Match Group, Inc.

Match Group reported Q2 revenue of $853 million, down 1% year over year and down 2% FX-neutral. Adjusted EBITDA was $331 million, up 14% year over year, with a 39% margin. Payers fell 6% to 13.3 million, while RPP rose 6% to $21.13. By segment, Tinder direct revenue was $457 million, down 1% and down 2% FX-neutral, with adjusted EBITDA of $233 million (50% margin); Hinge direct revenue was $204 million, up 22% and up 20% FX-neutral, with adjusted EBITDA of $79 million (39% margin); and E&E direct revenue was $179 million, down 17% year over year, with adjusted EBITDA of $54 million (30% margin). For Q3, management guided to revenue of $885 million to $895 million, down 2% to 3% year over year, and adjusted EBITDA of $330 million to $335 million. For full-year 2026, revenue is expected to be near the midpoint of the prior range on an as-reported basis and at or above midpoint FX-neutral, adjusted EBITDA is expected to be at or above the high end of prior guidance, and margin is expected to exceed 37.5%.

Bernard Kim framed the quarter as evidence that Tinder’s product turnaround is working, emphasizing improvements in recommendations, lower-pressure social features, trust and safety, and the new rebrand. He said Tinder is moving toward the first positive year-over-year usage growth in more than three years, with events, search, and other new experiences intended to drive reconsideration and eventual MAU growth. He sounded optimistic but still execution-focused, repeatedly stressing that the company must keep shipping product improvements and converting engagement gains into durable growth.

Gary Swidler highlighted that Q2 revenue was in line with expectations and adjusted EBITDA beat them. He pointed to $853 million in revenue, $331 million in adjusted EBITDA, 39% margin, and cash and equivalents plus short-term investments of $584 million at quarter-end; year to date through Q2, operating cash flow was $564 million and free cash flow was $527 million. He also noted capital returns of $245 million of buybacks, $91 million of dividends, and $92 million of cash deployed for employee equity settlements, equal to 81% of free cash flow, and said the company repurchased an additional 430 thousand shares in July. On guidance, he said full-year SBC should be $230 million to $240 million, alternative payment savings should be about $130 million in 2026, and the expected Tinder UX/product revenue drag is now $30 million to $40 million for the full year.

Analysts focused on Tinder DAU turning positive, the gap between DAU and MAU, payer trends, the new Tinder experience, events monetization, and platform fee changes. Management said the DAU improvement is being driven mainly by product improvements and recommendation algorithm gains, while MAU recovery depends more on events and reconsideration from non-users and lapsed users. On payer trends, Gary said payer declines have been smaller than MAU declines for a long time, so payer penetration can improve even when total payers are still down, and he expects payer declines to ease somewhat in the back half of the year. On platform economics, he said Apple alternative-payment savings should total about $130 million in 2026, while Google’s updated fee structure would only modestly help, with a roughly $5 million benefit expected in 2027.