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Yelp (YELP) Financials

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$23.42 -0.18 (-0.76%)
As of 08/21/2026 03:58 PM Eastern
Annual Income Statements for Yelp

Annual Income Statements for Yelp

This table shows Yelp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-33 -1.71 153 55 41 -19 40 36 99 133 146
Consolidated Net Income / (Loss)
-33 -1.71 153 55 41 -19 40 36 99 133 146
Net Income / (Loss) Continuing Operations
-33 -1.71 153 55 41 -19 40 36 99 133 146
Total Pre-Tax Income
-21 -0.33 184 40 50 -35 34 67 105 183 204
Total Operating Income
-21 -2.02 180 26 36 -39 32 58 79 151 185
Total Gross Profit
499 656 780 885 952 816 954 1,088 1,223 1,412 1,322
Total Revenue
550 716 851 943 1,014 873 1,032 1,194 1,337 1,412 1,465
Operating Revenue
550 716 851 943 1,014 873 1,032 1,194 1,337 1,412 1,465
Total Cost of Revenue
51 60 71 58 62 57 78 106 114 0.00 143
Operating Cost of Revenue
51 60 71 58 62 57 78 106 114 - 143
Total Operating Expenses
520 658 601 859 916 855 922 1,029 1,144 1,261 1,138
Selling, General & Admin Expense
81 100 110 121 136 130 136 164 212 185 182
Marketing Expense
302 380 437 483 500 437 454 515 557 586 592
Research & Development Expense
108 139 176 212 230 233 276 306 333 326 314
Depreciation Expense
30 35 41 43 49 51 56 45 42 40 50
Total Other Income / (Expense), net
0.39 1.69 4.86 14 14 3.67 2.20 8.43 26 32 20
Other Income / (Expense), net
0.39 1.69 4.86 14 14 3.67 2.20 8.43 26 32 20
Income Tax Expense
12 1.39 31 -15 8.89 -16 -5.95 30 5.91 50 58
Basic Earnings per Share
($0.44) ($0.02) $1.87 $0.66 $0.55 ($0.27) $0.53 $0.51 $1.43 $1.97 $2.30
Weighted Average Basic Shares Outstanding
74.68M 77.19M 81.60M 83.57M 74.63M 73.01M 74.22M 70.87M 69.22M 67.42M 63.33M
Diluted Earnings per Share
($0.44) ($0.02) $1.76 $0.62 $0.52 ($0.27) $0.50 $0.50 $1.35 $1.88 $2.24
Weighted Average Diluted Shares Outstanding
74.68M 77.19M 87.17M 88.71M 77.97M 73.01M 78.62M 73.40M 73.60M 70.61M 65.09M
Weighted Average Basic & Diluted Shares Outstanding
74.80M 77.80M 81.80M 82.03M 71.84M 74.93M 71.10M 69.54M 68.28M 65.03M 59.52M

Quarterly Income Statements for Yelp

This table shows Yelp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders
27 14 38 38 42 24 44 39 38 18 32
Consolidated Net Income / (Loss)
27 14 38 38 42 24 44 39 38 18 32
Net Income / (Loss) Continuing Operations
27 14 38 38 42 24 44 39 38 18 32
Total Pre-Tax Income
34 19 50 54 60 35 59 58 52 30 44
Total Operating Income
25 11 40 47 53 29 53 53 49 27 44
Total Gross Profit
427 305 326 328 329 324 335 340 324 323 334
Total Revenue
342 333 357 360 362 359 370 376 360 361 376
Operating Revenue
342 333 357 360 362 359 370 376 360 361 376
Total Cost of Revenue
-85 27 31 32 33 35 35 36 36 38 42
Operating Cost of Revenue
- 27 31 32 33 35 35 36 36 38 42
Total Operating Expenses
402 294 287 281 275 294 282 287 275 296 290
Selling, General & Admin Expense
67 45 45 50 45 52 46 45 38 49 48
Marketing Expense
132 148 150 145 143 146 145 151 150 153 154
Research & Development Expense
78 91 82 78 75 84 78 78 73 77 70
Depreciation Expense
10 9.93 9.59 9.33 12 12 12 13 13 16 18
Total Other Income / (Expense), net
8.78 7.72 10 7.23 6.64 5.77 5.70 5.35 2.69 2.59 0.73
Other Income / (Expense), net
8.78 7.72 10 7.23 6.64 5.77 5.70 5.35 2.69 2.59 0.73
Income Tax Expense
6.38 4.79 12 15 18 11 15 19 14 12 13
Basic Earnings per Share
$0.40 $0.21 $0.56 $0.57 $0.63 $0.37 $0.69 $0.62 $0.62 $0.30 $0.57
Weighted Average Basic Shares Outstanding
69.22M 68.56M 67.82M 67.22M 67.42M 65.26M 64.15M 63.03M 63.33M 58.82M 55.31M
Diluted Earnings per Share
$0.37 $0.20 $0.54 $0.56 $0.58 $0.36 $0.67 $0.61 $0.60 $0.30 $0.57
Weighted Average Diluted Shares Outstanding
73.60M 72.25M 70.44M 69.16M 70.61M 67.32M 65.68M 64.22M 65.09M 59.37M 55.73M
Weighted Average Basic & Diluted Shares Outstanding
68.28M 67.46M 66.91M 65.82M 65.03M 63.84M 63.06M 61.49M 59.52M 54.99M 54.26M

