Bumble

BMBL · Nasdaq · Communication Services · Financials, fiscal 2019 to 2025

BMBL · Last close · November 6, 2026

$5.97

Bumble's revenue fell 9.9% to $966 million in fiscal 2025. Its operating margin was −83.4%, down from −65.4% a year earlier. It paid out $29 million in dividends and buybacks. The diluted share count fell 8.8%.

Bumble Inc. Latest fiscal year ended December 31, 2025 10-K filed March 16, 2026 · 0001830043-26-000027 Updated November 8, 2026

Revenue

$966M

9.9%

Operating margin

−83.4%

18.1 pts

Net income

−$693M

Free cash flow

—

Return on capital

−44.5%

19.2 pts

Market cap

$790M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Bumble does

Bumble runs a family of apps where people meet new people: the Bumble dating app, the Badoo dating app, and BFF, an app for finding friends. Bumble launched in 2014 and was built with women at the center. Badoo launched in 2006 and is aimed at a mainstream global audience, with strength in parts of Europe and Latin America.

The apps are free to use. Bumble makes money from the subset of members who pay for subscriptions or in-app purchases to unlock premium features. In 2025 the Bumble app had about 2.4 million paying users, and Badoo and other apps had about 1.2 million. It reports revenue by Bumble App and by Badoo App and Other.

Bumble says it competes in an industry with low switching costs and a steady stream of new products. It also says safety, such as blurring unwanted lewd photos in chats, and its focus on women set its brand apart. The apps share some common technology, so insights from one can be used in the others. In July 2025 it sold its Fruitz business.

Its biggest risks, as it describes them

Losing members, or members using the apps less or not paying for premium features.
Strong competition in dating, with low switching costs and new products, including ones that use AI.
Harm to its brand if members behave badly on its apps or fake accounts spread.
Its dependence on key people and on marketing that works at a reasonable cost.
Doubts about the accuracy of its member numbers and other metrics.

From Bumble's annual report on Form 10-K, filed March 16, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Bumble lost money in fiscal 2025: a net loss of $693 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	369	403	356	204	176
Debt incl. finance leases	639	633	627	621	591
Net debt (negative means net cash)	269	230	272	417	415
Net debt to EBITDA	—	—	2.2x	—	—
Debt to equity	0.4x	0.4x	0.4x	0.8x	1.0x
Interest coverage	−6.0x	−3.9x	1.6x	−13.6x	−18.2x
Current ratio	2.7x	2.4x	2.0x	2.5x	2.2x
Quick ratio	2.7x	2.4x	2.0x	2.5x	2.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Bumble's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Projections

Project Bumble's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Bumble's projections

Insider trades

No officer, director or 10% owner of Bumble reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	6 of 9	4 of 9
Rule of 40	—	—	—
Altman Z''	2.32	−1.04	−5.26
Accruals ratio	−5.1%	−22.1%	−47.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	6 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Bumble side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Bumble	FY25	−9.9%	−83.4%	—	−44.5%	—	4
CarGurus	FY25	13.7%	26.9%	31.9%	90.3%	−0.7x	7	Compare
ZoomInfo	FY25	2.9%	18.1%	31.2%	5.3%	3.6x	7	Compare
QuinStreet	FY26	18.3%	2.7%	9.9%	17.4%	−1.0x	7	Compare
EverQuote	FY25	38.5%	8.4%	13.0%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	489	540	761	904	1,052	1,072	966
Revenue growth	—	10.3%	41.0%	18.7%	16.4%	1.9%	−9.9%
Gross profit	349	396	760	654	1,032	1,069	684
Research and development	—	—	—	—	—	—	—
Operating income	93	−77	−135	−103	53	−700	−806
Net income	66	−110	310	−80	−4	−557	−693
Diluted EPS (US$)	0.00	−0.04	1.45	−0.62	−0.03	−4.61	−5.95
Diluted shares (millions)	—	2,454	193	129	135	121	110
Cash flow
Cash from operations	101	53	105	133	182	123	250
Capital expenditure	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—
Dividends paid	23	360	0	0	0	0	0
Share buybacks	0	0	1,018	0	113	192	29
Acquisitions	0	2,838	0	70	10	0	0
Stock-based compensation	2	28	124	111	104	26	31
Balance sheet at fiscal year end
Cash and short-term investments	57	128	369	403	356	204	176
Debt incl. finance leases	—	826	639	633	627	621	591
Total assets	—	3,637	3,777	3,693	3,625	2,525	1,425
Total liabilities	—	1,552	1,307	1,239	1,288	1,176	744
Shareholders' equity	30	2,084	1,608	1,628	1,635	824	570
Margins and ratios
Gross margin	71.4%	73.4%	100.0%	72.4%	98.1%	99.8%	70.8%
Operating margin	19.1%	−14.3%	−17.7%	−11.4%	5.1%	−65.4%	−83.4%
Net margin	13.5%	−20.4%	40.7%	−8.8%	−0.4%	−52.0%	−71.8%
Free cash flow margin	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—
Return on capital	—	—	−3.9%	−3.0%	1.0%	−25.3%	−44.5%
Return on equity	—	—	16.8%	−4.9%	−0.3%	−45.3%	−99.4%
Return on assets	—	—	8.4%	−2.1%	−0.1%	−18.1%	−35.1%
Net debt to EBITDA	—	48.0x	—	—	2.2x	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Bumble's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Bumble.