YELP NYSE Interactive Media & Services Financials FY2016βFY2025
Yelp had $1.5B of revenue in fiscal 2025, up 3.8% on the year before. Over five years, revenue changed +10.9% a year on average.
Hi! I read Yelpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+3.8%
Only a little. Sales grew 3.8% last year.
Does it make a profit?
9.9%
A little. It keeps 9.9% of every sale as profit.
Does profit turn into cash?
22.1%
Yes. 22.1% of sales ends up as free cash.
How is the share priced?
9.6x
One share costs 9.6 times its yearly profit per share. Typical for its sector: 17.3x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA Β· Yelp had $1.5B of revenue in fiscal 2025, up 3.8% on the year before. Over five years, revenue changed +10.9% a year on average. Its operating margin was 12.6%, up 1.9Β pts: of every 100 in sales, about 13 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Yelp made $146M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $324M in fiscal 2025, 22.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Yelp returned $291M to shareholders in fiscal 2025, 90% of free cash flow. The diluted share count fell 7.8%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $17.4M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$17.4M
9 insiders
Of sales under plans
100%
$17.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | David A SchwarzbachChief Financial Officer | Sold plan | 7,500 | $20.00 | $0.2M | Form 4 |
| Oct 15, 2026 | David A SchwarzbachChief Financial Officer | Sold plan | 7,500 | $20.00 | $0.2M | Form 4 |
| Oct 1, 2026 | Carmen AmaraChief People Officer | Sold plan | 500 | $18.60 | $0.0M | Form 4 |
| Sep 1, 2026 | Carmen AmaraChief People Officer | Sold plan | 500 | $22.14 | $0.0M | Form 4 |
| Aug 24, 2026 | Alexander Coleman LevyChief Technology Officer | Sold plan | 3,829 | $23.40 | $0.1M | Form 4 |
| Aug 21, 2026 | David A SchwarzbachChief Financial Officer | Sold plan | 8,809 | $23.19 | $0.2M | Form 4 |
| Aug 3, 2026 | Joseph R NachmanChief Operating Officer | Sold plan | 4,500 | $26.91 | $0.1M | Form 4 |
| Jul 2, 2026 | Carmen AmaraChief People Officer | Sold plan | 23,233 | $27.00 | $0.6M | Form 4 |
| Jul 1, 2026 | Carmen AmaraChief People Officer | Sold plan | 1,500 | $24.95 | $0.0M | Form 4 |
| Jul 1, 2026 | Joseph R NachmanChief Operating Officer | Sold plan | 4,500 | $25.00 | $0.1M | Form 4 |
| Jun 30, 2026 | Joseph R NachmanChief Operating Officer | Sold plan | 9,000 | $25.00 | $0.2M | Form 4 |
| Jun 5, 2026 | Carmen AmaraChief People Officer | Sold plan | 1,000 | $24.00 | $0.0M | Form 4 |
| Jun 1, 2026 | Carmen AmaraChief People Officer | Sold plan | 500 | $22.84 | $0.0M | Form 4 |
| Jun 1, 2026 | Christine BaroneDirector | Sold plan | 15,507 | $22.95 | $0.4M | Form 4 |
| May 21, 2026 | Carmen AmaraChief People Officer | Sold plan | 500 | $22.35 | $0.0M | Form 4 |
| May 1, 2026 | Craig SaldanhaChief Product Officer | Sold plan | 1,200 | $28.17 | $0.0M | Form 4 |
| Apr 15, 2026 | David A SchwarzbachChief Financial Officer | Sold plan | 7,500 | $26.60 | $0.2M | Form 4 |
| Apr 1, 2026 | Craig SaldanhaChief Product Officer | Sold plan | 1,200 | $24.72 | $0.0M | Form 4 |
| Mar 23, 2026 | David A SchwarzbachChief Financial Officer | Sold plan | 7,500 | $25.00 | $0.2M | Form 4 |
| Mar 12, 2026 | David A SchwarzbachChief Financial Officer | Sold plan | 10,000 | $25.00 | $0.3M | Form 4 |
| Mar 6, 2026 | Joseph R NachmanChief Operating Officer | Sold plan | 2,499 | $24.19 | $0.1M | Form 4 |
| Mar 2, 2026 | Craig SaldanhaChief Product Officer | Sold plan | 1,200 | $21.78 | $0.0M | Form 4 |
| Feb 23, 2026 | Dan JeddaDirector | Sold plan | 1,464 | $21.02 | $0.0M | Form 4 |
| Feb 6, 2026 | Joseph R NachmanChief Operating Officer | Sold plan | 7,000 | $24.34 | $0.2M | Form 4 |
