# Bumble Inc. (BMBL) Informational only - not investment advice. CIK: 0001830043 SIC: 7370 Services-Computer Programming, Data Processing, Etc. SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7370 Services-Computer Programming, Data Processing, Etc.](/industry/7370/) Latest 10-K filed: 2026-03-16 SEC page: https://www.sec.gov/edgar/browse/?CIK=1830043 Filing source: https://www.sec.gov/Archives/edgar/data/1830043/000183004326000027/bmbl-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 965658000 | USD | 2025 | 2026-03-16 | | Net income | -693138000 | USD | 2025 | 2026-03-16 | | Assets | 1425078000 | USD | 2025 | 2026-03-16 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001830043.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 488,940,000 | 539,546,000 | 760,910,000 | 903,503,000 | 1,051,830,000 | 1,071,643,000 | 965,658,000 | | Net income | 66,146,000 | -110,299,000 | 309,815,000 | -79,746,000 | -4,213,000 | -557,008,000 | -693,138,000 | | Operating income | 93,253,000 | -77,238,000 | -134,683,000 | -102,844,000 | 53,373,000 | -700,474,000 | -805,778,000 | | Diluted EPS | 0.00 | -0.04 | 1.45 | -0.62 | -0.03 | -4.61 | -5.95 | | Operating cash flow | 101,392,000 | 53,069,000 | 104,837,000 | 132,941,000 | 182,086,000 | 123,441,000 | 250,366,000 | | Share buybacks | 0.00 | 0.00 | 1,018,365,000 | 0.00 | 112,830,000 | 192,113,000 | 28,682,000 | | Assets | | 3,637,268,000 | 3,776,996,000 | 3,692,621,000 | 3,625,127,000 | 2,524,887,000 | 1,425,078,000 | | Liabilities | | 1,552,487,000 | 1,307,227,000 | 1,239,042,000 | 1,287,854,000 | 1,175,833,000 | 743,969,000 | | Stockholders' equity | | 2,083,973,000 | 1,608,196,000 | 1,627,815,000 | 1,635,015,000 | 824,535,000 | 569,993,000 | | Cash and cash equivalents | 57,449,000 | 128,029,000 | 369,175,000 | 402,559,000 | 355,642,000 | 204,319,000 | 175,760,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 13.53% | -20.44% | 40.72% | -8.83% | -0.40% | -51.98% | -71.78% | | Operating margin | 19.07% | -14.32% | -17.70% | -11.38% | 5.07% | -65.36% | -83.44% | | Return on equity | | -5.29% | 19.26% | -4.90% | -0.26% | -67.55% | -121.60% | | Return on assets | | -3.03% | 8.20% | -2.16% | -0.12% | -22.06% | -48.64% | | Liabilities / equity | | 0.74 | 0.81 | 0.76 | 0.79 | 1.43 | 1.31 | | Current ratio | | 1.04 | 2.67 | 2.37 | 2.01 | 2.47 | 2.21 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001830043.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q1 | 2022-03-31 | | | 0.13 | reported discrete quarter | | 2022-Q2 | 2022-06-30 | | | -0.03 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.14 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 259,735,000 | 6,753,000 | 0.05 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 275,510,000 | 16,671,000 | 0.12 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 273,637,000 | -26,026,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 267,775,000 | 24,617,000 | 0.19 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 268,615,000 | 27,395,000 | 0.22 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 273,605,000 | -613,199,000 | -5.11 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 261,648,000 | 4,179,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 247,101,000 | 13,444,000 | 0.13 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 248,229,000 | -253,744,000 | -2.45 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 246,163,000 | 37,338,000 | 0.33 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 224,165,000 | -490,176,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 212,383,000 | 45,211,000 | 0.34 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1830043/000183004326000060/bmbl-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-05-06 Report date: 2026-03-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of the financial condition and results of operations of Bumble Inc. in conjunction with our unaudited condensed consolidated financial statements and related notes included elsewhere in Part I, “Item 1 – Financial Statements (Unaudited).” This discussion contains forward-looking statements that involve risks and uncertainties about our business and operations. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include, without limitation, those discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations and those identified under “Special Note Regarding Forward-Looking Statements” herein and Part I, “Item 1A—Risk Factors" in our 2025 Form 10-K. Overview We provide online dating and social networking applications through free, subscription and in-app purchases of products servicing North America, Europe and various other countries around the world. Bumble operates a family of apps, including Bumble, BFF and Badoo. Bumble app, launched in 2014, is one of the first dating apps built with women at the center. Bumble app is a leader in the online dating sector across several countries, including the United States, the United Kingdom, Australia and Canada. Badoo app, launched in 2006, was one of the pioneers of web and mobile free-to-use dating products. Badoo app’s focus is to make finding meaningful connections easy, fun and accessible for a mainstream global audience. Badoo app continues to be a market leader in several countries in Europe and Latin America. Building on the BFF mode in Bumble app, in July 2023, we officially launched a standalone Bumble For Friends app, which we relaunched in September 2025 as BFF in the United States, our dedicated app for friend-finding, group connections and community-building. Year-to-Date ended March 31, 2026 Consolidated Results For the three months ended March 31, 2026 and 2025, we generated: •Total revenue of $212.4 million and $247.1 million, respectively; •Bumble App Revenue of $172.7 million and $201.8 million, respectively; •Badoo App and Other Revenue of $39.7 million and $45.3 million, respectively; •Net earnings of $52.6 million and $19.8 million, respectively, representing net earnings margin of 24.8% and 8.0% respectively; and •Adjusted EBITDA of $82.6 million and $64.4 million, respectively, representing Adjusted EBITDA margin of 38.9% and 26.1%, respectively; •Net cash provided by operating activities of $77.2 million and $43.2 million, respectively, and operating cash flow conversion of 146.8% and 218.1%, respectively; and •Free cash flow of $73.8 million and $40.8 million, respectively, representing free cash flow conversion of 89.4% and 63.4%, respectively. For a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow and Free Cash Flow Conversion, which are all non-GAAP measures, to the most directly comparable GAAP financial measures, information about why we consider Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow conversion useful and a discussion of the material risks and limitations of these measures, please see “Non-GAAP Financial Measures.” Key Operating and Financial Metrics We regularly review a number of metrics, including the following key operating and financial metrics, to evaluate our business, measure our performance, identify trends in our business, prepare financial projections and make strategic decisions. We believe these non-GAAP and operational measures are useful in evaluating our performance, in addition to our financial results prepared in accordance with GAAP. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. 27 The following metrics were calculated excluding paying users of and revenue generated from Official, advertising and partnerships or affiliates. The Bumble For Friends app was relaunched as BFF in the United States in September 2025. The Company has not sought to generate revenue from the BFF app and therefore it is excluded from our key operating metrics as of March 31, 2026.. (In thousands, except ARPPU) Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Bumble App Paying Users 2,082.0  2,708.4  Badoo App and Other Paying Users 1,084.3  1,306.3  Total Paying Users 3,166.3  4,014.7  Bumble App Average Revenue per Paying User $ 27.65  $ 24.84  Badoo App and Other Average Revenue per Paying User $ 11.26  $ 10.72  Total Average Revenue per Paying User $ 22.04  $ 20.24  (In thousands, except per share data and percentages) Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Condensed Consolidated Statements of Operations Data: Revenue 212,383  247,101  Net earnings 52,622  19,831  Net earnings attributable to Bumble Inc. shareholders 45,211  13,444  Net earnings (loss) per share attributable to Bumble Inc. shareholders     Basic earnings (loss) per share $ 0.35  $ 0.13      Diluted earnings (loss) per share $ 0.34  $ 0.13  (In thousands) March 31, 2026 December 31, 2025 Condensed Consolidated Balance Sheets Data: Total assets $ 1,472,905  $ 1,425,078  Cash and cash equivalents 245,589  175,760  Long-term debt, net including current maturities 587,490  588,465  Profitability and Liquidity We use net earnings (loss) and net cash provided by (used in) operating activities to assess our profitability and liquidity, respectively. In addition to net earnings (loss) and net cash provided by (used in) operating activities, we also use the following measures: •Adjusted EBITDA. We define Adjusted EBITDA 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. We define free cash flow 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. Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow conversion are key measures we use to assess our financial performance and are also used for internal planning and forecasting purposes. We believe Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow conversion are helpful to investors, analysts and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. In addition, these measures are frequently used by analysts, investors and other interested parties to evaluate and assess performance. See “Non-GAAP Financial Measures” for additional information and a reconciliation of net earnings (loss) to Adjusted EBITDA and Adjusted EBITDA margin and net cash provided by (used in) operating activities to free cash flow. 28 Key Factors Affecting our Performance Our results of operations and financial condition have been, and will continue to be, affected by a number of factors, including those discussed below. Growth Strategy As previously disclosed, we have implemented a business strategy and transformation plan intended to deliver durable member value and drive long-term sustainable revenue. As part of this strategy, we have focused on fostering a vibrant and healthy membership base and improving the member experience through product innovation, including modernizing our technology and increased use of artificial intelligence in our products and in the optimization of our operations. To align with these priorities, we have (a) strategically shifted away from paid member acquisition in favor of brand and organic investment and (b) limited performance marketing to targeted usage aimed at acquiring quality members who we believe will be additive to the health of our membership base. As we transition from the completion of the quality reset to our membership base, our primary focus has shifted to improving the member experience through product innovation. As we address these areas of focus, our revenue and paying users have been, and may continue to be, negatively impacted in the short term. Furthermore, if we do not successfully implement this strategy, our business, financial condition and results of operations could be materially adversely affected. See also “If we fail to retain existing members or add new members, or if our members decrease their level of engagement with our products or do not convert to paying users, our revenue, financial results and business may be significantly harmed” and “We are subject to certain risks as a mission-based company” in Part I, “Item 1A—Risk Factors—Risks Related to Our Brands, Products and Operations” of our 2025 Form 10-K. Macroeconomic Conditions Macroeconomic conditions, including the conflicts in Eastern Europe and the Middle East, slower growth or economic recession, changes to fiscal, monetary, and trade policy, including the introduction of higher tariffs by the U.S. government, inflationary pressures that may affect consumer spending, and fluctuations in foreign currency exchange rates, have impacted and may continue to impact our results of operations, as well as our members who face greater pressure on disposable income. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results. For additional information, see Part I, “We are exposed to changes in the global macroeconomic environment beyond our control, which may adversely affect consumer discretionary spending, demand for our products and services, our expenses, and our ability to execute strategic plans” in “Item 1A—Risk Factors—General Risk Factors” of our 2025 Form 10-K. Factors Affecting the Comparability of Our Results of Operations As a result of a number of factors, our historical results of operations may not be comparable from period to period or going forward. Set forth below is a brief discussion of the key factors impacting the comparability of our results of operations. Share Repurchase Program We have a share repurchase program authorizing the repurchase of up to $450.0 million of our outstanding Class A common stock with repurchases under the program to be made on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or other means, including privately negotiated transactions. During the three months ended March 31, 2026, we did not repurchase any shares of Class A common stock. During the three months ended March 31, 2025, we repurchased 4.7 million shares of Class A common stock for $28.7 million, excluding excise tax obligations. As of March 31, 2026, a total of $50.1 million remains available for repurchase under the repurchase program. For additional information, see Note 2, Summary of Selected Significant Accounting Policies —Share Repurchase Program, to our unaudited condensed consolidated financial statements included in Part I, “Item 1 – Financial Statements (Unaudited)” of this Quarterly Report on Form 1 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of the financial condition and results of operations of Bumble Inc. in conjunction with our consolidated financial statements and the related notes included in Part II, “Item 8—Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties about our business and operations. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include without limitation those discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations and those identified in Part I, “Item 1A—Risk Factors” of this Annual Report on Form 10-K. Overview We provide online dating and social networking applications through free subscription and in-app purchases of products servicing North America, Europe and various other countries around the world. Bumble operates a family of apps, including Bumble, BFF, and Badoo. Bumble app, launched in 2014, is one of the first dating apps built with women at the center. Bumble app is a leader in the online dating sector across several countries, including the United States, the United Kingdom, Australia and Canada. Badoo app, launched in 2006, was one of the pioneers of web and mobile free-to-use dating products. Badoo app’s focus is to make finding meaningful connections easy, fun and accessible for a mainstream global audience. Badoo app continues to be a market leader in several countries in Europe and Latin America. Building on the BFF mode in Bumble app, in July 2023, we officially launched a standalone Bumble For Friends app, which we relaunched in September 2025 as BFF in the United States, our dedicated app for friend-finding, group connections and community-building. Overview of Financial Results For the years ended December 31, 2025, 2024, and 2023, we generated: •Total Revenue of $965.7 million, $1,071.6 million and $1,051.8 million, respectively; •Bumble App Revenue of $783.0 million, $866.3 million, and $844.8 million, respectively; •Badoo App and Other Revenue of $182.6 million, $205.4 million, and $207.1 million, respectively; •Net loss of $895.3 million, or (92.7)% of revenue, which included a $1,039.0 million impairment loss, $768.4 million, or (71.7)% of revenue, which included an $892.2 million impairment loss, and $1.9 million, or (0.2)% of revenue, respectively; •Adjusted EBITDA of $313.6 million, $304.1 million and $275.6 million, respectively, representing Adjusted EBITDA margins of 32.5%, 28.4% and 26.2%, respectively; •Net cash provided by operating activities of $250.4 million, $123.4 million and $182.1 million, respectively; and •Free cash flow of $238.7 million, $114.1 million and $167.2 million, respectively, representing free cash flow conversion of 76.1%, 37.5% and 60.7%, respectively. For a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow and Free Cash Flow Conversion, which are all non-GAAP measures, to the most directly comparable GAAP financial measures, information about why we consider Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow conversion useful and a discussion of the material risks and limitations of these measures, please see “—Non-GAAP Financial Measures.” Key Operating Metrics We regularly review a number of metrics, including the following key operating metrics, to evaluate our business, measure our performance, identify trends in our business, prepare financial projections and make strategic decisions. We believe these operational measures are useful in evaluating our performance, in addition to our financial results prepared in accordance with GAAP. Refer to the section “Certain Definitions” at the beginning of this Annual Report for the definitions of our Key Operating Metrics. The following metrics were calculated excluding paying users and revenue generated from Official, advertising and partnerships or affiliates. For periods prior to the fourth quarter of 2023, our key operating metrics exclude paying users and revenue generated from Fruitz; beginning in the fourth quarter of 2023, they include Fruitz through July 2025, when the business was sold. Prior period information and key operating metrics have not been recast to include paying users and revenue generated from Fruitz. Although the Bumble For Friends app was relaunched as BFF in the United States in September 2025, the Company continues to generate revenue 46 Table of Contents from the legacy Bumble For Friends app. As of December 31, 2025, the BFF app has not generated any revenue and therefore is excluded from our key operating metrics. (in thousands, except ARPPU) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Bumble App Paying Users 2,434.4 2,807.3 2,517.4 Badoo App and Other Paying Users 1,237.7 1,342.0 1,203.3 Total Paying Users 3,672.1 4,149.3 3,720.7 Bumble App Average Revenue per Paying User $ 26.80  $ 25.72  $ 27.97  Badoo App and Other Average Revenue per Paying User $ 11.48  $ 11.85  $ 12.70  Total Average Revenue per Paying User $ 21.64  $ 21.23  $ 23.03  Key Factors Affecting our Performance Our results of operations and financial condition have been, and will continue to be, affected by a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in Part I, “Item 1A—Risk Factors.” Growth Strategy As previously disclosed, we have implemented a new strategy and transformation plan intended to deliver durable member value and drive long-term sustainable revenue. As part of this strategy, we have focused on fostering a vibrant and healthy membership base, improving the member experience through product innovation, including modernizing our technology and increased use of artificial intelligence in our products and in the optimization of our operations. To align with these priorities, we have (a) strategically shifted away from paid member acquisition in favor of brand and organic investment and (b) limited performance marketing to targeted usage aimed at acquiring quality members who we believe will be additive to the health of our membership base. As we address these areas of focus, our member growth and success in attracting new members, member engagement and monetization may be negatively impacted. In addition, efforts to improve the health of our membership base, including trust and safety initiatives, such as the removal of bad actors from our apps, and strategically reducing paid performance marketing for member acquisition, have recently and may continue to adversely affect revenue and paying users in the short term. Furthermore, if we do not successfully implement our new strategy, our business, financial condition and results of operations could be materially adversely affected. See also “If we fail to retain existing members or add new members, or if our members decrease their level of engagement with our products or do not convert to paying users, our revenue, financial results and business may be significantly harmed” and “We are subject to certain risks as a mission-based company” in Part I, “Item 1A—Risk Factors—Risks Related to Our Brands, Products and Operations” in this Annual Report on Form 10-K. Growth in Monetization Our apps monetize via a freemium model where the use of our service is free and a subset of our members pay for subscriptions or in-app purchases to access premium features. We acquire new members through investments in our brand, supported by strategic use of marketing and word of mouth from existing members and others. We convert these members to Paying Users by introducing premium features which maximize the probability of developing meaningful connections and improving their experience. Our revenue growth primarily depends on Paying Users and ARPPU. We continually develop new monetization features and improve existing features in order to increase adoption of in-app purchases and our subscription programs striking a balance between the number of Paying Users and ARPPU. We also test new pricing strategies, including different pricing tiers and user segmentation and share those insights across our apps to optimize monetization. In 2025, we have experienced declines in paying users and revenue, which may limit near-term revenue growth and increase our reliance on a combination of future paying user growth, improvements in ARPPU, and monetization efficiency. While we see opportunity for growth in our core online dating market driven by the steady growth of the global singles population, increasing adoption of online dating both in the United States and globally and increasing propensity to pay for online dating, we may also face challenges increasing our Paying Users. These challenges may include the prevailing global economic climate, competition from alternative products, lack of appealing product features, enforcement of restrictive payment policies from in-app payment systems provided by Apple and Google, and slower rates of growth in the online dating market. Many variables will impact our ARPPU, including the number of Paying Users and mix of monetization offerings on our platform, as well as the effect of demographic shifts and geographic differences on all of these variables. Our pricing is in local currency and may 47 Table of Contents vary between markets. As foreign currency exchange rates change, translation of the statements of operations into U.S. dollars could negatively impact revenue and distort year-over-year comparability of operating results. If paying users decline or ARPPU does not increase as expected, our revenue, results of operations and