Annual Cash Flow Statements for Yelp

This table details how cash moves in and out of Yelp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
-76 101 276 -212 -163 404 -116 -174 6.86 -96 -1.39
Net Cash From Operating Activities
57 127 168 160 205 177 213 192 306 286 372
Net Cash From Continuing Operating Activities
57 127 168 160 205 177 213 192 306 286 372
Net Income / (Loss) Continuing Operations
-33 -1.71 153 55 41 -19 40 36 99 133 146
Consolidated Net Income / (Loss)
-33 -1.71 153 55 41 -19 40 36 99 133 146
Depreciation Expense
30 35 41 43 49 51 56 45 42 40 50
Amortization Expense
- - - - - 16 54 52 52 40 38
Non-Cash Adjustments To Reconcile Net Income
91 107 -42 139 144 199 125 192 239 212 181
Changes in Operating Assets and Liabilities, net
-31 -13 16 -77 -29 -70 -62 -132 -126 -140 -43
Net Cash From Investing Activities
-159 -55 81 -164 124 248 -28 -126 -55 -77 -46
Net Cash From Continuing Investing Activities
-159 -55 81 -164 124 248 -28 -126 -55 -77 -46
Purchase of Property, Plant & Equipment
-43 -37 -30 -45 -38 -32 -28 -32 -27 -37 -48
Acquisitions
-73 0.00 -51 0.00 0.00 -6.13 - 0.00 0.00 -66 0.00
Purchase of Investments
-246 -283 -355 -751 -541 -97 0.00 -127 -148 -97 -81
Sale and/or Maturity of Investments
203 266 264 632 674 384 0.00 33 120 123 84
Other Investing Activities, net
0.89 -0.09 0.16 0.25 29 0.33 0.63 0.09 0.20 -0.01 0.11
Net Cash From Financing Activities
26 30 27 -208 -492 -21 -300 -238 -247 -304 -330
Net Cash From Continuing Financing Activities
26 30 27 -208 -492 -21 -300 -238 -247 -304 -330
Repayment of Debt
- - - 0.00 0.00 -0.43 0.00 0.00 -1.11 0.00 -0.66
Repurchase of Preferred Equity
- - - - - - - - 0.00 -0.28 -1.22
Repurchase of Common Equity
-0.48 0.00 -13 -187 -481 -24 -263 -200 -200 -251 -291
Issuance of Common Equity
21 30 41 30 32 27 25 23 40 21 20
Other Financing Activities, net
5.76 0.00 -1.20 -50 -43 -24 -63 -61 -85 -73 -57
Effect of Exchange Rate Changes
-0.82 - - - - 0.21 - - 2.05 -1.07 2.28

Quarterly Cash Flow Statements for Yelp

This table details how cash moves in and out of Yelp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents
8.55 -18 -43 9.18 -44 4.93 -24 33 -15 -105 -17
Net Cash From Operating Activities
79 73 40 102 71 98 58 132 84 58 76
Net Cash From Continuing Operating Activities
79 73 40 102 71 98 58 132 84 58 76
Net Income / (Loss) Continuing Operations
27 14 38 38 42 24 44 39 38 18 32
Consolidated Net Income / (Loss)
27 14 38 38 42 24 44 39 38 18 32
Depreciation Expense
10 9.93 9.59 9.33 12 12 12 13 13 16 18
Amortization Expense
11 10 9.97 9.98 9.98 9.45 9.30 8.05 12 7.26 6.79
Non-Cash Adjustments To Reconcile Net Income
104 54 44 76 45 48 31 60 41 40 34
Changes in Operating Assets and Liabilities, net
-74 -16 -62 -31 -38 3.77 -39 12 -19 -23 -15
Net Cash From Investing Activities
-8.22 -6.40 -17 -11 -43 -12 -15 -11 -7.68 -168 -15
Net Cash From Continuing Investing Activities
-8.22 -6.40 -17 -11 -43 -12 -15 -11 -7.68 -168 -15
Purchase of Property, Plant & Equipment
-6.00 -6.99 -9.59 -9.76 -11 -11 -13 -13 -12 -13 -15
Purchase of Investments
-33 -25 -31 -36 -5.05 -15 -23 -24 -19 -5.98 -0.65
Other Investing Activities, net
0.04 0.11 0.13 0.03 -0.28 0.05 0.02 -0.00 0.05 0.06 0.01
Net Cash From Financing Activities
-64 -84 -67 -83 -71 -82 -70 -86 -92 4.92 -77
Net Cash From Continuing Financing Activities
-64 -84 -67 -83 -71 -82 -70 -86 -92 4.92 -77
Repayment of Debt
-0.06 - - - - 0.00 - - - -35 -30
Repurchase of Common Equity
-50 -63 -60 -66 -63 -63 -66 -75 -87 -124 -50
Issuance of Common Equity
11 0.55 13 - 7.35 0.27 12 0.27 7.37 8.73 11
Other Financing Activities, net
-24 -22 -19 -17 -15 -19 -16 -11 -10 -9.79 -7.78
Effect of Exchange Rate Changes
- -0.49 - - -1.65 0.65 - - 0.26 -0.27 0.12
Cash Income Taxes Paid
22 0.15 20 15 22 -4.29 30 2.24 - 3.19 3.37

