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Yelp Reports Second Quarter 2025 Results

Net Revenue increased by 4% year over year to a record $370 million

Net Income increased by 16% year over year to $44 million, reflecting a 12% margin

Adjusted EBITDA grew 10% year over year to $100 million, reflecting a 27% margin¹

Narrows range of 2025 Net Revenue outlook to $1.465 billion to $1.475 billion; and Adjusted EBITDA² outlook to $350 million to $360 million

SAN FRANCISCO--(BUSINESS WIRE)-- Yelp Inc. (NYSE: YELP), the trusted platform that connects people with great local businesses, today announced its financial results for the second quarter ended June 30, 2025 in the Q2 2025 Shareholder Letter available on its Investor Relations website at .

鈥淥ur second quarter results reflect solid execution against our product-led strategy," said Jeremy Stoppelman, Yelp鈥檚 co-founder and chief executive officer. 鈥淲e continued to see encouraging momentum from our AI initiatives, including the growing adoption of Yelp Assistant, and we began live testing of Yelp Host, one of our AI-powered call answering services. We remain confident that our focus on Services and product innovation position us well to deliver long term shareholder value.鈥�

鈥淵elp鈥檚 second quarter results demonstrate our commitment to delivering profitable growth,鈥� said David Schwarzbach, Yelp鈥檚 chief financial officer. 鈥淲e delivered record net revenue of $370 million and strong profitability, with net income margin expanding by one percentage point and adjusted EBITDA margin by two percentage points from the prior-year period. While overall growth moderated amid an uncertain macroeconomic environment, we believe our disciplined financial approach and continued investment in our product-led strategy will drive financial performance over the long-term.鈥�

Quarterly Conference Call

Yelp will host a live Q&A session today at 2:00 p.m. Pacific Time to discuss its second quarter financial results and outlook for the third quarter and full year 2025. The webcast of the Q&A can be accessed on the Yelp Investor Relations website at . A replay of the webcast will be available at the same website.

About Yelp

Yelp Inc. () is a community-driven platform that connects people with great local businesses. Millions of people rely on Yelp for useful and trusted local business information, reviews and photos to help inform their spending decisions. As a one-stop local platform, Yelp helps consumers easily discover, connect and transact with businesses across a broad range of categories by making it easy to request a quote for a service, book a table at a restaurant, and more. Yelp was founded in San Francisco in 2004.

Yelp intends to make future announcements of material financial and other information through its Investor Relations website. Yelp will also, from time to time, disclose this information through press releases, filings with the Securities and Exchange Commission, conference calls, or webcasts, as required by applicable law.

Forward-Looking Statements

This press release contains forward-looking statements relating to, among other things, Yelp鈥檚 future performance, including its expected financial results for 2025, its ability to drive shareholder value over the long term and its ability to deliver long-term profitable growth, that are based on its current expectations, forecasts and assumptions that involve risks and uncertainties.

Yelp鈥檚 actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to:

• macroeconomic uncertainty 鈥� including related to inflation, interest rates, tariffs, labor and supply chain issues, as well as severe weather events 鈥� and its effect on consumer behavior, user activity and advertiser spending;

• Yelp鈥檚 ability to maintain and expand its base of advertisers, particularly if advertiser turnover substantially worsens and/or consumer demand significantly degrades;

• Yelp鈥檚 ability to drive continued growth through its strategic initiatives;

• Yelp鈥檚 ability to continue to operate effectively with a primarily remote work force and attract and retain key talent;

• Yelp鈥檚 limited operating history in an evolving industry; and

• Yelp鈥檚 ability to generate and maintain sufficient high-quality content from its users.

Factors that could cause or contribute to such differences also include, but are not limited to, those factors that could affect Yelp鈥檚 business, operating results and stock price included under the captions 鈥淩isk Factors鈥� and 鈥淢anagement鈥檚 Discussion and Analysis of Financial Condition and Results of Operations鈥� in Yelp鈥檚 most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q at or the SEC鈥檚 website at .

Non-GAAP Financial Measures

This press release and statements made during the above referenced webcast may include information relating to Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow, each of which the Securities and Exchange Commission has defined as a 鈥渘on-GAAP financial measure.鈥�

We define Adjusted EBITDA as net income (loss), adjusted to exclude: provision for (benefit from) income taxes; other income, net; depreciation and amortization; stock-based compensation expense; and, in certain periods, certain other income and expense items, such as expenses related to acquired indemnification obligations, acquisition and integration costs and fees related to shareholder activism, and other items that we deem not to be indicative of our ongoing operating performance. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net revenue. We define Free cash flow as net cash provided by (used in) operating activities, less cash used for purchases of property, equipment and software.

Adjusted EBITDA and Free cash flow, which are not prepared under any comprehensive set of accounting rules or principles, have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of Yelp鈥檚 financial results as reported in accordance with generally accepted accounting principles in the United States (鈥淕础础笔鈥�). In particular, Adjusted EBITDA and Free cash flow should not be viewed as substitutes for, or superior to, net income (loss) or net cash provided by (used in) operating activities prepared in accordance with GAAP as measures of profitability or liquidity. Some of these limitations are:

• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect all cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

• Adjusted EBITDA does not reflect changes in, or cash requirements for, Yelp鈥檚 working capital needs;

• Adjusted EBITDA does not reflect the impact of the recording or release of valuation allowances or tax payments that may represent a reduction in cash available to Yelp;

• Adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation;

• Adjusted EBITDA does not take into account certain income and expense items, such as expenses related to acquired indemnification obligations, acquisition and integration costs and fees related to shareholder activism, or other costs that management determines are not indicative of ongoing operating performance;

• Free cash flow does not represent the total residual cash flow available for discretionary purposes because it does not reflect our contractual commitments or obligations; and

• other companies, including those in Yelp鈥檚 industry, may calculate Adjusted EBITDA and Free cash flow differently, which reduces their usefulness as comparative measures.

Because of these limitations, you should consider Adjusted EBITDA, Adjusted EBITDA margin and Free cash flow alongside other financial performance measures, including net income (loss), net cash provided by (used in) operating activities and Yelp鈥檚 other GAAP results.

The following is a reconciliation of net income to Adjusted EBITDA, as well as the calculation of net income margin and Adjusted EBITDA margin, for each of the periods indicated (in thousands, except percentages; unaudited):

The following is a reconciliation of net cash provided by operating activities to Free cash flow for each of the periods indicated (in thousands; unaudited):

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View source version on businesswire.com:

Investor Relations Contact:

Kate Krieger

[email protected]

Press Contact:

Amber Albrecht

[email protected]

Source: Yelp Inc.