financial condition could be adversely affected. Expansion into New Geographic Markets We are focused on growing our platform globally, including through entering new markets and investing in under-penetrated markets. As we introduce Bumble app or BFF app to new markets throughout Europe, Asia, and Latin America, we can leverage the local insights and scale of Badoo app’s existing global footprint to efficiently enter new markets. Badoo app and BFF app can also leverage Bumble’s marketing expertise and strength in North America to support growth in that market. Expanding into new geographies and in existing geographies will require increased investment in marketing, as well as localization of product features and services. Potential risks to our expansion into new geographies and in existing geographies will include ongoing compliance with evolving foreign laws and local regulatory requirements. As we expand into certain new geographies, we may see an increase in members who prefer to access premium features through our in-app purchase options rather than through our subscription packages which could impact our ARPPU. We may also see a lower propensity to pay as we enter certain new markets. Investing in Growth While Driving Long-Term Profitability Our mission-driven strategy ensures that values guide our business decisions and our business performance enables us to drive impact through investment in technology, marketing and product innovation, balancing growth with long-term margins. We expect to continue to invest in technology and product innovation to drive growth while improving margins over the long term. Key investment areas for our platform include artificial intelligence capabilities, including improving our matching and content moderation technologies; features that enhance trust and safety on our platform; new offerings that enhance member engagement and retention; marketing, and personalization capabilities; and new subscription and consumable offerings to drive incremental value to Paying Users. Attracting and Retaining Talent Our business relies on our ability to attract and retain our talent, including engineers, data scientists, product designers and product developers. We believe that people want to work at a company that has purpose and aligns with their personal values, and therefore our ability to recruit talent is aided by our mission and brand reputation. We compete for talent within the technology industry. Seasonality We experience seasonality in member growth, member engagement, Paying User growth, and monetization on our platform. Historically, we have seen an increase in all of these metrics in January due in part to seasonal demand in the lead up to Valentine’s Day, and during the Northern Hemisphere summer. Macroeconomic Conditions Macroeconomic conditions, including the conflicts in Eastern Europe and the Middle East, slower growth or economic recession, changes to fiscal, monetary and trade policy, including the introduction of higher tariffs by the U.S. government, inflationary pressures that may affect consumer spending, and fluctuations in foreign currency exchange rates, have impacted and may continue to impact our results of operations, as well as our members who face greater pressure on disposable income. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results. For additional information, see Part I, “Item 1A―Risk Factors—General Risk Factors—We are exposed to changes in the global macroeconomic environment beyond our control, which may adversely affect consumer discretionary spending, demand for our products and services, our expenses and our ability to execute strategic plans” of this Annual Report on Form 10-K. 48 Table of Contents Factors Affecting the Comparability of Our Results of Operations As a result of a number of factors, our historical results of operations may not be comparable from period to period or going forward. Set forth below is a brief discussion of the key factors impacting the comparability of our results of operations. Secondary Offerings On March 8, 2023, the Company completed a secondary offering of 13.75 million shares of Class A common stock on behalf of the Blackstone Selling Stockholders and the Founder at a price of $22.80 per share. This transaction resulted in the issuance of 7.2 million Class A shares of common stock for the period ended March 31, 2023, which were issued in exchange for Common Units held by the selling stockholders. Bumble did not sell any shares of Class A common stock in these offerings and did not receive any of the proceeds from the sales. Bumble paid the costs associated with the sales of shares by the selling stockholders, net of the underwriting discounts. Share Repurchase Program We have a share repurchase program authorizing the repurchase of up to $450.0 million of our outstanding Class A common stock with repurchases under the program to be made on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or other means, including privately negotiated transactions. During the year ended December 31, 2025, we repurchased 4.7 million shares of Class A common stock for $28.7 million, excluding excise tax obligations. During the year ended December 31, 2024, we repurchased 25.1 million shares of Class A common stock and 2.0 million Common Units for $214.4 million, excluding excise tax obligations. During the year ended December 31, 2023, we repurchased 7.8 million shares of Class A common stock and 3.2 million Common Units for $157.1 million. As of December 31, 2025, all treasury shares were retired. As of December 31, 2025, a total of $50.1 million remains available for repurchase under the repurchase program. For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Share Repurchase Program, Note 14, Shareholders’ Equity—Share Repurchase Program and Note 18, Related Party Transactions—Share Repurchase, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Tax Receivable Agreement In connection with certain reorganization transactions and our IPO, we entered into a tax receivable agreement with certain of our pre-IPO owners that provided for the payment by the Company to such pre-IPO owners of 85% of the benefits that the Company realized, or was deemed to realize, as a result of the Company's allocable share of existing tax basis acquired in our IPO and other tax benefits related to entering into the tax receivable agreement. On November 5, 2025, we entered into Amendment No. 1 to the tax receivable agreement (the “TRA Amendment”) with Blackstone, the Founder of the Company and certain other pre-IPO owners. The TRA Amendment provided for one-time settlement payments of approximately $186.0 million as consideration for the complete and full termination of the Company’s payment obligations and the relinquishing of all TRA parties' payment rights under the tax receivable agreement (the “TRA Buyout”). Immediately prior to the TRA Amendment, Blackstone elected to exchange all of its Common Units for the Company's Class A common stock. We made cash settlement payments of $185.7 million to Blackstone, the Founder and certain other pre-IPO owners in connection with the TRA Buyout. Also see Note 5, Payable to Related Parties Pursuant to a Tax Receivable Agreement, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Impairment Charges During the year ended December 31, 2025, we recorded a total impairment charge of $1,039.0 million, consisting of impairment charges associated with our indefinite-lived intangible assets of $370.0 million, definite-lived intangible assets of $12.8 million and goodwill of $656.2 million. The impairment charges associated with indefinite-lived intangible assets and goodwill were the result of our quantitative impairment tests due to impairment triggering events identified during the year, namely, a sustained decline in our stock price and the resulting decrease in the market capitalization during the fourth quarter of 2025 and a revision to our 2025 outlook during the second quarter of 2025, which reflected a strategic shift to improve the health of our membership base. The impairment charges associated with definite-lived intangible assets were in connection with the Official app shutdown and Fruitz sale during the year, as well as our reassessment of our trademark portfolio in connection with changes in our business priorities and geographic focus. 49 Table of Contents During the year ended December 31, 2024, we recorded a total impairment charge of $892.2 million, consisting of impairment charges associated with our indefinite-lived intangible assets of $670.3 million, definite-lived intangible assets and long -lived assets of $24.7 million and goodwill of $197.2 million. These impairment charges were the result of our quantitative impairment tests due to impairment triggering events identified during the third quarter of 2024, namely, a sustained decline in our stock price and the resulting decrease in the market capitalization, as well as a revision to our 2024 outlook. There were no impairment charges recorded for the year end December 31, 2023. We have historically recorded impairment charges related to our indefinite-lived assets, long-lived assets, definite-lived intangible assets and goodwill. It is reasonably possible that changes in judgments, assumptions and estimates we made in assessing the fair values of these assets could cause us to consider some portion, or all of the remaining carrying values of these assets, to become impaired. A change in corporate strategy, a further decline in our stock price, economic downturns, a decline in market conditions and/or unfavorable industry trends could potentially trigger impairment tests in the future. In addition, reduced demand for our products, slower growth rates in our industry, and changes in market-based interest rates could negatively impact the estimated future cash flows and discount rates used in the income approach to determine the fair values of these assets and could result in an impairment charge in the future. For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Goodwill,—Indefinite-Lived Intangible Assets and —Long-Lived Assets and Definite-Lived Intangible Assets, Note 6, Sale of a Business, and Note 8, Goodwill and Intangible Assets, Net to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Acquisition On July 1, 2024, we completed the acquisition of Geneva Technologies Inc.(“Geneva”) for total cash consideration of $17.5 million, net of cash acquired, of which $17.2 million was allocated to developed technology and $0.3 million was allocated to other assets and liabilities. For additional information, see Note 8, Goodwill and Intangible Assets, Net to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Restructuring In June 2025, we announced our decision to reduce our global workforce (the “2025 Restructuring Plan”) by approximately 240 roles, representing approximately 30% of our employees, as we realign our operating structure to optimize execution on our strategic priorities. As a result, we expect to incur approximately $15.0 million of total non-recurring charges through the first quarter of 2026, consisting primarily of employee severance, benefits, and related charges for impacted employees. In February 2025, we announced our decision to discontinue our operation of the Fruitz and Official apps. The Official app was discontinued during the second quarter of 2025 and Fruitz was sold to a third party in July 2025. We incurred $1.4 million of expenses through the third quarter of 2025, primarily related to employee severance, benefits and related charges for impacted employees. In February, 2024, we announced our decision to reduce our global workforce (the “2024 Restructuring Plan” and, together with the 2025 Restructuring Plan, the “2025 and 2024 Restructuring Plans”) by approximately 350 roles to better align our operating model with future strategic priorities and to drive stronger operating leverage. The 2024 Restructuring Plan was completed in the third quarter of 2024, and we incurred $20.4 million in total non-recurring charges during the year ended December 31, 2024, consisting primarily of employee severance, benefits, and related charges for impacted employees. For additional information, see Note 9, Restructuring, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Adjustment The consolidated statements of operations for the year ended December 31, 2025 include cumulative adjustments to general and administrative expense of $9.2 million, and interest expense, net, of $0.8 million, respectively, related to certain indirect tax obligations incurred in prior periods. The Company concluded that this adjustment was not material to its financial statements for any of the prior periods. 