Bumble Inc. Announces Fourth Quarter and Full Year 2025 Results

View all news 03/11/2026 Total Revenue in 2025 Decreased 10% to $966 Million Full-year Net Cash Provided by Operating Activities was $250 Million Bumble Inc. (NASDAQ: BMBL) today reported financial results for the fourth quarter and full year ended December 31, 2025. “In 2025, we made the deliberate choice to return Bumble to its women-first foundation, raising the bar on trust and authenticity while addressing pain points our members experience with online dating,” said Whitney Wolfe Herd, Founder & CEO of Bumble Inc. “We believe that when women feel safe, confident, and intentional about who they meet, the entire ecosystem works better. With the heavy lift of our quality reset behind us, we are accelerating product innovation and prioritizing member experience enhancements. We are building from a stronger base and positioning Bumble for its next chapter of product-led growth.” Fourth Quarter 2025 Financial and Operational Highlights: (all comparisons relative to the Fourth Quarter 2024) Total Revenue decreased 14.3% to $224.2 million, compared to $261.6 million.Bumble App Revenue decreased 14.8% to $181.0 million, compared to $212.4 million.Badoo App and Other Revenue decreased 12.4% to $43.2 million, compared to $49.3 million.Total Paying Users decreased 20.5% to 3.3 million, compared to 4.2 million.Total Average Revenue per Paying User ("ARPPU") increased 7.9% to $22.20, compared to $20.58.Net loss was $611.1 million, or (272.6)% of revenue, which included $630.5 million of non-cash impairment charges, compared to net earnings of $9.3 million, or 3.6% of revenue.Adjusted EBITDA was $71.6 million, or 31.9% of revenue, compared to $72.5 million, or 27.7% of revenue.Net cash provided by (used in) operating activities was $59.1 million, compared to $(5.4) million. Full Year 2025 Operational and Financial Highlights: (all comparisons relative to the Full Year 2024) Total Revenue decreased 9.9% to $965.7 million, compared to $1,071.6 million.Bumble App Revenue decreased 9.6% to $783.0 million, compared to $866.3 million.Badoo App and Other Revenue decreased 11.1% to $182.6 million, compared to $205.4 million.Total Paying Users decreased 11.5% to 3.7 million, compared to 4.1 million.Total ARPPU increased 1.9% to $21.64, compared to $21.23.Net loss was $906.6 million, or (93.9)% of revenue, which included $1,039.0 million of non-cash impairment charges, compared to net loss of $768.4 million, or (71.7)% of revenue, which included $892.2 million of non-cash impairment charges.Adjusted EBITDA was $313.6 million, or 32.5% of revenue, compared to $304.1 million, or 28.4% of revenue.Net cash provided by operating activities was $250.4 million, compared to $123.4 million. Information about Bumble's use of non-GAAP financial measures is provided below under “Non-GAAP Financial Measures.” “We executed according to plan in the fourth quarter, delivering results at the high end of our guidance ranges while completing the most intensive phase of our member base reset,” said Kevin Cook, CFO of Bumble Inc. “We continue to generate strong cash flow, and as we move into 2026, we are focused on maintaining financial discipline, thoughtfully investing in product innovation and preserving operating flexibility.” Key Operating Metrics: The following metrics were calculated excluding paying users of and revenue generated from Official, advertising, partnerships and affiliates and include paying users and revenue from Fruitz through July 2025, when the business was sold. Although Bumble For Friends app was relaunched as BFF in the United States in September 2025, the Company continues to generate revenue from the legacy Bumble For Friends app. As of December 31, 2025, BFF app has not generated any revenue and therefore is excluded from our key operating metrics. Please refer to the Definitions section for more information. (In thousands, except ARPPU) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Bumble App Paying Users 2,185.2 2,812.6 2,434.4 2,807.3 Badoo App and Other Paying Users 1,136.2 1,366.2 1,237.7 1,342.0 Total Paying Users 3,321.5 4,178.8 3,672.1 4,149.3 Bumble App Average Revenue per Paying User $ 27.61 $ 25.17 $ 26.80 $ 25.72 Badoo App and Other Average Revenue