Annual Balance Sheets for Yelp

This table presents Yelp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
755 885 1,226 1,176 1,071 1,155 1,051 1,016 1,015 984 958
Total Current Assets
443 561 913 860 533 713 645 596 624 517 515
Cash & Equivalents
172 272 548 333 170 596 480 306 314 217 216
Short-Term Investments
199 207 273 423 242 - 0.00 94 127 101 103
Accounts Receivable
53 69 76 87 107 88 107 132 146 155 153
Prepaid Expenses
20 13 16 17 14 28 58 63 37 44 42
Plant, Property, & Equipment, net
80 92 104 115 111 102 84 77 69 76 92
Total Noncurrent Assets
232 232 209 200 426 341 322 343 322 391 352
Goodwill
172 171 108 106 105 109 105 102 104 131 136
Intangible Assets
39 33 17 13 10 14 11 9.00 7.64 59 49
Other Noncurrent Operating Assets
3.70 11 40 59 236 217 206 231 210 201 167
Total Liabilities & Shareholders' Equity
755 885 1,226 1,176 1,071 1,155 1,051 1,016 1,015 984 958
Total Liabilities
62 78 117 100 316 300 299 306 265 240 248
Total Current Liabilities
50 60 86 65 134 143 164 183 176 155 172
Accounts Payable
3.39 20 9.03 61 72 88 120 138 133 131 159
Current Deferred Revenue
2.93 3.31 3.47 3.84 4.32 4.11 4.16 5.20 3.82 2.97 5.85
Other Current Liabilities
- - - - 58 51 40 40 39 21 7.43
Total Noncurrent Liabilities
12 18 31 35 182 157 135 123 89 85 76
Long-Term Debt
12 - - 35 - - - - - - 0.00
Other Noncurrent Operating Liabilities
- 18 31 - 182 157 135 123 89 85 76
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
694 807 1,109 1,076 755 855 751 710 750 744 711
Total Preferred & Common Equity
694 807 1,109 1,076 755 855 751 710 750 744 711
Preferred Stock
- - - - - - - - - 0.00 0.00
Total Common Equity
694 807 1,109 1,076 755 855 751 710 750 744 711
Common Stock
774 893 1,038 1,139 1,260 1,398 1,523 1,650 1,787 1,904 2,011
Retained Earnings
-67 -70 79 -53 -493 -534 -760 -924 -1,025 -1,140 -1,291
Treasury Stock
- 0.00 -0.05 - 0.00 -2.96 - 0.00 -0.28 -3.91 -1.00
Accumulated Other Comprehensive Income / (Loss)
-14 -16 -8.44 -11 -12 -6.81 -11 -16 -12 -15 -7.68

