:
Cost of revenue	$1,094	$1,498	$3,940	$5,048
Selling and marketing expense	2,660	3,042	7,994	8,908
General and administrative expense	17,382	15,996	60,112	68,738
Product development expense	35,630	35,770	105,308	111,473
Total stock-based compensation expense	$56,766	$56,306	$177,354	$194,167

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS (Unaudited)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025

	(In thousands)
Net income	$174,361	$160,756	$511,752	$403,805
Other comprehensive income (loss), net of tax
Change in foreign currency translation adjustment	21,213	(11,209)	2,494	37,434
Total other comprehensive income (loss)	21,213	(11,209)	2,494	37,434
Comprehensive income	195,574	149,547	514,246	441,239
Components of comprehensive (income) loss attributable to noncontrolling interests:
Net income attributable to noncontrolling interests	—	(7)	(8)	(8)
Change in foreign currency translation adjustment attributable to noncontrolling interests	—	3	2	(3)
Comprehensive income attributable to noncontrolling interests	—	(4)	(6)	(11)
Comprehensive income attributable to Match Group, Inc. shareholders	$195,574	$149,543	$514,240	$441,228

The accompanying Notes to Consolidated Financial Statements are an integral part of these

statements.

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited)

Three Months Ended September 30, 2026


	Match Group Shareholders’ Equity
	Common Stock $0.001 Par Value
	$	Shares	Additional Paid-in Capital	Retained (Deficit) Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Total Shareholders’ Equity

	(In thousands)
Balance as of June 30, 2026	$305	304,808	$8,663,665	$(5,628,924)	$(441,337)	$(2,830,764)	$(237,055)
Net income for the three months ended September 30, 2026	—	—	—	174,361	—	—	174,361
Other comprehensive income, net of tax	—	—	—	—	21,213	—	21,213
Stock-based compensation expense	—	—	60,602	—	—	—	60,602
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes	1	944	(20,822)	—	—	—	(20,821)
Dividend and dividend equivalents declared ($0.20 per share of Common Stock and Restricted Stock Units)	—	—	(46,155)	—	—	—	(46,155)
Dividend equivalent payable	—	—	469	—	—	—	469
Purchase of treasury stock	—	—	—	—	—	(92,083)	(92,083)
Balance as of September 30, 2026	$306	305,752	$8,657,759	$(5,454,563)	$(420,124)	$(2,922,847)	$(139,469)

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MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited)

Three Months Ended September 30, 2025


	Match Group Shareholders’ Equity
	Common Stock $0.001 Par Value
	$	Shares	Additional Paid-in Capital	Retained (Deficit) Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total Match Group Shareholders’ Equity	Noncontrolling Interests	Total Shareholders’ Equity

	(In thousands)
Balance as of June 30, 2025	$298	298,475	$8,720,153	$(6,336,705)	$(400,974)	$(2,213,653)	$(230,881)	$105	$(230,776)
Net income for the three months ended September 30, 2025	—	—	—	160,749	—	—	160,749	7	160,756
Other comprehensive loss, net of tax	—	—	—	—	(11,206)	—	(11,206)	(3)	(11,209)
Stock-based compensation expense	—	—	59,703	—	—	—	59,703	—	59,703
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes	1	919	(25,699)	—	—	—	(25,698)	—	(25,698)
Dividend and dividend equivalent declared ($0.19 per share of Common Stock and Restricted Stock Units)			(46,671)	—	—	—	(46,671)	—	(46,671)
Dividend equivalent payable	—	—	1,272	—	—	—	1,272	—	1,272
Purchase of treasury stock	—	—	—	—	—	(131,204)	(131,204)	—	(131,204)
Balance as of September 30, 2025	$299	299,394	$8,708,758	$(6,175,956)	$(412,180)	$(2,344,857)	$(223,936)	$109	$(223,827)

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MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited)

Nine Months Ended September 30, 2026


	Match Group Shareholders’ Equity
	Common Stock $0.001 Par Value
	$	Shares	Additional Paid-in Capital	Retained (Deficit) Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Total Match Group Shareholders’ Equity	Noncontrolling Interests	Total Shareholders’ Equity

	(In thousands)
Balance as of December 31, 2025	$300	300,167	$8,721,015	$(5,966,307)	$(422,620)	$(2,585,892)	$(253,504)	$108	$(253,396)
Net income for the nine months ended September 30, 2026	—	—	—	511,744	—	—	511,744	8	511,752
Other comprehensive income (loss), net of tax	—	—	—	—	2,496	—	2,496	(2)	2,494
Stock-based compensation expense	—	—	190,402	—	—	—	190,402	—	190,402
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes	6	5,585	(114,997)	—	—	—	(114,991)	—	(114,991)
Dividend and dividend equivalent declared ($0.60 per share of Common Stock and Restricted Stock Units)	—	—	(147,194)	—	—	—	(147,194)	—	(147,194)
Dividend equivalent payable	—	—	8,779	—	—	—	8,779	—	8,779
Purchase of noncontrolling interest	—	—	97	—	—	—	97	(457)	(360)
Purchase of treasury stock	—	—	—	—	—	(336,955)	(336,955)	—	(336,955)
Adjustment of noncontrolling interests to fair value	—	—	(343)	—	—	—	(343)	343	—
Balance as of September 30, 2026	$306	305,752	$8,657,759	$(5,454,563)	$(420,124)	$(2,922,847)	$(139,469)	$—	$(139,469)

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MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Unaudited) (Continued)

Nine Months Ended September 30, 2025


	Match Group Shareholders’ Equity
	Common Stock $0.001 Par Value
	$	Shares		Additional Paid-in Capital	Retained (Deficit) Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Total Match Group Shareholders’ Equity	Noncontrolling Interests	Total Shareholders’ Equity

			(In thousands)
Balance as of December 31, 2024	$294	294,432		$8,756,482	$(6,579,753)	$(449,611)	$(1,791,071)	$(63,659)	$2	$(63,657)
Net income for the nine months ended September 30, 2025	—	—		—	403,797	—	—	403,797	8	403,805
Other comprehensive income, net of tax	—	—		—	—	37,431	—	37,431	3	37,434
Stock-based compensation expense	—	—		203,001	—	—	—	203,001	—	203,001
Issuance of Match Group common stock pursuant to stock-based awards, net of withholding taxes	5	4,962		(112,026)	—	—	—	(112,021)	—	(112,021)
Dividend and dividend equivalent declared ($0.57 per share of Common Stock and Restricted Stock Units)	—	—		(144,072)	—	—	—	(144,072)	—	(144,072)
Dividend equivalent payable	—	—		5,543	—	—	—	5,543	—	5,543
Purchase of noncontrolling interest	—	—		(95)	—	—	—	(95)	(84)	(179)
Purchase of treasury stock	—	—		—	—	—	(553,786)	(553,786)	—	(553,786)
Adjustment of noncontrolling interests to fair value	—	—		(75)	—	—	—	(75)	75	—
Noncontrolling interest created by the exercise of subsidiary denominated equity awards	—	—		—	—	—	—	—	105	105
Balance as of September 30, 2025	$299	299,394		$8,708,758	$(6,175,956)	$(412,180)	$(2,344,857)	$(223,936)	$109	$(223,827)

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)


	Nine Months Ended September 30,
	2026	2025

	(In thousands)
Net income	$511,752	$403,805
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	177,354	194,167
Depreciation	44,052	54,635
Impairment and amortization of intangibles	46,831	29,897
Deferred income taxes	42,955	35,161
Other adjustments, net	6,659	15,507
Changes in assets and liabilities
Accounts receivable	24,222	(16,450)
Other assets	15,478	43,803
Accounts payable and other liabilities	(23,215)	36,572
Income taxes payable and receivable	39,394	(31,118)
Deferred revenue	858	(8,379)
Net cash provided by operating activities	886,340	757,600
Cash flows from investing activities:
Capital expenditures	(54,651)	(42,100)
Purchases of investments	(112,000)	—
Other, net	831	(25,783)
Net cash used in investing activities	(165,820)	(67,883)
Cash flows from financing activities:
Proceeds from Senior Notes offerings	—	700,000
Principal payments on Term Loan	—	(425,000)
Payments to settle exchangeable notes	(423,854)	(74,437)
Debt issuance costs	—	(8,619)
Proceeds from issuance of common stock pursuant to stock-based awards and employee stock purchase plan	3,157	3,598
Withholding taxes paid on behalf of employees on net settled stock-based awards	(118,145)	(115,619)
Purchases of treasury stock	(335,511)	(549,905)
Dividends	(136,886)	(140,893)
Purchase of noncontrolling interests	(232)	(84)
Other, net	(6,010)	(6,225)
Net cash used in financing activities	(1,017,481)	(617,184)
Total cash (used) provided	(296,961)	72,533
Effect of exchange rate changes on cash and cash equivalents	(4,681)	14,714
Net (decrease) increase in cash and cash equivalents	(301,642)	87,247
Cash and cash equivalents at beginning of period	1,027,838	965,993
Cash and cash equivalents at end of period	$726,196	$1,053,240

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Match Group, Inc., is leading the next chapter of human connection. Our global portfolio of brands

— including Tinder, Hinge, Match, Pairs, Upward, OurTime, The League, HER, Azar, and more — spark

meaningful real-world connections across cultures, communities, and every stage of life. Match Group

has three operating segments, Tinder, Hinge, and Everyone Everywhere.

As used herein, “Match Group,” the “Company,” “we,” “our,” “us,” and similar terms refer to Match

Group, Inc. and its subsidiaries, unless the context indicates otherwise.

Basis of Presentation and Consolidation

The Company prepares its consolidated financial statements in accordance with U.S. generally

accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of

the Company, all entities that are wholly-owned by the Company and all entities in which the Company

has a controlling financial interest. Intercompany transactions and accounts have been eliminated.

In management’s opinion, the unaudited interim consolidated financial statements have been

prepared on the same basis as the annual consolidated financial statements and reflect, in

management’s opinion, all adjustments, consisting of normal and recurring adjustments, necessary for

the fair presentation of our consolidated financial position, consolidated results of operations and

consolidated cash flows for the periods presented. Interim results are not necessarily indicative of the

results that may be expected for the full year. The accompanying unaudited consolidated financial

statements should be read in conjunction with the consolidated statements and notes thereto included

in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Accounting Estimates

Management of the Company is required to make certain estimates, judgments, and assumptions

during the preparation of its consolidated financial statements in accordance with GAAP. These

estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and

expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from

these estimates.

On an ongoing basis, the Company evaluates its estimates and judgments including those related

to: the fair values of cash equivalents; the carrying value of accounts receivable, including the

determination of the allowance for credit losses; the carrying value of right-of-use assets; the useful

lives and recoverability of definite-lived intangible assets and property and equipment; the recoverability

of goodwill and indefinite-lived intangible assets; the fair value of equity securities without readily

determinable fair values; contingencies; unrecognized tax benefits; the valuation allowance for deferred

income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The

Company bases its estimates and judgments on historical experience, its forecasts and budgets, and

other factors that the Company considers relevant.

Accounting for Investments and Equity Securities

Investments in equity securities, other than those of our consolidated subsidiaries, are accounted

for at fair value or under the measurement alternative of the Financial Accounting Standards Board’s

(“FASB”) equity securities guidance, with any changes to fair value recognized within other income

(expense), net each reporting period. Under the measurement alternative, equity investments without

readily determinable fair values are carried at cost minus impairment, if any, plus or minus changes

resulting from observable price changes in orderly transactions for identical or a similar investment of

the same issuer; value is generally determined based on a market approach as of the transaction date.

A security will be considered identical or similar if it has identical or similar rights to the equity securities

held by the Company. The Company reviews its equity securities without readily determinable fair

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

values for impairment each reporting period when there are qualitative factors or events that indicate

possible impairment. Factors we consider in making this determination include negative changes in

industry and market conditions, financial performance, business prospects, and other relevant events

and factors. When indicators of impairment exist, the Company prepares quantitative assessments of

the fair value of our investments in equity securities, which require judgment and the use of estimates.

When our assessment indicates that the fair value of the investment is below the carrying value, the

Company writes down the security to its fair value and records the corresponding charge within other

income (expense), net.

Revenue Recognition

Revenue is recognized when control of the promised services are transferred to our customers,

and in the amount that reflects the consideration the Company expects to be entitled to in exchange for

those services.