per Paying User $ 11.80 $ 11.13 $ 11.48 $ 11.85 Total Average Revenue per Paying User $ 22.20 $ 20.58 $ 21.64 $ 21.23 Balance Sheet: As of December 31, 2025, total cash and cash equivalents were $175.8 million and total debt was $588.5 million. Financial Outlook: A reconciliation of Adjusted EBITDA to GAAP net earnings (loss) and Adjusted EBITDA margin growth to GAAP net earnings (loss) margin growth, which is growth in GAAP net earnings (loss) as a percentage of revenue, has not been provided for the outlook included herein, as the quantification of certain items included in the calculation of GAAP net earnings (loss) cannot be calculated or predicted at this time without unreasonable efforts. For example, the non-GAAP adjustment for stock-based compensation expense requires additional inputs, such as number of shares granted and market price that are not currently ascertainable, and the non-GAAP adjustment for certain legal, tax and regulatory reserves and expenses depends on the timing and magnitude of these expenses and cannot be accurately forecasted. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on its future GAAP financial results. Bumble anticipates the following results for the first quarter ending March 31, 2026: First Quarter 2026: Total Revenue in the range of $209 million to $213 million, which includes:Bumble App Revenue of $171 million to $174 million.Adjusted EBITDA of $76 million to $80 million. Actual results may differ materially from Bumble’s financial outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below. Conference Call and Webcast Information Bumble will host a live webcast of its conference call to discuss its fourth quarter and full year 2025 financial results at 4:30 p.m. Eastern Time today, March 11, 2026. A webcast of the call and other information related to the call will be accessible on the Investors section of the Company’s website at https://ir.bumble.com. A webcast replay will be available approximately two hours after the conclusion of the live event. Definitions As used in this press release, unless otherwise noted or the context requires otherwise, the following terms have the following meanings. Our key metrics (Bumble App Paying Users, Badoo App and Other Paying Users, Total Paying Users, Bumble App Average Revenue per Paying User, Badoo App and Other Average Revenue per Paying User, and Total Average Revenue per Paying User) were calculated excluding paying users and revenue generated from Official, advertising, partnerships and affiliates and include paying users and revenue from Fruitz through July 2025, when the business was sold. Although the Bumble For Friends app was relaunched as BFF in the United States in September 2025, we continue to generate revenue from the legacy Bumble For Friends app. As of December 31, 2025, BFF app has not generated any revenue and therefore is excluded from our key operating metrics. Total Revenue is the sum of Bumble App Revenue and Badoo App and Other Revenue. Total Paying Users is the sum of Bumble App Paying Users and Badoo App and Other Paying Users. Total Average Revenue per Paying User or Total ARPPU is a metric calculated based on Total Revenue in any measurement period divided by the Total Paying Users in such period divided by the number of months in the period. Bumble App Revenue is revenue derived from purchases or renewals of a Bumble app or Bumble For Friends app subscription plan and/or in-app purchases on Bumble app or Bumble For Friends app in the relevant period. Bumble App Paying User is a member that has purchased or renewed a Bumble app or Bumble For Friends app subscription plan and/or made an in-app purchase on Bumble app or Bumble For Friends app in a given month. We calculate Bumble App Paying Users as a monthly average, by counting the number of Bumble App Paying Users in each month and then dividing by the number of months in the relevant measurement period. Bumble App Average Revenue per Paying User or Bumble App ARPPU is a metric calculated based on Bumble App Revenue in any measurement period, divided by Bumble App Paying Users in such period divided by the number of months in the period. Badoo App and Other Revenue is revenue derived from purchases or renewals of a Badoo app subscription plan and/or