Yelp (YELP) FY2025 results: revenue $1.5 billion, up 3.7% on the year
Yelp Inc. (YELP) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, up 3.7% on the year before. Net income was $146 million, up 9.6%, and diluted earnings per share $2.24. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$1.5 billion
+3.7% on the year
FY2018FY2025
Operating margin
12.6%
10.7% a year earlier
FY2018FY2025
Net income
$146 million
+9.6% on the year
FY2018FY2025
Diluted EPS
$2.24
+19.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 9 new, 1 kept.
2025 net revenue and net income rose: Full-year net revenue was $1.46 billion, up 4%. Net income was $146 million, up 10%, a 10% net income margin, and diluted EPS was $2.24, up 19%.
Services advertising revenue rose: Services advertising revenue rose 8% to $948 million for the year. Management linked the growth to higher average cost per click and RepairPal revenue, partly offset by fewer ad clicks.
RR&O advertising revenue declined: Restaurants, Retail and Other advertising revenue fell 6% to $444 million, with ad clicks down and average cost per click up as advertiser demand outpaced consumer demand.
Hatch ARR up 70% year over year: Hatch had about $25 million in annual recurring revenue as of November 2025. Management said growth ran at a modestly negative cash flow.
Ad clicks down, cost per click up: Ad clicks fell 7% for the year and 8% in the fourth quarter. Average cost per click rose 10%, reflecting Services advertiser demand and lower overall consumer demand.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
372
286
306
+30.2%
Capital expenditure
48.4
37.3
26.8
+29.5%
Free cash flow
324
248
279
+30.3%
Free cash flow margin
22.1%
17.6%
20.9%
Cash from investing
-45.7
-77.3
-54.7
Cash from financing
-330
-304
-247
Depreciation and amortisation
50.1
40.4
42.2
+24.0%
Share-based compensation
134
158
173
-15.3%
Buybacks
291
251
200
+15.8%
Diluted shares, weighted
65m
71m
74m
-7.8%
Shares outstanding at period end
60m
66m
69m
-8.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
711
744
750
-4.5%
Debt
0.0
0.0
0.0
Operating lease liabilities
17.5
22.5
48.1
-22.3%
Other liabilities
230
217
217
+6.0%
Total liabilities and equity
958
984
1,015
-2.6%
Fixed assets
91.7
75.7
68.7
+21.2%
Goodwill
136
131
104
+3.7%
Intangible assets
49.0
58.8
7.6
-16.6%
Investments
103
101
127
+2.7%
Cash and equivalents
216
217
314
-0.6%
Receivables
153
155
146
-1.4%
Other assets
209
245
247
-14.5%
Total assets
958
984
1,015
-2.6%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.