Deferred Revenue

Deferred revenue consists of advance payments that are received or are contractually due in

advance of the Company's performance. The Company’s deferred revenue is reported on a contract by

contract basis at the end of each reporting period. The Company classifies deferred revenue as current

when the term of the applicable subscription period or expected completion of our performance

obligation is one year or less. The current deferred revenue balance as of December 31, 2025 was

$151.3 million. During the nine months ended September 30, 2026, the Company recognized $148.7

million of revenue that was included in the deferred revenue balance as of December 31, 2025. The

current deferred revenue balance at September 30, 2026 is $151.9 million. At September 30, 2026 and

December 31, 2025, there was no non-current portion of deferred revenue.

Practical Expedients and Exemptions

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts

with an original expected length of one year or less, (ii) contracts with variable consideration that is

allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted

for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the

amount which we have the right to invoice for services performed.

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

Disaggregation of Revenue

The following table presents disaggregated revenue:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025

	(In thousands)
Revenue:
Direct Revenue	$876,624	$896,661	$2,564,415	$2,554,561
Indirect Revenue (principally advertising revenue)	14,608	17,614	43,856	54,630
Total Revenue	$891,232	$914,275	$2,608,271	$2,609,191

Direct Revenue:
Tinder	$480,019	$490,613	$1,392,180	$1,399,167
Hinge	220,586	184,671	618,616	504,417
Everyone Everywhere(a)	176,019	221,377	553,619	650,977
Total Direct Revenue	$876,624	$896,661	$2,564,415	$2,554,561

______________________

(a)Primarily consists of the brands Match®, Meetic®, OkCupid®, Plenty Of Fish®, Pairs™, Azar®,

and a number of demographically focused brands.

Recent Accounting Pronouncements

Accounting pronouncements adopted by the Company

In November 2024, the FASB issued Accounting Standard Update (“ASU”) No. 2024-04, which

clarifies the requirements for determining whether certain settlements of convertible debt instruments

should be accounted for as induced conversions or extinguishment of convertible debt. We adopted

ASU No. 2024-04 effective January 1, 2026. We adopted the new standard on a prospective basis. No

induced conversions have occurred subsequent to the adoption of ASU 2024-04.

Accounting pronouncements not yet adopted by the Company

In November 2024, the FASB issued ASU No. 2024-03, which requires more detailed disclosures

about specified categories of expenses, including employee compensation, within certain expense

captions presented on the face of the income statement, and disclosure of selling expenses. ASU No.

2024-03 is effective for our annual reporting on Form 10-K for the year ended December 31, 2027 and

within interim periods beginning on our Form 10-Q for the quarter ended March 31, 2028. The new

standard may be applied prospectively or retrospectively, and early adoption is permitted. We expect

ASU No. 2024-03 to only impact our disclosures with no impact to our results of operations, cash flows,

and financial condition. We are currently evaluating when we will adopt the ASU.

In September 2025, the FASB issued ASU No. 2025-06, which updates the accounting for internal

use software. The ASU updates the criteria that must be met for entities to begin capitalizing software

costs. ASU No. 2025-06 is effective for the Company starting January 1, 2028. The new standard may

be adopted prospectively, retrospectively, or via modified prospective transition method, and early

adoption is permitted. We are currently evaluating ASU No. 2025-06 and its impact on our results of

operations, cash flows, and financial condition and evaluating when we will adopt the ASU.

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 2—INCOME TAXES

At the end of each interim period, the Company estimates the annual effective income tax rate and

applies that rate to its ordinary year-to-date income or loss. The income tax provision or benefit related

to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported

net of their related tax effects, is individually computed and recognized in the interim period in which it

occurs. In addition, the effect of changes in enacted tax laws or rates, tax status, and judgment on the

realizability of beginning-of-the-year deferred tax assets in future years or unrecognized tax benefits is

recognized in the interim period in which the change occurs.

The computation of the estimated annual effective income tax rate at each interim period requires

certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss)

for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign

jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax

assets generated in the current year. The accounting estimates used to compute the provision or

benefit for income taxes may change as new events occur, more experience is acquired, additional

information is obtained or our tax environment changes. To the extent that the estimated annual

effective income tax rate changes during a quarter, the effect of the change on prior quarters is included

in the income tax provision in the quarter in which the change occurs.

For the three months ended September 30, 2026 and 2025, the Company recorded an income tax

provision of $50.4 million and $32.9 million, respectively. For the nine months ended September 30,

2026 and 2025, the Company recorded an income tax provision of $128.2 million and $87.5 million,

respectively.

The effective tax rate for the three months ended September 30, 2026 of 22% was higher than the

statutory rate primarily due to foreign income taxed at higher rates and state income taxes, partially

offset by the lower tax rate on U.S. income derived from foreign sources. The effective tax rate for the

three months ended September 30, 2025 of 17% was lower than the statutory rate primarily due to

changes in tax reserves.

The effective tax rates for the nine months ended September 30, 2026 and 2025 of 20% and 18%,

respectively, were lower than the statutory rate primarily due to the lower tax rate on U.S. income

derived from foreign sources, excess tax benefits generated by the exercise and vesting of stock-based

awards, and, for the nine months ended September 30, 2026, research credits. These effects were

partially offset by nondeductible stock-based compensation and state income taxes, and, for the nine

months ended September 30, 2026, foreign income taxed at higher rates.

Match Group is routinely under audit by federal, state, local, and foreign authorities in the area of

income tax. These audits include a review of the timing and amount of income and deductions, and the

allocation of such income and deductions among various tax jurisdictions. The Internal Revenue

Service (“IRS”) has completed its audit of the Company’s federal income tax returns for years through

December 31, 2019. Although the 2020 and 2021 tax years are closed to assessment, adjustments to

taxable income may still be made if it impacts net operating loss or credit carryforwards brought forward

from that year. Returns filed in various other jurisdictions are open to examination for tax years

beginning with 2015. Although we believe that we have adequately reserved for our uncertain tax

positions, the final tax outcome of these matters may vary significantly from our estimates.

At September 30, 2026 and December 31, 2025, unrecognized tax benefits, including interest and

penalties, were $66.6 million and $64.0 million, respectively. If unrecognized tax benefits at

September 30, 2026 are subsequently recognized, income tax expense would be reduced by $65.5

million, net of related deferred tax assets and interest. The comparable amount as of December 31,

2025 was $58.5 million.

The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits

in the income tax provision. Accruals of interest and penalties for the three months ended September

30, 2026 and 2025 were not material. At September 30, 2026, noncurrent income taxes payable

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

includes accrued interest and penalties of $5.4 million. The comparable amount as of December 31,

2025 was $3.6 million.

NOTE 3—FINANCIAL INSTRUMENTS

Equity securities without readily determinable fair values

At September 30, 2026 and December 31, 2025, the carrying value of the Company’s investments

in equity securities without readily determinable fair values totaled $145.3 million and $33.3 million,

respectively, and is included in “Other non-current assets” in the accompanying consolidated balance

sheet. The increase in 2026 is primarily due to a $100.0 million minority investment in Sniffies.

The cumulative downward adjustments (including impairments) and upward adjustments to the

carrying value of equity securities without readily determinable fair values through September 30, 2026

were $1.1 million and $6.7 million, respectively. For both the nine months ended September 30, 2026

and 2025, there were no adjustments to the carrying value of equity securities without readily

determinable fair values.

For all equity securities without readily determinable fair values as of September 30, 2026 and

December 31, 2025, the Company has elected the measurement alternative. For both the three and

nine months ended September 30, 2026 and 2025, under the measurement alternative election, the

Company did not identify any fair value adjustments using observable price changes in orderly

transactions for an identical or similar investment of the same issuer.

Fair Value Measurements

The Company categorizes its financial instruments measured at fair value into a fair value

hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value

hierarchy are:

•Level 1: Observable inputs obtained from independent sources, such as quoted market prices

for identical assets and liabilities in active markets.

•Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices

for similar assets or liabilities in active markets, quoted market prices for identical or similar

assets or liabilities in markets that are not active, and inputs that are derived principally from or

corroborated by observable market data. The fair values of the Company’s Level 2 financial

assets are primarily obtained from observable market prices for identical underlying securities

that may not be actively traded. Certain of these securities may have different market prices

from multiple market data sources, in which case an average market price is used.

•Level 3: Unobservable inputs for which there is little or no market data and require the

Company to develop its own assumptions, based on the best information available in the

circumstances, about the assumptions market participants would use in pricing the assets or

liabilities.

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

The following tables present the Company’s financial instruments that are measured at fair value

on a recurring basis:


	September 30, 2026
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Total Fair Value Measurements

	(In thousands)
Assets:
Cash equivalents:
Money market funds	$196,559	$—	$196,559
Time deposits	—	21,000	21,000
Short-term investments:
Time deposits	—	2,946	2,946
Intangible assets:
Digital assets (cost basis of $15,167)	18,395	—	18,395
Total	$214,954	$23,946	$238,900


	December 31, 2025
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Total Fair Value Measurements

	(In thousands)
Assets:
Cash equivalents:
Money market funds	$224,837	$—	$224,837
Time deposits	—	151,890	151,890
Short-term investments:
Time deposits	—	3,461	3,461
Intangible assets:
Digital assets (cost basis of $10,167)	7,216	—	7,216
Total	$232,053	$155,351	$387,404

Assets measured at fair value on a nonrecurring basis

The Company’s non-financial assets, such as goodwill, intangible assets, property and equipment,

and right-of-use assets, are adjusted to fair value only when an impairment charge is recognized. The

Company’s financial assets, comprised of equity securities without readily determinable fair values, are

adjusted to fair value when observable price changes are identified or an impairment charge is

recognized. Such fair value measurements are based predominantly on Level 3 inputs.

During the quarter ended March 31, 2026, Apple removed the Azar app from the Apple App Store

following a February 6, 2026 update to Apple’s App Review Guidelines. Updates were subsequently

made to the app to comply with the updated guidelines, which led to the reinstatement of a new version

of the Azar app. Based on these events, the financial outlook for Azar changed and the Company

performed impairment assessments for the non-financial assets associated with Azar. An impairment

charge of $25.2 million related to the Azar trade name was recognized in the quarter ended March 31,

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

2026 based on a $33.4 million current fair value, which was determined using an avoided royalty

discounted cash flow valuation. The Company also reclassified the Azar trade name from indefinite-

lived intangible assets to the definite-lived intangible asset category as of March 31, 2026.

Financial instruments measured at fair value only for disclosure purposes

The following table presents the carrying value and the fair value of financial instruments

measured at fair value only for disclosure purposes.


	September 30, 2026		December 31, 2025
	Carrying Value	Fair Value	Carrying Value	Fair Value

	(In thousands)
Current maturities of long-term debt (a) (b)	$—	$—	$(423,580)	$(416,966)
Long-term debt, net (a) (b)	$(3,553,307)	$(3,349,056)	$(3,549,099)	$(3,450,867)

______________________

(a)At December 31, 2025, the carrying value of current maturities of long-term debt, net includes

unamortized debt issuance costs of $0.3 million. At September 30, 2026 and December 31,

2025, the carrying value of long-term debt, net includes unamortized original issue discount and

debt issuance costs of $21.7 million and $25.9 million, respectively.

(b)At September 30, 2026, the fair value of the 2030 Exchangeable Notes (described in “Note 4—

Long-term Debt, net”) is $524.7 million. At December 31, 2025, the fair value of the 2026

Exchangeable Notes (described in “Note 4—Long-term Debt, net”) and 2030 Exchangeable

Notes is $417.0 million and $517.0 million, respectively.

At September 30, 2026 and December 31, 2025, the fair value of long-term debt, net, is estimated

using observable market prices or indices for similar liabilities, which are Level 2 inputs.

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 4—LONG-TERM DEBT, NET

Long-term debt consists of:


	September 30, 2026	December 31, 2025

	(In thousands)
Credit Facility due March 20, 2029(a)	$—	$—
5.00% Senior Notes due December 15, 2027 (the “5.00% Senior Notes”); interest payable each June 15 and December 15	450,000	450,000
4.625% Senior Notes due June 1, 2028 (the “4.625% Senior Notes”); interest payable each June 1 and December 1	500,000	500,000
5.625% Senior Notes due February 15, 2029 (the “5.625% Senior Notes”); interest payable each February 15 and August 15	350,000	350,000
4.125% Senior Notes due August 1, 2030 (the “4.125% Senior Notes”); interest payable each February 1 and August 1	500,000	500,000
3.625% Senior Notes due October 1, 2031 (the “3.625% Senior Notes”); interest payable each April 1 and October 1	500,000	500,000
6.125% Senior Notes due September 15, 2033 (the “6.125% Senior Notes”); interest payable each March 15 and September 15	700,000	700,000
0.875% Exchangeable Senior Notes due June 15, 2026 (the “2026 Exchangeable Notes”)	—	423,854
2.00% Exchangeable Senior Notes due January 15, 2030 (the “2030 Exchangeable Notes”); interest payable each January 15 and July 15	575,000	575,000
Total debt	3,575,000	3,998,854
Less: Current maturities of long-term debt	—	423,854
Less: Unamortized original issue discount	656	1,043
Less: Unamortized debt issuance costs	21,037	24,858
Total long-term debt, net	$3,553,307	$3,549,099

______________________

(a)Subject to springing maturity, described below.