in-app purchases on Badoo app in the relevant period, purchases on one of our other apps that we owned and operated in the relevant period, purchases on other third party apps that used our technology in the relevant period and advertising, partnerships or affiliates revenue in the relevant period. Badoo App and Other Paying User is a member that has purchased or renewed a subscription plan and/or made an in-app purchase on Badoo app in a given month or made a purchase on one of our other apps that we owned and operated in a given month, or made a purchase on other third-party apps that used our technology in the relevant period. We calculate Badoo App and Other Paying Users as a monthly average, by counting the number of Badoo App and Other Paying Users in each month and then dividing by the number of months in the relevant measurement period. Badoo App and Other Average Revenue per Paying User or Badoo App and Other ARPPU is a metric calculated based on Badoo App and Other Revenue in any measurement period divided by Badoo App and Other Paying Users in such period divided by the number of months in the period. Non-GAAP Financial Measures We report our financial results in accordance with GAAP, however, management believes that certain non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. We believe Adjusted EBITDA provides visibility to the underlying continuing operating performance by excluding the impact of certain expenses, including income tax (benefit) provision, interest and derivative (gains) losses, net, depreciation and amortization expense, stock-based compensation expenses, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment loss, and costs associated with restructuring, as management does not believe these expenses are representative of our core earnings. We also provide Adjusted EBITDA margin, which is calculated as Adjusted EBITDA divided by revenue. In addition to Adjusted EBITDA and Adjusted EBITDA margin, we believe free cash flow and free cash flow conversion provide useful information regarding how cash provided by (used in) operating activities compares to the capital expenditures required to maintain and grow our business, and our available liquidity, after funding such capital expenditures, to service our debt, fund strategic initiatives, effectuate discretionary share repurchases and strengthen our balance sheet, as well as our ability to convert our earnings to cash. Additionally, we believe such metrics are widely used by investors, securities analysts, ratings agencies and other parties in evaluating liquidity and debt-service capabilities. We calculate free cash flow and free cash flow conversion using methodologies that we believe can provide useful supplemental information to help investors better understand underlying trends in our business. Our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as substitutes for analysis of our operating results as reported under GAAP. Additionally, we do not consider our non-GAAP financial measures as superior to, or a substitute for, the equivalent measures calculated and presented in accordance with GAAP. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is defined as net earnings (loss) excluding income tax (benefit) provision, interest and derivative (gains) losses, net, depreciation and amortization expense, stock-based compensation expense, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, changes in fair value of investments in equity securities, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business, tax receivable agreement liability remeasurement (benefit) expense, impairment loss, and restructuring costs. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. Free cash flow conversion represents free cash flow as a percentage of Adjusted EBITDA. Operating cash flow conversion represents net cash provided by (used in) operating activities as a percentage of net earnings (loss). Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements reflecting the current views of management of Bumble Inc. with respect to, among other things, our operations, our financial performance, our industry and our business and other non-historical statements, including without limitation statements related to our product innovation and member experience enhancement plans, statements regarding our ability to achieve product-led growth, our ability to maintain financial discipline and the statements in the “Financial Outlook” section of this press release. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believe(s),” “expect(s),” “potential,” “continue(s),” “may,” “will,” “should,” “could,” “would,” “seek(s),” “predict(s),” “intend(s),” “trends,” “plan(s),” “estimate(s),” “anticipate(s),” “projection,” “will likely result” and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include, but are not limited to, the following: our ability to retain existing members or attract new members and to convert members to paying users (including as a result of shifts in strategy)competition and changes in the competitive landscape of our marketour ability to distribute our dating products through third parties, such as Apple App Store or Google Play Store, and offset related feesour ability to attract, hire and retain a highly qualified and diverse workforce, or maintain our corporate culture, including as such factors may be impacted by our global workforce reductions and efforts to restructure our operationsour ability to maintain the value and reputation of our brandsrisks relating to changes to our existing brands and products, or the introduction or acquisition of new brands or productsrisks relating to certain of our international operations, including geopolitical conditions and successful expansion into new marketsthe impact of data security breaches or cyber attacks on our systems and the costs of remediation related to any such incidentschallenges with properly managing the use of artificial intelligenceour ability to obtain, maintain, protect and enforce intellectual property rights and successfully defend against claims of infringement, misappropriation or other violations of third-party intellectual propertyour ability to comply with complex and evolving U.S. and international laws and regulations relating to our business, including data privacy lawsour substantial indebtedness and our ability to repay or refinance such debt prior to its maturityaffiliates of Blackstone Inc.’s (“Blackstone”) and our Founder’s control of usthe outsized voting rights of Blackstone and our Founderthe risk that our restructuring efforts may not generate their intended benefits to the extent or as quickly as anticipatedrisks relating to the TRA Buyout, including changes in applicable laws or fluctuations in our taxable income that could impact our ability to realize the anticipated benefits from the TRA Buyoutrisks relating to the market price volatility of our Class A common stock, which could limit our ability to make acquisitions and retain key personnel and employees, and result in dilution if our stock-based compensation programs issue increased numbers of shares because of a depressed stock price or could result in increased cash compensation expense in the event that we shift the mix of incentive compensation in favor of cash-based awards over equity-based awardschanges in business or macroeconomic conditions, including the impact of lower consumer confidence in our business or in the online dating industry generally, recessionary conditions, increased unemployment rates, stagnant or declining wages, changes in inflation or interest rates, geopolitical events (such as trade wars), political unrest, armed conflicts, including conflicts in Eastern Europe and the Middle East, widespread health emergencies or pandemics and measures taken in response, extreme weather events or natural disastersforeign currency exchange rate fluctuations For additional information on these and other factors that could cause Bumble’s actual results to differ materially from expected results, please see our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2025, as such factors may be updated from time to time in our subsequent periodic filings, which are accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. About Bumble Bumble Inc. is the parent company of Bumble, Badoo and BFF. Bumble brings people closer to love by enabling them to build healthy relationships. Founded in 2014 by Whitney Wolfe Herd, who serves as CEO, Bumble was one of the first dating apps built with women at