Quarterly Balance Sheets for Yelp

This table presents Yelp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets
1,022 1,033 1,027 993 965 980 985 980 990 1,013 991
Total Current Assets
592 588 626 607 584 590 528 509 550 302 294
Cash & Equivalents
289 270 305 296 252 262 222 198 231 110 94
Short-Term Investments
125 127 121 125 132 135 102 103 102 0.00 0.00
Accounts Receivable
140 152 160 148 154 155 158 156 153 152 158
Prepaid Expenses
37 39 40 38 45 38 45 52 63 39 42
Plant, Property, & Equipment, net
77 76 72 68 71 74 79 84 90 95 99
Total Noncurrent Assets
353 370 329 318 311 316 378 387 350 616 598
Goodwill
103 103 102 103 102 104 134 137 136 356 355
Intangible Assets
8.66 8.32 7.98 7.31 6.97 6.64 56 54 51 99 92
Other Noncurrent Operating Assets
241 259 219 208 201 205 188 196 163 162 151
Total Liabilities & Shareholders' Equity
1,022 1,033 1,027 993 965 980 985 980 990 1,013 991
Total Liabilities
318 325 288 272 230 241 257 234 257 382 346
Total Current Liabilities
199 216 190 191 158 170 182 156 184 174 168
Accounts Payable
153 172 144 145 118 135 164 142 169 155 152
Current Deferred Revenue
7.41 5.41 7.06 6.99 5.23 7.60 5.65 3.87 7.12 12 8.57
Other Current Liabilities
39 38 39 39 35 28 13 9.83 8.45 7.06 7.35
Total Noncurrent Liabilities
118 109 98 80 72 70 75 78 73 208 178
Long-Term Debt
- - - - - - - - - 130 100
Other Noncurrent Operating Liabilities
118 109 98 80 72 70 75 78 73 78 78
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
704 709 740 722 735 740 728 746 733 631 645
Total Preferred & Common Equity
704 709 740 722 735 740 728 746 733 631 645
Preferred Stock
- - - - - - - - - 0.00 0.00
Total Common Equity
704 709 740 722 735 740 728 746 733 631 645
Common Stock
1,693 1,733 1,757 1,810 1,849 1,874 1,924 1,958 1,982 2,041 2,074
Retained Earnings
-975 -1,010 -1,002 -1,065 -1,098 -1,121 -1,181 -1,204 -1,239 -1,394 -1,417
Treasury Stock
-0.04 -0.16 -0.27 -8.33 -0.81 -2.91 -1.58 -1.04 -2.58 -6.26 -2.87
Accumulated Other Comprehensive Income / (Loss)
-14 -14 -15 -14 -14 -11 -13 -7.14 -7.83 -9.60 -9.81

Annual Metrics And Ratios for Yelp

This table displays calculated financial ratios and metrics derived from Yelp's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - - - - - - - - 61,491,989.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 61,491,989.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - 2.37
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
-15 -1.41 149 36 29 -27 37 32 75 110 132
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - 4.47% 9.95% 14.74% 18.52%
Earnings before Interest and Taxes (EBIT)
-21 -0.33 184 40 50 -35 34 67 105 183 204
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
8.67 35 226 83 99 31 143 163 199 263 292
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-160 6.59 215 -53 95 -18 24 -6.40 76 -8.25 166
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
318 310 244 333 267 258 272 310 308 426 392
Increase / (Decrease) in Invested Capital
145 -8.00 -66 89 -66 -9.18 14 38 -1.56 118 -35
Book Value per Share
$9.19 $10.29 $13.38 $12.95 $10.75 $11.55 $10.29 $10.19 $10.95 $11.30 $11.56
Tangible Book Value per Share
$6.39 $7.70 $11.87 $11.51 $9.12 $9.89 $8.70 $8.59 $9.32 $8.42 $8.55
Total Capital
706 807 1,109 1,111 755 855 751 710 750 744 711
Total Debt
12 0.00 0.00 35 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt
12 0.00 0.00 35 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt
-359 -480 -846 -721 -466 -596 -480 -401 -441 -318 -319
Capital Expenditures (CapEx)
43 37 30 45 38 32 28 32 27 37 48
Debt-free, Cash-free Net Working Capital (DFCFNWC)
23 21 5.71 40 -13 -26 0.88 13 6.96 44 24
Debt-free Net Working Capital (DFNWC)
394 501 827 795 399 570 481 413 448 362 343
Net Working Capital (NWC)
394 501 827 795 399 570 481 413 448 362 343
Net Nonoperating Expense (NNE)
18 0.30 -4.03 -20 -12 -7.73 -2.59 -4.59 -25 -23 -14
Net Nonoperating Obligations (NNO)
-375 -497 -865 -743 -488 -597 -480 -401 -441 -318 -319
Total Depreciation and Amortization (D&A)
30 35 41 43 49 67 110 96 94 80 88
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.44) ($0.06) $1.87 $0.66 $0.55 ($0.27) $0.53 $0.51 $1.43 $1.97 $2.30
Adjusted Weighted Average Basic Shares Outstanding
74.68M 77.19M 81.60M 83.57M 74.63M 73.01M 74.22M 70.87M 69.22M 67.42M 63.33M
Adjusted Diluted Earnings per Share
($0.44) ($0.06) $1.75 $0.62 $0.52 ($0.27) $0.50 $0.50 $1.35 $1.88 $2.24
Adjusted Weighted Average Diluted Shares Outstanding
74.68M 77.19M 87.17M 88.71M 77.97M 73.01M 78.62M 73.40M 73.60M 70.61M 65.09M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
76.06M 79.60M 83.47M 82.03M 71.84M 74.93M 71.10M 69.54M 68.28M 65.03M 59.52M
Normalized Net Operating Profit after Tax (NOPAT)
-15 1.00 149 18 29 -24 22 32 75 110 132
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Quarterly Metrics And Ratios for Yelp

