IntrinsicIntrinsic
← All summaries

Bumble Inc.

BMBL
Financials & Chart →

Business Summary

Bumble Inc. operates a family of online dating and social networking applications, including the Bumble app, Bumble For Friends app, BFF app, and Badoo app, primarily generating revenue through a freemium model with subscriptions and in-app purchases . The company's mission is to foster healthy and equitable relationships, with the Bumble brand specifically built with women at the center to provide a safer and more empowering online environment . Bumble app is a leader in the online dating sector in countries such as the United States, United Kingdom, Australia, and Canada, while Badoo app leads in several European and Latin American countries . The company leverages innovative technology, including artificial intelligence, for profile matching, content moderation, and fraud detection, and shares a common infrastructure across its apps to drive efficiency and innovation .

The company's core business model revolves around a freemium offering, where basic services are free, and users can opt for premium features through subscriptions or one-time in-app purchases . Revenue is primarily derived from these paying users across its various applications. The primary customer segments are individuals seeking connections, ranging from romantic relationships on Bumble and Badoo, to friendships and community building on Bumble For Friends and BFF . The platform dynamics emphasize safety and accountability, with features like proactive safety monitoring, "Review before you send" for messages, and photo verification .

The Bumble app, launched in 2014, is a leading online dating platform known for its "women-first" approach, where women initiate conversations in heterosexual matches . It offers subscription tiers like Bumble Boost, Bumble Premium, and Bumble Premium+, along with in-app purchases such as SuperSwipe and Spotlight . For the year ended December 31, 2025, Bumble App Revenue was $783.0 million , a decrease from $866.3 million in 2024 . Bumble App Paying Users for 2025 were approximately 2.4 million , down from 2.8 million in 2024 , while Bumble App Average Revenue per Paying User (ARPPU) increased to $26.80 from $25.72 in 2024 .

The Badoo app, launched in 2006, focuses on making meaningful connections accessible for a mainstream global audience, particularly strong in Europe and Latin America . It features safety tools like Rude Message Detector and offers Badoo Premium and Badoo Extra subscriptions, as well as Badoo Credits for in-app purchases . Badoo App and Other Revenue for 2025 was $182.6 million , a decrease from $205.4 million in 2024 . Badoo App and Other Paying Users were approximately 1.2 million in 2025, down from 1.3 million in 2024 , and Badoo App and Other ARPPU decreased to $11.48 from $11.85 in 2024 . The Bumble For Friends app, initially launched in July 2023 and relaunched as BFF app in the United States in September 2025, is dedicated to friend-finding, group connections, and community building, utilizing generative AI for icebreaker questions and incorporating fraud mitigation and selfie verification features . As of December 31, 2025, the BFF app had not generated any revenue . The Official app was discontinued in the second quarter of 2025, and Fruitz was sold in July 2025 .

For the fiscal year ended December 31, 2025, Bumble Inc. reported total revenue of $965.7 million . The company incurred a net loss of $895.3 million , which included a significant impairment loss of $1,039.0 million . Gross profit, calculated as revenue less cost of revenue, was $684.1 million , resulting in a gross margin of 70.8% . Operating loss was $805.8 million , leading to an operating margin of -83.4% . Diluted EPS was $(5.95) . Net cash provided by operating activities was $250.4 million , and free cash flow was $238.7 million . As of December 31, 2025, cash and cash equivalents stood at $175.8 million , and total long-term debt (net) was $582.7 million .

Comparing 2025 to 2024, total revenue decreased by $105.9 million, from $1,071.6 million to $965.7 million , primarily due to a decline in Total Paying Users, partially offset by an increase in Total ARPPU and favorable foreign currency exchange rates . Bumble App Revenue decreased by $83.3 million, from $866.3 million to $783.0 million , driven by a 13.3% decline in Bumble App Paying Users , partially offset by a 4.2% increase in Bumble App ARPPU . Badoo App and Other Revenue decreased by $22.8 million, from $205.4 million to $182.6 million , due to a 7.8% decline in Badoo App and Other Paying Users and a 3.1% decrease in Badoo App and Other ARPPU . Cost of revenue decreased by $37.3 million, or 11.7% , and as a percentage of revenue, it decreased from 29.8% in 2024 to 29.2% in 2025, primarily due to reduced Apple fees from opting into Apple's EU terms . Selling and marketing expense decreased by $95.7 million, or 36.7% , mainly due to an $88.6 million decrease in marketing costs and a $9.1 million decrease in personnel costs . Product development expense increased by $20.8 million, or 20.6% , driven by a $12.2 million increase in stock-based compensation and a $4.5 million increase in subscription expense . Depreciation and amortization expense decreased by $44.8 million, or 63.4% , primarily due to the full amortization of Bumble and Badoo's developed technology in February 2025 . The impairment loss increased from $892.2 million in 2024 to $1,039.0 million in 2025.

