Yelp (YELP) financial statements
Yelp reported revenue of $1.5B in fiscal 2025, up 8.3% a year over 9 years.
Net income was $146M and the operating margin 12.6%, against -0.3% in 2016.
Free cash flow was $324M, and the company returned $291M in net buybacks.
The diluted share count fell 16% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Yelp's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $716M | $851M | $943M | $1.0B | $873M | $1.0B | $1.2B | $1.3B | $1.4B | $1.5B |
| Cost of revenue | $60M | $71M | $58M | $62M | $57M | $78M | $106M | $114M | $124M | $143M |
| Gross profit | $656M | $780M | $885M | $952M | $816M | $954M | $1.1B | $1.2B | $1.3B | $1.3B |
| Research and development | $139M | $171M | $206M | $226M | $230M | $265M | $294M | $321M | $310M | $298M |
| Selling, general and admin | $480M | $547M | $604M | $636M | $568M | $590M | $679M | $769M | $771M | $774M |
| Operating income | -$2M | $180M | $26M | $36M | -$39M | $32M | $58M | $79M | $151M | $185M |
| Pre-tax income | -$326,000 | $184M | $40M | $50M | -$35M | $34M | $67M | $105M | $183M | $204M |
| Income tax | $1M | $31M | -$15M | $9M | -$16M | -$6M | $30M | $6M | $50M | $58M |
| Net income | -$2M | $153M | $55M | $41M | -$19M | $40M | $36M | $99M | $133M | $146M |
| EPS (diluted) | -$0.02 | $1.76 | $0.62 | $0.52 | -$0.27 | $0.50 | $0.50 | $1.35 | $1.88 | $2.24 |
| Diluted shares | 77M | 87M | 89M | 78M | 73M | 79M | 73M | 74M | 71M | 65M |
| Gross margin | 91.6% | 91.7% | 93.9% | 93.8% | 93.4% | 92.4% | 91.1% | 91.5% | 91.2% | 90.3% |
| Operating margin | -0.3% | 21.1% | 2.7% | 3.5% | -4.4% | 3.1% | 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% |
Balance sheet
Fiscal years, from Yelp's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $480M | $821M | $756M | $412M | $596M | $480M | $401M | $441M | $318M | $319M |
| Receivables | $69M | $76M | $87M | $107M | $88M | $107M | $132M | $146M | $155M | $153M |
| Total current assets | $561M | $913M | $860M | $533M | $713M | $645M | $596M | $624M | $517M | $515M |
| Property, plant and equipment | $92M | $104M | $115M | $111M | $102M | $84M | $77M | $69M | $76M | $92M |
| Goodwill | $171M | $108M | $106M | $105M | $109M | $105M | $102M | $104M | $131M | $136M |
| Total assets | $885M | $1.2B | $1.2B | $1.1B | $1.2B | $1.1B | $1.0B | $1.0B | $984M | $958M |
| Total current liabilities | $60M | $86M | $65M | $134M | $143M | $164M | $183M | $176M | $155M | $172M |
| Long-term debt | $18M | — | — | — | — | — | — | — | — | — |
| Total liabilities | $78M | $117M | $100M | $316M | $300M | $299M | $306M | $265M | $240M | $248M |
| Shareholders' equity | $816M | $1.1B | $1.1B | $755M | $855M | $751M | $710M | $750M | $744M | $711M |
| Net debt | -$255M | -$548M | -$333M | -$170M | -$596M | -$480M | -$306M | -$314M | -$217M | -$216M |
Cash flow
Fiscal years, from Yelp's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $127M | $168M | $160M | $205M | $177M | $213M | $192M | $306M | $286M | $372M |
| Capital spending | $37M | $45M | $65M | $38M | $32M | $28M | $32M | $27M | $37M | $48M |
| Free cash flow | $90M | $123M | $95M | $167M | $145M | $184M | $160M | $279M | $248M | $324M |
| Stock-based compensation | $86M | $100M | $114M | $122M | $125M | $152M | $156M | $173M | $158M | $134M |
| Share buybacks (net) | $0 | -$13M | -$187M | -$481M | -$24M | -$263M | -$200M | -$200M | -$251M | -$291M |
| Free cash flow margin | 12.5% | 14.4% | 10.1% | 16.5% | 16.6% | 17.9% | 13.4% | 20.9% | 17.6% | 22.1% |
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Open YELP in InvestinglyQuestions
What was Yelp's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Yelp generate?
$324M in fiscal 2025 (operating cash flow minus capital spending).
From Yelp's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.