YELP

MKT CAP:$2B

Yelp Inc.

Market Cap

$2B

Communication Services·Internet Content & Information·🇺🇸 United States·NYSE

Communication·Internet·🇺🇸·NYSE

Stock Price

$27.94-$2.26 (-7.48%)

Apr 17, 2026

Company Details

Yelp Inc. operates a platform that connects consumers with local businesses in the United States and internationally. The company's platform covers various local business categories, including restaurants, shopping, beauty and fitness, heal...

CEO

Jeremy Stoppelman

IPO Date

Mar 2, 2012

Website

www.yelp.com

Key Metrics TTM

Revenue

$1.5B

+3.7% YoY

Net Income

$146M

EPS (Diluted)

$2.24

Free Cash Flow

$323M

Revenue / Share

$23.62

Gross Margin

90.3%

Operating Margin

12.6%

Net Margin

9.9%

FCF Margin

22.0%

P/S

1.2x

P/E

11.7x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 27, 2026

$1.5B+3.7%EPS $2.24

Q4 2025

Feb 27, 2026

$360M-0.5%EPS $0.61

Q3 2025

Nov 7, 2025

$376M+4.4%EPS $0.60

Q2 2025

Aug 8, 2025

$370M+3.7%EPS $0.67

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$277M	$253M	-$4M
Q2 22	$299M	$272M	$16M
Q3 22	$309M	$282M	$13M
Q4 22	$309M	$281M	$33M
Q1 23	$312M	$286M	-$7M
Q2 23	$337M	$307M	$19M
Q3 23	$345M	$317M	$42M
Q4 23	$342M	$313M	$25M
Q1 24	$333M	$305M	$11M
Q2 24	$357M	$326M	$40M
Q3 24	$360M	$328M	$47M
Q4 24	$362M	$329M	$53M
Q1 25	$359M	$324M	$29M
Q2 25	$370M	$335M	$53M
Q3 25	$376M	$340M	$53M
Q4 25	$360M	$324M	$49M

Valuation

Quarter	P/S	P/E
Q1 22	2.3x	55.7x
Q2 22	1.9x	43.6x
Q3 22	2.1x	60.8x
Q4 22	1.7x	54.2x
Q1 23	1.7x	59.0x
Q2 23	2.0x	58.9x
Q3 23	2.2x	31.5x
Q4 23	2.4x	31.7x
Q1 24	2.0x	23.8x
Q2 24	1.8x	18.0x
Q3 24	1.7x	20.2x
Q4 24	1.8x	19.5x
Q1 25	1.7x	17.1x
Q2 25	1.5x	15.0x
Q3 25	1.4x	13.4x
Q4 25	1.3x	13.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$60M	$53M
Q2 22	$18M	$10M
Q3 22	$70M	$64M
Q4 22	$44M	$33M
Q1 23	$74M	$67M
Q2 23	$48M	$40M
Q3 23	$105M	$99M
Q4 23	$79M	$73M
Q1 24	$73M	$66M
Q2 24	$40M	$30M
Q3 24	$102M	$93M
Q4 24	$71M	$60M
Q1 25	$98M	$87M
Q2 25	$58M	$45M
Q3 25	$132M	$119M
Q4 25	$84M	$72M

Capital Expenditures

Quarter	CapEx
Q1 22	$7M
Q2 22	$8M
Q3 22	$6M
Q4 22	$12M
Q1 23	$8M
Q2 23	$8M
Q3 23	$6M
Q4 23	$6M
Q1 24	$7M
Q2 24	$10M
Q3 24	$10M
Q4 24	$11M
Q1 25	$11M
Q2 25	$13M
Q3 25	$13M
Q4 25	$12M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+19.2%	+16.8%
Q2 22	+16.2%	+9.5%
Q3 22	+14.8%	+19.4%
Q4 22	+13.1%	+8.6%
Q1 23	+12.9%	+13.5%
Q2 23	+12.8%	+12.5%
Q3 23	+11.7%	+2.6%
Q4 23	+10.8%	+15.1%
Q1 24	+6.5%	+0.8%
Q2 24	+5.9%	-0.4%
Q3 24	+4.4%	+3.4%
Q4 24	+5.7%	-2.8%
Q1 25	+7.7%	+2.3%
Q2 25	+3.7%	-0.1%
Q3 25	+4.4%	+3.0%
Q4 25	-0.5%	+0.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$41M	14.8%
Q2 22	$40M	13.4%
Q3 22	$39M	12.5%
Q4 22	$36M	11.8%
Q1 23	$46M	14.8%
Q2 23	$44M	12.9%
Q3 23	$43M	12.6%
Q4 23	$40M	11.7%
Q1 24	$43M	12.8%
Q2 24	$41M	11.5%
Q3 24	$39M	11.0%
Q4 24	$35M	9.6%
Q1 25	$37M	10.5%
Q2 25	$35M	9.4%
Q3 25	$33M	8.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$81M	$39M	$126M
Q2 22	$77M	$38M	$129M
Q3 22	$76M	$48M	$133M
Q4 22	$72M	$38M	$126M
Q1 23	$88M	$47M	$147M
Q2 23	$85M	$53M	$139M
Q3 23	$81M	$46M	$138M
Q4 23	$78M	$67M	$132M
Q1 24	$91M	$45M	$148M
Q2 24	$82M	$45M	$150M
Q3 24	$78M	$50M	$145M
Q4 24	$75M	$45M	$143M
Q1 25	$84M	$52M	$146M
Q2 25	$78M	$46M	$145M
Q3 25	$78M	$46M	$151M
Q4 25	$73M	$38M	$150M