During 2025, Bumble Inc. undertook significant operational developments. In June 2025, the company initiated a restructuring plan, reducing its global workforce by approximately 240 roles, representing about 30% of its employees, expecting to incur $15.0 million in non-recurring charges through Q1 2026 . The company also discontinued the Official app in Q2 2025 and sold the Fruitz app to a third party in July 2025 , incurring $1.4 million in expenses related to these discontinuations through Q3 2025 . In November 2025, Bumble Inc. entered into an amendment to its tax receivable agreement, resulting in one-time settlement payments of approximately $186.0 million to fully terminate its payment obligations under the agreement . Additionally, in August 2025, a $25.0 million voluntary principal payment was made on the Incremental Term Loan . The company also amended a multi-year agreement with a cloud services provider in December 2025, committing to minimum spend of $56.0 million over five years .

Business Outlook

Bumble Inc. is implementing a new strategy and transformation plan focused on delivering durable member value and driving long-term sustainable revenue, which involves fostering a healthy membership base and improving the member experience through product innovation, including modernizing technology and increased use of artificial intelligence . This strategic shift includes moving away from paid member acquisition towards brand and organic investment, with performance marketing limited to targeted usage for acquiring quality members . These efforts, particularly trust and safety initiatives like removing bad actors and reducing paid performance marketing, are expected to negatively impact revenue and paying users in the short term .

The company sees opportunities for growth in its core online dating market, driven by the steady growth of the global singles population, increasing adoption of online dating, and a rising propensity to pay for online dating services . However, challenges such as the global economic climate, competition, lack of appealing product features, restrictive payment policies from app stores, and slower market growth rates may hinder increases in Paying Users . The company aims to continually develop new monetization features and improve existing ones, balancing Paying Users and ARPPU, and testing new pricing strategies across its apps .

Bumble Inc. is focused on global expansion, introducing the Bumble app and BFF app to new markets in Europe, Asia, and Latin America, leveraging the local insights and scale of Badoo app's existing global footprint . Badoo app and BFF app will also utilize Bumble's marketing expertise in North America to support their growth in that market . This expansion requires increased investment in marketing and localization of product features and services, while navigating evolving foreign laws and local regulatory requirements . The company anticipates that in some new geographies, members may prefer in-app purchases over subscription packages, potentially impacting ARPPU, and there may be a lower propensity to pay in certain new markets .

The company plans to invest in technology and product innovation to drive growth while improving long-term margins . Key investment areas include artificial intelligence capabilities for matching and content moderation, features to enhance trust, safety, member engagement, and retention, as well as marketing and personalization capabilities . New subscription and consumable offerings are also planned to drive incremental value to Paying Users .

As of December 31, 2025, Bumble Inc. had $591 million of indebtedness outstanding . The company has a share repurchase program with $50.1 million remaining authorization as of December 31, 2025 . In March 2026, the company entered into a binding commitment letter to secure a $475.0 million senior secured term loan facility to refinance its outstanding indebtedness under the Credit Agreement, which matures on January 29, 2027 .

The company is exposed to changes in the global macroeconomic environment, including conflicts in Eastern Europe and the Middle East, slower economic growth, changes to fiscal, monetary, and trade policy, inflationary pressures, and foreign currency exchange rate fluctuations . These factors may adversely affect consumer discretionary spending, demand for products, expenses, and the ability to execute strategic plans . The company's international revenues, which accounted for 55.9% of total revenues in 2025 , are subject to foreign currency exchange risk, where a strengthening U.S. dollar can reduce translated international revenues . A hypothetical 10% change in British Pound and Euro relative to the U.S. Dollar would have changed revenue by $24.7 million for the year ended December 31, 2025 .