Credit Facility

Our wholly-owned subsidiary, Match Group Holdings II, LLC (“MG Holdings II”), is the borrower

under a credit agreement (as amended, the “Credit Agreement”) that provides for a revolving credit

facility (the “Credit Facility”).

The Credit Facility has a borrowing capacity of $500 million. The maturity date of the Credit Facility

is the earlier of (x) March 20, 2029 and (y) the date that is 91 days prior to the maturity date of the

existing senior notes due 2027, 2028, or 2029, or any new indebtedness used to refinance such senior

notes that matures prior to the date that is 91 days after March 20, 2029, in each case if and only if at

least $250 million in aggregate principal amount of such debt is outstanding on such date. At both

September 30, 2026 and December 31, 2025, there were no outstanding borrowings, $0.6 million in

outstanding letters of credit, and $499.4 million of availability under the Credit Facility. The annual

commitment fee on undrawn funds, which is based on MG Holdings II’s consolidated net leverage ratio,

was 25 basis points as of September 30, 2026. Borrowings under the Credit Facility bear interest, at

MG Holdings II’s option, at a base rate or a term secured overnight financing rate plus an applicable

adjustment (“Adjusted Term SOFR”), plus an applicable margin based on MG Holdings II’s consolidated

net leverage ratio. If MG Holdings II borrows under the Credit Facility, it will be required to maintain a

consolidated net leverage ratio of not more than 5.0 to 1.0.

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

The Credit Agreement includes covenants that would limit the ability of MG Holdings II to pay

dividends, make distributions, or repurchase MG Holdings II’s stock in the event MG Holdings II’s

consolidated net leverage ratio exceeds 4.25 to 1.0, or if an event of default has occurred. The Credit

Agreement includes additional covenants that limit the ability of MG Holdings II and its subsidiaries to,

among other things, incur indebtedness, pay dividends or make distributions. Obligations under the

Credit Facility are unconditionally guaranteed by certain MG Holdings II wholly-owned domestic

subsidiaries and are also secured by the stock of certain MG Holdings II domestic and foreign

subsidiaries. Outstanding borrowings, if any, have priority over the Senior Notes to the extent of the

value of the assets securing the borrowings under the Credit Agreement.

Senior Notes

The 5.00% Senior Notes were issued on December 4, 2017. These notes may be redeemed at

redemption prices set forth in the indenture governing the notes, together with accrued and unpaid

interest to the applicable redemption date.

The 4.625% Senior Notes were issued on May 19, 2020. These notes may be redeemed at

redemption prices set forth in the indenture governing the notes, together with accrued and unpaid

interest to the applicable redemption date.

The 5.625% Senior Notes were issued on February 15, 2019. These notes may be redeemed at

redemption prices set forth in the indenture governing the notes, together with accrued and unpaid

interest to the applicable redemption date.

The 4.125% Senior Notes were issued on February 11, 2020. These notes may be redeemed at

redemption prices set forth in the indenture governing the notes, together with accrued and unpaid

interest to the applicable redemption date.

The 3.625% Senior Notes were issued on October 4, 2021. At any time prior to October 1, 2026,

these notes may be redeemed at a redemption price equal to the sum of the principal amount, plus

accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes.

Thereafter, these notes may be redeemed at redemption prices set forth in the indenture governing the

notes, together with accrued and unpaid interest to the applicable redemption date.

The 6.125% Senior Notes were issued on August 20, 2025. At any time prior to September 15,

2028, these notes may be redeemed at a redemption price equal to the sum of the principal amount,

plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the

notes. Thereafter, these notes may be redeemed at redemption prices set forth in the indenture

governing the notes, together with accrued and unpaid interest to the applicable redemption date.

The indenture governing the 5.00% Senior Notes contains covenants that would limit MG Holdings

II’s ability to pay dividends or to make distributions and repurchase or redeem MG Holdings II’s stock in

the event a default has occurred or MG Holdings II’s consolidated leverage ratio (as defined in the

indenture) exceeds 5.0 to 1.0. No such limitations were in effect at September 30, 2026. There are

additional covenants in the 5.00% Senior Notes indenture that limit the ability of MG Holdings II and its

subsidiaries to, among other things, (i) incur indebtedness, make investments, or sell assets in the

event MG Holdings II is not in compliance with specified financial ratios, and (ii) incur liens, enter into

agreements restricting their ability to pay dividends, enter into transactions with affiliates, or consolidate,

merge or sell substantially all of their assets. The indentures governing the 3.625%, 4.125%, 4.625%,

5.625%, and 6.125% Senior Notes are less restrictive than the indenture governing the 5.00% Senior

Notes and generally only limit MG Holdings II’s and its subsidiaries’ ability to, among other things,

create liens on assets, or consolidate, merge, sell or otherwise dispose of all or substantially all of their

assets.

The Senior Notes all rank equally in right of payment.

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

Exchangeable Notes

During 2019, Match Group FinanceCo 2, Inc. and Match Group FinanceCo 3, Inc., direct, wholly-

owned subsidiaries of the Company, issued $575.0 million aggregate principal amount of 2026

Exchangeable Notes and $575.0 million aggregate principal amount of 2030 Exchangeable Notes,

respectively.

At their maturity in June 2026, the Company settled, at par, the then outstanding aggregate

principal amount of the 2026 Exchangeable Notes, paying $423.9 million.

The 2030 Exchangeable Notes are exchangeable, subject to adjustment upon the occurrence of

specified events, at a rate of 12.3668 shares of the Company's common stock per $1,000 principal

amount of notes, which represents an approximate equivalent exchange price of $80.86 per share. The

2030 Exchangeable Notes become exchangeable on October 15, 2029.

The 2030 Exchangeable Notes are guaranteed by the Company but are not guaranteed by MG

Holdings II or any of its subsidiaries.

As more specifically set forth in the indenture, the 2030 Exchangeable Notes are exchangeable

under the following circumstances:

(1) during any calendar quarter (and only during such calendar quarter), if the last reported sale

price of the Company's common stock for at least 20 trading days (whether or not consecutive) during

the period of 30 consecutive trading days ending on, and including, the last trading day of the

immediately preceding calendar quarter is greater than or equal to 130% of the exchange price on each

applicable trading day;

(2) during the five-business day period after any five-consecutive trading day period (the

“measurement period”) in which the trading price per $1,000 principal amount of notes for each trading

day of the measurement period was less than 98% of the product of the last reported sale price of the

Company's common stock and the exchange rate on each such trading day;

(3) if the issuer calls the notes for redemption, at any time prior to the close of business on the

scheduled trading day immediately preceding the redemption date; or

(4) upon the occurrence of specified corporate events as further described in the indentures

governing the notes.

On or after the exchangeable date, until the close of business on the second scheduled trading

day immediately preceding the maturity date, holders may exchange all or any portion of their 2030

Exchangeable Notes regardless of the foregoing conditions. Upon exchange, the issuer, in its sole

discretion, has the option to settle the 2030 Exchangeable Notes with cash, shares of the Company’s

common stock, or a combination of cash and shares of the Company's common stock. Any shares

issued in further settlement of the 2030 Exchangeable Notes would be offset by shares received upon

exercise of the Exchangeable Note Hedges (described below).

There were not any 2026 or 2030 Exchangeable Notes presented for exchange during the nine

months ended September 30, 2026. The 2030 Exchangeable Notes were not exchangeable as of

September 30, 2026.

At both September 30, 2026 and December 31, 2025, there was no value in excess of the

principal of the 2030 Exchangeable Notes outstanding on an if-converted basis using the Company’s

stock price on September 30, 2026 and December 31, 2025, respectively.

Additionally, all or any portion of the 2030 Exchangeable Notes may be redeemed for cash, at the

issuer’s option, at any time, if the last reported sale price of the Company’s common stock has been at

least 130% of the exchange price then in effect for at least 20 trading days (whether or not

consecutive), including at least one of the five trading days immediately preceding the date on which

the notice of redemption is provided, during any 30 consecutive trading day period ending on, and

including, the trading day immediately preceding the date on which the issuer provides notice of

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

redemption, at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued

and unpaid interest to, but excluding, the redemption date.

The following table sets forth the components of the outstanding Exchangeable Notes as of

September 30, 2026 and December 31, 2025:


September 30, 2026		December 31, 2025
	2030 Exchangeable Notes		2026 Exchangeable Notes	2030 Exchangeable Notes

(In thousands)
Principal	$575,000		$423,854	$575,000
Less: Unamortized debt issuance costs	3,720		274	4,531
Net carrying value included in current maturities of long-term debt, net	$—		$423,580	$—
Net carrying value included in long-term debt, net	$571,280		$—	$570,469

The following table sets forth interest expense recognized related to the Exchangeable Notes:


Three Months Ended September 30, 2026		Three Months Ended September 30, 2025
	2030 Exchangeable Notes		2026 Exchangeable Notes	2030 Exchangeable Notes

(In thousands)
Contractual interest expense	$2,875		$1,217	$2,875
Amortization of debt issuance costs	273		362	268
Total interest expense recognized	$3,148		$1,579	$3,143


Nine Months Ended September 30, 2026			Nine Months Ended September 30, 2025
	2026 Exchangeable Notes	2030 Exchangeable Notes		2026 Exchangeable Notes	2030 Exchangeable Notes

(In thousands)
Contractual interest expense	$1,700	$8,625		$3,733	$8,625
Amortization of debt issuance costs	274	811		1,157	794
Total interest expense recognized	$1,974	$9,436		$4,890	$9,419

The effective interest rate for the 2030 Exchangeable Notes is 2.2%.

Exchangeable Notes Hedges and Warrants

In connection with the 2030 Exchangeable Notes offering, the Company purchased call options

(the "Exchangeable Notes Hedges") allowing it to purchase, initially, the same number of shares

issuable upon exchange of the 2030 Exchangeable Notes, at the price per share set forth below,

subject to adjustment upon the occurrence of specified events. Additionally, in connection with the

offerings of the 2026 Exchangeable Notes and the 2030 Exchangeable Notes, the Company sold

warrants (the "Warrants") allowing the counterparty to purchase shares at the per share prices set forth

below, subject to adjustment upon the occurrence of specified events.

The Exchangeable Notes Hedges are expected to reduce the potential dilutive effect on the

Company’s common stock upon any exchange of the 2030 Exchangeable Notes and/or offset any cash

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

payment Match Group FinanceCo 3, Inc. is required to make in excess of the principal amount of the

exchanged notes. The Warrants have a dilutive effect on the Company’s common stock to the extent

that the market price per share of the Company’s common stock exceeds their respective strike prices.

At September 30, 2026, the outstanding Exchangeable Notes Hedges grant the Company the

option to purchase 7.1 million shares of the Company's common stock, at an approximate equivalent

exchange price of $80.86 per share.

At September 30, 2026, the outstanding Warrants associated with the 2030 Exchangeable Notes

allow the counterparty to purchase 7.1 million shares of the Company's common stock, at a weighted

average strike price of $129.45 per share.

NOTE 5—ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents the components of accumulated other comprehensive loss. For each

of the three and nine months ended September 30, 2026 and 2025, the Company’s accumulated other

comprehensive loss relates to foreign currency translation adjustments.


	Three Months Ended September 30,
	2026	2025

	(In thousands)
Balance at July 1	$(441,337)	$(400,974)
Other comprehensive income (loss) before reclassifications	20,861	(11,206)
Amounts reclassified into earnings	352	—
Net period other comprehensive income (loss)	21,213	(11,206)
Balance at September 30	$(420,124)	$(412,180)


	Nine Months Ended September 30,
	2026	2025

	(In thousands)
Balance at January 1	$(422,620)	$(449,611)
Other comprehensive income before reclassifications	2,106	36,640
Amounts reclassified into earnings	390	791
Net period other comprehensive income	2,496	37,431
Balance at September 30	$(420,124)	$(412,180)

At both September 30, 2026 and 2025, there was no tax benefit or provision on the accumulated

other comprehensive loss.

