LendingTree (TREE) Q2 2026 earnings summary

Executive summary

• Revenue grew 25% year-over-year to $313.4 million in Q2 2026, led by strong Insurance segment performance and supported by AI-driven operational efficiencies and new product launches.

• Adjusted EBITDA increased 11% year-over-year to $35.2 million, marking the eighth consecutive quarter of double-digit adjusted EBITDA growth.

• Net income for Q2 2026 was $9.6 million, up 8% from Q2 2025, with operating income rising 4% to $21.8 million.

• The company operates a high-margin, asset-light marketplace model with scalable expenses and proven operating leverage, driving consistent growth since 2023.

• Diversified revenue streams across insurance, consumer, and home segments, with insurance and consumer driving current growth and home positioned for cyclical recovery.

Financial highlights

• Q2 2026 revenue: $313.4 million, up 25% year-over-year; six-month revenue: $640.7 million, up 31% year-over-year.

• Adjusted EBITDA: $35.2 million, up 11% year-over-year; adjusted EBITDA as a percentage of variable marketing margin reached 40%.

• Net income: $9.6 million, up 8% year-over-year; EPS (diluted): $0.68.

• Variable marketing margin for Q2 2026: $87.3 million, up 4% year-over-year.

• Cash and cash equivalents at June 30, 2026: $110.8 million.

Outlook and guidance

• Full-year 2026 revenue expected between $1.30 and $1.32 billion, with variable marketing margin projected at $364–$374 million and adjusted EBITDA at $145–$152 million.

• Double-digit topline growth and margin expansion expected annually through 2026, supported by disciplined execution and a diverse product portfolio.

• Insurance segment expected to maintain strong revenue growth and stable VMM margins; Home segment faces continued headwinds from high mortgage rates and subdued home sales.

• SMB lending expected to stabilize and recover in the second half, with July showing best sales since Q1.

• Advertising costs are expected to remain elevated, especially in Insurance, as the company seeks to capture incremental market share.