50 Table of Contents Components of Results of Operations Our business is organized into a single reportable segment. Revenue We monetize the Bumble, Bumble For Friends, Badoo, Fruitz and Official apps via a freemium model where the use of our service is free and a subset of our members pay for subscriptions or in-app purchases to access premium features. Subscription revenue is presented net of taxes, refunds and credit card chargebacks. This revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Revenue from lifetime subscriptions is deferred over the average estimated expected period of the subscriber relationship, which is currently estimated to be twelve months. Revenue from the purchase of in-app features is recognized based on usage and estimated breakage revenue associated with unused in-app purchases. We also earn revenue from online advertising and partnerships, which are not a significant part of our business. Online advertising revenue is recognized when an advertisement is displayed. Revenue from partnerships is recognized according to the contractual terms of the partnership. Cost of revenue Cost of revenue consists primarily of in-app purchase fees due on payments processed through the Apple App Store and Google Play Store. Purchases on Android, mobile web and desktop may have additional payment methods, such as credit card or via telecom providers. These purchases incur fees which vary depending on payment method. Purchase fees are deferred and expensed over the same period as revenue. Cost of revenue also includes data center expenses such as rent, power and bandwidth for running servers, cloud hosting costs, employee compensation (including stock-based compensation) and other employee related costs, impairment of capitalized aggregator costs associated with breakage revenue and restructuring charges. Expenses relating to member care functions such as member support, moderators and other auxiliary costs associated with providing services to members such as fraud prevention are also included within cost of revenue. Selling and marketing expense Selling and marketing expense consists primarily of brand marketing, digital and social media spend, field marketing, restructuring charges, compensation expense (including stock-based compensation) and other employee-related costs for personnel engaged in sales and marketing functions. General and administrative expense General and administrative expense consists primarily of compensation (including stock-based compensation) and other employee-related costs for personnel engaged in executive management, finance, legal, tax and human resources. General and administrative expense also consists of transaction costs, changes in fair value of contingent earn-out liability, expenses associated with facilities, information technology, external professional services, legal costs, settlement of legal claims and accruals for future legal obligations that are deemed probable and estimable, restructuring charges, certain indirect taxes and other administrative expenses. Product development expense Product development expense consists primarily of compensation (including stock-based compensation) and other employee-related costs for personnel engaged in the design, development, testing and enhancement of product offerings and related technology, as well as restructuring charges. Depreciation and amortization expense Depreciation and amortization expense is primarily related to computer equipment, leasehold improvements, furniture and fixtures, developed technology, user base, white label contracts, trademarks and other definite-lived intangible assets. Impairment loss Impairment loss relates to impairment charges to indefinite-lived intangible assets, long-lived assets and definite-lived intangible assets, and goodwill as applicable. Interest income (expense), net Interest income (expense), net consists of 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. 51 Table of Contents Other income (expense), net Other income (expense), net consists of insurance reimbursement proceeds, impacts from foreign exchange transactions, tax receivable agreement liability remeasurement (benefit) expense, sub-lease income, changes in fair value of investments in equity securities and gain (loss) on sale of businesses. Income tax benefit (provision) Income tax benefit (provision) represents the income tax benefit or expense associated with our operations based on the tax laws of the jurisdictions in which we operate. These foreign jurisdictions have different statutory tax rates than the United States. Our effective tax rates will vary depending on the relative proportion of foreign to domestic income, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws. Results of Operations The following table sets forth our consolidated statements of operations information for the periods presented: Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Revenue $ 965,658  $ 1,071,643  $ 1,051,830  Operating costs and expenses: Cost of revenue 281,515  318,835  307,835  Selling and marketing expense 165,450  261,172  270,380  General and administrative expense 138,075  128,521  221,649  Product development expense 121,513  100,725  130,565  Depreciation and amortization expense 25,856  70,616  68,028  Impairment loss 1,039,027  892,248  —  Total operating costs and expenses 1,771,436  1,772,117  998,457  Operating earnings (loss) (805,778) (700,474) 53,373  Interest expense, net (42,448) (39,945) (21,534) Other expense, net (12,750) (4,827) (26,537) Income (loss) before income taxes (860,976) (745,246) 5,302  Income tax provision (34,369) (23,128) (7,170) Net loss (895,345) (768,374) (1,868) Net earnings (loss) attributable to noncontrolling interests (202,207) (211,366) 2,345  Net loss attributable to Bumble Inc. shareholders $ (693,138) $ (557,008) $ (4,213) 52 Table of Contents The following table sets forth our consolidated statements of operations information as a percentage of revenue for the periods presented: Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Revenue 100.0 % 100.0 % 100.0 % Operating costs and expenses: Cost of revenue 29.2 % 29.8 % 29.3 % Selling and marketing expense 17.1 % 24.4 % 25.7 % General and administrative expense 14.3 % 12.0 % 21.1 % Product development expense 12.6 % 9.4 % 12.4 % Depreciation and amortization expense 2.7 % 6.6 % 6.5 % Impairment loss 107.6 % 83.3 % 0.0 % Total operating costs and expenses 183.4 % 165.4 % 94.9 % Operating earnings (loss) (83.4) % (65.4 %) 5.1  % Interest expense, net (4.4) % (3.7) % (2.0) % Other expense, net (1.3) % (0.5) % (2.5) % Income (loss) before income taxes (89.2) % (69.5 %) 0.5  % Income tax provision (3.6) % (2.2) % (0.7) % Net loss (92.7) % (71.7) % (0.2) % Net earnings (loss) attributable to noncontrolling interests (20.9) % (19.7 %) 0.2  % Net loss attributable to Bumble Inc. shareholders (71.8) % (52.0) % (0.4) % The following table sets forth the stock-based compensation expense included in operating costs and expenses: (in thousands) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Cost of revenue $ 18  $ 690  $ 4,054  Selling and marketing expense 1,420  (1,296) 9,803  General and administrative expense 13,389  22,673  52,008  Product development expense 16,362  4,178  38,473  Total stock-based compensation expense $ 31,189  $ 26,245  $ 104,338  The increase in stock-based compensation expense during the year ended December 31, 2025 from the same period in 2024 was primarily due to lower forfeitures. The decrease in stock-based compensation expense during the year ended December 31, 2024 from the same period in 2023 was primarily due to forfeitures and headcount reductions. Negative amount represents expense reversal associated with forfeitures that exceeded expenses recognized during the period presented. The following table sets forth our revenue across apps for the periods presented: (in thousands) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Bumble App $ 783,011  $ 866,289  $ 844,774  Badoo App and Other 182,647  205,354  207,056  Total Revenue $ 965,658  $ 1,071,643  $ 1,051,830  Total revenue was $965.7 million for the year ended December 31, 2025, compared to $1,071.6 million for the same period in 2024. The decrease was primarily driven by a decline in Total Paying Users, partially offset by an increase in Total ARPPU and favorable fluctuations in foreign currency exchange rates. 53 Table of Contents Bumble App Revenue was $783.0 million for the year ended December 31, 2025, compared to $866.3 million for the same period in 2024. This decrease was primarily driven by a 13.3% decline in Bumble App Paying Users to 2.4 million, partially offset by a 4.2% increase in Bumble App ARPPU to $26.80 and favorable fluctuations in foreign currency exchange rates. Badoo App and Other Revenue was $182.6 million for the year ended December 31, 2025, compared to $205.4 million for the same period in 2024. This decrease was primarily driven by a 7.8% decline in Badoo App and Other Paying Users to 1.2 million and a 3.1% decrease in Badoo App and Other ARPPU to $11.48, partially offset by favorable fluctuations in foreign currency exchange rates. Total revenue was $1,071.6 million for the year ended December 31, 2024, compared to $1,051.8 million for the same period in 2023. The increase was primarily driven by growth in Total Paying Users, partially offset by a decline in Total ARPPU and unfavorable fluctuations in foreign currency exchange rates. Bumble App Revenue was $866.3 million for the year ended December 31, 2024, compared to $844.8 million for the same period in 2023. This increase was primarily driven by an 11.5% increase in Bumble App Paying Users to 2.8 million, partially offset by an 8.0% decline in Bumble App ARPPU to $25.72 and unfavorable fluctuations in foreign currency exchange rates. Badoo App and Other Revenue was $205.4 million for the year ended December 31, 2024, compared to $207.1 million for the same period in 2023. This decrease was primarily driven by a 6.7% decrease in Badoo App and Other ARPPU to $11.85 and unfavorable fluctuations in foreign currency exchange rates, partially offset by a 11.5% increase in Badoo App and Other Paying Users to 1.3 million. We began to include paying users and revenue generated from Fruitz in our key operating metrics in the fourth quarter of 2023 and prior period key operating metrics have not been recast. Cost of revenue (in thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Cost of revenue $ 281,515  $ 318,835  $ 307,835  Percentage of revenue 29.2  % 29.8  % 29.3  % Cost of revenue for the year ended December 31, 2025 decreased by $37.3 million, or 11.7%, as compared to the same period in 2024, driven primarily by