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 6—EARNINGS PER SHARE

The following table sets forth the computation of the basic and diluted earnings per share

attributable to Match Group shareholders:


	Three Months Ended September 30,
	2026		2025
	Basic	Diluted	Basic	Diluted

	(In thousands, except per share data)
Numerator
Net income	$174,361	$174,361	$160,756	$160,756
Net income attributable to noncontrolling interests	—	—	(7)	(7)
Dilutive impact of Exchangeable Notes, net of income tax(a)	—	2,207	—	1,789
Net income attributable to Match Group, Inc. shareholders	$174,361	$176,568	$160,749	$162,538

Denominator
Weighted average basic shares outstanding	229,379	229,379	240,510	240,510
Dilutive securities(b)(c)	—	5,479	—	6,405
Dilutive shares from Exchangeable Notes, if-converted(a)	—	7,102	—	13,409
Denominator for earnings per share—weighted average shares(b)(c)	229,379	241,960	240,510	260,324

Earnings per share:
Earnings per share attributable to Match Group, Inc. shareholders	$0.76	$0.73	$0.67	$0.62


	Nine Months Ended September 30,
	2026		2025
	Basic	Diluted	Basic	Diluted

	(In thousands, except per share data)
Numerator
Net income	$511,752	$511,752	$403,805	$403,805
Net income attributable to noncontrolling interests	(8)	(8)	(8)	(8)
Impact from subsidiaries’ dilutive securities	—	—	—	(7)
Dilutive impact of Exchangeable Notes, net of income tax(a)	—	7,925	—	8,135
Net income attributable to Match Group, Inc. shareholders	$511,744	$519,669	$403,797	$411,925

Denominator
Weighted average basic shares outstanding	231,760	231,760	245,298	245,298
Dilutive securities(b)(c)	—	5,180	—	6,536
Dilutive shares from Exchangeable Notes, if-converted(a)	—	10,098	—	13,469
Denominator for earnings per share—weighted average shares(b)(c)	231,760	247,038	245,298	265,303

Earnings per share:
Earnings per share attributable to Match Group, Inc. shareholders	$2.21	$2.10	$1.65	$1.55

Table of Contents

MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

______________________

(a)The Company uses the if-converted method for calculating the dilutive impact of the

outstanding Exchangeable Notes. For the three months ended September 30, 2026, the

Company adjusted net income attributable to Match Group, Inc. shareholders for the cash

interest expense, net of income taxes, incurred on the 2030 Exchangeable Notes. For the three

months ended September 30, 2025 and each of the nine months ended September 30, 2026

and 2025, the Company adjusted net income attributable to Match Group, Inc. shareholders for

the cash interest expense, net of income taxes, incurred on the 2026 and 2030 Exchangeable

Notes. Dilutive shares were also included for the same series of Exchangeable Notes.

(b)If the effect is dilutive, weighted average common shares outstanding includes the incremental

shares that would be issued upon the assumed exercise of stock options, warrants, and

subsidiary denominated equity and vesting of restricted stock units. For the three and nine

months ended September 30, 2026, 12.4 million and 12.3 million potentially dilutive securities,

respectively, and for the three and nine months ended September 30, 2025, 16.4 million and

15.9 million, respectively, are excluded from the calculation of diluted earnings per share

because their inclusion would have been anti-dilutive.

(c)Market-based awards and performance-based restricted stock units (“PSUs”) are considered

contingently issuable shares. Shares issuable upon exercise or vesting of market-based

awards and PSUs are included in the denominator for earnings per share if (i) the applicable

market or performance condition(s) has been met and (ii) the inclusion of the market-based

awards and PSUs is dilutive for the respective reporting periods. For both the three and nine

months ended September 30, 2026, 1.4 million market-based awards and PSUs, and for both

the three and nine months ended September 30, 2025, 2.3 million market-based awards and

PSUs, were excluded from the calculation of diluted earnings per share because the market or

performance conditions had not been met.

NOTE 7—SEGMENT INFORMATION

During the quarter ended June 30, 2026, our chief operating decision maker (“CODM”)

reorganized our brands into three operating segments following certain organizational and management

changes. Specifically, the Evergreen and Emerging and MG Asia operating segments were combined

into a new segment called “Everyone Everywhere.” This change has been reflected in all historical

periods presented. The Tinder and Hinge operating segments remain unchanged.

Our CODM, who is our Chief Executive Officer, analyzes the results of our business through three

operating segments consisting of brands or groups of brands within our portfolio: Tinder, Hinge, and

Everyone Everywhere. These three operating segments are also our reportable segments. Our CODM

primarily evaluates the operating results and performance of our segments through revenue, operating

income, and Adjusted EBITDA. These financial metrics are used to view operating trends, perform

analytical comparisons, compare performance between periods, and evaluate variances to forecast on

a monthly basis.

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

The following table presents revenue by segment, which includes revenue from customers in the

form of direct revenue, indirect revenue, which is primarily advertising revenue, and intersegment

revenue, which is eliminated in consolidated results:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025

	(In thousands)
Revenue:
Tinder	$493,552	$505,344	$1,431,603	$1,445,461
Hinge	220,586	184,671	618,616	504,419
Everyone Everywhere	179,302	225,616	563,759	662,372
Eliminations	(2,208)	(1,356)	(5,707)	(3,061)
Total	$891,232	$914,275	$2,608,271	$2,609,191

The following tables present the segment profitability measures, operating income (loss) and

Adjusted EBITDA, and a reconciliation of the total segment profitability measures to income before

income taxes:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025

	(In thousands)
Operating income:
Tinder	$222,938	$183,743	$649,752	$594,059
Hinge	70,214	46,314	189,420	113,865
Everyone Everywhere	21,835	32,248	46,737	37,714
Total segment operating income	314,987	262,305	885,909	745,638
Corporate and unallocated costs(a)	(46,418)	(40,971)	(135,474)	(157,790)
Interest expense	(41,510)	(37,024)	(126,416)	(104,440)
Other (expense) income, net	(2,259)	9,328	15,960	7,888
Income before income taxes	$224,800	$193,638	$639,979	$491,296

______________________

(a)Includes stock-based compensation and depreciation related to corporate functions.

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025

	(In thousands)
Adjusted EBITDA:
Tinder	$244,367	$203,818	$714,418	$678,500
Hinge	87,852	62,623	237,812	159,033
Everyone Everywhere	45,118	62,663	159,700	142,341
Total segment Adjusted EBITDA	377,337	329,104	1,111,930	979,874
Corporate and unallocated costs	(32,874)	(27,698)	(93,258)	(113,327)
Stock-based compensation	(56,766)	(56,306)	(177,354)	(194,167)
Depreciation	(14,595)	(14,845)	(44,052)	(54,635)
Impairment and amortization of intangibles	(4,533)	(8,921)	(46,831)	(29,897)
Interest expense	(41,510)	(37,024)	(126,416)	(104,440)
Other (expense) income, net	(2,259)	9,328	15,960	7,888
Income before income taxes	$224,800	$193,638	$639,979	$491,296

Corporate and unallocated costs includes 1) corporate expenses (such as executive management,

investor relations, corporate development, and board of director and public company listing fees), 2)

portions of corporate services (such as legal, human resources, accounting, and tax), and 3) certain

centrally managed services and technology that have not been allocated to the individual business

segments (such as central trust and safety operations and certain shared software).

Our CODM does not review disaggregated assets on a segment basis; therefore, such information

is not presented. Interest income and other income, net are not allocated to individual segments as

these are managed on a consolidated basis. The accounting policies for segment reporting are the

same as for our consolidated financial statements.

The following tables present the significant segment expenses regularly reviewed by our CODM:


	Three Months Ended September 30, 2026
	Tinder	Hinge	Everyone Everywhere

	(In thousands)
In-app purchase fees	$86,343	$36,790	$17,124
Cost of acquisition	70,929	44,546	57,847
Variable expense	27,782	12,479	11,047
Employee compensation expense, excluding stock- based compensation expense	43,125	30,060	34,821
Other operating expenses(a)	21,006	8,859	13,345
Stock-based compensation(b)	19,412	15,604	9,186
Depreciation(b)	2,017	2,034	9,564
Amortization of intangible assets(b)	—	—	4,533

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)


	Three Months Ended September 30, 2025
	Tinder	Hinge	Everyone Everywhere

	(In thousands)
In-app purchase fees	$102,978	$49,703	$31,455
Cost of acquisition	55,977	32,729	68,374
Variable expense	27,081	6,499	11,875
Employee compensation expense, excluding stock- based compensation expense	43,067	26,238	35,285
Other operating expenses(a)	72,423	6,879	15,964
Stock-based compensation(b)	17,624	15,238	11,288
Depreciation(b)	2,451	1,071	10,206
Amortization of intangible assets(b)	—	—	8,921


	Nine Months Ended September 30, 2026
	Tinder	Hinge	Everyone Everywhere

	(In thousands)
In-app purchase fees	$260,013	$107,535	$58,740
Cost of acquisition	185,967	118,139	165,075
Variable expense	79,674	33,834	32,108
Employee compensation expense, excluding stock- based compensation expense	131,806	95,504	106,811
Other operating expenses(a)	59,725	25,792	41,325
Stock-based compensation(b)	59,420	42,732	36,037
Depreciation(b)	5,246	5,660	30,095
Impairment and amortization of intangible assets(b)	—	—	46,831


	Nine Months Ended September 30, 2025
	Tinder	Hinge	Everyone Everywhere

	(In thousands)
In-app purchase fees	$296,506	$137,015	$96,717
Cost of acquisition	140,878	87,128	201,386
Variable expense	85,322	16,930	35,122
Employee compensation expense, excluding stock- based compensation expense	146,582	84,699	125,711
Other operating expenses(a)	97,673	19,614	61,095
Stock-based compensation(b)	66,661	42,514	44,410
Depreciation(b)	17,780	2,654	30,320
Amortization of intangible assets(b)	—	—	29,897

______________________

(a)Other operating expenses primarily consists of office rent, business software, travel, indirect

taxes, and professional fees.

(b)Expense is a non-cash item and excluded from the profitability measure of Adjusted EBITDA.

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MATCH GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 8—CONTINGENCIES

In the ordinary course of business, the Company is a party to various lawsuits. The Company

establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable

outcome is probable and the loss is reasonably estimable. Management has also identified certain other

legal matters where we believe an unfavorable outcome is not probable and, therefore, no reserve is

established. Although management currently believes that resolving claims against us, including claims

where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity,

results of operations, or financial condition of the Company, these matters are subject to inherent

uncertainties and management’s view of these matters may change in the future. The Company also

evaluates other contingent matters, including income and non-income tax contingencies, to assess the

likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an

unfavorable outcome of one or more of these lawsuits or other contingencies could have a material

impact on the liquidity, results of operations, or financial condition of the Company. See “Note 2—

Income Taxes” for additional information related to income tax contingencies.

Irish Data Protection Commission Inquiry Regarding Tinder’s Practices

On February 3, 2020, we received a letter from the Irish Data Protection Commission (the “DPC”)

notifying us that the DPC had commenced an inquiry examining Tinder’s compliance with the EU’s

General Data Protection Regulation (“GDPR”), focusing on Tinder’s processes for handling access and

deletion requests and Tinder’s user data retention policies. On January 8, 2024, the DPC provided us

with a preliminary draft decision alleging that certain of Tinder’s access and retention policies, largely

relating to protecting the safety and privacy of Tinder’s users, violate GDPR requirements. We filed our

response to the preliminary draft decision on March 15, 2024. On October 13, 2026, the DPC issued its

final decision, imposing an €11 million fine. We recorded a $12.6 million provision for this matter during

the nine-months ended September 30, 2026, which is included in our consolidated financial statements

as “general and administrative expense” and a related accrual is included in “accrued expenses and

other current liabilities.” We believe we have strong defenses to these claims and intend to appeal.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of

Operations

During the quarter ended June 30, 2026, we reorganized our brands into three operating

segments. Specifically, the Evergreen and Emerging and MG Asia operating segments were combined

into a new segment called “Everyone Everywhere.” This change has been reflected in all historical

periods presented. The Tinder and Hinge operating segments remain unchanged.

Key Terms:

Operating and financial metrics:

•Tinder consists of the world-wide activity of the brand Tinder®.

•Hinge consists of the world-wide activity of the brand Hinge®.

•Everyone Everywhere (“E&E”) consists of the world-wide activity of the brands Match®,

BLK®, OurTime®, Upward®, HER™, The League®, Pairs™, Azar®, and other brands.