Risk Factors

Bumble Inc. faces substantial risks, including the potential failure to retain existing members or attract new ones, or a decrease in member engagement or conversion to paying users, which could significantly harm revenue and financial results . The online dating industry is highly competitive with low switching costs, and innovation by competitors, including the use of artificial intelligence, could disrupt the business . Dependence on third-party publishers and platforms for distribution and marketing, such as mobile app stores, poses a risk if these parties limit, prohibit, or change terms, potentially increasing costs or restricting distribution . The company's future success relies on retaining key employees and attracting skilled personnel, and recent workforce reductions of approximately 30% in 2025 could disrupt operations and impact talent acquisition and retention . Maintaining brand value and reputation is critical, and negative publicity, inappropriate member actions, or failure to uphold its "women-first" mission could impair member expansion and financial results . The company's use of AI in its business carries risks of reputational harm, competitive harm, and legal liability due to inaccurate or misleading content, latency, or ethical concerns, and the evolving regulatory landscape for AI could impose new obligations and penalties . Risks related to payment card transactions, including data security breaches and fraud, or additional regulation, could materially adversely affect financial condition . The company's substantial indebtedness of $591 million as of December 31, 2025 could affect its financial condition, ability to raise capital, and flexibility to react to economic changes, with a significant portion of cash flow dedicated to debt payments . The company is a "controlled company" due to its Principal Stockholders owning approximately 86.5% of the combined voting power as of February 27, 2026 , whose interests may conflict with those of other shareholders . Quarterly operating results are subject to fluctuations due to various factors, making them difficult to predict . Exposure to global macroeconomic conditions, including conflicts in Eastern Europe and the Middle East, inflation, and foreign currency exchange rate fluctuations, may adversely affect consumer discretionary spending and demand for products .

Management Priorities

Management's message to shareholders emphasizes a strategic shift and transformation plan aimed at delivering durable member value and driving long-term sustainable revenue. This plan prioritizes fostering a vibrant and healthy membership base and improving the member experience through product innovation, including modernizing technology and increasing the use of artificial intelligence in products and operations . A key strategic priority is the shift away from paid member acquisition towards brand and organic investment, with performance marketing now limited to targeted usage for acquiring quality members who are expected to be additive to the health of the membership base . Management explicitly notes that efforts to improve the health of the membership base, such as removing bad actors and strategically reducing paid performance marketing, have recently and may continue to adversely affect revenue and paying users in the short term . The company expects to incur approximately $15.0 million in total non-recurring charges through the first quarter of 2026 due to a global workforce reduction of approximately 240 roles, representing about 30% of employees, as part of realigning the operating structure .

