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YELP

Yelp Inc.

YELP

Yelp Inc. • NYSE
$28.91 ▼ -0.45% (-0.13)
Market Cap $1.87 B
52w High $41.72
52w Low $27.29
Dividend Yield 0%
P/E 12.91
Volume 361.04K
Outstanding Shares 64.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $376.038M ▲ $286.865M ▲ $39.324M ▼ 10.457% ▼ $0.62 ▼ $70.761M ▼
Q2-2025 $370.394M ▲ $281.657M ▼ $44.089M ▲ 11.903% ▲ $0.69 ▲ $71.35M ▲
Q1-2025 $358.534M ▼ $294.246M ▲ $24.391M ▼ 6.803% ▼ $0.37 ▼ $45.25M ▼
Q4-2024 $361.952M ▲ $275.253M ▼ $42.22M ▲ 11.665% ▲ $0.64 ▲ $68.726M ▲
Q3-2024 $360.344M $281.31M $38.44M 10.668% $0.57 $59.679M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $343.553M ▲ $989.884M ▲ $256.731M ▲ $733.153M ▼
Q2-2025 $311.123M ▼ $980.175M ▼ $233.771M ▼ $746.404M ▲
Q1-2025 $334.412M ▲ $985.203M ▲ $257.185M ▲ $728.018M ▼
Q4-2024 $327.906M ▼ $983.567M ▲ $239.598M ▼ $743.969M ▲
Q3-2024 $404.514M $980.208M $240.668M $739.54M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $39.324M ▼ $131.518M ▲ $-11.357M ▲ $-86.197M ▼ $33.329M ▲ $118.937M ▲
Q2-2025 $44.089M ▲ $58.034M ▼ $-14.617M ▼ $-69.869M ▲ $-24.453M ▼ $45.01M ▼
Q1-2025 $24.391M ▼ $97.995M ▲ $-12.003M ▲ $-81.713M ▼ $4.703M ▲ $87.464M ▲
Q4-2024 $42.22M ▲ $70.973M ▼ $-42.826M ▼ $-70.795M ▲ $-44.295M ▼ $59.963M ▼
Q3-2024 $38.44M $102.298M $-11.394M $-82.596M $9.183M $92.535M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising
Advertising
 $0 ▲$0 ▲$350.00M ▲$360.00M ▲
Advertising Restaurants and Other
Advertising Restaurants and Other
 $120.00M ▲$110.00M ▼$110.00M ▲$110.00M ▲
Advertising Services
Advertising Services
 $220.00M ▲$230.00M ▲$240.00M ▲$240.00M ▲
Other Revenue
Other Revenue
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Yelp’s income statement shows a steady, healthy improvement over the past several years. Revenue has grown consistently, not in a flashy way but in a durable, step-by-step pattern. Profitability has moved from small losses earlier in the period to solid, repeatable profits more recently, with operating income and net income both trending upward. Margins have gradually widened, suggesting better cost discipline and more efficient monetization of its platform. Overall, the business looks more mature and stable than it did a few years ago, with earnings that now appear more reliable than cyclical or one‑off driven.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively clean. Total assets have been broadly stable, while debt has been reduced over time, lowering financial risk. Cash levels, while down from their pandemic peak, still appear comfortable, indicating the company retains a meaningful financial cushion. Equity is steady, which suggests Yelp has not needed to take on heavy leverage to grow. The overall picture is of a company that has been gradually de‑risking its capital structure and relying more on its own cash generation than on borrowing.

Cash Flow

Cash Flow Cash flow is one of Yelp’s clear strengths. The company has consistently generated positive cash from its operations for several years, and free cash flow has followed the same pattern. Investment needs for property, equipment, and similar items are modest and relatively stable, which helps convert a good share of earnings into free cash. This combination of solid operating cash flow and low capital intensity gives Yelp flexibility: it can fund product development, marketing, and shareholder-focused actions without straining its finances.

Competitive Edge

Competitive Edge Yelp sits in a tough neighborhood, competing with very large platforms like Google and more focused service marketplaces. Its main edge is the depth and quality of its user reviews, which create a network effect: more reviews attract more users, which attract more businesses. The brand is well known, especially for local restaurant and service discovery, and the community feel of the reviews still differentiates it. However, its moat is not massive; search engines direct much of the traffic in local discovery, and rivals can copy individual features even if they cannot easily replicate Yelp’s full review database. Yelp’s ongoing challenge is to keep its content trusted and relevant while convincing local businesses that its paid tools deliver enough value versus other advertising options.

Innovation and R&D

Innovation and R&D Innovation at Yelp is centered on product improvements and data, not on heavy, hardware-like research spending. The company has leaned hard into AI to make its huge review base more usable: summarizing feedback, personalizing search results, and powering tools like Yelp Assistant to help match users with service providers. It is also experimenting with features that extend beyond simple reviews—such as request-a-quote, Yelp Guaranteed, and Yelp Connect—to cover more of the customer journey. The key question is whether these innovations can materially deepen engagement and drive higher spending from businesses before large tech platforms narrow the feature gap. Still, the product roadmap suggests Yelp is actively iterating rather than standing still.

Summary

Yelp today looks like a more mature, financially disciplined version of itself. Revenue and profits have trended upward, cash generation is strong, and the balance sheet is relatively low-risk with declining debt and ample liquidity. Competitively, the company benefits from a valuable review database and a recognizable brand, but it operates in the shadow of larger platforms that control much of online discovery. Its strategy leans on product-led innovation and AI to make its data more powerful for users and more monetizable for businesses. The main things to watch are: whether growth can continue without sacrificing profitability, whether Yelp can further strengthen its perceived value to advertisers, and how well it can defend and enhance its niche against the ongoing push of big tech into local search and services.

NEWS

November 6, 2025 · 4:05 PM UTC

Yelp Reports Third Quarter 2025 Results

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October 23, 2025 · 4:05 PM UTC

Yelp Announces Date of Third Quarter 2025 Financial Results

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October 21, 2025 · 7:00 AM UTC

Yelp Expands AI Features to Make Local Discovery More Conversational, Visual and Seamless

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September 30, 2025 · 9:00 AM UTC

Yelp Names DoorDash its Preferred Partner to Expand Delivery Access Nationwide

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September 2, 2025 · 4:05 PM UTC

Yelp to Participate in the Goldman Sachs Communacopia & Technology Conference

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