Revenue Segments

Quarter	Advertising, Restaurants and Other	Advertising, Services	Other Revenue	Transactions
Q1 22	$103M	$160M	$10M	$3M
Q2 22	$109M	$174M	$11M	$4M
Q3 22	$113M	$181M	$12M	$4M
Q4 22	$116M	$178M	$12M	$3M
Q1 23	$114M	$184M	$12M	$4M
Q2 23	$122M	$200M	$12M	$3M
Q3 23	$124M	$206M	$12M	$3M
Q4 23	$124M	$203M	$12M	$3M
Q1 24	$114M	$203M	$15M	—
Q2 24	$118M	$223M	$16M	—
Q3 24	$116M	$228M	$16M	—
Q4 24	$121M	$225M	$16M	—
Q1 25	$110M	$232M	$17M	—

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$2M	$275M
Q2 22	$2M	$297M
Q3 22	$2M	$307M
Q4 22	$2M	$307M
Q1 23	$2M	$310M
Q2 23	$2M	$335M
Q3 23	$3M	$343M
Q4 23	$3M	$340M
Q1 24	$3M	$330M
Q2 24	$3M	$354M
Q3 24	$3M	$358M
Q4 24	$3M	$359M
Q1 25	$2M	$356M
Q2 25	$3M	$368M
Q3 25	$2M	$374M
Q4 25	$2M	$358M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$465M	$10M	$475M
Q2 22	$421M	$10M	$431M
Q3 22	$331M	$101M	$432M
Q4 22	$306M	$104M	$411M
Q1 23	$289M	$135M	$424M
Q2 23	$270M	$137M	$407M
Q3 23	$305M	$131M	$437M
Q4 23	$314M	$132M	$446M
Q1 24	$296M	$132M	$428M
Q2 24	$252M	$140M	$392M
Q3 24	$262M	$143M	$405M
Q4 24	$217M	$111M	$328M
Q1 25	$222M	$112M	$334M
Q2 25	$198M	$113M	$311M
Q3 25	$231M	$112M	$344M
Q4 25	$216M	$103M	$319M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	72M	-5.8%	-4.8%
Q2 22	73M	+1.7%	-7.8%
Q3 22	73M	-0.2%	-6.2%
Q4 22	72M	-1.4%	-5.8%
Q1 23	70M	-2.5%	-2.5%
Q2 23	71M	+2.0%	-2.2%
Q3 23	74M	+3.3%	+1.2%
Q4 23	73M	-0.6%	+2.2%
Q1 24	72M	-1.2%	+3.5%
Q2 24	70M	-2.5%	-1.1%
Q3 24	69M	-1.8%	-6.0%
Q4 24	68M	-1.7%	-7.1%
Q1 25	67M	-1.0%	-6.8%
Q2 25	66M	-2.4%	-6.8%
Q3 25	66M	+0.4%	-4.6%
Q4 25	62M	-6.0%	-8.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$62.9K	4K
Q2 22	$67.9K	4K
Q3 22	$70.2K	4K
Q4 22	$63.1K	5K
Q1 23	$63.8K	5K
Q2 23	$68.8K	5K
Q3 23	$70.4K	5K
Q4 23	$70.3K	5K
Q1 24	$68.3K	5K
Q2 24	$73.3K	5K
Q3 24	$74.0K	5K
Q4 24	$70.7K	5K
Q1 25	$70.1K	5K
Q2 25	$72.4K	5K
Q3 25	$73.5K	5K
Q4 25	$69.7K	5K

Revenue / Employee