| Feb 5, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 6,200 | $24.20 | $0.2M | Form 4 |
| Feb 4, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $24.79 | $0.7M | Form 4 |
| Feb 3, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $26.18 | $0.8M | Form 4 |
| Feb 2, 2026 | Craig SaldanhaChief Product Officer | Sold plan | 1,200 | $27.40 | $0.0M | Form 4 |
| Feb 2, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $27.54 | $0.8M | Form 4 |
| Jan 30, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $27.26 | $0.8M | Form 4 |
| Jan 29, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $27.35 | $0.8M | Form 4 |
| Jan 28, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $27.73 | $0.8M | Form 4 |
| Jan 27, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $27.39 | $0.8M | Form 4 |
| Jan 26, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $28.46 | $0.9M | Form 4 |
| Jan 23, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $28.74 | $0.9M | Form 4 |
| Jan 22, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $29.29 | $0.9M | Form 4 |
| Jan 21, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $28.30 | $0.8M | Form 4 |
| Jan 20, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $28.07 | $0.8M | Form 4 |
| Jan 16, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $28.48 | $0.9M | Form 4 |
| Jan 15, 2026 | Jeremy StoppelmanChief Executive Officer, Director | Sold plan | 30,000 | $28.96 | $0.9M | Form 4 |
| Jan 6, 2026 | Joseph R NachmanChief Operating Officer | Sold plan | 7,000 | $33.34 | $0.2M | Form 4 |
| Jan 2, 2026 | Craig SaldanhaChief Product Officer | Sold plan | 1,200 | $30.43 | $0.0M | Form 4 |
| Dec 26, 2025 | Carmen AmaraChief People Officer | Sold plan | 1,500 | $30.69 | $0.0M | Form 4 |
| Dec 16, 2025 | David A SchwarzbachChief Financial Officer | Sold plan | 13,500 | $30.41 | $0.4M | Form 4 |
| Dec 5, 2025 | Joseph R NachmanChief Operating Officer | Sold plan | 20,325 | $30.10 | $0.6M | Form 4 |
| Dec 3, 2025 | Christine BaroneDirector | Sold plan | 15,000 | $30.00 | $0.5M | Form 4 |
| Dec 3, 2025 | Carmen AmaraChief People Officer | Sold plan | 1,000 | $30.00 | $0.0M | Form 4 |
| Dec 2, 2025 | Sam EatonChief Technology Officer | Sold plan | 195 | $28.85 | $0.0M | Form 4 |
| Dec 1, 2025 | Craig SaldanhaChief Product Officer | Sold plan | 1,200 | $28.62 | $0.0M | Form 4 |
| Nov 26, 2025 | David A SchwarzbachChief Financial Officer | Sold plan | 9,611 | $29.31 | $0.3M | Form 4 |
| Nov 25, 2025 | Carmen AmaraChief People Officer | Sold plan | 500 | $28.82 | $0.0M | Form 4 |
| Nov 6, 2025 | Joseph R NachmanChief Operating Officer | Sold plan | 7,000 | $32.16 | $0.2M | Form 4 |
| Nov 3, 2025 | Craig SaldanhaChief Product Officer | Sold plan | 1,200 | $32.98 | $0.0M | Form 4 |
| Oct 27, 2025 | Carmen AmaraChief People Officer | Sold plan | 1,500 | $33.04 | $0.0M | Form 4 |
| Oct 15, 2025 | David A SchwarzbachChief Financial Officer | Sold plan | 10,000 | $33.58 | $0.3M | Form 4 |
| Oct 6, 2025 | Joseph R NachmanChief Operating Officer | Sold plan | 7,000 | $31.84 | $0.2M | Form 4 |
| Oct 1, 2025 | Craig SaldanhaChief Product Officer | Sold plan | 1,200 | $30.93 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Yelp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $480M | $401M | $441M | $318M | $319M |
| Current ratio | 3.9x | 3.3x | 3.6x | 3.3x | 3.0x |
| Quick ratio | 3.9x | 3.3x | 3.6x | 3.3x | 3.0x |
| Total assets | $1.1B | $1.0B | $1.0B | $984M | $959M |
| Total liabilities | $299M | $306M | $265M | $240M | $248M |
| Shareholders' equity | $751M | $710M | $750M | $744M | $711M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | β / 9 | β / 9 |
| Accruals ratio | β20.4% | β15.3% | β23.3% |
| Altman Z'' | 3.10 | 2.93 | 2.26 |
What does the share cost, and how does it compare?
