GAAP net income of $144.7 million or $10.27 per diluted share, inclusive of $146.4 million tax benefit to reduce the full valuation allowance against our net deferred tax assets
Variable marketing margin (VMM) of $92.0 million
Adjusted EBITDA of $36.7 million
Adjusted net loss per share of $(0.39)
CHARLOTTE, N.C., March 2, 2026 /PRNewswire/ -- LendingTree, Inc. (NASDAQ:TREE), operator of LendingTree.com, the nation's leading online financial services marketplace, today announced results for the quarter ended December 31, 2025. The Company has posted a shareholder letter on its investor relations website at investors.lendingtree.com.
"We are thrilled to report Q4 revenue of $319.7 million, a record performance for the fourth quarter in the company's history," said Scott Peyree, President and CEO. "VMM of $92.0 million was the second highest Q4 performance ever, and is emblematic of the strong relationships we maintain with our lender and insurance carrier partners. The Insurance segment has remained a standout performer, and we see no signs of a slowdown in demand from partners looking for new policyholders, or customers searching to lower their monthly insurance payments. We steadily took market share from our Insurance marketplace competitors throughout 2025, and we forecast this trend will continue in the new year."
"Our company enters 2026 from a strong financial position as we begin executing on our strategy to 'Be the #1 Destination to Shop for Financial Products.' This North Star shapes everything the team is working on to improve consumer satisfaction, deepen our relationships with network partners, and embed advances in AI into both our internal workstreams and customer funnels," Peyree added.
Jason Bengel, CFO, added, "Our commitment to generating operating leverage on continued strong VMM growth was evidenced again in Q4, with AEBITDA increasing 14% YoY on 6% growth in VMM. Results exceeded prior guidance due to Insurance performance, as segment profit grew slightly over a difficult Q4 comparison last year, a record result for the business. The company's financial profile strengthened further, with net leverage ending the year at 2.4x, a decline from 3.5x at year-end 2024. We remain well positioned to enjoy another year of healthy growth in our financial results."
Fourth Quarter 2025 Business Highlights
Insurance segment revenue of $214.6 million increased 25% from fourth quarter 2024 and translated into segment profit of $48.1 million, a slight increase over the same period.
Consumer segment revenue of $68.6 million increased 23% over fourth quarter 2024.
Within Consumer, personal loans revenue of $29.1 million increased 10% over prior year while Small Business revenue grew 78% in the period.
Home segment revenue of $36.2 million increased 6% over fourth quarter 2024 and produced segment profit of $10.4 million, an 11% decrease over the same period.
LendingTree Summary Financial Metrics
(In millions, except per share amounts)
Three Months Ended December 31,
Y/Y
Three Months Ended September 30,
Q/Q
2025
2024
% Change
2025
% Change
Total revenue
$ 319.7
$ 261.5
22 %
$ 307.8
4 %
Income before income taxes
$ 13.5
$ 9.1
48 %
11.6
16 %
Income tax benefit (expense)
131.2
(1.6)
(8300) %
(1.4)
(9471) %
Net income
$ 144.7
$ 7.5
1829 %
$ 10.2
1319 %
Net income % of revenue
45 %
3 %
3 %
Income per share
Basic
$ 10.54
$ 0.56
$ 0.75
Diluted
$ 10.27
$ 0.55
$ 0.73
Variable marketing margin
Total revenue
$ 319.7
$ 261.5
22 %
$ 307.8
4 %
Variable marketing expense (1) (2)
$ (227.7)
$ (174.8)
30 %
$ (214.6)
6 %
Variable marketing margin (2)
$ 92.0
$ 86.7
6 %
$ 93.2
(1) %
Variable marketing margin % of revenue (2)
29 %
33 %
30 %
Adjusted EBITDA (2)
$ 36.7
$ 32.2
14 %
$ 39.8
(8) %
Adjusted EBITDA % of revenue (2)
11 %
12 %
13 %
Adjusted EBITDA % of variable marketing margin (2)
40 %
37 %
43 %
Adjusted net (loss) income (2)
$ (5.4)
$ 15.8
(134) %
$ 23.8
(123) %
Adjusted net (loss) income per share (2)
$ (0.39)
$ 1.16
(134) %
$ 1.70
(123) %
(1)
Represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses. Excludes overhead, fixed costs and personnel-related expenses.
(2)
Variable marketing expense, variable marketing margin, variable marketing margin % of revenue, adjusted EBITDA, adjusted EBITDA % of revenue, adjusted EBITDA % of variable marketing margin, adjusted net income and adjusted net income per share are non-GAAP measures. Please see "LendingTree's Reconciliation of Non-GAAP Measures to GAAP" and "LendingTree's Principles of Financial Reporting" below for more information.
LendingTree Segment Results
(In millions)
Three Months Ended December 31,
Y/Y
Three Months Ended September 30,
Q/Q
2025
2024
% Change
2025
% Change
Home (1)
Revenue
$ 36.2
$ 34.0
6 %
$ 38.1
(5) %
Segment profit
$ 10.4
$ 11.7
(11) %
$ 11.8
(12) %
Segment profit % of revenue
29 %
34 %
31 %
Consumer (2)
Revenue
$ 68.6
$ 55.6
23 %
$ 66.2
4 %
Segment profit
$ 35.0
$ 28.2
24 %
$ 35.2
(1) %
Segment profit % of revenue
51 %
51 %
53 %
Insurance (3)
Revenue
$ 214.6
$ 171.7
25 %
$ 203.5
5 %
Segment profit
$ 48.1
$ 48.0
— %
$ 47.6
1 %
Segment profit % of revenue
22 %
28 %
23 %
Other (4)
Revenue
$ 0.3
$ 0.2
50 %
$ ,
— %
(Loss) profit
$ (0.1)
$ ,
— %
$ (0.1)
— %
Total revenue
$ 319.7
$ 261.5
22 %
$ 307.8
4 %
