Consolidated revenue of $327.3 million
GAAP net income of $17.3 million or $1.22 per diluted share
Variable marketing margin of $99.5 million
Adjusted EBITDA of $42.0 million
CHARLOTTE, N.C., April 30, 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 March 31, 2026.
The company has posted a letter to shareholders on the company's website at investors.lendingtree.com.
"We are thrilled to report first quarter AEBITDA grew 71% YoY. The Insurance segment produced another period of record revenue and segment profit, with segment margins posting a strong sequential increase as we optimize marketing spend. We operate the largest marketplace for consumers to shop for Insurance products. The industry broadly continues to benefit from healthy underwriting results, and our partners' appetite for new customers remains strong," said Scott Peyree, President and CEO. Peyree added, "We are diligently executing against our strategy to 'Become the #1 Destination to Shop For Financial Products'. We recently deployed internally developed AI-tools that increase marketing efficiency and launched our newly redesigned homepage that has led to an increase in customer engagement levels. Improving our consumer experience and brand strength are key components of our journey to increase organic traffic mix versus paid channels."
Jason Bengel, CFO, added, "Our scalable business model continues to generate strong growth and operating leverage, as our AEBITDA margin of VMM increased over 1,000 basis points in the first quarter compared to the prior year period. The balance sheet strengthened as well, with net leverage declining to 2.1x at quarter-end. The Insurance and Consumer segments continue to perform well, though Home remains challenged in what has become a persistently higher interest rate environment. The outlook for the rest of 2026 assumes continued strength in Insurance, but we remain conservative in regards to the other two segments. Geopolitical issues have pushed consumer sentiment to a record low, which has begun to manifest in lower demand for new loan products. Due to the diversification and strength of our business model, we remain confident in our ability to deliver another year of strong AEBITDA growth for shareholders."
First Quarter 2026 Business Highlights
Home segment revenue of $39.1 million increased 6% over first quarter 2025 and produced segment profit of $10.0 million, a decrease of 24% from the same period due to targeted spend in the quarter and higher overall media costs.
Within Home revenue, Home Equity continues to be the primary driver of growth.
Consumer segment revenue of $66.3 million increased 18% from first quarter 2025.
Revenue from our small business offering increased 49% over prior year.
Insurance segment revenue of $221.9 million increased 51% over first quarter 2025 and translated into segment profit of $57.9 million, up 50% over the same period.
GAAP net income was $17.3 million, or $1.22 per diluted share.
LendingTree Summary Financial Metrics
(In millions, except per share amounts)
Three Months Ended
March 31,
Y/Y
Three Months Ended December 31,
Q/Q
2026
2025
% Change
2025
% Change
Total revenue
$ 327.3
$ 239.7
37 %
$ 319.7
2 %
Income (loss) before income taxes
$ 22.9
$ (14.8)
255 %
$ 13.5
70 %
Income tax (expense) benefit
$ (5.6)
$ 2.4
333 %
$ 131.2
104 %
Net income (loss)
$ 17.3
$ (12.4)
240 %
$ 144.7
(88) %
Net income (loss) % of revenue
5 %
(5) %
45 %
Income (loss) per share
Basic
$ 1.25
$ (0.92)
$ 10.54
Diluted
$ 1.22
$ (0.92)
$ 10.27
Variable marketing margin
Total revenue
$ 327.3
$ 239.7
37 %
$ 319.7
2 %
Variable marketing expense (1) (2)
$ (227.8)
$ (162.0)
41 %
$ (227.7)
— %
Variable marketing margin (2)
$ 99.5
$ 77.7
28 %
$ 92.0
8 %
Variable marketing margin % of revenue (2)
30 %
32 %
29 %
Adjusted EBITDA (2)
$ 42.0
$ 24.6
71 %
$ 36.7
14 %
Adjusted EBITDA % of variable marketing margin (2)
42 %
32 %
40 %
(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, and adjusted EBITDA % of variable marketing margin 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
March 31,
Y/Y
Three Months Ended December 31,
Q/Q
2026
2025
% Change
2025
% Change
Home (1)
Revenue
$ 39.1
$ 37.0
6 %
$ 36.2
8 %
Segment profit
$ 10.0
$ 13.1
(24) %
$ 10.4
(4) %
Segment profit % of revenue
26 %
35 %
29 %
Consumer (2)