KIRA Β· At $19.99 a share, the company is worth $1.1B: 9.6 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β and divides by 65.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 9.6x Β· peers 33.5x Β· sector 17.3x.
KIRA Β· Yelp grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 0 of 2.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Yelp YELP | $1.1B | 3.8% | 12.6% | 22.1% | β | 9.6x | β | |
| QuinStreet QNST | $961M | 18.3% | 2.7% | 9.9% | 17.4% | β | 7 | Compare β |
| ZoomInfo GTM | $1.3B | 2.9% | 18.1% | 31.2% | 5.3% | β | 7 | Compare β |
| Tripadvisor TRIP | $1.1B | 3.1% | 4.2% | 8.6% | 8.9% | 154.0x | 6 | Compare β |
| Reddit RDDT | $28.0B | 69.4% | 20.1% | 31.1% | 119.1% | 32.2x | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $716M | $851M | $943M | $1.0B | $873M | $1.0B | $1.2B | $1.3B | $1.4B | $1.5B |
| Gross profit | $656M | $780M | $885M | $952M | $816M | $954M | $1.1B | β | β | β |
| Research and development | $133M | $171M | $206M | $226M | $230M | $265M | $295M | $321M | $311M | $298M |
| Operating income | β$2.0M | $180M | $25.9M | $35.5M | β$38.8M | $31.5M | $58.4M | $79.0M | $151M | $185M |
| Pretax income | β$0.3M | $185M | $40.0M | $49.8M | β$35.1M | $33.7M | $66.8M | $105M | $183M | $204M |
| Income tax | $1.4M | $31.5M | β$15.3M | $8.9M | β$15.7M | β$6.0M | $30.4M | $5.9M | $50.1M | $58.4M |
| Net income | β$1.7M | $153M | $55.3M | $40.9M | β$19.4M | $39.7M | $36.3M | $99.2M | $133M | $146M |
| Diluted EPS | β$0.02 | $1.76 | $0.62 | $0.52 | β$0.27 | $0.50 | $0.50 | $1.35 | $1.88 | $2.24 |
| Diluted shares | 0.08B | 0.09B | 0.09B | 0.08B | 0.07B | 0.08B | 0.07B | 0.07B | 0.07B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | $127M | $168M | $160M | $205M | $177M | $213M | $192M | $306M | $286M | $372M |
| Capital expenditure | $23.0M | $30.2M | $45.0M | $37.5M | $32.0M | $28.3M | $32.0M | $26.8M | $37.3M | $48.4M |
| Free cash flow | $104M | $137M | $115M | $167M | $145M | $184M | $160M | $279M | $248M | $324M |
| Depreciation and amortization | $35.3M | $41.2M | $42.8M | $49.4M | $50.6M | $55.7M | $44.9M | $42.2M | $40.4M | $50.1M |
| Stock-based compensation | $86.3M | $100M | $114M | $122M | $125M | $152M | $156M | $174M | $158M | $134M |
| Acquisitions | $0.0M | $50.5M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $66.2M | $0.0M |
| Share buybacks | $0.0M | $12.6M | $187M | $481M | $24.4M | $263M | $200M | $200M | $251M | $291M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $12.6M | $187M | $481M | $24.4M | $263M | $200M | $200M | $251M | $291M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $480M | $821M | $756M | $412M | $596M | $480M | $401M | $441M | $318M | $319M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $561M | $913M | $860M | $533M | $713M | $645M | $596M | $624M | $517M | $515M |