the center and connects people across dating (Bumble Date) and friendship (Bumble For Friends). Badoo, founded in 2006, was one of the pioneers of web and mobile dating products. BFF is a friendship app for friend-finding, group connections and community-building. Bumble Inc. Condensed Consolidated Balance Sheets (In thousands, except share and per share information) (Unaudited) December 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 175,760 $ 204,319 Accounts receivable (net of allowance of $86 and $103, respectively) 83,062 99,687 Other current assets 46,449 38,236 Total current assets 305,271 342,242 Right-of-use assets 10,198 11,232 Property and equipment (net of accumulated depreciation of $22,706 and $21,811, respectively) 6,896 8,495 Goodwill 732,715 1,386,229 Intangible assets, net 351,454 748,906 Deferred tax assets, net 42 16,300 Other noncurrent assets 7,114 11,483 Total assets $ 1,413,690 $ 2,524,887 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 9,231 $ 6,609 Deferred revenue 36,790 43,411 Accrued expenses and other current liabilities 86,226 82,800 Current portion of long-term debt, net 5,750 5,750 Total current liabilities 137,997 138,570 Long-term debt, net 582,715 611,346 Deferred tax liabilities, net 318 777 Payable to related parties pursuant to a tax receivable agreement — 400,926 Other long-term liabilities 22,939 24,214 Total liabilities 743,969 1,175,833 Commitments and contingencies Shareholders’ equity: Class A common stock (par value $0.01 per share, 6,000,000,000 shares authorized; 129,613,455 shares issued and outstanding as of December 31, 2025; 107,107,632 shares issued and shares outstanding as of December 31, 2024) 1,297 1,071 Class B common stock (par value 0.01 per share, 1,000,000 shares authorized; 17 shares issued and outstanding as of December 31, 2025; 20 shares issued and outstanding as of December 31, 2024) — — Preferred stock (par value $0.01; 600,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) — — Treasury stock (no shares outstanding as of December 31, 2025 and December 31, 2024, respectively) — — Additional paid-in capital 1,803,429 1,453,483 Accumulated deficit (1,403,466 ) (701,092 ) Accumulated other comprehensive income 158,948 71,073 Total Bumble Inc. shareholders’ equity 560,208 824,535 Noncontrolling interests 109,513 524,519 Total shareholders’ equity 669,721 1,349,054 Total liabilities and shareholders’ equity $ 1,413,690 $ 2,524,887 Bumble Inc. Condensed Consolidated Statements of Operations (In thousands, except per share information) (Unaudited) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Revenue $ 224,165 $ 261,648 $ 965,658 $ 1,071,643 Operating costs and expenses: Cost of revenue 64,605 77,953 281,515 318,835 Selling and marketing expense 40,864 66,444 165,450 261,172 General and administrative expense 34,015 38,085 138,075 128,521 Product development expense 24,885 24,123 121,513 100,725 Depreciation and amortization expense 4,998 18,074 25,856 70,616 Impairment loss 630,541 — 1,039,027 892,248 Total operating costs and expenses 799,908 224,679 1,771,436 1,772,117 Operating earnings (loss) (575,743 ) 36,969 (805,778 ) (700,474 ) Interest expense, net (9,499 ) (12,136 ) (42,448 ) (39,945 ) Other expense, net (2,204 ) (8,642 ) (12,750 ) (4,827 ) Income (loss) before income taxes (587,446 ) 16,191 (860,976 ) (745,246 ) Income tax provision (23,695 ) (6,865 ) (45,672 ) (23,128 ) Net earnings (loss) (611,141 ) 9,326 (906,648 ) (768,374 ) Net earnings (loss) attributable to noncontrolling interests (111,729 ) 5,147 (204,274 ) (211,366 ) Net earnings (loss) attributable to Bumble Inc. shareholders $ (499,412 ) $ 4,179 $ (702,374 ) $ (557,008 ) Net earnings (loss) per share attributable to Bumble Inc. shareholders Basic and diluted loss per share $ (4.06 ) $ 0.04 $ (6.03 ) $ (4.61 ) Bumble Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Cash flows from operating activities: Net loss $ (611,141 ) $ 9,326 $ (906,648 ) $ (768,374 ) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Impairment loss 630,541 — 1,039,027 892,248 Depreciation and amortization expense 4,998 18,074 25,856 70,616 Changes in fair value of interest rate swaps 641 (4,559 ) 5,149 2,436 Changes in fair value of contingent earn-out liability (323 ) 1,824 (2,500 ) (20,208 ) Non-cash lease expense 846 804 3,276 3,402 Tax receivable agreement liability remeasurement expense — 7,390 700 8,341 Deferred income tax 14,259 4,708 17,091 5,022 Stock-based compensation expense 9,592 13,972 31,189 26,245 Net foreign exchange difference 4,291 (20,660 ) 17,159 (12,645 ) Other, net 1,172 19,401 6,339 3,746 Changes in assets and liabilities: Accounts receivable 9,095 4,526 15,144 5,788 Other current assets (10,997 ) (3,073 ) (7,581 ) (4,732 ) Accounts payable 5,515 (326 ) 2,604 1,932 Deferred revenue (2,121 ) (1,918 ) (6,621 ) (5,338 ) Legal liabilities (400 ) (39,719 ) — (65,763 ) Lease liabilities (937 ) (185 ) (3,833 ) (1,213 ) Accrued expenses and other current liabilities 13,609 (15,359 ) 16,045 (19,011 ) Other, net (9,577 ) 376 (2,033 ) 949 Net cash provided by (used in) operating activities 59,063 (5,398 ) 250,363 123,441 Cash flows from investing activities: Capital expenditures (2,737 ) (3,169 ) (11,682 ) (9,319 ) Acquisition of business, net of cash acquired — — — — Acquisition of intangible assets — — — (17,435 ) Net cash used in investing activities (2,737 ) (3,169 ) (11,682 ) (26,754 ) Cash flows from financing activities: Repayment of term loan (1,438 ) (1,437 ) (30,750 ) (5,750 ) Debt issuance costs — (189 ) — (189 ) Distributions paid to noncontrolling interest holders (1 ) (41 ) (5,195 ) (7,918 ) Share repurchases — (40,270 ) (28,682 ) (192,113 ) Purchase of Common Units — — — (22,184 ) Withholding tax paid on behalf of employees on stock-based awards (1,041 ) (1,142 ) (8,830 ) (10,732 ) Payments on tax receivable agreement (185,745 ) — (194,662 ) (11,942 ) Net cash used in financing activities (188,225 ) (43,079 ) (268,119 ) (250,828 ) Effects of exchange rate changes on cash and cash equivalents (113 ) 3,444 1,630 2,001 Net decrease in cash and cash equivalents and restricted cash (132,012 ) (48,202 ) (27,808 ) (152,140 ) Cash and cash equivalents and restricted cash, beginning of the period 311,266 255,264 207,062 359,202 Cash and cash equivalents and restricted cash, end of the period $ 179,254 $ 207,062 $ 179,254 $ 207,062 Less restricted cash (3,494 ) (2,743 ) (3,494 ) (2,743 ) Cash and cash equivalents, end of the period $ 175,760 $ 204,319 $ 175,760 $ 204,319 Bumble Inc. Reconciliation of GAAP to NON-GAAP Financial Measures (Unaudited) Reconciliation of Net Earnings (Loss) to Adjusted EBITDA and Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow (In thousands, except percentages) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Net earnings (loss) $ (611,141 ) $ 9,326 $ (906,648 ) $ (768,374 ) Add back: Income tax provision 23,695 6,865 45,672 23,128 Interest and derivative (gains) losses, net(1) 9,499 5,141 42,448 39,945 Depreciation and amortization expense 4,998 18,074 25,856 70,616 Stock-based compensation expense 9,592 13,972 31,189 26,245 Employer costs related to stock-based compensation(2) 198 248 1,751 2,638 Litigation costs, net of insurance reimbursements(3) 2,096 1,035 7,051 10,730 Foreign exchange (gain) loss(4) 1,751 7,738 12,138 (3,777 ) Restructuring costs(5) 18 — 14,597 20,355 Transaction and other costs(6) 196 375 1,840 1,672 Changes in fair value of contingent earn-out liability (323 ) 1,824 (2,500 ) (20,208 ) Changes in fair value of investments in equity securities 458 517 516 543 Tax receivable agreement liability remeasurement expense(7) — 7,390 700 8,341 Impairment loss(8) 630,541 — 1,039,027 892,248 Adjusted EBITDA $ 71,578 $ 72,505 $ 313,637 $ 304,102 Net earnings (loss) margin (272.6 )% 3.6 % (93.9 )% (71.7 )% Adjusted EBITDA margin 31.9 % 27.7 % 32.5 % 28.4 % Net cash provided by operating activities $ 59,063 $ (5,398 ) $ 250,363 $ 123,441 Less: Capital expenditures (2,737 ) (3,169 ) (11,682 ) (9,319 ) Free cash flow $ 56,326 $ (8,567 ) $ 238,681 $ 114,122 Operating cash flow conversion * (57.9 )% * * Free cash flow conversion 78.7 % (11.8 )% 76.1 % 37.5 % *Not meaningful (1) Includes interest income received on money market funds and interest rate swaps, fair value changes in interest rate swaps, and interest expense incurred in connection with our long-term debt. (2) Represents employer portion of Social Security and Medicare payroll taxes domestically, National Insurance contributions in the United Kingdom and comparable costs