Match Group, Inc.MTCH

Match Group, Inc. Segments Disclosure

10-KFiled Feb 26, 20264 min read
NOTE 11—SEGMENT AND GEOGRAPHIC INFORMATION
Our chief operating decision maker (“CODM”), who is our Chief Executive Officer, analyzes the results of
our business through four operating segments consisting of brands or groups of brands within our portfolio:
Tinder, Hinge, Evergreen & Emerging, and MG Asia. These four 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 (numerically the same as our previous metric which was called
Adjusted Operating Income). 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.
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:
Years Ended December 31,
2025
2024
2023
(In thousands)
Revenue:
Tinder
$1,924,711
$1,991,137
$1,963,610
Hinge
690,872
550,435
396,485
Evergreen & Emerging
608,093
654,168
700,925
MG Asia
268,166
284,522
303,484
Eliminations
(4,645)
(889)
—
Total
$3,487,197
$3,479,373
$3,364,504
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:
Years Ended December 31,
2025
2024
2023
(In thousands)
Operating income (loss):
Tinder
$832,638
$889,222
$955,519
Hinge
166,286
121,482
74,261
Evergreen & Emerging
63,266
66,088
82,460
MG Asia
6,258
(32,345)
(8,675)
Total segment operating income
1,068,448
1,044,447
1,103,565
Corporate and unallocated costs(a)
(195,919)
(221,135)
(186,669)
Interest expense
(147,551)
(160,071)
(159,887)
Other income, net
21,025
40,815
19,772
Income before income taxes
$746,003
$704,056
$776,781
______________________
(a)Includes stock-based compensation and depreciation related to corporate.
Years Ended December 31,
2025
2024
2023
(In thousands)
Adjusted EBITDA:
Tinder
$941,351
$1,017,023
$1,049,360
Hinge
226,499
166,478
107,646
Evergreen & Emerging
140,436
170,418
163,796
MG Asia
66,375
60,806
61,790
Total segment Adjusted EBITDA
1,374,661
1,414,725
1,382,592
Corporate and unallocated costs
(138,270)
(162,358)
(124,059)
Stock-based compensation
(258,202)
(267,381)
(232,099)
Depreciation
(67,112)
(87,499)
(61,807)
Impairments and amortization of intangibles
(38,548)
(74,175)
(47,731)
Interest expense
(147,551)
(160,071)
(159,887)
Other income, net
21,025
40,815
19,772
Income before income taxes
$746,003
$704,056
$776,781
Corporate and unallocated costs includes 1) corporate expenses (such as executive management, investor
relations, corporate development, 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:
Year Ended December 31, 2025
Tinder
Hinge
Evergreen &
Emerging
MG Asia
(In thousands)
In-app purchase fees
$390,395
$176,095
$62,896
$61,610
Cost of acquisition
180,590
121,966
193,684
72,785
Variable expense
112,408
25,695
27,563
18,715
Employee compensation expense,
excluding stock-based compensation
expense
188,431
112,495
122,880
34,685
Other operating expenses(a)
111,536
28,122
60,634
13,996
Stock-based compensation(b)
89,586
56,279
38,548
21,052
Depreciation(b)
19,127
3,934
24,252
14,887
Impairment and amortization of
intangible assets(b)
—
—
14,370
24,178
Year Ended December 31, 2024
Tinder
Hinge
Evergreen &
Emerging
MG Asia
(In thousands)
In-app purchase fees
$414,908
$151,467
$70,735
$63,292
Cost of acquisition
183,220
98,808
195,738
73,407
Variable expense
122,053
17,100
41,592
28,321
Employee compensation expense,
excluding stock-based compensation
expense
197,157
95,445
131,039
40,632
Other operating expenses(a)
56,776
21,137
44,646
18,064
Stock-based compensation(b)
90,141
42,673
54,922
25,818
Depreciation(b)
37,660
2,323
21,732
20,834
Impairment and amortization of
intangible assets(b)
—
—
27,676
46,499
Year Ended December 31, 2023
Tinder
Hinge
Evergreen &
Emerging
MG Asia
(In thousands)
In-app purchase fees
$417,571
$110,093
$70,012
$70,251
Cost of acquisition
167,566
67,758
202,831
77,456
Variable expense
119,333
15,004
63,779
29,296
Employee compensation expense,
excluding stock-based compensation
expense
167,019
79,084
148,285
42,338
Other operating expenses(a)
42,761
16,900
52,222
22,353
Stock-based compensation(b)
68,644
31,459
50,268
23,399
Depreciation(b)
25,197
1,926
18,732
11,671
Impairment and amortization of
intangible assets(b)
—
—
12,336
35,395
______________________
(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.
Geographic Information
Revenue by geography is based on where the customer is located. The United States is the only country
from which revenue is greater than 10 percent of total revenue. Geographic information about revenue and
long-lived assets is presented below:
 
Years Ended December 31,
 
2025
2024
2023
 
(In thousands)
Revenue
 
 
United States
$1,531,905
$1,593,611
$1,541,012
All other countries
1,955,292
1,885,762
1,823,492
Total
$3,487,197
$3,479,373
$3,364,504
 
December 31,
 
2025
2024
 
(In thousands)
Long-lived assets (excluding goodwill and intangible assets)
 
 
United States
$101,947
$119,638
South Korea
14,846
16,608
All other countries
14,366
21,943
Total
$131,159
$158,189

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2019Feb 28, 2020
2018Mar 1, 2019
2017Mar 1, 2018
2016Feb 28, 2017
2015Feb 29, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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