a decrease in in-app purchase fees due to lower revenue. As a percentage of revenue, cost of revenue decreased for the year ended December 31, 2025 as compared to the same period in 2024 due to the reduction in Apple fees as a result of opting into Apple’s European Union terms in the first quarter of 2025. Cost of revenue for the year ended December 31, 2024 increased by $11.0 million, or 3.6%, as compared to the same period in 2023, driven primarily by growth in in-app purchase fees due to increasing revenue. As a percentage of revenue, cost of revenue for the year ended December 31, 2024 was 29.8%, compared to 29.3% for the same period in 2023, primarily due to the adoption of Google Play and user choice billing in many of our markets and to a lesser extent an increase in subscription costs, partially offset by a decrease in stock-based compensation due to forfeitures and headcount reductions. Selling and marketing expense (in thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Selling and marketing expense $ 165,450  $ 261,172  $ 270,380  Percentage of revenue 17.1 % 24.4 % 25.7 % Selling and marketing expense for the year ended December 31, 2025 decreased by $95.7 million, or 36.7%, as compared to the same period in 2024. The change was primarily due to a $88.6 million decrease in marketing costs and a $9.1 million decrease in personnel costs from restructuring-related headcount reductions, partially offset by a $2.7 million increase in stock-based compensation driven by higher restructuring-related forfeitures in the 2024 period. Selling and marketing expense for the year ended December 31, 2024 decreased by $9.2 million, or 3.4%, as compared to the same period in 2023. The change was primarily due to an $11.1 million decrease in stock-based compensation driven by forfeitures and headcount reductions, and a $6.7 million decrease in personnel-related costs associated with our 2024 Restructuring Plan, partially offset by an $8.6 million increase in marketing costs. 54 Table of Contents General and administrative expense (in thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 General and administrative expense $ 138,075  $ 128,521  $ 221,649  Percentage of revenue 14.3 % 12.0 % 21.1 % General and administrative expense for the year ended December 31, 2025 increased by $9.6 million, or 7.4%, as compared to the same period in 2024. The change was primarily driven by a $17.7 million unfavorable fluctuation in changes in fair value of the contingent earn-out liabilities and $12.3 million increase in indirect taxes recorded in the 2025 period, partially offset by a $9.3 million decrease in stock-based compensation primarily due to the departure of officers in the first half of 2025, a $7.2 million decrease in personnel costs from restructuring-related headcount reductions and a $3.7 million decrease in legal and professional fees. General and administrative expense for the year ended December 31, 2024 decreased by $93.1 million, or 42.0%, as compared to the same period in 2023. The change was primarily driven by a $67.8 million decrease in legal and professional fees, a $29.3 million decrease in stock-based compensation due to forfeitures and headcount reductions, a $4.7 million decrease in insurance expenses, and a $1.5 million decrease in personnel-related costs associated with our 2024 Restructuring Plan, partially offset by a $9.4 million unfavorable fluctuation in changes in fair value of the contingent earn-out liabilities. Product development expense (in thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Product development expense $ 121,513  $ 100,725  $ 130,565  Percentage of revenue 12.6 % 9.4 % 12.4 % Product development expense for the year ended December 31, 2025 increased by $20.8 million, or 20.6%, as compared to the same period in 2024. The change was primarily driven by a $12.2 million increase in stock-based compensation due to equity awards granted in 2025 and higher restructuring-related forfeitures in the 2024 period, a $4.5 million increase in subscription expense and a $2.9 million increase in personnel costs. Product development expense for the year ended December 31, 2024 decreased by $29.8 million, or 22.9%, as compared to the same period in 2023.The change was primarily driven by a $34.0 million decrease in stock-based compensation due to forfeitures and headcount reductions. Depreciation and amortization expense (in thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Depreciation and amortization expense $ 25,856  $ 70,616  $ 68,028  Percentage of revenue 2.7 % 6.6 % 6.5 % Depreciation and amortization expense for the year ended December 31, 2025 decreased by $44.8 million, or 63.4%, as compared to the same period in 2024, primarily driven by the full amortization of Bumble and Badoo's developed technology in February 2025. Depreciation and amortization expense for the year ended December 31, 2024 increased by $2.6 million, or 3.8%, as compared to the same period in 2023. The increase in depreciation and amortization was due to the increased amortization of intangible assets, driven by the acquisition of Geneva developed technology in July 2024. 55 Table of Contents Impairment loss (In thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Impairment loss $ 1,039,027  $ 892,248  $ —  Percentage of revenue 107.6 % 83.3 % —  During the year ended December 31, 2025, we recognized impairment charges associated with our indefinite-lived intangible assets of $370.0 million, definite-lived intangible assets of $12.8 million and goodwill of $656.2 million. During the year ended December 31, 2024, we recorded total impairment charges associated with our indefinite-lived intangible assets of $670.3 million, definite-lived intangible assets and long -lived assets of $24.7 million and goodwill of $197.2 million. There were no impairment charges recorded for the same period in 2023. For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Goodwill,—Indefinite-lived Intangible Assets and —Long-lived Assets and Definite-lived Intangible Assets, Note 6, Sale of a Business, and Note 8, Goodwill and Intangible Assets, Net to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Interest expense, net (in thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Interest expense, net $ (42,448) $ (39,945) $ (21,534) Percentage of revenue (4.4) % (3.7) % (2.0) % Interest expense, net for the year ended December 31, 2025 increased $2.5 million, or 6.3%, compared to the same period in 2024. The change was due to a $2.3 million interest expense on certain indirect tax liabilities, a decrease in interest income on our interest rate swaps and a decrease in interest rates on our investments in money market funds, partially offset by a decrease in interest paid on our outstanding debt under the Credit Agreement. Interest expense, net for the year ended December 31, 2024 increased $18.4 million, or 85.5%, compared to the same period in 2023. The change was due to a decrease in interest income on our interest rate swaps and a decrease in investments in money market funds. Other expense, net (in thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Other expense, net $ (12,750) $ (4,827) $ (26,537) Percentage of revenue (1.3) % (0.5) % (2.5 %) Other expense, net for the year ended December 31, 2025 increased by $7.9 million, compared to the same period in 2024. The change was primarily driven by a $15.9 million unfavorable change in foreign currency exchange gains and losses, partially offset by a $7.6 million favorable impact related to tax receivable agreement liability remeasurement. Other expense, net for the year ended December 31, 2024 decreased by $21.7 million, compared to the same period in 2023. The change was primarily due to $13.8 million net loss on interest rate swaps in 2023, a $6.0 million increase in net foreign currency exchange gains, and a 2.0 million favorable impact related to tax receivable agreement liability remeasurement. Income tax provision (in thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Income tax provision $ (34,369) $ (23,128) $ (7,170) Effective tax rate (4.0) % (3.1 %) 135.2  % 56 Table of Contents Income tax provision was $34.4 million for the year ended December 31, 2025, compared to $23.1 million for the year ended December 31, 2024, primarily due to higher foreign taxes resulting from a shift in the jurisdictional mix of earnings. Income tax provision was $23.1 million for the year ended December 31, 2024, compared to $7.2 million for the year ended December 31, 2023, primarily due to the accrual of Pillar Two minimum taxes in certain foreign jurisdictions in 2024. For further detail of income tax matters, see Note 4, Income Taxes, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. One Big Beautiful Bill Act On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act, was enacted in the U.S., which includes a broad range of tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions (both domestic and international), and provisions allowing accelerated tax deductions for qualified property and research expenditures. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. The enactment of the legislation did not have a material impact on our operating results for the year ended December 31, 2025. Pillar Two Minimum Tax On December 20, 2021, the Organization for Economic Cooperation and Development ("OECD") released the Pillar Two model rules providing a framework for implementing a 15% minimum tax, also referred to as the Global Anti-Base Erosion ("GloBE") rules, on earnings of multinational companies with consolidated annual revenue exceeding €750 million. Pillar Two legislation has been enacted in certain jurisdictions where we operate, including the UK and certain EU member states, and is effective for our financial year beginning January 1, 2024. We have performed an assessment of our exposure to Pillar Two income taxes, including our ability to qualify for transitional safe harbor relief under the GloBE rules. While we expect to qualify for transitional safe harbor relief in most jurisdictions in which we operate, there are a limited number of jurisdictions where the transitional safe harbor is not available, including for certain entities classified as “stateless” constituent entities under the Pillar Two model rules. Our income tax provision for the years ended December 31, 2025 and December 31, 2024, includes the effects of Pillar Two minimum taxes based on currently enacted legislation and guidance. We are monitoring the implementation of Pillar Two legislation (both proposed and enacted) by individual countries, including the release of administrative guidance on the application of the GloBE rules, and will continue to evaluate the potential impact to our financial position. On January 5, 2026, the OECD released Administrative Guidance containing the Side-by-Side agreement (“SbS System”) as part of a broader package of Administrative Guidance on Pillar Two. The SbS System introduces two new Pillar Two safe harbours: (i) the Side-by-Side Safe Harbour (“SbS SH”) for MNE Groups headquartered in jurisdictions with both eligible domestic and worldwide tax systems; and (ii) the Ultimate Parent Entity Safe Harbour (“UPE SH”) for MNE Groups with a UPE located in a jurisdiction that has an eligible domestic tax system but not an eligible worldwide tax system. The Central Record for purposes of the Global Minimum Tax was updated on January 5, 2026 to reflect that the United States is an eligible jurisdiction for the SbS SH. We expect the SbS SH will have significant future impact to the Company and our Pillar Two computations, however, given the absence of implementing legislation as of December 31, 2025, no impact has been recorded for the year ended December 31, 2025. Accordingly, we are still evaluating the potential consequences of Pillar Two on our longer-term financial position. 