TREE (TREE) financial statements
TREE reported revenue of $1.1B in fiscal 2025, up 12.6% a year over 9 years.
Net income was $151M and the operating margin 5.8%, against 13.6% in 2016.
Free cash flow was $61M.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TREE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $384M | $618M | $765M | $1.1B | $910M | $1.1B | $985M | $673M | $900M | $1.1B |
| Cost of revenue | $14M | $17M | $36M | $68M | $54M | $57M | $58M | $39M | $36M | $43M |
| Gross profit | $371M | $251M | $305M | $432M | $369M | $410M | $369M | $290M | $310M | $352M |
| Research and development | $14M | $18M | $27M | $40M | $44M | $53M | $56M | $47M | $46M | $45M |
| Selling, general and admin | $298M | $504M | $602M | $852M | $747M | $927M | $855M | $551M | $745M | $926M |
| Operating income | $52M | $33M | $56M | $51M | -$7M | $8M | -$33M | -$41M | $45M | $65M |
| Interest expense | $561,000 | $7M | $12M | $20M | $36M | $47M | $26M | — | — | — |
| Pre-tax income | $52M | $26M | $44M | $31M | -$43M | $84M | -$55M | -$125M | -$37M | $21M |
| Income tax | $20M | $6M | -$66M | -$8M | -$20M | $11M | $133M | -$3M | $4M | -$130M |
| Net income | $27M | $16M | $96M | $18M | -$48M | $69M | -$188M | -$122M | -$42M | $151M |
| EPS (diluted) | $2.15 | $1.14 | $6.85 | $1.22 | -$3.71 | $5.05 | -$14.69 | -$9.46 | -$3.14 | $10.78 |
| Diluted shares | 13M | 14M | 14M | 15M | 13M | 14M | 13M | 13M | 13M | 14M |
| Gross margin | 96.4% | 40.7% | 39.9% | 39.1% | 40.6% | 37.4% | 37.5% | 43.1% | 34.4% | 31.5% |
| Operating margin | 13.6% | 5.4% | 7.3% | 4.6% | -0.7% | 0.7% | -3.3% | -6.0% | 5.0% | 5.8% |
| Net margin | 7.2% | 2.5% | 12.6% | 1.6% | -5.3% | 6.3% | -19.1% | -18.2% | -4.6% | 13.5% |
Balance sheet
Fiscal years, from TREE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $91M | $369M | $105M | $60M | $170M | $251M | $299M | $112M | $107M | $81M |
| Receivables | $41M | $53M | $91M | $113M | $90M | $98M | $83M | $55M | $98M | $111M |
| Total current assets | $141M | $438M | $234M | $189M | $296M | $374M | $414M | $196M | $238M | $230M |
| Property, plant and equipment | $35M | $36M | $23M | $31M | $62M | $72M | $59M | $50M | $43M | $33M |
| Goodwill | $56M | $113M | $348M | $420M | $420M | $420M | $420M | $382M | $382M | $382M |
| Total assets | $323M | $693M | $896M | $948M | $1.2B | $1.3B | $1.2B | $803M | $768M | $856M |
| Total current liabilities | $67M | $148M | $262M | $231M | $112M | $274M | $83M | $76M | $240M | $137M |
| Long-term debt | $0 | $238M | $251M | $264M | $611M | $478M | $814M | $526M | $344M | $388M |
| Total liabilities | $92M | $399M | $550M | $546M | $824M | $851M | $991M | $679M | $659M | $569M |
| Shareholders' equity | $231M | $295M | $346M | $402M | $365M | $448M | $208M | $124M | $109M | $287M |
| Net debt | -$91M | -$130M | $271M | $279M | $441M | $393M | $517M | $417M | $362M | $311M |
Cash flow
Fiscal years, from TREE's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $64M | $104M | $124M | $157M | $111M | $131M | $43M | $68M | $62M | $73M |
| Capital spending | $32M | $8M | $15M | $20M | $42M | $35M | $11M | $13M | $11M | $12M |
| Free cash flow | $32M | $95M | $109M | $137M | $69M | $96M | $32M | $55M | $51M | $61M |
| Stock-based compensation | $10M | $23M | $44M | $52M | $54M | $69M | $60M | $40M | $29M | $29M |
| Dividends paid | $0 | $0 | — | — | — | — | — | — | — | — |
| Share buybacks (net) | -$49M | -$20M | -$94M | -$5M | $0 | -$40M | -$43M | $0 | $0 | — |
| Free cash flow margin | 8.4% | 15.5% | 14.3% | 12.4% | 7.6% | 8.8% | 3.2% | 8.2% | 5.7% | 5.4% |
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Open TREE in InvestinglyQuestions
What was TREE's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does TREE generate?
$61M in fiscal 2025 (operating cash flow minus capital spending).
From TREE's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.