TREE · LendingTree, Inc.

LendingTree reported record first quarter 2026 revenue of $327.3 million, a 37% increase year-over-year, driven primarily by the Insurance segment which posted revenue of $221.9 million (+51% YoY) and segment profit of $57.9 million (+50% YoY). The Insurance segment benefited from healthy underwriting results and strong partner demand, with segment margins improving sequentially. The Consumer segment also performed well, with revenue of $66.3 million (+18% YoY), led by a 49% increase in small business offering revenue. The Home segment revenue grew 6% to $39.1 million, but segment profit declined 24% to $10.0 million due to targeted spend and higher media costs. On a GAAP basis, net income was $17.3 million ($1.22 per diluted share) compared to a net loss of $12.4 million in the prior year period. Adjusted EBITDA increased 71% to $42.0 million, with adjusted EBITDA as a percentage of variable marketing margin expanding to 42% from 32% in the prior year, reflecting operating leverage. Management highlighted the deployment of internally developed AI tools to improve marketing efficiency and a redesigned homepage driving customer engagement. The company raised its full-year 2026 guidance: revenue now expected between $1,300-$1,350 million (from $1,275-$1,330 million), variable marketing margin of $378-$395 million, and adjusted EBITDA of $152-$162 million. For the second quarter, guidance includes revenue of $305-$325 million, variable marketing margin of $93-$97 million, and adjusted EBITDA of $38-$40 million. The balance sheet strengthened with net leverage declining to 2.1x at quarter-end. However, management noted geopolitical issues have pushed consumer sentiment to a record low, impacting demand for new loan products, and remains conservative on Home and Consumer segments for the rest of 2026.