| Current liabilities | $60.4M | $86.2M | $64.9M | $134M | $143M | $164M | $183M | $176M | $155M | $172M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $92.4M | $104M | $115M | $111M | $102M | $83.9M | $77.2M | $68.7M | $75.7M | $91.7M |
| Total assets | $885M | $1.2B | $1.2B | $1.1B | $1.2B | $1.1B | $1.0B | $1.0B | $984M | $959M |
| Total liabilities | $78.0M | $117M | $100M | $316M | $300M | $299M | $306M | $265M | $240M | $248M |
| Shareholders' equity | $816M | $1.1B | $1.1B | $755M | $855M | $751M | $710M | $750M | $744M | $711M |
| Margins | ||||||||||
| Gross margin | 91.6% | 91.7% | 93.9% | 93.9% | 93.5% | 92.4% | 91.1% | β | β | β |
| Operating margin | β0.3% | 21.1% | 2.8% | 3.5% | β4.4% | 3.1% | 4.9% | 5.9% | 10.7% | 12.6% |
| EBITDA margin | 4.7% | 26.0% | 7.3% | 8.4% | 1.4% | 8.5% | 8.7% | 9.1% | 13.6% | 16.0% |
| Net margin | β0.2% | 18.0% | 5.9% | 4.0% | β2.2% | 3.8% | 3.1% | 7.4% | 9.4% | 9.9% |
| FCF margin | 14.5% | 16.2% | 12.2% | 16.5% | 16.6% | 17.9% | 13.4% | 20.9% | 17.6% | 22.1% |
| Returns | ||||||||||
| Return on capital employed | β0.3% | 18.3% | 2.3% | 3.5% | β4.0% | 3.3% | 6.8% | 9.5% | 18.1% | 22.9% |
| Return on equity | β0.2% | 15.9% | 5.1% | 4.5% | β2.4% | 4.9% | 5.0% | 13.6% | 17.8% | 20.0% |
| Return on assets | β0.2% | 14.5% | 4.6% | 3.6% | β1.8% | 3.6% | 3.5% | 9.8% | 13.3% | 15.0% |
| Growth | ||||||||||
| Revenue growth | 30.3% | 18.8% | 10.8% | 7.6% | β13.9% | 18.2% | 15.7% | 12.0% | 5.6% | 3.8% |
| Net income growth | β | β | β63.8% | β26.1% | β147.5% | β | β8.4% | 172.9% | 34.0% | 9.6% |
| EPS growth | β | β | β64.8% | β16.1% | β151.9% | β | 0.0% | 170.0% | 39.3% | 19.2% |
| FCF growth | 296.1% | 32.2% | β16.2% | 45.2% | β13.5% | 27.4% | β13.0% | 74.3% | β11.1% | 30.3% |
| Share count change | 3.4% | 12.9% | 1.8% | β12.1% | β6.4% | 7.7% | β6.6% | 0.3% | β4.1% | β7.8% |
| Financial health | ||||||||||
| Current ratio | 9.3x | 10.6x | 13.3x | 4.0x | 5.0x | 3.9x | 3.3x | 3.6x | 3.3x | 3.0x |
| Quick ratio | 9.3x | 10.6x | 13.3x | 4.0x | 5.0x | 3.9x | 3.3x | 3.6x | 3.3x | 3.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.2% | 3.6% | 4.8% | 3.7% | 3.7% | 2.7% | 2.7% | 2.0% | 2.6% | 3.3% |
| Stock comp / revenue | 12.1% | 11.8% | 12.1% | 12.0% | 14.3% | 14.7% | 13.1% | 13.0% | 11.2% | 9.2% |
| Payouts / FCF | 0.0% | 9.1% | 162.6% | 287.6% | 16.9% | 142.6% | 124.8% | 71.6% | 101.0% | 89.9% |
| Quality scores | ||||||||||
| Altman Z'' | 14.4 | 15.6 | 15.7 | 3.7 | 4.5 | 3.5 | 2.5 | 3.1 | 2.9 | 2.3 |
| Accruals ratio | β15.7% | β1.4% | β8.7% | β14.6% | β17.6% | β15.7% | β15.1% | β20.4% | β15.3% | β23.3% |
Source: SEC EDGAR XBRL filings (CIK 0001345016). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