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, 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 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. 57 Table of Contents 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. Some of the limitations are: •Adjusted EBITDA and Adjusted EBITDA margin exclude the recurring, non-cash expenses of depreciation and amortization of property and equipment and definite-lived intangible assets and, although these are non-cash expenses, the assets being depreciated and amortized may have to be replaced in the future; •Adjusted EBITDA and Adjusted EBITDA margin do not reflect changes in, or cash requirements for, our working capital needs; •Adjusted EBITDA and Adjusted EBITDA margin exclude stock-based compensation expense and employer costs related to stock-based compensation, which has been, and will continue to be for the foreseeable future, an important part of how we attract and retain our employees and a significant recurring expense in our business; •Adjusted EBITDA and Adjusted EBITDA margin do not reflect the interest and derivative (gains) losses, net or the cash requirements to service interest or principal payments on our indebtedness, and free cash flow does not reflect the cash requirements to service principal payments on our indebtedness; •Adjusted EBITDA and Adjusted EBITDA margin do not reflect income tax (benefit) provision we are required to make; and •Free cash flow and free cash flow conversion do not represent our residual cash flow available for discretionary purposes and does not reflect our future contractual commitments. Adjusted EBITDA is not a liquidity measure and should not be considered as discretionary cash available to us to reinvest in the growth of our business or to distribute to stockholders or as a measure of cash that will be available to us to meet our obligations. To properly and prudently evaluate our business, we encourage investors to review the financial statements included elsewhere in this Annual Report, and not rely on a single financial measure to evaluate our business. We also strongly urge investors to review the reconciliation of net earnings (loss) to Adjusted EBITDA, the computation of Adjusted EBITDA margin as compared to net earnings (loss) margin which is net earnings (loss) as a percentage of revenue, the reconciliation of net cash provided by (used in) operating activities to free cash flow, and the computation of free cash flow conversion as compared to operating cash flow conversion, which is net cash provided by (used in) operating activities as a percentage of net earnings (loss) in each case set forth below. We define Adjusted EBITDA 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. We define free cash flow 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). 58 Table of Contents The following table reconciles our non-GAAP financial measures to the most comparable GAAP financial measures for the periods presented: (in thousands, except percentages) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Net loss $ (895,345) $ (768,374) $ (1,868) Add back: Income tax provision 34,369  23,128  7,170  Interest and derivative (gains) losses, net(1) 42,448  39,945  35,340  Depreciation and amortization expense 25,856  70,616  68,028  Stock-based compensation expense 31,189  26,245  104,338  Employer costs related to stock-based compensation(2) 1,751  2,638  4,535  Litigation costs, net of insurance reimbursements(3) 7,052  10,730  71,918  Foreign exchange (gain) loss (4) 12,137  (3,777) 2,185  Restructuring costs(5) 14,597  20,355  —  Transaction and other costs(6) 1,840  1,672  2,309  Changes in fair value of contingent earn-out liability (2,500) (20,208) (29,569) Changes in fair value of investments in equity securities 516  543  843  Tax receivable agreement liability remeasurement expense(7) 700  8,341  10,341  Impairment loss(8) 1,039,027  892,248  —  Adjusted EBITDA $ 313,637  $ 304,102  $ 275,570  Net loss margin (92.7) % (71.7) % (0.2) % Adjusted EBITDA margin 32.5 % 28.4 % 26.2 % Net cash provided by operating activities $ 250,366  $ 123,441  $ 182,086  Less: Capital expenditures (11,682) (9,319) (14,935) Free cash flow $ 238,684  $ 114,122  $ 167,151  Operating cash flow conversion * * * Free cash flow conversion 76.1 % 37.5 % 60.7 % *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. 59 Table of Contents Liquidity and Capital Resources Overview As of December 31, 2025, we had $175.8 million of cash and cash equivalents, a decrease of $28.6 million from December 31, 2024. Our principal sources of liquidity are our cash and cash equivalents and cash generated from operations. Our primary uses of liquidity are operating expenses and capital expenditures, acquisition of businesses, funding of our debt obligations and any voluntary prepayments, partnership tax distributions, income tax payments and effectuating share repurchases as discussed below. Our obligations under the tax receivable agreement were a primary use of liquidity in 2025, but such obligations were fully settled in November 2025 as discussed below. As discussed in Note 1, Organization and Basis of Presentation, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data”, we have determined that we will need to refinance the $588.5 million of term loans outstanding under our Credit Agreement that mature on January 29, 2027 in order to meet the debt obligations at maturity. On March 13, 2026, the Company, through one of our subsidiaries, Buzz Finco L.L.C. (the “Borrower”), entered into a binding commitment letter, dated as of March 13, 2026 (the “Commitment Letter”) with Guggenheim Corporate Funding, LLC (and certain accounts or funds affiliated therewith or managed thereby) and STORY3 Capital Partners, LLC, (collectively, the “Commitment Parties”), pursuant to which, subject to the terms and conditions set forth therein, the Commitment Parties have committed to provide a $475.0 million senior secured term loan facility to fund, together with cash on hand, the refinancing in full of all of the Borrower’s outstanding indebtedness under the Credit Agreement. The funding of the term loan facility provided for in the Commitment Letter is subject to the satisfaction of customary conditions that management has concluded are within the Company's control. If we are unable to complete the refinance or otherwise repay the term loans by the maturity date, such failure would constitute an event of default and could result in the exercise of remedies against our assets. We have a share repurchase program authorizing the repurchase of up to $450.0 million of our outstanding Class A common stock with repurchases under the program to be made on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or other means, including privately negotiated transactions. During the year ended December 31, 2025, we repurchased 4.7 million shares of Class A common stock for $28.7 million, excluding excise tax obligations. During the year ended December 31, 2024, we repurchased 25.1 million shares of Class A common stock and 2.0 million Common Units for $214.4 million, excluding excise tax obligations. During the year ended December 31, 2023, we repurchased 7.8 million shares of Class A common stock and 3.2 million Common Units for $157.1 million. As of December 31, 2025, all treasury shares were retired. As of December 31, 2025, a total of $50.1 million remains available for repurchase under the repurchase program. In connection with the TRA Buyout in November 2025, we made cash settlement payments of $185.7 million to Blackstone, the Founder of the Company and certain other pre-IPO owners as consideration for the complete and full termination of our payment obligations and the relinquishing of all TRA parties' payment rights under the tax receivable agreement. In August 2025, we made a $25.0 million voluntary principal payment on our Incremental Term Loan. In June 2025, we announced our decision to reduce our global workforce by approximately 240 roles, representing approximately 30% of our employees, as we realign our operating structure to optimize execution on our strategic priorities. As a result, we expect to incur approximately $15.0 million of total non-recurring charges through the first quarter of 2026, consisting primarily of employee severance, benefits, and related charges for impacted employees. In February 2025, we announced our decision to discontinue our operation of the Fruitz and Official apps. The Official app was discontinued during the second quarter of 2025 and Fruitz was sold to a third party in July 2025. We incurred $1.4 million of expenses through the third quarter of 2025, primarily related to employee severance, benefits and related charges for impacted employees. On February 27, 2024, we announced the adoption of our 2024 Restructuring Plan, which was completed in the third quarter of 2024. We incurred $20.4 million of total non-recurring charges. During the year ended December 31, 2025 and 2024, we made cash payments of $14.3 million and $19.9 million, respectively, in connection with our restructuring activities. In December 2025, we amended a multi-year agreement with one of our third-party service providers related to cloud services with minimum spend commitments. Refer to “Contractual Obligations and Contingencies” for additional information. 60 Table of Contents Cash Flow Information The following table summarizes our consolidated cash flow information for the periods presented: (in thousands) Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Net cash provided by (used in): Operating activities $ 250,366  $ 123,441  $ 182,086  Investing activities (11,682) (26,754) (24,755) Financing activities (268,122) (250,828) (198,891) Operating activities Net cash provided by operating activities was $250.4 million, $123.4 million and $182.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Net losses of $895.3 million, $768.4 million, and $1.9 million for the years ended December 31, 2025, 2024, and 2023, respectively, were offset by non-cash adjustments of $1,132.0 million, $979.2 million, and $175.3 million, respectively. Additionally, assets and liabilities for the years ended December 31, 2025, 2024, and 2023 changed by $13.7 million, $(87.4) million, and $8.7 million, respectively, primarily due to changes in accounts receivables of $15.1 million, $5.8 million, and $(36.0) million, respectively, driven by timing of cash receipts; changes in accrued expenses and other current liabilities of $16.0 million, $(19.0) million, and $1.5 million, respectively, driven by marketing spend, certain indirect tax obligations, personnel-related expenses, taxes payable, tax receivable agreement liability payment; and changes in legal liabilities of nil, $(65.8) million, and $45.2 million, respectively, driven by litigation accruals and settlement payments. Investing activities Net cash used in investing activities was $11.7 million, $26.8 million, and $24.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. Capital expenditures were $11.7 million, $9.3 million, and $14.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. For the year ended December 31, 2024, we paid $17.4 million to acquire intangible assets from Geneva, net of deferred tax liabilities of $0.5 million. We used $9.8 million (net of cash acquired) for the acquisition of Official for the year ended December 31, 2023. Financing activities Net cash used in financing activities was $268.1 million, $250.8 million, and $198.