Yelp's earnings call highlights strong financial performance, growth in AI initiatives, and robust service revenue, yet faces challenges with declining RR&O revenue, fewer advertising locations, and macroeconomic uncertainties.

Company Guidance

During the second quarter of 2025, Yelp reported record net revenue of $370 million, marking a 4% year-over-year increase, alongside a 16% rise in net income to $44 million, equating to a 12% margin. Adjusted EBITDA saw a 10% year-over-year increase to $100 million, representing a 27% margin. Services revenue increased by 8% to a quarterly record of $241 million, although RR&O revenue declined by 5% to $113 million. Yelp's Request-a-Quote projects surged by 10%, with project submissions through the AI chatbot Yelp Assistant growing by over 400% year-over-year. The company repurchased $65.9 million worth of shares, maintaining $202 million under its repurchase authorization. Looking forward, Yelp anticipates third-quarter net revenue to remain flat at around $365 million to $370 million, with full-year expectations between $1.465 billion and $1.475 billion. Despite macroeconomic uncertainties affecting advertising budgets, Yelp continues to invest in AI-driven initiatives, such as the AI search API, which experienced a 10x increase in calls over two months, contributing to a $10 million annual run rate in AI search-related revenue.

Record Net Revenue and Profitability

Yelp delivered record net revenue of $370 million and strong profitability, expanding net income margin by 1 percentage point and adjusted EBITDA margin by 2 percentage points from the prior year.

Growth in AI Initiatives

Yelp Assistant project submissions increased by more than 400% year-over-year. AI search API calls accelerated, increasing by 20x over the past year and 10x in the last 2 months, contributing to annual run rate revenue related to AI search exceeding $10 million.

Increase in Services Revenue

Services revenue increased by 8% year-over-year to a quarterly record of $241 million, driven by improvements in request flow and AI chatbot enhancements.

Strong Financial Performance

Net income increased by 16% year-over-year to $44 million, or $0.67 per share, and adjusted EBITDA increased by 10% year-over-year to $100 million.

Capital Return to Shareholders

Yelp repurchased $65.9 million worth of shares in the second quarter, with $202 million remaining under the existing repurchase authorization.

Yelp (YELP) Earnings, Revenues Date & History

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YELP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	0.52 / -	0.56	―	―	―
Aug 07, 2025	2025 (Q2)	0.51 / 0.67	0.54	24.07% (+0.13)	―
May 08, 2025	2025 (Q1)	0.32 / 0.36	0.2	80.00% (+0.16)	―
Feb 13, 2025	2024 (Q4)	0.53 / 0.62	0.37	67.57% (+0.25)
Nov 07, 2024	2024 (Q3)	0.42 / 0.56	0.79	-29.11% (-0.23)	―
Aug 08, 2024	2024 (Q2)	0.27 / 0.54	0.21	157.14% (+0.33)	―
May 09, 2024	2024 (Q1)	0.06 / 0.20	-0.02	1100.00% (+0.22)	―
Feb 15, 2024	2023 (Q4)	0.38 / 0.37	0.28	32.14% (+0.09)
Nov 02, 2023	2023 (Q3)	0.34 / 0.79	0.13	507.69% (+0.66)	―
Aug 03, 2023	2023 (Q2)	0.16 / 0.21	0.11	90.91% (+0.10)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

YELP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$34.18	$31.03	-9.22%
May 08, 2025	$35.74	$38.98	+9.07%
Feb 13, 2025	$40.55	$37.34	-7.92%
Nov 07, 2024	$36.37	$35.93	-1.21%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.