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — Who We Are
  2. [2] Item 1, Business — Who We Are
  3. [3] Item 1, Business — Who We Are
  4. [4] Item 1, Business — Our Technology Has Transformed Online Dating
  5. [5] Item 1, Business — Who We Are
  6. [6] Item 1, Business — Who We Are
  7. [7] Item 1, Business — Bumble App
  8. [8] Item 1, Business — Bumble App
  9. [9] Item 1, Business — Bumble App
  10. [10] Item 7, MD&A — Results of Operations, Revenue
  11. [11] Item 7, MD&A — Results of Operations, Revenue
  12. [12] Item 7, MD&A — Key Operating Metrics
  13. [13] Item 7, MD&A — Key Operating Metrics
  14. [14] Item 7, MD&A — Key Operating Metrics
  15. [15] Item 7, MD&A — Key Operating Metrics
  16. [16] Item 1, Business — Who We Are
  17. [17] Item 1, Business — Badoo App
  18. [18] Item 7, MD&A — Results of Operations, Revenue
  19. [19] Item 7, MD&A — Results of Operations, Revenue
  20. [20] Item 7, MD&A — Key Operating Metrics
  21. [21] Item 7, MD&A — Key Operating Metrics
  22. [22] Item 7, MD&A — Key Operating Metrics
  23. [23] Item 7, MD&A — Key Operating Metrics
  24. [24] Item 1, Business — Who We Are; Item 1, Business — BFF App
  25. [25] Item 1, Business — Who We Are
  26. [26] Item 7, MD&A — Restructuring
  27. [27] Item 7, MD&A — Overview of Financial Results
  28. [28] Item 7, MD&A — Overview of Financial Results
  29. [29] Item 7, MD&A — Overview of Financial Results
  30. [30] Item 7, MD&A — Results of Operations, Cost of revenue (calculated as Revenue - Cost of revenue)
  31. [31] Item 7, MD&A — Results of Operations, Cost of revenue (calculated as Gross Profit / Revenue)
  32. [32] Item 7, MD&A — Results of Operations
  33. [33] Item 7, MD&A — Results of Operations (calculated as Operating earnings (loss) / Revenue)
  34. [34] Item 8, Consolidated Statements of Operations — Net loss per share attributable to Bumble Inc. shareholders
  35. [35] Item 7, MD&A — Overview of Financial Results
  36. [36] Item 7, MD&A — Overview of Financial Results
  37. [37] Item 7, MD&A — Liquidity and Capital Resources, Overview
  38. [38] Item 7, MD&A — Liquidity and Capital Resources, Indebtedness
  39. [39] Item 7, MD&A — Results of Operations, Revenue
  40. [40] Item 7, MD&A — Results of Operations, Revenue
  41. [41] Item 7, MD&A — Results of Operations, Revenue
  42. [42] Item 7, MD&A — Results of Operations, Revenue
  43. [43] Item 7, MD&A — Results of Operations, Revenue
  44. [44] Item 7, MD&A — Results of Operations, Revenue
  45. [45] Item 7, MD&A — Results of Operations, Revenue
  46. [46] Item 7, MD&A — Results of Operations, Revenue
  47. [47] Item 7, MD&A — Results of Operations, Revenue
  48. [48] Item 7, MD&A — Results of Operations, Revenue
  49. [49] Item 7, MD&A — Results of Operations, Revenue
  50. [50] Item 7, MD&A — Results of Operations, Cost of revenue
  51. [51] Item 7, MD&A — Results of Operations, Cost of revenue
  52. [52] Item 7, MD&A — Results of Operations, Cost of revenue
  53. [53] Item 7, MD&A — Results of Operations, Cost of revenue
  54. [54] Item 7, MD&A — Results of Operations, Selling and marketing expense
  55. [55] Item 7, MD&A — Results of Operations, Selling and marketing expense
  56. [56] Item 7, MD&A — Results of Operations, Product development expense
  57. [57] Item 7, MD&A — Results of Operations, Product development expense
  58. [58] Item 7, MD&A — Results of Operations, Depreciation and amortization expense
  59. [59] Item 7, MD&A — Results of Operations, Depreciation and amortization expense
  60. [60] Item 7, MD&A — Results of Operations, Impairment loss
  61. [61] Item 7, MD&A — Results of Operations, Impairment loss
  62. [62] Item 7, MD&A — Restructuring
  63. [63] Item 7, MD&A — Restructuring
  64. [64] Item 7, MD&A — Restructuring
  65. [65] Item 7, MD&A — Tax Receivable Agreement
  66. [66] Item 7, MD&A — Tax Receivable Agreement
  67. [67] Item 7, MD&A — Liquidity and Capital Resources, Overview
  68. [68] Item 7, MD&A — Contractual Obligations and Contingencies
  69. [69] Item 7, MD&A — Key Factors Affecting our Performance, Growth Strategy
  70. [70] Item 7, MD&A — Key Factors Affecting our Performance, Growth Strategy
  71. [71] Item 7, MD&A — Key Factors Affecting our Performance, Growth Strategy
  72. [72] Item 7, MD&A — Key Factors Affecting our Performance, Growth in Monetization
  73. [73] Item 7, MD&A — Key Factors Affecting our Performance, Growth in Monetization
  74. [74] Item 7, MD&A — Key Factors Affecting our Performance, Growth in Monetization
  75. [75] Item 7, MD&A — Key Factors Affecting our Performance, Expansion into New Geographic Markets
  76. [76] Item 7, MD&A — Key Factors Affecting our Performance, Expansion into New Geographic Markets
  77. [77] Item 7, MD&A — Key Factors Affecting our Performance, Expansion into New Geographic Markets