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. During the year ended December 31, 2025, we made total cash payments of $194.7 million related to the tax receivable agreement, which includes $185.7 million used for the TRA Buyout and $8.9 million used for the tax receivable agreement payments. Additionally, we used $28.7 million for share repurchases of our Class A common stock and $5.2 million for cash distributions to noncontrolling interest holders. During the year ended December 31, 2024, we used $192.1 million for share repurchases of our Class A common stock, $11.9 million for tax receivable agreement payments, $22.2 million for the repurchase of Common Units and $7.9 million for cash distributions to noncontrolling interest holders. During the year ended December 31, 2023, we used $112.8 million for share repurchases of our Class A common stock, $44.3 million for the repurchase of Common Units and $19.3 million for cash distributions to noncontrolling interest holders. During the years ended December 31, 2025, 2024, and 2023, we used $8.8 million, $10.7 million and $16.7 million, respectively, for shares withheld to satisfy employee tax withholding requirements upon vesting of restricted stock units. During each of the years ended December 31, 2025, 2024, and 2023, we used $5.8 million to repay a portion of the outstanding indebtedness under our Original Term Loan. During the year ended December 31, 2025, we made a $25.0 million voluntary principal payment on our Incremental Term Loan. Indebtedness Credit Agreement We and certain of our wholly owned subsidiaries, including Borrower are party to a credit agreement (as amended, the “Credit Agreement”), pursuant to which we borrowed $575.0 million through a seven-year term loan (“Original Term Loan”) and $275.0 million through a seven-year incremental term loan (the “Incremental Term Loan,” and collectively with the Original Term Loan, the “Term Loans”). In addition, the Credit Agreement provides for a $50.0 million senior secured revolving credit facility maturing on June 17, 2026 (the “Revolving Credit Facility”) and up to $25.0 million through letters of credit. The forward-looking term rate is based on the Term Secured Overnight Financing Rate (“Term SOFR”), plus a credit spread adjustment of 0.10% with respect to the 61 Table of Contents Term Loans and 0.00% with respect to loans under the Revolving Credit Facility (Term SOFR plus such credit spread adjustment, “Adjusted Term SOFR”). Borrowings under the Credit Agreement bear interest at a rate equal to, at the Borrower’s option, either (i) Adjusted Term SOFR for the relevant interest period, adjusted for statutory reserve requirements (subject to a floor of 0.0% on the Original Term Loan and 0.50% on the Incremental Term Loan), plus an applicable margin or (ii) a base rate equal to the highest of (a) the rate of interest in effect as last quoted by the Wall Street Journal as the “Prime Rate” in the United States, (b) the federal funds effective rate plus 0.50% and (c) Adjusted Term SOFR, for an interest period of one month plus 1.00% (subject to a floor of 0.00% per annum), in each case, plus an applicable margin. The applicable margin for loans under the Revolving Credit Facility is subject to adjustment based upon the consolidated first lien net leverage ratio of the Borrower and its restricted subsidiaries and is subject to reduction after the consummation of our IPO. In addition to paying interest on the outstanding principal under the Credit Agreement, the Borrower is required to pay a commitment fee of 0.50% per annum (which is subject to a decrease to 0.375% per annum based upon the consolidated first lien net leverage ratio of the Borrower and its restricted subsidiaries) to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. The Borrower must also pay customary letter of credit fees and an annual administrative agency fee. As of December 31, 2025, the outstanding balance under the Term Loans was $590.6 million, and amounts available under the Revolving Credit Facility were $50.0 million. The Original Term Loan amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00% of the principal amount of the Original Term Loan outstanding as of the date of the closing of the Original Term Loan, with the balance being payable at maturity on January 29, 2027. The Incremental Term Loan amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00% of the principal amount of the Incremental Term Loan outstanding as of the date of the closing of the Incremental Term Loan, with the balance being payable at maturity on January 29, 2027. Following the $200.0 million aggregate principal payment of outstanding indebtedness during the three months ended March 31, 2021, quarterly installment payments on the Incremental Term Loan are no longer required for the remaining term of the facility. In August 2025, we made a $25.0 million voluntary principal payment on the Incremental Term Loan. Principal amounts outstanding under the Revolving Credit Facility, as amended, are due and payable in full at maturity on June 17, 2026. See Note 1, Organization and Basis of Presentation, and Note 21, Subsequent Event, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data”, for additional information. Contractual Obligations and Contingencies The following table summarizes our contractual obligations as of December 31, 2025 (in thousands): Payments due (In thousands) Total Less than 1 year More than 1 year Long-term debt, including interest $ 590,563  $ 5,750  $ 584,813  Operating lease liabilities, including imputed interest 11,680  4,374  7,306  Other (1) 67,861  12,064  55,797  Total $ 670,104  $ 22,188  $ 647,916  (1)We have contractual obligations with various third parties. On December 12, 2025, we amended an agreement with one of our third party service providers related to cloud services. Under the amended terms, we are committed to pay minimum amounts to the third-party over five consecutive years beginning in December 2025 for a total amount of $56.0 million. If we fail to meet a minimum annual commitment in any period or upon early termination as defined in the agreement, we will be required to pay any unsatisfied minimum commitment amounts, subject to certain rollover provisions. As of December 31, 2025, the minimum commitment remaining with this third-party was $55.2 million. In addition, we have an agreement with another third party related to cloud services, under which we are committed to pay a total of $12.4 million over a period of 36 months, beginning October 2024. At the end of the 36 months, or upon early termination, any unused consumption capacity will expire unless a renewal agreement is executed. As of December 31, 2025, the total commitment fee remaining with this third-party was $4.4 million. The remaining contractual obligation of $8.2 million as of December 31, 2025 relates to individually immaterial contractual obligations with various other third-party service providers. 62 Table of Contents Additionally, we have the following contractual obligations not reflected in the table set forth above: In connection with the Sponsor Acquisition in January 2020, we entered into a contingent consideration arrangement, consisting of an earn-out payment to the former shareholders of Worldwide Vision Limited of up to $150.0 million. The timing and amount of such payments that we may be required to make is not reflected in the contractual obligations table set forth above as the payment to the former shareholders of Worldwide Vision Limited is dependent upon the achievement of a specified return on invested capital by our Sponsor. See Note 11, Fair Value Measurements, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K, for additional information. Critical Accounting Policies and Estimates Our consolidated financial statements have been prepared in accordance with GAAP, which often require us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. Our estimates are based on historical experience, current conditions and various other assumptions that we believe to be reasonable under the circumstances. We evaluate our critical estimates and assumptions on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. The critical accounting estimates, assumptions, and judgments that we believe to have the most significant impact on our consolidated financial statements are described below. This discussion is provided to supplement the descriptions of our accounting policies contained in Note 2, Summary of Selected Significant Accounting Policies, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Goodwill Goodwill represents the excess of the purchase price of an acquired business over the fair value of net assets acquired. We test for goodwill impairment at the reporting unit level annually as of October 1 or more frequently when events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. During each annual impairment test, we have the option to first assess qualitatively whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The qualitative assessment includes, but is not limited to: (i) deterioration in macroeconomic conditions or changes in market competitiveness; (ii) significant changes in cash flows and cost factors; (iii) changes in planned use of the assets; (iv) a significant decline in the Company’s stock price for a sustained period; and (v) a significant change in the Company’s market capitalization relative to its net book value. As a result of the qualitative assessment, if we determine that it is more likely than not (i.e., greater than 50% likelihood) that the fair value of a reporting unit is less than its carrying amount, we will perform a quantitative test by estimating the fair value of the reporting unit. If the carrying value of a reporting unit exceeds its fair value, we record a goodwill impairment loss equal to the excess of the carrying value of the reporting unit over its fair value, not to exceed the carrying amount of goodwill. Alternatively, we are permitted to bypass the qualitative assessment and proceed directly to performing the quantitative assessment. We consider both the income and market approaches to estimate the fair value of a reporting unit. The income approach utilizes a discounted cash flow analysis. The market approach utilizes comparable public company information and key valuation multiples and considers a market control premium and guideline transactions, when applicable. The estimated fair value of a reporting unit is highly sensitive to changes in management’s estimates and assumptions including, but not limited to, the revenue growth rate, discount rate and valuation multiples. Additionally, adverse macroeconomic factors, including, but not limited to, slower economic growth, a higher cost of borrowing, inflationary pressures, and fluctuations in foreign currency exchange rates, may impact the estimated fair value of a reporting unit. During the years ended December 31, 2025 and 2024, we identified potential impairment triggering events related to our goodwill, and as a result, we performed interim impairment tests. Based on the results of the tests, we recognized impairment charges of $654.4 million and $197.2 million for goodwill during 2025 and 2024, respectively. We also recorded a $1.8 million impairment charge in connection with Fruitz asset held for sale during the year ended 2025. There were no impairment charge to goodwill for the same period in 2023. Given the aforementioned impairment charges recorded in 2025 and 2024, it is reasonably possible that changes in judgments, assumptions and estimates we made in assessing the fair values of these assets could cause us to consider some portion, or all of the remaining carrying values of these assets, to become impaired. A change in corporate strategy, a further decline in our stock price, economic downturns, a decline in market conditions and/or unfavorable industry trends could potentially trigger impairment tests in the future. In addition, reduced demand for our products, slower growth rates in our industry, and changes in market-based interest rates could negatively impact the estimated future cash flows and discount rates used in the income approach to determine the fair values of these assets and could result in an impairment charge in the future. 