•Corporate and unallocated costs includes 1) corporate expenses (such as executive

management, investor relations, corporate development, board of directors, and public

company listing fees), 2) portions of corporate services (such as legal, human resources,

accounting, and tax), and 3) certain centrally managed services and technology that have not

been allocated to the individual business segments (such as central trust and safety

operations and certain shared software).

•Direct Revenue is revenue that is received directly from end users of our services and

includes both subscription and à la carte revenue.

•Indirect Revenue is revenue that is not received directly from an end user of our services,

substantially all of which is advertising revenue.

•Payers are unique users at a brand level in a given month from whom we earned Direct

Revenue. When presented as a quarter-to-date or year-to-date value, Payers represents the

average of the monthly values for the respective period presented. At a consolidated level and

a business unit level to the extent a business unit consists of multiple brands, duplicate Payers

may exist when we earn revenue from the same individual at multiple brands in a given month,

as we are unable to identify unique individuals across brands in the Match Group portfolio.

•Revenue Per Payer (“RPP”) is the average monthly revenue earned from a Payer and is

Direct Revenue for a period divided by the Payers in the period, further divided by the number

of months in the period.

Operating costs and expenses:

•Cost of revenue consists primarily of the amortization of in-app purchase fees, Variable

Expenses (defined below), and employee compensation expense and stock-based

compensation expense for personnel engaged in data center and customer care functions.

•Selling and marketing expense consists primarily of cost of acquisition expense and

employee compensation expense and stock-based compensation expense for personnel

engaged in selling and marketing, sales support, and public relations functions.

•General and administrative expense consists primarily of employee compensation expense

and stock-based compensation expense for personnel engaged in executive management,

finance, legal, tax, and human resources, fees for professional services (including transaction-

related costs for acquisitions), and facilities costs.

•Product development expense consists primarily of employee compensation expense and

stock-based compensation expense that are not otherwise capitalized for personnel engaged

in the design, development, testing, and enhancement of our services and related technology.

•In-app purchase fees consists of the amortization of in-app purchase fees, which are monies

paid to Apple and Google in connection with the processing of in-app purchases of

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subscriptions and service features through the in-app payment systems provided by Apple and

Google. Additionally, fees paid to Apple and Google for transactions not processed through

their in-app payment systems are included within in-app purchase fees.

•Variable Expenses consists primarily of hosting fees, credit card processing fees, and rent,

energy, and bandwidth costs associated with data centers.

•Cost of acquisition consists primarily of advertising expenditures, including online marketing

(fees paid to search engines and social media sites), offline marketing, including television and

print advertising, and production of advertising content.

•Employee compensation expense consists primarily of compensation expense (excluding

stock-based compensation expense) and other employee-related costs that are not otherwise

capitalized.

•Stock-based compensation expense consists principally of expense associated with awards

of restricted stock units (“RSUs”), performance-based RSUs, and market-based awards that is

not otherwise capitalized and not paid in cash.

Long-term debt:

•Credit Facility - The revolving credit facility under the credit agreement of MG Holdings II. As

of September 30, 2026 and December 31, 2025, there was $0.6 million outstanding in letters

of credit and $499.4 million of availability under the Credit Facility.

•5.00% Senior Notes - MG Holdings II’s 5.00% Senior Notes due December 15, 2027, with

interest payable each June 15 and December 15, which were issued on December 4, 2017. As

of September 30, 2026, $450 million aggregate principal amount was outstanding.

•4.625% Senior Notes - MG Holdings II’s 4.625% Senior Notes due June 1, 2028, with interest

payable each June 1 and December 1, which were issued on May 19, 2020. As of

September 30, 2026, $500 million aggregate principal amount was outstanding.

•5.625% Senior Notes - MG Holdings II’s 5.625% Senior Notes due February 15, 2029, with

interest payable each February 15 and August 15, which were issued on February 15, 2019.

As of September 30, 2026, $350 million aggregate principal amount was outstanding.

•4.125% Senior Notes - MG Holdings II’s 4.125% Senior Notes due August 1, 2030, with

interest payable each February 1 and August 1, which were issued on February 11, 2020. As

of September 30, 2026, $500 million aggregate principal amount was outstanding.

•3.625% Senior Notes - MG Holdings II’s 3.625% Senior Notes due October 1, 2031, with

interest payable each April 1 and October 1, which were issued on October 4, 2021. As of

September 30, 2026, $500 million aggregate principal amount was outstanding.

•6.125% Senior Notes - MG Holdings II’s 6.125% Senior Notes due September 15, 2033, with

interest payable each March 15 and September 15, which were issued on August 20, 2025.

As of September 30, 2026, $700 million aggregate principal amount was outstanding.

•2026 Exchangeable Notes - The 0.875% Exchangeable Senior Notes which were repaid at

maturity on June 15, 2026.

•2030 Exchangeable Notes - The 2.00% Exchangeable Senior Notes due January 15, 2030

issued by Match Group FinanceCo 3, Inc., a subsidiary of the Company, which are

exchangeable into shares of the Company's common stock. Interest is payable each January

15 and July 15. As of September 30, 2026, $575 million aggregate principal amount was

outstanding.

Non-GAAP financial measure:

•Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted

EBITDA”) - is a Non-GAAP financial measure. See “Non-GAAP Financial Measures” below for

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the definition of Adjusted EBITDA and a reconciliation of net income attributable to Match

Group, Inc. to Adjusted EBITDA.

Management Overview

Match Group, Inc., is leading the next chapter of human connection. Our global portfolio of brands

— including Tinder, Hinge, Match, Pairs, Upward, OurTime, The League, HER, Azar, and more — spark

meaningful real-world connections across cultures, communities, and every stage of life.

We manage our portfolio of brands in three business units: Tinder, Hinge, and Everyone

Everywhere.

As used herein, “Match Group,” the “Company,” “we,” “our,” “us,” and similar terms refer to Match

Group, Inc. and its subsidiaries, unless the context indicates otherwise.

For a more detailed description of the Company’s operating businesses, see “Item 1. Business” of

the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Azar Business Update

On February 22, 2026, Apple removed the Azar app from the Apple App Store following a February

6, 2026 update to Apple’s App Review Guidelines. Updates were subsequently made to the app to

comply with the updated guidelines, which led to the reinstatement of a new version on April 6, 2026.

The app updates necessitated by the new guidelines resulted in lower monetization from the new app.

This change, together with Azar’s absence from the App Store from February 22 to April 6, 2026,

resulted in lower Direct Revenue for the three and nine months ended September 30, 2026.

During the quarter ended March 31, 2026, we also updated the business forecast associated with

the Azar app, which resulted in an impairment of $25.2 million to the indefinite-lived asset associated

with the Azar trade name, which was reclassified to a definite-lived intangible asset as of March 31,

2026.

Additional Information

Investors and others should note that we announce material financial and operational information

to our investors using our investor relations website at https://ir.mtch.com, our newsroom website at

https://mtch.com/news, Tinder’s newsroom website at www.tinderpressroom.com, Hinge’s newsroom

website at https://hinge.co/press, Securities and Exchange Commission (“SEC”) filings, press releases,

and public conference calls. We use these channels as well as social media to communicate with our

users and the public about our company, our services, and other issues. It is possible that the

information we post on social media could be deemed to be material information. Accordingly, investors,

the media, and others interested in our company should monitor the websites listed above and the

social media channels listed on our investor relations website in addition to following our SEC filings,

press releases, and public conference calls. Neither the information on our website, nor the information

on the website of any Match Group business, is incorporated by reference into this report, or into any

other filings with, or into any other information furnished or submitted to, the SEC.

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Results of Operations for the three and nine months ended September 30, 2026 compared to the

three and nine months ended September 30, 2025

Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026	$ Change	% Change	2025	2026	$ Change	% Change	2025

	(In thousands, except RPP)
Revenue
Direct Revenue:
Tinder	$480,019	$(10,594)	(2)%	$490,613	$1,392,180	$(6,987)	—%	$1,399,167
Hinge	220,586	35,915	19%	184,671	618,616	114,199	23%	504,417
Everyone Everywhere	176,019	(45,358)	(20)%	221,377	553,619	(97,358)	(15)%	650,977
Total Direct Revenue	876,624	(20,037)	(2)%	896,661	2,564,415	9,854	—%	2,554,561
Indirect Revenue	14,608	(3,006)	(17)%	17,614	43,856	(10,774)	(20)%	54,630
Total Revenue	$891,232	$(23,043)	(3)%	$914,275	$2,608,271	$(920)	—%	$2,609,191

Payers:
Tinder	8,879	(379)	(4)%	9,258	8,677	(434)	(5)%	9,111
Hinge	2,312	439	23%	1,873	2,106	334	19%	1,772
Everyone Everywhere	2,598	(798)	(23)%	3,396	2,737	(652)	(19)%	3,389
Total	13,789	(738)	(5)%	14,527	13,520	(752)	(5)%	14,272

(Change calculated using non-rounded numbers)
RPP:
Tinder	$18.02	$0.36	2%	$17.66	$17.83	$0.77	4%	$17.06
Hinge	$31.81	$(1.06)	(3)%	$32.87	$32.64	$1.02	3%	$31.62
Everyone Everywhere	$22.58	$0.85	4%	$21.73	$22.47	$1.13	5%	$21.34
Total	$21.19	$0.61	3%	$20.58	$21.08	$1.19	6%	$19.89

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025

Tinder Direct Revenue declined 2%, driven by a 4% decrease in Payers, partially offset by an

increase in RPP of 2%.

Hinge Direct Revenue grew 19%, driven by 23% Payer growth, reflecting Hinge’s continued

European expansion, partially offset by a decrease in RPP of 3% to $31.81 as a result of the expansion

of discount optimizations and testing of a new lower priced subscription tier.

E&E Direct Revenue declined 20%, including a $20 million decrease in revenue at Azar resulting

from the changes discussed in the Azar business update above. Additional decreases occurred across

most brands within E&E as a result of Payer declines.

Indirect Revenue decreased due to lower direct advertisement revenue compared to 2025.

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For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025

Tinder Direct Revenue was essentially flat compared to the same period in 2025, decreasing by

$7.0 million. Direct Revenue benefited from a 4% increase in RPP, which was positively impacted by

the weakening of the U.S. dollar compared to the Euro and the Australian Dollar, offset by a 5%

decrease in Payers. On a consistent foreign exchange rate basis, Direct Revenue declined $32.3

million, or 2%.

Hinge Direct Revenue grew $114.2 million, or 23%. Revenue growth was driven by continued

growth in the US and other English speaking markets and in European expansion markets. Payers

increased 19%, and RPP increased 3%. RPP was positively impacted by the weakening of the U.S.

dollar compared to the Australian Dollar and Euro.

E&E Direct Revenue declined $97.4 million, or 15%. The decline at E&E was driven by lower

revenue at Azar, as well as Payer declines at most E&E brands, partially offset by higher RPP. RPP was

positively impacted by the weakening of the U.S. dollar compared to the Euro.

Indirect Revenue decreased due to lower direct advertisement revenue compared to 2025.

Cost of revenue (exclusive of depreciation)

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025


	Three Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Cost of revenue	$206,522	$(40,521)	(16)%	$247,043
Percentage of revenue	23%			27%

Cost of revenue decreased across all segments primarily due to Payers shifting from app store

payments to alternate payment methods, resulting in $43.0 million lower in-app purchase fees partially

offset by an increase of $4.5 million in credit card processing fees.

For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025


	Nine Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Cost of revenue	$621,440	$(104,449)	(14)%	$725,889
Percentage of revenue	24%			28%

Cost of revenue decreased across all segments primarily due to the factors described above in the

three-month discussion.

Selling and marketing expense

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025


	Three Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Selling and marketing expense	$185,028	$15,886	9%	$169,142
Percentage of revenue	21%			19%

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Selling and marketing expense increased 9% primarily due to higher cost of acquisition expense at

Tinder and Hinge, partially offset by reductions at E&E.

For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025


	Nine Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Selling and marketing expense	$506,311	$31,819	7%	$474,492
Percentage of revenue	19%			18%

Selling and marketing expense increased 7% primarily due to the factors described above in the

three-month discussion.

General and administrative expense

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025


	Three Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
General and administrative expense	$92,181	$(55,840)	(38)%	$148,021
Percentage of revenue	10%			16%

General and administrative expense decreased $55.8 million primarily due to a legal settlement of

$60.5 million incurred in the prior year at Tinder. Otherwise, general and administrative expense was

slightly up compared to the prior year.