This table displays calculated financial ratios and metrics derived from Yelp's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding
- - - - - - - - 61,491,989.00 59,517,013.00 54,990,704.00
DEI Adjusted Shares Outstanding
- - - - - - - - 61,491,989.00 59,517,013.00 54,990,704.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - 0.61 0.30 0.58
Growth Metrics
- - - - - - - - - - -
Revenue Growth
10.76% 6.50% 5.90% 4.41% 5.72% 7.75% 3.75% 4.36% - 0.82% 1.38%
EBITDA Growth
-8.56% 68.57% 42.00% 2.03% 46.93% 46.68% 15.83% 7.67% - -6.41% -13.99%
EBIT Growth
-8.33% 1,477.53% 103.20% 12.19% 77.77% 86.00% 17.81% 8.08% - -15.18% -24.62%
NOPAT Growth
11.21% 281.79% 169.51% -34.43% 85.10% 143.32% 31.92% 7.30% - -20.57% -21.85%
Net Income Growth
36.04% 1,301.53% 158.24% -33.97% 54.05% 72.33% 15.91% 2.30% - -27.29% -28.21%
EPS Growth
37.04% 1,100.00% 157.14% -29.11% 56.76% 80.00% 24.07% 8.93% - -16.67% -14.93%
Operating Cash Flow Growth
78.02% -1.87% -17.33% -2.44% -10.35% 34.51% 46.22% 28.56% - -41.00% 30.65%
Free Cash Flow Firm Growth
209.69% 92.05% -131.66% -76.72% -467.80% -2,758.34% -516.70% -668.39% - -181.44% -216.82%
Invested Capital Growth
-0.50% 3.88% 12.55% 9.43% 38.27% 34.01% 27.03% 16.66% - 61.22% 46.06%
Revenue Q/Q Growth
-0.80% -2.81% 7.29% 0.93% 0.45% -0.94% 3.31% 1.52% - 0.41% 3.89%
EBITDA Q/Q Growth
-22.57% -30.00% 79.06% 5.12% 11.51% -30.12% 41.40% -2.28% - -29.74% 29.95%
EBIT Q/Q Growth
-29.64% -43.95% 164.34% 7.62% 11.48% -41.35% 67.42% -1.27% - -42.06% 48.79%
NOPAT Q/Q Growth
-60.03% -58.69% 260.23% 10.22% 12.84% -45.69% 95.30% -10.35% - -54.78% 92.16%
Net Income Q/Q Growth
-52.92% -48.35% 168.73% 1.06% 9.83% -42.23% 80.76% -10.81% - -53.08% 78.47%
EPS Q/Q Growth
-53.16% -45.95% 170.00% 3.70% 3.57% -37.93% 86.11% -8.96% - -50.00% 90.00%
Operating Cash Flow Q/Q Growth
-24.50% -7.98% -45.52% 157.75% -30.62% 38.07% -40.78% 126.62% - -31.56% 31.14%
Free Cash Flow Firm Q/Q Growth
35.35% -113.13% -210.27% 142.21% -2,238.42% -2.07% 33.06% 61.10% - -428.01% 24.64%
Invested Capital Q/Q Growth
-1.55% -2.26% 16.39% -2.29% 24.39% -5.27% 10.33% -10.26% - 66.20% -0.04%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
124.71% 91.78% 91.41% 91.01% 90.81% 90.29% 90.43% 90.35% - 89.37% 88.88%
EBITDA Margin
16.22% 11.69% 19.50% 20.31% 22.55% 15.91% 21.77% 20.96% - 14.77% 18.47%
Operating Margin
7.31% 3.37% 11.13% 12.95% 14.76% 8.22% 14.39% 14.06% - 7.55% 11.65%
EBIT Margin
9.87% 5.69% 14.02% 14.95% 16.60% 9.83% 15.92% 15.49% - 8.27% 11.84%
Profit (Net Income) Margin
8.00% 4.25% 10.65% 10.67% 11.66% 6.80% 11.90% 10.46% - 4.91% 8.43%
Tax Burden Percent
81.11% 74.73% 75.97% 71.34% 70.29% 69.23% 74.75% 67.53% - 59.35% 71.19%
Interest Burden Percent
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00%
Effective Tax Rate
18.89% 25.27% 24.03% 28.66% 29.71% 30.77% 25.25% 32.47% - 40.65% 28.81%
Return on Invested Capital (ROIC)
25.65% 11.57% 35.19% 39.24% 39.91% 23.21% 39.22% 37.54% - 12.48% 22.29%
ROIC Less NNEP Spread (ROIC-NNEP)
23.96% 10.19% 33.19% 37.99% 38.68% 22.14% 37.98% 36.55% - 11.47% 21.94%
Return on Net Nonoperating Assets (RNNOA)
-13.82% -5.96% -17.97% -21.15% -19.67% -11.38% -17.58% -18.13% - -2.57% -4.66%
Return on Equity (ROE)
11.83% 5.60% 17.22% 18.09% 20.24% 11.83% 21.64% 19.41% - 9.91% 17.63%
Cash Return on Invested Capital (CROIC)
24.65% 26.11% 20.72% 19.18% -2.25% 5.43% 9.11% 20.59% - -22.68% -15.77%
Operating Return on Assets (OROA)
13.00% 7.67% 19.33% 20.74% 23.45% 14.28% 23.76% 23.06% - 12.15% 17.70%
Return on Assets (ROA)
10.54% 5.73% 14.69% 14.80% 16.49% 9.89% 17.76% 15.57% - 7.21% 12.60%
Return on Common Equity (ROCE)
