Yelp

YELP · NYSE · Communication Services · Financials, fiscal 2016 to 2025

YELP · Last close · October 26, 2026

$19.44

Yelp's revenue rose 3.8% to $1.5 billion in fiscal 2025. Its operating margin was 12.6%, up from 10.7% a year earlier. Free cash flow was $324 million, up 30.3%. It paid out $291 million in dividends and buybacks, 90% of free cash flow. The diluted share count fell 7.8%.

YELP INC Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001345016-26-000019 Updated October 11, 2026

Revenue

$1.5B

3.8%

Operating margin

12.6%

1.9 pts

Net income

$146M

9.6%

Free cash flow

$324M

30.3%

Return on equity

20.0%

2.2 pts

Market cap

$1.1B

Oct 26 close

P/E

9.3x

On $2.09 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. 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.

About these figures. Yelp has no borrowings, but its 2016 filing tags other long-term liabilities as long-term debt, so debt is left blank.

What Yelp does

Yelp runs a website and app where people find local businesses and read reviews of them. It says its platform holds more than 300 million ratings and reviews, covering a broad range of business categories. Its stated mission is to connect consumers with local businesses.

Yelp says it earns substantially all of its revenue from advertising. Businesses pay to be shown in sponsored search results, on the Yelp pages of related businesses, and in other places on the platform. The price of each ad click is set in an auction for every placement. It also sells subscription services that help businesses run day to day, such as Yelp Guest Manager, a set of front-of-house tools for restaurants and nightlife venues, and AI-powered phone assistants called Yelp Host and Yelp Receptionist.

Yelp says its reviews come from users and that this content is why consumers come to it, which keeps its cost of getting traffic low. It relies on Internet search engines and app stores to send people to its platform, and it faces competition that it expects to increase.

Its biggest risks, as it describes them

Weak local economies that lead businesses to cut their advertising.
Depending on advertising for nearly all revenue, so it must keep and grow its advertisers.
A fall in traffic to its platform or in how much people use it.
Relying on Internet search engines and app stores to send people to it.
Failing to gather enough reliable content from users, or to protect its brand.

From Yelp's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

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

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 3.1% a year and net income fell 0.6% a year, as buybacks cut the share count by 25%.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Yelp yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Yelp's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Yelp's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Yelp's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 11% discount rate. Base: growth of 7% then 5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 10.5% then 7% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $19.44
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Yelp's earnings per share of $2.09 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Yelp's own P/E today, its peers' median and its sector's median (the Communication Services median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: QuinStreet, Tripadvisor, Reddit.

Earnings growth in the years ahead (% a year) Starts at Yelp's revenue growth over the last 3 years, 7.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $19.44
Value at this multiple, against the last close: —
Yelp's P/E at the last close: 9.3×

Company	Last close	Earnings per share	P/E today
TripadvisorTRIP	$9.24	$0.06	154.0×
RedditRDDT	$138.45	$4.30	32.2×
QuinStreetQNST	$16.22	$1.40	11.6×
YelpYELP	$19.44	$2.09	9.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	480	401	441	318	319
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	3.9x	3.3x	3.5x	3.3x	3.0x
Quick ratio	3.9x	3.3x	3.5x	3.3x	3.0x