For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025


	Nine Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
General and administrative expense	$287,777	$(108,319)	(27)%	$396,096
Percentage of revenue	11%			15%

General and administrative expense decreased as a result of the Tinder legal settlement in 2025

described above in the three-month discussion, and an additional legal settlement at E&E of $14.0

million incurred in the prior year period. The decrease is also related to a $21.0 million reduction in

employee compensation costs primarily within E&E and Corporate and Unallocated Costs due to

reduced headcount and lower severance expense compared to 2025. Stock-based compensation

decreased $8.6 million primarily within Hinge due to the departure of an executive in prior year.

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Product development expense

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025


	Three Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Product development expense	$119,804	$14,835	14%	$104,969
Percentage of revenue	13%			11%

Product development expense increased primarily due to increased expense at Tinder and Hinge

related to utilization of tokens associated with AI, and increased employee compensation primarily at

Hinge due to increased headcount.

For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025


	Nine Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Product development expense	$351,425	$11,091	3%	$340,334
Percentage of revenue	13%			13%

Product development expense increased 3% primarily due to increased expense at Tinder and

Hinge related to utilization of tokens associated with AI and increased headcount at Hinge. The

increase is partially offset by lower stock-based compensation expense primarily at E&E and Tinder

related to reduced headcount, and increases in capitalized salary costs.

Depreciation

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025


	Three Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Depreciation	$14,595	$(250)	(2)%	$14,845
Percentage of revenue	2%			2%

Depreciation in 2026 was essentially flat compared to 2025.

For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025


	Nine Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Depreciation	$44,052	$(10,583)	(19)%	$54,635
Percentage of revenue	2%			2%

Depreciation was lower in 2026 compared to 2025 primarily due to a decrease in depreciation of

internally developed software at Tinder as certain assets became fully depreciated in the prior year.

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Impairments and amortization of intangibles

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025


	Three Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Amortization of intangibles	$4,533	$(4,388)	(49)%	$8,921
Percentage of revenue	1%			1%

Amortization of intangibles decreased primarily due to certain acquired assets having been fully

amortized.

For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025


	Nine Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Impairments and amortization of intangibles	$46,831	$16,934	57%	$29,897
Percentage of revenue	2%			1%

Impairments and amortization of intangibles increased primarily due to impairments of intangible

assets at E&E of $25.2 million, as discussed in the Azar business update above, partially offset by the

decrease in amortization of intangibles due to certain acquired assets having been fully amortized.

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Net Income, Operating income, and Adjusted EBITDA


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026	$ Change	% Change	2025	2026	$ Change	% Change	2025

	(Dollars in thousands)
Net income attributable to Match Group, Inc. shareholders	$174,361	$13,612	8%	$160,749	$511,744	$107,947	27%	$403,797

Operating income (loss)
Tinder	$222,938	$39,195	21%	$183,743	$649,752	$55,693	9%	$594,059
Hinge	70,214	23,900	52%	46,314	189,420	75,555	66%	113,865
Everyone Everywhere	21,835	(10,413)	(32)%	32,248	46,737	9,023	24%	37,714
Corporate and unallocated costs	(46,418)	(5,447)	13%	(40,971)	(135,474)	22,316	(14)%	(157,790)
Operating income	$268,569	$47,235	21%	$221,334	$750,435	$162,587	28%	$587,848

Adjusted EBITDA
Tinder	$244,367	$40,549	20%	$203,818	$714,418	$35,918	5%	$678,500
Hinge	87,852	25,229	40%	62,623	237,812	78,779	50%	159,033
Everyone Everywhere	45,118	(17,545)	(28)%	62,663	159,700	17,359	12%	142,341
Corporate and unallocated costs	(32,874)	(5,176)	19%	(27,698)	(93,258)	20,069	(18)%	(113,327)
Adjusted EBITDA	$344,463	$43,057	14%	$301,406	$1,018,672	$152,125	18%	$866,547

For a reconciliation of operating income to Adjusted EBITDA for each reportable segment, see

“Non-GAAP Financial Measures.”

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025

•Tinder’s operating income was $222.9 million, an increase of 21%, and Adjusted EBITDA was

$244.4 million, an increase of 20%, primarily due to the decrease in legal settlements and

decreases in in-app purchase fees; partially offset by increases in selling and marketing

expense and a decrease in revenue.

•Hinge’s operating income was $70.2 million, an increase of 52%, and Adjusted EBITDA was

$87.9 million, an increase of 40%, primarily due to continued revenue from Payer growth and

decreases in in-app purchase fees, partially offset by increased cost of acquisition and

employee compensation within product development expense.

•E&E’s operating income was $21.8 million, a decrease of $10.4 million, and Adjusted EBITDA

was $45.1 million, a decrease of 28%, primarily due to the decrease in revenue at Azar as well

as declines at nearly all other E&E brands. This reduction was partially offset by a decrease in

in-app purchase fees and cost of acquisition. Operating income also benefited from a reduction

in amortization expense.

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For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025

•Tinder’s operating income was $649.8 million, up 9%, and Adjusted EBITDA was $714.4

million, up 5%, primarily due to the factors described above in the three-month discussion.

Operating income further benefited from a reduction in depreciation and stock-based

compensation expense.

•Hinge’s operating income was $189.4 million, an increase of 66%, and Adjusted EBITDA was

$237.8 million, an increase of 50%, primarily due to the factors described above in the three-

month discussion and increases in RPP. Operating income was further impacted by an increase

in depreciation.

•E&E’s operating income was $46.7 million, an increase of 24%, and Adjusted EBITDA was

$159.7 million, an increase of 12%, primarily due to the decreases in in-app purchase fees, cost

of acquisition, and employee compensation expense. These reductions were partially offset by

the decrease in revenue. Operating income was further impacted by the impairments of

intangible assets related to Azar, partially offset by a decrease in stock-based compensation

expense.

At September 30, 2026, there was $338.0 million of unrecognized compensation cost, net of

estimated forfeitures, related to stock-based awards, which is expected to be recognized over a

weighted average period of approximately 2.0 years.

Interest expense

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025


	Three Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Interest expense	$41,510	$4,486	12%	$37,024

Interest expense increased primarily due to the issuance of the 6.125% Senior Notes in August

2025, partially offset by the decrease in the outstanding balance of the 2026 Exchangeable Notes,

which were repaid in full in June 2026.

For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025


	Nine Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Interest expense	$126,416	$21,976	21%	$104,440

Interest expense increased primarily due to the issuance of the 6.125% Senior Notes in August

2025, partially offset by the decrease in the outstanding balance of the Company’s former term loan,

which was repaid in full in January 2025, and the decrease in the outstanding balance of the 2026

Exchangeable Notes, which were repaid in full in June 2026.

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Other (expense) income, net

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025


	Three Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Interest Income	$4,639	$(880)	(16)%	$5,519
Foreign currency losses	(11,216)	(12,737)	NM	1,521
Other	4,318	2,030	89%	2,288
Other (expense) income, net	$(2,259)	$(11,587)	NM	$9,328

______________________

NM = Not meaningful

For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025


	Nine Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Interest Income	$20,018	$6,816	52%	$13,202
Foreign currency gains (losses)	(10,361)	(2,834)	38%	(7,527)
Other	6,303	4,090	185%	2,213
Other income, net	$15,960	$8,072	102%	$7,888

Income tax provision

For the three months ended September 30, 2026 compared to the three months ended September 30,

2025


	Three Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Income tax provision	$50,439	$17,557	53%	$32,882
Effective income tax rate	22%			17%

In 2026, the effective rate of 22% was higher than the statutory rate primarily due to the effects of

foreign income taxed at higher rates and state income taxes. These effects were partially offset by a

lower tax rate on U.S. income derived from foreign sources.

In 2025, the effective rate of 17% was lower than the statutory rate primarily due to changes in tax

reserves.

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For the nine months ended September 30, 2026 compared to the nine months ended September 30,

2025


	Nine Months Ended September 30,
	2026	$ Change	% Change	2025

	(Dollars in thousands)
Income tax provision	$128,227	$40,736	47%	$87,491
Effective income tax rate	20%			18%

In 2026 and 2025, the effective rates of 20% and 18%, respectively, were lower than the statutory

rate primarily due to the lower tax rate on U.S. income derived from foreign sources, excess tax benefits

generated by the exercise and vesting of stock-based awards, and, for 2026, research credits. These

effects were partially offset by nondeductible stock-based compensation and state income taxes, and,

for 2026, foreign income taxed at higher rates.

A number of countries have enacted or are actively drafting legislation to implement the

Organization for Economic Cooperation and Development's ("OECD") international tax framework,

including the Pillar II minimum tax regime. The Company analyzed the impact of enacted legislation and

determined it does not have a material impact to the income tax provision. The Company is continuing

to monitor future developments, including the side-by-side safe harbor, which would exclude U.S.-

parented multinational enterprises from the scope of certain Pillar II taxes.

For further details of income tax matters see “Note 2—Income Taxes” to the consolidated financial

statements included in “Item 1—Consolidated Financial Statements.”

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NON-GAAP FINANCIAL MEASURES

Match Group reports Adjusted EBITDA and Revenue excluding foreign exchange effects, both of

which are supplemental measures to U.S. generally accepted accounting principles (“GAAP”). Adjusted

EBITDA is among the primary metrics by which we evaluate the performance of our business, on which

our internal budget is based, and by which management is compensated. Revenue excluding foreign

exchange effects provides a comparable framework for assessing how our business performed without

the effect of exchange rate differences when compared to prior periods. We believe that investors

should have access to the same set of tools that we use in analyzing our results. These non-GAAP

measures should be considered in addition to results prepared in accordance with GAAP, but should

not be considered a substitute for or superior to GAAP results. Match Group endeavors to compensate

for the limitations of the non-GAAP measures presented by providing the comparable GAAP measures

with equal or greater prominence and descriptions of the reconciling items, including quantifying such

items, to derive the non-GAAP measures. We encourage investors to examine the reconciling

adjustments between the GAAP and non-GAAP measures, which we discuss below.

Adjusted EBITDA

Adjusted EBITDA is defined as net income attributable to Match Group, Inc. shareholders

excluding: (1) net income or loss attributable to noncontrolling interests; (2) income tax provision or

benefit; (3) other income (expense), net; (4) interest expense; (5) depreciation; (6) acquisition-related

items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible

assets, if applicable, and (ii) gains and losses recognized on changes in fair value of contingent

consideration arrangements, as applicable; and (7) stock-based compensation expense. We believe

Adjusted EBITDA is useful to analysts and investors as this measure allows a more meaningful

comparison between our performance and that of our competitors. Adjusted EBITDA has certain

limitations because it excludes certain expenses. At a segment level, the closest GAAP measure is

operating income (loss) as items outside operating income (loss) are not allocated to segments.

Non-Cash Expenses That Are Excluded From Adjusted EBITDA

Stock-based compensation expense consists principally of expense associated with the grants of

RSUs, performance-based RSUs, and market-based awards. These expenses are not paid in cash,

and we include the related shares in our fully diluted shares outstanding using the treasury stock

method; however, performance-based RSUs and market-based awards are included only to the extent

the applicable performance or market condition(s) have been met (assuming the end of the reporting

period is the end of the contingency period). To the extent stock-based awards are settled on a net

basis, we remit the required tax-withholding amounts from current funds.

Depreciation is a non-cash expense relating to our property and equipment and is computed using

the straight-line method to allocate the cost of depreciable assets to operations over their estimated

useful lives, or, in the case of leasehold improvements, the lease term, if shorter.

Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash

expenses related primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived

intangible assets of the acquired company, such as customer lists, trade names, and technology, are

valued and amortized over their estimated lives. Value is also assigned to (i) acquired indefinite-lived

intangible assets, which consist of trade names and trademarks, and (ii) goodwill, which are not subject

to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill

exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired

company to build value prior to acquisition and the related amortization and impairment charges of

intangible assets or goodwill, if applicable, are not ongoing costs of doing business.