  78. [78] Item 7, MD&A — Key Factors Affecting our Performance, Expansion into New Geographic Markets
  79. [79] Item 7, MD&A — Key Factors Affecting our Performance, Investing in Growth While Driving Long-Term Profitability
  80. [80] Item 7, MD&A — Key Factors Affecting our Performance, Investing in Growth While Driving Long-Term Profitability
  81. [81] Item 7, MD&A — Key Factors Affecting our Performance, Investing in Growth While Driving Long-Term Profitability
  82. [82] Item 1A, Risk Factors — Risks Related to Our Indebtedness
  83. [83] Item 7, MD&A — Liquidity and Capital Resources, Overview
  84. [84] Item 7, MD&A — Liquidity and Capital Resources, Overview
  85. [85] Item 1A, Risk Factors — General Risk Factors, We are exposed to changes in the global macroeconomic environment beyond our control
  86. [86] Item 1A, Risk Factors — General Risk Factors, We are exposed to changes in the global macroeconomic environment beyond our control
  87. [87] Item 7A, Quantitative and Qualitative Disclosures About Market Risk — Foreign Currency Exchange Risk
  88. [88] Item 7A, Quantitative and Qualitative Disclosures About Market Risk — Foreign Currency Exchange Risk
  89. [89] Item 7A, Quantitative and Qualitative Disclosures About Market Risk — Foreign Currency Exchange Risk
  90. [90] Item 1A, Risk Factors — 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.
  91. [91] Item 1A, Risk Factors — The dating industry is highly competitive, with low switching costs and a consistent stream of new products and entrants, and innovation by our competitors, such as the use of artificial intelligence, may disrupt our business.
  92. [92] Item 1A, Risk Factors — Distribution and marketing of, and access to, our products depends, in significant part, on a variety of third-party publishers and platforms.
  93. [93] Item 1A, Risk Factors — Our future success depends on the continuing efforts of our key employees and our ability to attract and retain highly skilled personnel and senior management and maintain our culture, including as a result of our restructuring.
  94. [94] Item 1A, Risk Factors — Our future success depends on the continuing efforts of our key employees and our ability to attract and retain highly skilled personnel and senior management and maintain our culture, including as a result of our restructuring.
  95. [95] Item 1A, Risk Factors — If we are not able to maintain the value and reputation of our brands, our ability to expand our base of members may be impaired, and our business and financial results may be harmed.
  96. [96] Item 1A, Risk Factors — We use and intend to further use AI in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, legal liability and other material adverse effects on our business, financial condition and results of operations.
  97. [97] Item 1A, Risk Factors — We are subject to a number of risks related to payment card transactions, including data security breaches and fraud that we or third parties experience or additional regulation, any of which could materially adversely affect our business, financial condition and results of operations.
  98. [98] Item 1A, Risk Factors — Our substantial indebtedness could materially adversely affect our financial condition, our ability to raise additional capital to fund our operations, our ability to operate our business, our ability to react to changes in the economy or our industry, our ability to meet our obligations under our outstanding indebtedness and could divert our cash flow from operations for debt payments.
  99. [99] Item 1A, Risk Factors — Our substantial indebtedness could materially adversely affect our financial condition, our ability to raise additional capital to fund our operations, our ability to operate our business, our ability to react to changes in the economy or our industry, our ability to meet our obligations under our outstanding indebtedness and could divert our cash flow from operations for debt payments.
  100. [100] Item 1A, Risk Factors — Our Principal Stockholders control us and their interests may conflict with ours or yours in the future.
  101. [101] Item 1A, Risk Factors — Our Principal Stockholders control us and their interests may conflict with ours or yours in the future.
  102. [102] Item 1A, Risk Factors — Our quarterly operating results and other operating metrics may fluctuate from quarter to quarter, which makes these metrics difficult to predict.
  103. [103] Item 1A, 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.
  104. [104] Item 7, MD&A — Key Factors Affecting our Performance, Growth Strategy
  105. [105] Item 7, MD&A — Key Factors Affecting our Performance, Growth Strategy
  106. [106] Item 7, MD&A — Key Factors Affecting our Performance, Growth Strategy
  107. [107] Item 7, MD&A — Restructuring

Analysis on 5/20/2026