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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Yelp shares on the open market, and 9 insiders sold $17.4 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 21, 2026	David A SchwarzbachChief Financial Officer	Sold plan	7,500	$20.00	$150,000	Form 4
Oct 15, 2026	David A SchwarzbachChief Financial Officer	Sold plan	7,500	$20.00	$150,000	Form 4
Sep 1, 2026	Carmen AmaraChief People Officer	Sold plan	500	$22.14	$11,070	Form 4
Aug 24, 2026	Alexander Coleman LevyChief Technology Officer	Sold plan	3,829	$23.40	$89,599	Form 4
Aug 21, 2026	David A SchwarzbachChief Financial Officer	Sold plan	8,809	$23.19	$204,281	Form 4
Aug 3, 2026	Joseph R NachmanChief Operating Officer	Sold plan	4,500	$26.91	$121,095	Form 4
Jul 2, 2026	Carmen AmaraChief People Officer	Sold plan	23,233	$27.00	$627,291	Form 4
Jul 1, 2026	Joseph R NachmanChief Operating Officer	Sold plan	4,500	$25.00	$112,500	Form 4
Jul 1, 2026	Carmen AmaraChief People Officer	Sold plan	1,500	$24.95	$37,425	Form 4
Jun 30, 2026	Joseph R NachmanChief Operating Officer	Sold plan	9,000	$25.00	$225,000	Form 4
Jun 5, 2026	Carmen AmaraChief People Officer	Sold plan	1,000	$24.00	$24,000	Form 4
Jun 1, 2026	Christine BaroneDirector	Sold plan	15,507	$22.95	$355,886	Form 4

The latest 12 of 53 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−20.4%	−15.3%	−23.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Yelp 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
Yelp	FY25	3.8%	12.6%	22.1%	—	—	—
QuinStreet	FY26	18.3%	2.7%	9.9%	17.4%	−1.0x	7	Compare
ZoomInfo	FY25	2.9%	18.1%	31.2%	5.3%	3.6x	7	Compare
Tripadvisor	FY25	3.0%	4.2%	8.6%	8.9%	1.1x	6	Compare
Reddit	FY25	69.4%	20.1%	31.1%	119.1%	−5.4x	6	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 above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	716	851	943	1,014	873	1,032	1,194	1,337	1,412	1,465
Revenue growth	30.3%	18.8%	10.8%	7.6%	−13.9%	18.2%	15.7%	12.0%	5.6%	3.8%
Gross profit	656	780	885	952	816	954	1,088	—	—	—
Research and development	133	171	206	226	230	265	294	321	310	298
Operating income	−2	180	26	36	−39	32	58	79	151	184
Net income	−2	153	55	41	−19	40	36	99	133	146
Diluted EPS (US$)	−0.02	1.76	0.62	0.52	−0.27	0.50	0.50	1.35	1.88	2.24
Diluted shares (millions)	77	87	89	78	73	79	73	74	71	65
Cash flow
Cash from operations	127	168	160	205	177	213	192	306	286	372
Capital expenditure	23	30	45	38	32	28	32	27	37	48
Free cash flow	104	137	115	167	145	184	160	279	248	324
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	13	187	481	24	263	200	200	251	291
Acquisitions	0	50	0	0	0	0	0	0	66	0
Stock-based compensation	86	100	114	122	125	152	156	174	158	134
Balance sheet at fiscal year end
Cash and short-term investments	480	821	756	412	596	480	401	441	318	319
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	885	1,226	1,176	1,071	1,155	1,050	1,016	1,015	984	958
Total liabilities	78	117	100	316	300	299	306	265	240	248
Shareholders' equity	816	1,109	1,076	755	854	751	710	750	744	711
Margins and ratios
Gross margin	91.6%	91.7%	93.9%	93.8%	93.5%	92.4%	91.1%	—	—	—
Operating margin	−0.3%	21.1%	2.8%	3.5%	−4.4%	3.0%	4.9%	5.9%	10.7%	12.6%
Net margin	−0.2%	18.0%	5.9%	4.0%	−2.2%	3.8%	3.0%	7.4%	9.4%	9.9%
Free cash flow margin	14.5%	16.1%	12.2%	16.5%	16.6%	17.9%	13.4%	20.9%	17.6%	22.1%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	−0.2%	15.9%	5.1%	4.5%	−2.4%	4.9%	5.0%	13.6%	17.8%	20.0%
Return on assets	−0.2%	14.5%	4.6%	3.6%	−1.8%	3.6%	3.5%	9.8%	13.3%	15.0%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

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