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The following tables reconcile net income attributable to Match Group, Inc. shareholders to

Adjusted EBITDA for the Company’s reportable segments and at a consolidated level:


	Three Months Ended September 30, 2026
	Tinder	Hinge	Everyone Everywhere	Corporate & unallocated costs	Total Match Group

	(In thousands)
Net income attributable to Match Group, Inc. shareholders					$174,361
Add back:
Income tax provisiona					50,439
Other expense, neta					2,259
Interest expensea					41,510
Operating income (loss)	$222,938	$70,214	$21,835	$(46,418)	$268,569
Stock-based compensation expense	19,412	15,604	9,186	12,564	56,766
Depreciation	2,017	2,034	9,564	980	14,595
Amortization of intangibles	—	—	4,533	—	4,533
Adjusted EBITDA	$244,367	$87,852	$45,118	$(32,874)	$344,463


	Three Months Ended September 30, 2025
	Tinder	Hinge	Everyone Everywhere	Corporate & unallocated costs	Total Match Group

	(In thousands)
Net income attributable to Match Group, Inc. shareholders					$160,749
Add back:
Net income attributable to redeemable noncontrolling interestsa					7
Income tax provisiona					32,882
Other income, neta					(9,328)
Interest expensea					37,024
Operating income (loss)	$183,743	$46,314	$32,248	$(40,971)	$221,334
Stock-based compensation expense	17,624	15,238	11,288	12,156	56,306
Depreciation	2,451	1,071	10,206	1,117	14,845
Amortization of intangibles	—	—	8,921	—	8,921
Adjusted EBITDA	$203,818	$62,623	$62,663	$(27,698)	$301,406

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	Nine Months Ended September 30, 2026
	Tinder	Hinge	Everyone Everywhere	Corporate & unallocated costs	Total Match Group

	(In thousands)
Net income attributable to Match Group, Inc. shareholders					$511,744
Add back:
Net income attributable to redeemable noncontrolling interestsa					8
Income tax provisiona					128,227
Other income, neta					(15,960)
Interest expensea					126,416
Operating income (loss)	$649,752	$189,420	$46,737	$(135,474)	$750,435
Stock-based compensation expense	59,420	42,732	36,037	39,165	177,354
Depreciation	5,246	5,660	30,095	3,051	44,052
Impairment and amortization of intangibles	—	—	46,831	—	46,831
Adjusted EBITDA	$714,418	$237,812	$159,700	$(93,258)	$1,018,672


	Nine Months Ended September 30, 2025
	Tinder	Hinge	Everyone Everywhere	Corporate & unallocated costs	Total Match Group

	(In thousands)
Net income attributable to Match Group, Inc. shareholders					$403,797
Add back:
Net income attributable to redeemable noncontrolling interestsa					8
Income tax provisiona					87,491
Other income, neta					(7,888)
Interest expensea					104,440
Operating income (loss)	$594,059	$113,865	$37,714	$(157,790)	$587,848
Stock-based compensation expense	66,661	42,514	44,410	40,582	194,167
Depreciation	17,780	2,654	30,320	3,881	54,635
Amortization of intangibles	—	—	29,897	—	29,897
Adjusted EBITDA	$678,500	$159,033	$142,341	$(113,327)	$866,547

______________________

(a)Management does not allocate these items to segments.

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Effects of Changes in Foreign Exchange Rates on Revenue

The impact of foreign exchange rates on the Company, due to its global reach, may be an

important factor in understanding period over period comparisons if movement in exchange rates is

significant. Since our results are reported in U.S. dollars, international revenue is favorably impacted as

the U.S. dollar weakens relative to other currencies, and unfavorably impacted as the U.S. dollar

strengthens relative to other currencies. We believe the presentation of revenue excluding the effects

from foreign exchange, in addition to reported revenue, helps improve investors’ ability to understand

the Company’s performance because it excludes the impact of foreign currency volatility that is not

indicative of Match Group’s core operating results.

Revenue excluding foreign exchange effects compares results between periods as if exchange

rates had remained constant period over period. Revenue excluding foreign exchange effects is

calculated by translating current period revenue using prior period exchange rates. The percentage

change in revenue excluding foreign exchange effects is calculated by determining the change in

current period revenue over prior period revenue where current period revenue is translated using prior

period exchange rates.

The following tables present the impact of foreign exchange effects on total revenue and Direct

Revenue by segment for the three and nine months ended September 30, 2026, compared to the three

and nine months ended September 30, 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026	$ Change	% Change	2025	2026	$ Change	% Change	2025

	(Dollars in thousands)
Total Revenue, as reported	$891,232	$(23,043)	(3)%	$914,275	$2,608,271	$(920)	—%	$2,609,191
Foreign exchange effects	4,297				(33,943)
Total Revenue excluding foreign exchange effects	$895,529	$(18,746)	(2)%	$914,275	$2,574,328	$(34,863)	(1)%	$2,609,191

Tinder Direct Revenue, as reported	$480,019	$(10,594)	(2)%	$490,613	$1,392,180	$(6,987)	—%	$1,399,167
Foreign exchange effects	1,282				(25,272)
Tinder Direct Revenue, excluding foreign exchange effects	$481,301	$(9,312)	(2)%	$490,613	$1,366,908	$(32,259)	(2)%	$1,399,167

Hinge Direct Revenue, as reported	$220,586	$35,915	19%	$184,671	$618,616	$114,199	23%	$504,417
Foreign exchange effects	57				(7,789)
Hinge Direct Revenue, excluding foreign exchange effects	$220,643	$35,972	19%	$184,671	$610,827	$106,410	21%	$504,417

E&E Direct Revenue, as reported	$176,019	$(45,358)	(20)%	$221,377	$553,619	$(97,358)	(15)%	$650,977
Foreign exchange effects	2,903				(311)
E&E Direct Revenue, excluding foreign exchange effects	$178,922	$(42,455)	(19)%	$221,377	$553,308	$(97,669)	(15)%	$650,977

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FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES

Financial Position


	September 30, 2026	December 31, 2025

	(In thousands)
Cash and cash equivalents:
United States	$306,876	$687,987
All other countries	419,320	339,851
Total cash and cash equivalents	726,196	1,027,838
Short-term investments	2,946	3,461
Total cash and cash equivalents and short-term investments	$729,142	$1,031,299

Long-term debt:
Credit Facility due March 20, 2029(a)	$—	$—
5.00% Senior Notes due December 15, 2027	450,000	450,000
4.625% Senior Notes due June 1, 2028	500,000	500,000
5.625% Senior Notes due February 15, 2029	350,000	350,000
4.125% Senior Notes due August 1, 2030	500,000	500,000
3.625% Senior Notes due October 1, 2031	500,000	500,000
6.125% Senior Notes due September 15, 2033	700,000	700,000
2026 Exchangeable Notes due June 15, 2026	—	423,854
2030 Exchangeable Notes due January 15, 2030	575,000	575,000
Total debt	3,575,000	3,998,854
Less: Current maturities of long-term debt	—	423,854
Less: Unamortized original issue discount	656	1,043
Less: Unamortized debt issuance costs	21,037	24,858
Total long-term debt, net	$3,553,307	$3,549,099

______________________

(a)The maturity date of the Credit Facility is the earlier of (x) March 20, 2029 and (y) the date that

is 91 days prior to the maturity date of the existing senior notes due 2027, 2028, or 2029, or any

new indebtedness used to refinance such senior notes that matures prior to the date that is 91

days after March 20, 2029, in each case if and only if at least $250 million in aggregate

principal amount of such debt is outstanding on such date.

Long-term Debt

For a detailed description of long-term debt, see “Note 4—Long-term Debt, net” to the

consolidated financial statements included in “Item 1—Consolidated Financial Statements.”

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Cash Flow Information

In summary, the Company’s cash flows are as follows:


	Nine Months Ended September 30,
	2026	2025

	(In thousands)
Net cash provided by operating activities	$886,340	$757,600
Net cash used in investing activities	(165,820)	(67,883)
Net cash used in financing activities	(1,017,481)	(617,184)

2026

Net cash provided by operating activities in 2026 includes adjustments to income of $177.4 million

of stock-based compensation expense, $46.8 million of impairments and amortization of intangibles,

$44.1 million of depreciation, and $43.0 million of deferred income taxes. The increase in cash from

changes in working capital was primarily due to an increase from accounts receivable of $24.2 million,

an increase from net income taxes of $39.4 million due to timing of payments, and an increase from

other assets of $15.5 million. Partially offsetting these increases was a decrease from accounts payable

and other liabilities of $23.2 million due to the timing of payments.

Net cash used in investing activities in 2026 is primarily a $100.0 million minority investment in

Sniffies and capital expenditures of $54.7 million primarily related to internal development of software.

Net cash used in financing activities in 2026 is primarily due to payments of $423.9 million to repay

the outstanding 2026 Exchangeable Notes at maturity, purchases of treasury stock of $335.5 million,

dividends paid of $136.9 million, and payments of $118.1 million of withholding taxes paid on behalf of

employees for net-settled stock-based awards.

2025

Net cash provided by operating activities in 2025 includes adjustments to income of $194.2 million

of stock-based compensation expense, $54.6 million of depreciation, $35.2 million of deferred income

taxes, and $29.9 million of amortization of intangibles. The increase in cash from changes in working

capital primarily consists of a decrease in other assets of $43.8 million and an increase in accounts

payable and other liabilities of $36.6 million, primarily related to the timing of payments. These

increases were partially offset by a decrease from net income taxes payable of $31.1 million due to

timing of payments, an increase in accounts receivable of $16.5 million, and a decrease in deferred

revenue of $8.4 million.

Net cash used in investing activities in 2025 consists primarily of capital expenditures of $42.1

million primarily related to internal development of software and purchases of computer hardware and

$25.8 million of other investing cash outflows.

Net cash used in financing activities in 2025 is primarily due to purchases of treasury stock of

$549.9 million, the repayment of the Company’s former term loan of $425.0 million, dividends paid of

$140.9 million, payments of $115.6 million of withholding taxes paid on behalf of employees for net-

settled stock-based awards, and payment to repurchase a portion of the 2026 Exchangeable Notes of

$74.4 million. These uses of cash were partially offset by proceeds from the issuance of the 6.125%

Senior Notes of $700.0 million.

Liquidity and Capital Resources

The Company’s principal sources of liquidity are its cash and cash equivalents as well as cash

flows generated from operations. As of September 30, 2026, $499.4 million was available under

the Credit Facility.

The Company has various obligations related to long-term debt instruments and operating leases.

For additional information on long-term debt, including maturity dates and interest rates, see “Note 4—

Long-term Debt, net” to the consolidated financial statements included in “Item 1—Consolidated

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Financial Statements.” For additional information on operating lease payments, including a schedule of

obligations by year, see “Note 12—Leases” to the consolidated financial statements included in “Item 8

—Consolidated Financial Statements and Supplementary Data” of the Company’s Annual Report on

Form 10-K for the year ended December 31, 2025. The Company believes it has sufficient cash flows

from operations to satisfy these future obligations.

The Company anticipates that it will need to make capital and other expenditures in connection

with the development and expansion of its operations. The Company expects that 2026 cash capital

expenditures will be between $65 million and $75 million, an increase to 2025 cash capital expenditures

primarily due to an increase in leasehold improvements and capitalized labor.

We have entered into various purchase commitments, primarily consisting of web hosting services.

Our obligations under these various purchase commitments are $62.8 million for 2027, and $39.3

million for 2028.

At September 30, 2026, we do not have any off-balance sheet arrangements, other than as

described above.

On December 10, 2024, the Board of Directors authorized a share repurchase program of up to

$1.5 billion in aggregate value of shares of Match Group common stock (the “Share Repurchase

Program”). Under the Share Repurchase Program, $579 million in aggregate value of shares of Match

Group common stock remains available for repurchase as of October 31, 2026. Under the Share

Repurchase Program, shares of our common stock may be purchased on a discretionary basis from

time to time, subject to general business and market conditions and other investment opportunities,

through open market purchases, privately negotiated transactions or other means, including through

Rule 10b5-1 trading plans. The Share Repurchase Program may be commenced, suspended or

discontinued at any time. During the nine months ended September 30, 2026, we repurchased 9.6

million shares for $335.5 million under the Share Repurchase Program. Between October 1 and

October 31, 2026, we repurchased 1.1 million shares for $44.2 million under the Share Repurchase

Program.

The Company currently settles substantially all stock-based awards on a net basis. Assuming all

stock-based awards outstanding on October 31, 2026 were net settled at the closing price on that date,

we would issue 7.5 million shares of common stock and, assuming a 50% withholding rate, would remit

$312.5 million in cash for withholding taxes. If we did not settle awards on a net basis and instead

issued a sufficient number of shares to cover the $312.5 million employee withholding tax obligation,

7.5 million additional shares would be issued by the Company.

As of September 30, 2026, all of the Company’s international cash can be repatriated without

significant tax consequences.

Our indebtedness could limit our ability to: (i) obtain additional financing to fund working capital

needs, acquisitions, capital expenditures, debt service, or other requirements; and (ii) use operating

cash flow to pursue acquisitions or invest in other areas, such as developing properties and exploiting

business opportunities. The Company may need to raise additional capital through future debt or equity

financing to make additional acquisitions and investments or to provide for greater financial flexibility.