11.83% 5.60% 17.22% 18.09% 20.24% 11.83% 21.64% 19.41% - 9.91% 17.63%
Return on Equity Simple (ROE_SIMPLE)
0.00% 15.86% 18.74% 15.96% 0.00% 19.65% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
20 8.38 30 33 38 20 40 36 36 16 31
NOPAT Margin
5.93% 2.52% 8.46% 9.24% 10.38% 5.69% 10.75% 9.50% - 4.48% 8.29%
Net Nonoperating Expense Percent (NNEP)
1.69% 1.38% 2.01% 1.25% 1.23% 1.07% 1.24% 0.99% - 1.01% 0.35%
Return On Investment Capital (ROIC_SIMPLE)
2.71% - - - 5.05% 2.80% 5.34% 4.87% 5.04% 2.13% 4.18%
Cost of Revenue to Revenue
-24.71% 8.22% 8.59% 8.99% 9.19% 9.71% 9.57% 9.65% - 10.63% 11.12%
SG&A Expenses to Revenue
19.52% 13.59% 12.50% 13.77% 12.57% 14.42% 12.51% 12.09% - 13.65% 12.75%
R&D to Revenue
22.88% 27.42% 22.99% 21.58% 20.70% 23.40% 21.16% 20.78% - 21.35% 18.77%
Operating Expenses to Revenue
117.41% 88.41% 80.27% 78.07% 76.05% 82.07% 76.04% 76.29% - 81.82% 77.23%
Earnings before Interest and Taxes (EBIT)
34 19 50 54 60 35 59 58 52 30 44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
56 39 70 73 82 57 81 79 76 53 69
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
4.32 3.74 3.39 3.17 3.42 3.31 2.93 2.68 - 2.33 2.09
Price to Tangible Book Value (P/TBV)
5.08 4.41 3.98 3.73 4.60 4.48 3.94 3.60 - 8.33 6.82
Price to Revenue (P/Rev)
2.42 1.99 1.81 1.69 1.80 1.67 1.51 1.34 - 1.00 0.92
Price to Earnings (P/E)
32.69 23.56 18.09 19.89 19.17 16.83 14.67 13.11 - 10.60 10.66
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Earnings Yield
3.06% 4.24% 5.53% 5.03% 5.22% 5.94% 6.82% 7.63% - 9.44% 9.38%
Enterprise Value to Invested Capital (EV/IC)
9.09 7.56 6.01 5.69 5.23 5.16 4.24 4.09 - 2.29 2.08
Enterprise Value to Revenue (EV/Rev)
2.09 1.68 1.53 1.40 1.58 1.45 1.30 1.11 - 1.02 0.92
Enterprise Value to EBITDA (EV/EBITDA)
14.04 10.58 8.94 8.22 8.47 7.40 6.45 5.48 - 5.17 4.88
Enterprise Value to EBIT (EV/EBIT)
26.65 18.16 13.97 12.45 12.18 10.46 9.06 7.69 - 7.51 7.35
Enterprise Value to NOPAT (EV/NOPAT)
37.54 25.75 19.57 21.11 20.33 17.14 14.40 12.24 - 11.70 11.41
Enterprise Value to Operating Cash Flow (EV/OCF)
9.14 7.47 7.11 6.63 7.80 6.70 5.73 4.56 - 4.50 3.87
Enterprise Value to Free Cash Flow (EV/FCFF)
36.77 29.50 30.73 31.02 0.00 108.85 52.06 21.39 - 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.21 0.16
Long-Term Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.21 0.16
Financial Leverage
-0.58 -0.59 -0.54 -0.56 -0.51 -0.51 -0.46 -0.50 - -0.22 -0.21
Leverage Ratio
1.39 1.41 1.38 1.36 1.34 1.36 1.31 1.34 - 1.47 1.42
Compound Leverage Factor
1.39 1.41 1.38 1.36 1.34 1.36 1.31 1.34 - 1.47 1.42
Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 17.08% 13.43%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 17.08% 13.43%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Common Equity to Total Capital
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 82.92% 86.57%
Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.45 0.36
Net Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.07 0.02
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.45 0.36
Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 1.02 0.84
Net Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.15 0.05
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 1.02 0.84
Altman Z-Score
7.88 6.39 7.05 6.37 6.83 5.94 6.01 4.97 - 2.08 2.12
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
3.55 3.17 3.69 3.46 3.34 2.89 3.27 2.99 - 1.74 1.75
Quick Ratio
3.34 2.97 3.41 3.24 3.05 2.65 2.94 2.65 - 1.51 1.50
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
22 -2.87 -8.90 3.76 -80 -82 -55 -21 70 -231 -174
Operating Cash Flow to CapEx