63 Table of Contents For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Goodwill and Note 8, Goodwill and Intangible Assets, Net to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Indefinite-Lived Intangible Assets We evaluate indefinite-lived intangible assets for impairment at the asset level annually as of October 1 or more frequently if certain circumstances indicate a possible impairment may exist. We perform a qualitative assessment to determine whether it is more likely than not that the fair value of the asset is less than its carrying value. If we determine that it is more likely than not that the intangible asset is impaired, we perform a quantitative assessment by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on expected future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset. During the years ended December 31, 2025 and 2024, we identified potential impairment triggering events related to our indefinite-lived intangible assets, and as a result, we performed interim impairment tests. Based on the results of the tests, we recognized impairment charges of $370.0 million and $670.3 million for indefinite-lived intangible assets during the years ended December 31, 2025 and 2024, respectively. No impairment charge was recorded for indefinite-lived intangible assets for 2023. Given the aforementioned impairment charges recorded in 2025 and 2024, it is reasonably possible that changes in judgments, assumptions and estimates we made in assessing the fair values of these assets could cause us to consider some portion, or all of the remaining carrying values of these assets, to become impaired. A change in corporate strategy, a further decline in our stock price, economic downturns, a decline in market conditions and/or unfavorable industry trends could potentially trigger impairment tests in the future. In addition, reduced demand for our products, slower growth rates in our industry, and changes in market-based interest rates could negatively impact the estimated future cash flows and discount rates used in the income approach to determine the fair values of these assets and could result in an impairment charge in the future. For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Indefinite-lived Intangible Assets and Note 8, Goodwill and Intangible Assets, Net to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Recoverability of Intangible Assets with Definite Lives We evaluate definite-lived intangible assets for impairment at the asset group level whenever events or changes of circumstance indicate that the carrying amounts of an asset group may not be recoverable. Our definite-lived intangible assets primarily consist of developed technology and definite-lived brands. An asset group is the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The carrying value of such assets or asset groups is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the assets or asset group exceeds its fair value. The remaining estimated useful lives of definite-lived intangible assets are routinely reviewed and, if the estimate is revised, the remaining unamortized balance is amortized over the revised estimated useful life. Unforeseen events, changes in circumstances and market conditions and material differences in estimates of future cash flows could adversely affect the fair value of our assets and could result in an impairment charge. Fair value can be estimated utilizing a number of techniques including quoted market prices, prices for comparable assets, or other valuation processes involving estimates of cash flows, multiples of earnings or revenues. We may make various assumptions and estimates when performing our impairment assessments, particularly as it relates to cash flow projections. Cash flow estimates are by their nature subjective and include assumptions regarding factors such as recent and forecasted operating performance, revenue trends and operating margins. These estimates could also be adversely impacted by changes in federal, state, or local regulations, economic downturns or developments, or other market conditions affecting our industry. During the years ended December 31, 2025 and 2024, we identified potential impairment triggering events related to our definite-lived intangible assets, and as a result, we performed interim impairment tests. During the year ended December 31, 2025, we recognized impairment charges of $3.6 million for intangible assets associated with Official, $4.2 million for trademarks and $5.0 million for intangible assets associated with Fruitz asset held for sale. During the year ended December 31, 2024, we recognized an impairment charge of $24.7 million for the Fruitz asset group. There were no impairment charges to long-lived assets and definite-lived intangible assets for 2023. Given the aforementioned impairments recorded in 2025 and 2024, it is reasonably possible that changes in judgments, assumptions and estimates we made in assessing the fair values of these assets could cause us to consider some portion, or all of the remaining carrying values of these assets, to become impaired. A change in corporate strategy, a further decline in our stock price, economic 64 Table of Contents downturns, a decline in market conditions and/or unfavorable industry trends could potentially trigger impairment tests in the future. In addition, reduced demand for our products, slower growth rates in our industry, and changes in market-based interest rates could negatively impact the estimated future cash flows and discount rates used in the income approach to determine the fair values of these assets and could result in an impairment charge in the future. For additional information, see Note 2, Summary of Selected Significant Accounting Policies—Long-lived Assets and Definite-lived Intangible Assets and Note 8, Goodwill and Intangible Assets, Net to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Stock-based Compensation Subsequent to our IPO, we issue stock-based awards to employees that are generally in the form of Time-Vesting stock options or restricted stock units (“RSUs”). Compensation cost for equity awards is measured at their grant-date fair value. Fair value of RSUs is estimated based on the fair value of the Company’s underlying common stock. The grant date fair value of stock options is estimated using the Black-Scholes option pricing model for Time-Vesting awards. These estimates require management to make assumptions with respect to the fair value of the Company’s equity award on the grant date, including the expected term of the award, the expected volatility of the Company’s stock calculated based on a period of time generally commensurate with the expected term of the award, risk-free interest rates and expected dividend yields of the Company’s stock. For time-vesting awards, compensation cost is recognized over the requisite service period, which is generally the vesting period, using the graded attribution method. The Company had exit-vesting awards that provided for certain performance conditions, as well as time-based vesting in 36 equal installments. These exit-vesting awards were fully vested in July 2025. For additional information, see Note 16, Stock-based Compensation, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Income Taxes We are subject to income tax in most of the jurisdictions in which we operate. Management is required to exercise judgment in determining our provision for income taxes. The provision for income taxes is determined by taking into account guidance related to uncertain tax positions. Judgment is required in assessing the timing and amounts of deductible and taxable items. Deferred tax assets are amounts available to reduce income taxes payable on taxable income in future years and are initially recognized at enacted tax rates. To the extent deferred tax assets are not expected to be realized, we record a valuation allowance. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Although we believe that we have adequately reserved for our uncertain tax positions, we can provide no assurance that the final tax outcome of these matters will not be materially different. We make adjustments to these reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences may affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and results of operations. Tax Receivable Agreement Prior to November 5, 2025, pursuant to the tax receivable agreement (“TRA”), we were required to make cash payments to the TRA parties equal to 85% of the tax benefits, if any, that we realized, or in some circumstances were deemed to realize, as a result of the Company’s allocable share of existing tax basis acquired in our IPO, increases in our share of existing tax basis and adjustments to the tax basis of the assets of Bumble Holdings as a result of sales or exchanges of Common Units (including Common Units issued upon conversion of vested Incentive Units), and our utilization of certain tax attributes of the Blocker Companies (including the Blocker Companies’ allocable share of existing tax basis) and certain other tax benefits related to entering into the TRA. Actual tax benefits realized by the Company could have differed from tax benefits calculated under the TRA as a result of the use of certain assumptions in the TRA, including the use of an assumed weighted-average state and local income tax rate to calculate tax benefits. Payments under the TRA would have depended upon a number of factors, including the timing and amount of our future income. If we did not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, we would not have been required to make the related TRA Payments. Therefore, we would have only recognized a liability for TRA payments if we determined that it was probable that we would generate sufficient future taxable income over the term of the TRA to utilize the related tax benefits. Estimating future taxable income was inherently uncertain and requires judgment. In projecting future taxable income, we considered our historical results and incorporated certain assumptions, including projected revenue growth, and operating margins, among others. 65 Table of Contents On November 5, 2025, we entered into the TRA Amendment with Blackstone, the Founder of the Company and certain other pre-IPO owners. The TRA Amendment provided for one-time settlement payments as consideration for the complete and full termination of our payment obligations and the relinquishing of all TRA parties' payment rights under the tax receivable agreement. As a result of the TRA Buyout, the Company’s tax receivable agreement liability was fully settled as of December 31, 2025. For additional information around the tax receivable agreement, see Note 5, Payable to Related Parties Pursuant to a Tax Receivable Agreement, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Accounting Pronouncements Not Yet Adopted Recently-issued accounting pronouncements that may be relevant to our operations but have not yet been adopted are outlined in Note 2, Summary of Selected Significant Accounting Policies, to our audited consolidated financial statements included in Part II, “Item 8 – Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. 66 Table of Contents