internationally related to the settlement of equity awards. (3) Represents certain litigation costs, net of insurance proceeds, associated with pending litigations or settlements of litigation that arise outside of the ordinary course of business. (4) Represents foreign exchange (gain) loss due to foreign currency transactions. (5) Represents costs associated with discontinuing the operations of the Fruitz and Official apps and the 2025 and 2024 Restructuring Plans, such as severance, benefits and other related costs. (6) Represents transaction and other costs primarily related to acquisitions and divestiture of business. (7) Represents recognized adjustments to the tax receivable agreement liability. (8) Represents impairment charges to goodwill, indefinite-lived intangible assets, Fruitz asset held for sale, the Official asset group and trademarks in 2025, as well as the indefinite-lived intangible assets, Fruitz asset group, and goodwill in 2024. Supplementary Information (Unaudited) Stock-Based Compensation Expense (In thousands) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Cost of revenue $ (195 ) $ 326 $ 18 $ 690 Selling and marketing expense 950 1,032 1,420 (1,296 ) General and administrative expense 7,419 8,506 13,389 22,673 Product development expense 1,418 4,108 16,362 4,178 Total stock-based compensation expense $ 9,592 $ 13,972 $ 31,189 $ 26,245 Reconciliation of GAAP costs and expenses to non-GAAP costs and expenses by function (In thousands) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Cost of revenue GAAP $ 64,605 $ 77,953 $ 281,515 $ 318,835 Stock-based compensation expense 195 (326 ) (18 ) (690 ) Employer costs related to stock-based compensation (5 ) (15 ) (55 ) (128 ) Restructuring costs (43 ) — (912 ) (971 ) Transaction and other costs — — (434 ) (423 ) Cost of revenue non-GAAP $ 64,752 $ 77,612 $ 280,096 $ 316,623 (In thousands) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Selling and marketing expense GAAP $ 40,864 $ 66,444 $ 165,450 $ 261,172 Stock-based compensation expense (950 ) (1,032 ) (1,420 ) 1,296 Employer costs related to stock-based compensation (8 ) (24 ) (77 ) (253 ) Restructuring costs (109 ) — (2,483 ) (3,244 ) Selling and marketing expense non-GAAP $ 39,797 $ 65,388 $ 161,470 $ 258,971 (In thousands) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 General and administrative expense GAAP $ 34,015 $ 38,085 $ 138,075 $ 128,521 Changes in fair value of contingent earn-out liability 323 (1,824 ) 2,500 20,208 Litigation costs, net of insurance proceeds (2,096 ) (1,035 ) (7,051 ) (10,730 ) Stock-based compensation expense (7,419 ) (8,506 ) (13,389 ) (22,673 ) Employer costs related to stock-based compensation (63 ) (65 ) (472 ) (884 ) Restructuring costs (52 ) — (4,747 ) (6,094 ) Transaction and other costs 15 (71 ) (238 ) (597 ) General and administrative expense non-GAAP $ 24,723 $ 26,584 $ 114,678 $ 107,751 (In thousands) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Product development expense GAAP $ 24,885 $ 24,123 $ 121,513 $ 100,725 Stock-based compensation expense (1,418 ) (4,108 ) (16,362 ) (4,178 ) Employer costs related to stock-based compensation (122 ) (144 ) (1,147 ) (1,373 ) Restructuring costs 186 — (6,455 ) (10,046 ) Transaction and other costs (211 ) (304 ) (1,178 ) (652 ) Product development expense non-GAAP $ 23,320 $ 19,567 $ 96,371 $ 84,476 (In thousands) Quarter Ended December 31, 2025 Quarter Ended December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Total operating costs and expenses GAAP $ 799,908 $ 224,679 $ 1,771,436 $ 1,772,117 Impairment loss (630,541 ) — (1,039,027 ) (892,248 ) Depreciation and amortization expense (4,998 ) (18,074 ) (25,856 ) (70,616 ) Changes in fair value of contingent earn-out liability 323 (1,824 ) 2,500 20,208 Litigation costs, net of insurance proceeds (2,096 ) (1,035 ) (7,051 ) (10,730 ) Stock-based compensation expense (9,592 ) (13,972 ) (31,189 ) (26,245 ) Employer costs related to stock-based compensation (198 ) (248 ) (1,751 ) (2,638 ) Restructuring costs (18 ) — (14,597 ) (20,355 ) Transaction and other costs (196 ) (375 ) (1,850 ) (1,672 ) Total operating costs and expenses non-GAAP $ 152,592 $ 189,151 $ 652,615 $ 767,821 Source: Bumble Inc. 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