1,320.16% 1,042.72% 413.99% 1,047.81% 644.62% 930.54% 445.59% 1,045.37% - 456.68% 514.08%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.32 1.35 1.38 1.39 1.41 1.45 1.49 1.49 - 1.47 1.49
Accounts Receivable Turnover
9.62 9.42 9.02 8.85 9.37 9.40 9.37 9.51 - 9.46 9.39
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Fixed Asset Turnover
18.33 18.71 18.84 19.03 19.56 19.51 18.74 17.92 - 16.81 16.06
Accounts Payable Turnover
0.00 0.78 0.80 0.86 0.94 0.85 1.05 0.92 - 0.92 1.04
Days Sales Outstanding (DSO)
37.95 38.73 40.48 41.25 38.96 38.82 38.97 38.39 - 38.59 38.87
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Days Payable Outstanding (DPO)
0.00 470.45 455.60 423.65 389.73 429.38 348.81 395.84 - 397.86 351.77
Cash Conversion Cycle (CCC)
37.95 -431.72 -415.12 -382.40 -350.77 -390.56 -309.85 -357.45 - -359.27 -312.90
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
308 301 351 343 426 404 445 400 392 651 650
Invested Capital Turnover
4.33 4.59 4.16 4.25 3.85 4.08 3.65 3.95 - 2.78 2.69
Increase / (Decrease) in Invested Capital
-1.56 11 39 30 118 102 95 57 -35 247 205
Enterprise Value (EV)
2,800 2,277 2,108 1,950 2,229 2,084 1,887 1,634 - 1,492 1,354
Market Capitalization
3,242 2,698 2,493 2,347 2,547 2,408 2,188 1,967 - 1,472 1,348
Book Value per Share
$10.95 $10.53 $10.90 $11.05 $11.30 $11.19 $11.69 $11.63 $11.56 $10.60 $11.72
Tangible Book Value per Share
$9.32 $8.92 $9.28 $9.39 $8.42 $8.27 $8.71 $8.66 $8.55 $2.97 $3.60
Total Capital
750 722 735 740 744 728 746 733 711 761 745
Total Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 130 100
Total Long-Term Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 130 100
Net Debt
-441 -421 -385 -397 -318 -324 -301 -334 -319 20 5.86
Capital Expenditures (CapEx)
6.00 6.99 9.59 9.76 11 11 13 13 12 13 15
Debt-free, Cash-free Net Working Capital (DFCFNWC)
6.96 -5.19 41 23 44 21 53 33 24 18 32
Debt-free Net Working Capital (DFNWC)
448 416 426 420 362 345 354 366 343 128 126
Net Working Capital (NWC)
448 416 426 420 362 345 354 366 343 128 126
Net Nonoperating Expense (NNE)
-7.12 -5.77 -7.84 -5.16 -4.67 -4.00 -4.26 -3.61 -1.97 -1.53 -0.52
Net Nonoperating Obligations (NNO)
-441 -421 -385 -397 -318 -324 -301 -334 -319 20 5.86
Total Depreciation and Amortization (D&A)
22 20 20 19 22 22 22 21 24 23 25
Debt-free, Cash-free Net Working Capital to Revenue
0.52% -0.38% 2.96% 1.64% 3.12% 1.45% 3.62% 2.22% - 1.22% 2.14%
Debt-free Net Working Capital to Revenue
33.53% 30.62% 30.90% 30.15% 25.63% 24.02% 24.37% 24.96% - 8.74% 8.53%
Net Working Capital to Revenue
33.53% 30.62% 30.90% 30.15% 25.63% 24.02% 24.37% 24.96% - 8.74% 8.53%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.40 $0.21 $0.56 $0.57 $0.63 $0.37 $0.69 $0.62 $0.62 $0.30 $0.57
Adjusted Weighted Average Basic Shares Outstanding
69.22M 68.56M 67.82M 67.22M 67.42M 65.26M 64.15M 63.03M 63.33M 58.82M 55.31M
Adjusted Diluted Earnings per Share
$0.37 $0.20 $0.54 $0.56 $0.58 $0.36 $0.67 $0.61 $0.60 $0.30 $0.57
Adjusted Weighted Average Diluted Shares Outstanding
73.60M 72.25M 70.44M 69.16M 70.61M 67.32M 65.68M 64.22M 65.09M 59.37M 55.73M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
68.28M 67.46M 66.91M 65.82M 65.03M 63.84M 63.06M 61.49M 59.52M 54.99M 54.26M
Normalized Net Operating Profit after Tax (NOPAT)
20 8.38 30 33 38 20 40 36 36 16 31
Normalized NOPAT Margin
5.93% 2.52% 8.46% 9.24% 10.38% 5.69% 10.75% 9.50% - 4.48% 8.29%
Pre Tax Income Margin
9.87% 5.69% 14.02% 14.95% 16.60% 9.83% 15.92% 15.49% - 8.27% 11.84%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Augmented Payout Ratio
201.67% 185.58% 161.57% 201.97% 189.07% 175.54% 172.30% 177.46% - 253.66% 265.99%

