- Bumble's Q3 2026 revenue was $207.1M, down from $246.2M a year earlier, according to its Form 10-Q signed on 4 November.
- Total paying users fell to 3,075.8K from 3,574.9K, and Adjusted EBITDA was $60.5M, above the top of Bumble's $56M–$60M guidance.
- Net earnings were $31.6M against $51.6M a year earlier; diluted EPS was $0.20 versus $0.33.
- The roughly $1.3B all-cash take-private by Ithaca Holdings at $6.05 a share still needs regulatory approvals, with an outside date of 12 July 2027.
Bumble (BMBL) reported third-quarter results through a Form 10-Q signed on 4 November, with no earnings release and no call. The filing shows total revenue of $207.1M, against $246.2M a year earlier, a fall of about 15.9% by DII's calculation. Bumble attributes the decline mainly to fewer paying users and, to a lesser extent, lower average revenue per paying user (ARPPU).
The numbers now matter in a different way. Bumble signed a definitive merger agreement on 12 October to be acquired by Ithaca Holdings in an all-cash deal valued at about $1.3B, and the 10-Q is effectively the condition report on the asset the buyers will take on.
The DII Take
This is a business that hit its guidance while shrinking at a double-digit rate for a third straight quarter. Margins held up, and cash generation is still real: nine-month free cash flow was $178.0M against $182.4M. But paying users are down roughly 14% and the debt now costs far more than it did a year ago. The 138% premium to the unaffected share price is large, but it is being paid for a business whose payer base is still contracting.
Guidance met, but the payer base keeps shrinking
Bumble App revenue was $167.3M against $198.8M, and Badoo App and Other revenue was $39.8M against $47.4M. Both of Bumble's August guidance ranges for revenue, $205M–$213M overall and $167M–$173M for the Bumble App, were met. Adjusted EBITDA of $60.5M, a 29.2% margin, landed just above the guided $56M–$60M. A year earlier it was $83.1M at 33.7%.
Payers are where the pressure sits. Total paying users were 3,075.8K, down from 3,574.9K. Bumble App payers fell 15.1% to 1,990.5K, and Badoo App and Other fell 11.8% to 1,085.3K. ARPPU barely moved by comparison: $22.14 in total against $22.64, with the Bumble App at $28.02, down 0.9%.
Revenue declines of 14.1% in Q1 and 15.2% in Q2, per Bumble's earlier filings, mean Q3 is the third consecutive double-digit fall. The Q2 net loss of $127.9M included a $169.3M impairment, and none was booked in Q3. That is why net earnings of $31.6M compare with a nine-month net loss of $43.6M.
Debt costs and the road to closing
The balance sheet tells its own story. Bumble held $190.3M of cash at 30 September. Its 2026 term loan, issued on 24 April at $475.0M, had $460.2M outstanding at an 11.69% rate, versus 7.17% and 7.67% on the old loans a year earlier. Net interest expense for the quarter rose 38.3% to $14.7M.
On the deal, Class A holders receive $6.05 a share, excluding dissenting, cancelled or rollover shares. Bumble's announcement said an independent Special Committee recommended the transaction and the board approved it unanimously, with founder Whitney Wolfe Herd recused. Affiliates of Blackstone and Wolfe Herd then approved it by written consent, so no further shareholder vote is needed.
Ann Mather, chair of the board and the Special Committee, said in the announcement: 'The Special Committee was formed to conduct an independent review of strategic alternatives to maximize value for our public and unaffiliated shareholders.' Wolfe Herd said Bumble had 'found a partner who shares our vision, believes in our women-first mission, and is committed to investing in Bumble's future.'
Rivals are moving in different directions
Against peers, Bumble's trajectory looks weaker. Match Group (MTCH) said in its 2 November release that Tinder daily active users returned to year-over-year growth in September after more than three years, and that Hinge posted double-digit user, revenue and payer growth. DII has already covered that report. Match's Q2 payers were down 6% to 13.3 million, a decline smaller than Bumble's roughly 14% fall in Q3.
Grindr (GRND) is a sharper contrast. Its Q2 revenue rose 33% to $138M, with a 42% Adjusted EBITDA margin, and it raised its full-year 2026 revenue outlook to about $540M. DII has not seen Grindr's Q3 results.
What to watch before closing
Closing requires expiry or termination of the Hart-Scott-Rodino waiting period, other government approvals, and a Schedule 14C information statement followed by a 20-day wait. Either side can terminate if the deal has not closed by 5:00 p.m. Eastern on 12 July 2027. Bumble owes Ithaca a $29.0M termination fee in specified circumstances. No regulatory clearance has been reported yet.
On closing, Ithaca co-CEOs Ravi Gupta and John Hegeman become Bumble co-CEOs and will partner with Wolfe Herd, who stays involved. Bumble will be private, with offices in London, Austin and New York City, and is expected to stay based in Austin. Its Class A stock will stop trading. Separately, an affiliate of Wolfe Herd exchanged 21.2 million Common Units for Class A shares on 12 October, cutting the noncontrolling interest in Bumble Holdings from 13.8% to less than 0.1%.
- Bumble's 10-Q shows revenue and payers both falling by double digits while Adjusted EBITDA margin held at 29.2%, so the buyers are acquiring a smaller but still cash-generative business.
- Bumble's term loan at 11.69% is a material cost; operators should watch whether Ithaca restructures the debt after closing.
- With no further shareholder vote needed, the HSR waiting period and other approvals are the remaining gates before the 12 July 2027 outside date.
Sources: Bumble Inc. Form 10-Q for quarter ended September 30, 2026 (SEC); Bumble Inc. to Be Acquired by Ithaca Holdings, press release, Exhibit 99.1 to 8-K (SEC); Bumble Inc. Announces Second Quarter 2026 Results (Bumble Inc. investor relations); Bumble Inc. Form 10-Q for quarter ended June 30, 2026 (SEC); Match Group Announces Third Quarter Results, Exhibit 99.1 to 8-K (SEC); Grindr Inc. Reports Second Quarter 2026 Revenue Growth of 33% (SEC)