Additional financing may not be available on terms favorable to the Company or at all.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Management of the Company is required to make certain estimates, judgments and assumptions

during the preparation of its consolidated financial statements in accordance with U.S. GAAP. These

estimates, judgments and assumptions impact the reported amount of assets, liabilities, revenue and

expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from

these estimates.

During the nine months ended September 30, 2026, there were no material changes to the

Company’s critical accounting policies and estimates since the disclosure in our Annual Report on Form

10-K for the year ended December 31, 2025.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

During the nine months ended September 30, 2026, there were no material changes to the

Company’s instruments or positions that are sensitive to market risk since the disclosure in our Annual

Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures

The Company monitors and evaluates on an ongoing basis its disclosure controls and procedures

and internal control over financial reporting in order to improve their overall effectiveness. In the course

of these evaluations, the Company modifies and refines its internal processes as conditions warrant.

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the

“Exchange Act”), Match Group management, including our principal executive and principal financial

officers, evaluated the effectiveness of the Company’s disclosure controls and procedures, as defined

by Rule 13a-15(e) under the Exchange Act. Based on this evaluation, management has concluded that

the Company’s disclosure controls and procedures were effective as of the end of the period covered

by this report in providing reasonable assurance that information we are required to disclose in our

filings with the Securities and Exchange Commission under the Exchange Act is recorded, processed,

summarized and reported within the time periods specified in the Commission's rules and forms, and

includes controls and procedures designed to ensure that information required to be disclosed by us in

the reports that we file or submit under the Exchange Act is accumulated and communicated to our

management, including our principal executive and principal financial officers, as appropriate to allow

timely decisions regarding required disclosure.

There were no changes to the Company’s internal control over financial reporting during the period

covered by this report that have materially affected, or are reasonably likely to materially affect, our

internal control over financial reporting.

Table of Contents

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

Overview

We are, and from time to time may become, involved in various legal proceedings arising in the

normal course of our business activities, such as trademark and patent infringement claims, trademark

oppositions, and consumer or advertising complaints, as well as stockholder derivative actions, class

action lawsuits, mass arbitrations, and other matters. The amounts that may be recovered in such

matters may be subject to insurance coverage. The litigation matters described below involve issues or

claims that may be of particular interest to our stockholders, regardless of whether any of these matters

may be material to our financial position or operations based upon the standard set forth in the SEC’s

rules.

Irish Data Protection Commission Inquiry Regarding Tinder’s Practices

On February 3, 2020, we received a letter from the Irish Data Protection Commission (the “DPC”)

notifying us that the DPC had commenced an inquiry examining Tinder’s compliance with the EU’s

General Data Protection Regulation (“GDPR”), focusing on Tinder’s processes for handling access and

deletion requests and Tinder’s user data retention policies. On January 8, 2024, the DPC provided us

with a preliminary draft decision alleging that certain of Tinder’s access and retention policies, largely

relating to protecting the safety and privacy of Tinder’s users, violate GDPR requirements. We filed our

response to the preliminary draft decision on March 15, 2024, and the DPC issued its draft decision on

July 9, 2026. On October 13, 2026, the DPC issued its final decision, imposing an €11 million fine. We

believe we have strong defenses to these claims and intend to appeal.

Securities Derivative Actions

In December 2024, purported Match Group stockholders filed two derivative complaints in the

Central District of California (nominally on behalf of the Company) against certain of Match Group, Inc.’s

current and former executive officers and members of its board of directors, alleging violations of the

federal securities laws and breach of fiduciary duty stemming from allegations that Match Group

materially understated the challenges affecting its Tinder business and, as a result, understated the risk

that Tinder's monthly active user count would not recover by the time the Company reported its financial

results for the third fiscal quarter of 2024. See Hollin v. Kim, et al., No. 2:24-CV-10776 (Central District

of California), and Roy v Kim, et al., No. 2:24-cv-11007 (Central District of California). In August 2025, a

third derivative complaint was filed in the Central District of California alleging similar causes of action.

See Habedus v. Kim, et al., No. 2:25-cv-07171 (Central District of California). On September 9, 2025,

the court dismissed the Habedus derivative action with prejudice as to all defendants. On April 16,

2026, the court in the Roy derivative action granted the plaintiff's request to voluntarily dismiss the case

without prejudice. As to the remaining derivative action, we believe that we have strong defenses to the

allegations and will defend vigorously against them.

Netherlands Privacy Class Action

On December 17, 2024, a writ of summons was filed against MTCH Technologies Services

Limited, an indirect subsidiary of the Company, and Match Group, Inc. in the District Court of

Amsterdam. Among other things, the lawsuit alleges that defendants unlawfully collected, processed,

and shared Dutch Tinder users’ personal data without proper consent in violation of GDPR and Dutch

consumer protection laws. See Stichting Take Back Your Privacy v. MTCH Technologies Services

Limited et al. (Amsterdam). The lawsuit purports to represent a class of Dutch Tinder users from May

25, 2018 until the court’s final judgment and seeks monetary damages and injunctive relief. On May 7,

2025, we filed a motion contesting jurisdiction, and the plaintiff filed an opposition on June 18, 2025.

On May 20, 2026, the court confirmed jurisdiction over the non-GDPR claims but has not yet decided

on jurisdiction over the GDPR claims. The court is considering staying the entire case, and we are

awaiting a decision on that issue. We believe that we have strong defenses to the allegations and will

defend vigorously against them.

Table of Contents

Item 1A. Risk Factors

This quarterly report on Form 10-Q contains “forward-looking statements” within the meaning of

the Private Securities Litigation Reform Act of 1995. All statements that are not historical facts are

“forward looking statements.” The use of words such as “anticipates,” “estimates,” “expects,” “plans,”

“believes,” “will,” and “would,” among others, generally identify forward-looking statements. These

forward-looking statements include, among others, statements relating to: Match Group’s future

financial performance, Match Group’s business prospects and strategy, anticipated trends and

prospects in the industries in which Match Group’s businesses operate and other similar matters. These

forward-looking statements are based on Match Group management’s current expectations and

assumptions about future events as of the date of this quarterly report, which are inherently subject to

uncertainties, risks and changes in circumstances that are difficult to predict.

Actual results could differ materially from those contained in these forward-looking statements for a

variety of reasons, including, among others: failure to retain existing users or add new users, or if users

do not convert to paying users; competition; risks related to our restructuring and reorganization

activities; our ability to attract and retain users through cost-effective marketing efforts; our reliance on a

variety of third-party platforms, in particular, mobile app stores; our ability to realize reductions in in-app

purchase fees; inappropriate actions by certain of our users could be attributed to us or may not be

adequately prevented by us; dependence on our key personnel; volatile global economic conditions;

operational and financial risks in connection with acquisitions; impairment charges related to our

intangible assets; operations in various international markets, including certain markets in which we

have limited experience; foreign currency exchange rate fluctuations; challenges in measuring our user

metrics and other estimates; the limited operating history of our newer brands and services makes it

difficult to evaluate our current business and future prospects; impacts of climate change; the integrity

of our and third parties’ systems and infrastructure; cyberattacks on our systems and infrastructure and

cyberattacks experienced by third parties; our ability to access, collect, and use personal data about our

users; breaches or unauthorized access of personal and confidential or sensitive user information that

we maintain and store; challenges with properly managing the use of artificial intelligence; risks related

to credit card payments; risks related to our use of “open source” software; complex and evolving U.S.,

foreign, and international laws and regulations; our ability to protect our intellectual property rights or

accusations that we infringe upon the intellectual property rights of others; adverse outcomes in

litigation; risks related to our taxation in multiple jurisdictions; risks related to our indebtedness; and

risks relating to ownership of our common stock.

Certain of these and other risks and uncertainties are discussed in Match Group’s filings with the

Securities and Exchange Commission, including in Part I “Item 1A. Risk Factors” of our annual report

on Form 10-K for the fiscal year ended December 31, 2025. Other unknown or unpredictable factors

that could also adversely affect Match Group’s business, financial condition, and results of operations

may arise from time to time. In light of these risks and uncertainties, these forward-looking statements

discussed in this quarterly report may not prove to be accurate. Accordingly, you should not place

undue reliance on these forward-looking statements, which only reflect the views of Match Group

management as of the date of this quarterly report. Match Group does not undertake to update these

forward-looking statements.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

The Company did not issue or sell any shares of its common stock or any other equity securities

pursuant to unregistered transactions during the quarter ended September 30, 2026.

Table of Contents

Issuer Purchases of Equity Securities

The following table sets forth purchases by the Company of its common stock during the quarter

ended September 30, 2026:


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	(d) Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under Publicly Announced Plans or Programs(2)
July 1 - 31, 2026	430,121	$37.75	430,121	$696,879,355
August 1 - 31, 2026	839,926	$37.42	839,926	665,446,406
September 1 - 30, 2026	1,031,703	$41.14	1,031,703	623,005,160
Total	2,301,750	$39.15	2,301,750	$623,005,160

______________________

(1)Reflects repurchases made pursuant to the Share Repurchase Program.

(2)Represents the aggregate value of shares of common stock that remained available for

repurchase pursuant to the Share Repurchase Program. The timing and actual number of any

shares repurchased will depend on a variety of factors, including price, general business and

market conditions, and alternative investment opportunities. The Company is not obligated to

purchase any shares under the repurchase programs, and repurchases may be commenced,

suspended or discontinued from time to time without prior notice.

Item 5. Other Information

Insider Trading Arrangements

During the three months ended September 30, 2026, no director or officer (as defined in Rule

16a-1(f) under the Securities Exchange Act of 1934, as amended) of the Company adopted or

terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each

term is defined in Item 408(a) of Regulation S-K.

Table of Contents

Item 6. Exhibits

The documents set forth below, numbered in accordance with Item 601 of Regulation S-K, are filed

herewith, incorporated by reference herein by reference to the location indicated or furnished herewith.

Incorporated by Reference

Filed (†) or

Furnished (‡)

Herewith

(as indicated)

Exhibit

No.

Exhibit Description

Form

SEC

File No.

Exhibit

Filing

Date

31.1

Certification of the Chief Executive Officer

pursuant to Rule 13a-14(a) or 15d-14(a) of the

Securities Exchange Act of 1934, as adopted

pursuant to Section 302 of the Sarbanes-Oxley

Act of 2002.

†

31.2

Certification of the Chief Financial Officer

pursuant to Rule 13a-14(a) or 15d-14(a) of the

Securities Exchange Act of 1934, as adopted

pursuant to Section 302 of the Sarbanes-Oxley

Act of 2002.

†

32.1

Certification of the Chief Executive Officer

pursuant to 18 U.S.C. Section 1350, as adopted

pursuant to Section 906 of the Sarbanes-Oxley

Act of 2002.

‡

32.2

Certification of the Chief Financial Officer

pursuant to 18 U.S.C. Section 1350, as adopted

pursuant to Section 906 of the Sarbanes-Oxley

Act of 2002.

‡

101.INS

Inline XBRL Instance Document - the instance

document does not appear in the Interactive

Data File because its XBRL tags are embedded

within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema

Document

†

101.CAL

Inline XBRL Taxonomy Extension Calculation

Linkbase Document

†

101.DEF

Inline XBRL Taxonomy Extension Definition

Linkbase Document

†

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase

Document

†

101.PRE

Inline XBRL Taxonomy Extension Presentation

Linkbase Document

†

104

Cover Page Interactive Data File (formatted as

Inline XBRL and contained in Exhibit 101)


		Page Number

PART I
Item 1.	Consolidated Financial Statements	3
	Consolidated Balance Sheet	3
	Consolidated Statement of Operations	4
	Consolidated Statement of Comprehensive Operations	5
	Consolidated Statement of Shareholders’ Equity	6
	Consolidated Statement of Cash Flows	10
	Note 1—The Company and Summary of Significant Accounting Policies	11
	Note 2—Income Taxes	14
	Note 3—Financial Instruments	15
	Note 4—Long-term Debt, net	18
	Note 5—Accumulated Other Comprehensive Loss	22
	Note 6—Earnings per Share	23
	Note 7—Segment Information	24
	Note 8—Contingencies	28
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	48
Item 4.	Controls and Procedures	48
PART II
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	50
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 5	Other Information	51
Item 6.	Exhibits	52
	Signatures	53


November 2, 2026	MATCH GROUP, INC.
	By:	/s/ STEVEN BAILEY
		Steven Bailey
		Chief Financial Officer



Signature	Title	Date

/s/ STEVEN BAILEY	Chief Financial Officer	November 2, 2026
Steven Bailey