Financials Breakdown Chart

Key Financial Trends

Yelp’s latest quarterly results show a business that is still profitable and generating solid operating cash flow, but the balance sheet was materially reshaped by a large acquisition and share repurchases. Over the last several years, Yelp has improved profitability from the weak/volatile levels seen in 2022 and early 2023, and 2025-2026 revenue has been relatively stable in the mid-$350 million range per quarter. The main story now is not revenue collapse or margin deterioration, but capital allocation, acquisition-related balance sheet changes, and a lower cash position after a very large investing outlay in Q1 2026.

What stands out in the latest quarter:

  • Q1 2026 revenue rose slightly year over year to $361.5 million, up from $358.5 million in Q1 2025.
  • Gross profit remained strong at $323.0 million, showing Yelp still keeps most revenue after direct costs.
  • The company posted $17.7 million in net income in Q1 2026, remaining profitable.
  • Operating cash flow was solid at $57.8 million in Q1 2026, indicating the core business continues to produce cash.
  • Even after the recent cash outflow, Yelp still ended Q1 2026 with $110.4 million in cash and equivalents.
  • From a full-year trend perspective, Yelp’s quarterly earnings are much stronger than the weak profitability seen in early 2023, when Q1 2023 showed a net loss.
  • EBITDA-like cash generation remains aided by non-cash expenses such as depreciation and amortization, which continue to support operating cash flow.
  • Share counts remain elevated versus earlier periods, suggesting buybacks and equity issuance have both influenced EPS trends.
  • Q1 2026 investing cash flow was heavily negative at -$167.9 million, driven mainly by -$263.6 million in acquisitions.
  • Cash and equivalents dropped from $231.1 million in Q3 2025 to $110.4 million in Q1 2026, a sharp decline in liquidity.

Longer-term trends:

Yelp’s profitability has improved meaningfully since 2023. In Q1 2023, the company reported a net loss of -$1.2 million and negative operating income of -$6.6 million. By 2024 and 2025, operating income turned consistently positive, and quarterly net income generally ranged from the teens to the 40s of millions. That suggests a more mature, steadier earnings profile than the company showed two years ago.

Revenue has also been fairly stable. Across 2024 and 2025, quarterly revenue generally sat between about $358 million and $376 million, with no dramatic growth spurt, but also no major deterioration. That pattern implies Yelp is more of a cash-generating, stable top-line business than a high-growth story.

Balance sheet and capital allocation:

Yelp’s balance sheet remains manageable, but the composition changed a lot in 2025 and early 2026. Total assets were $1.01 billion in Q1 2026, with total liabilities of $382.2 million and total equity of $631.1 million. Debt stood at $130 million, so leverage does not appear excessive on the surface.

The bigger issue is liquidity. Cash and equivalents were far lower than the $231.1 million seen in Q3 2025 and well below the $296.0 million seen in Q1 2024. Yelp also reported a very large acquisition outflow in Q1 2026, which appears to have reduced cash significantly. That does not automatically imply stress, but it does mean investors should watch whether the acquisition produces enough earnings and cash flow to justify the spend.

Bottom line: Yelp looks profitable, cash-generative, and operationally steadier than it was in 2023. However, the latest quarter shows a company that is using a lot of capital on acquisitions and buybacks, which has reduced cash balances. For investors, the key questions are whether those acquisitions improve long-term growth and whether Yelp can keep generating enough operating cash to support repurchases without draining liquidity further.

08/23/26 08:48 AM ETAI Generated. May Contain Errors.

Yelp Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Yelp's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Yelp's net income appears to be on an upward trend, with a most recent value of $145.60 million in 2025, falling from -$32.90 million in 2015. The previous period was $132.85 million in 2024. Check out Yelp's forecast to explore projected trends and price targets.

Yelp's total operating income in 2025 was $184.52 million, based on the following breakdown:
  • Total Gross Profit: $1.32 billion
  • Total Operating Expenses: $1.14 billion

Over the last 10 years, Yelp's total revenue changed from $549.71 million in 2015 to $1.46 billion in 2025, a change of 166.5%.

Yelp's total liabilities were at $247.63 million at the end of 2025, a 3.4% increase from 2024, and a 300.6% increase since 2015.

In the past 10 years, Yelp's cash and equivalents has ranged from $170.28 million in 2019 to $595.88 million in 2020, and is currently $216.06 million as of their latest financial filing in 2025.

Over the last 10 years, Yelp's book value per share changed from 9.19 in 2015 to 11.56 in 2025, a change of 25.8%.



Financial statements for NYSE:YELP last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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