Yelp experienced a strong quarter with record revenue and profitability, driven by significant growth in services revenue and strategic AI and partnership initiatives. However, challenges in the RR&O segment, a decline in ad clicks, and macroeconomic uncertainties led to a cautious outlook.

Company Guidance

During the Q3 2025 earnings call, Yelp provided guidance reflecting both strong performance and caution amidst macroeconomic uncertainties. The company reported record net revenue of $376 million, a 4% year-over-year increase, with a net income of $39 million and an adjusted EBITDA of $98 million. Services revenue reached a quarterly record of $244 million, growing by 7% year-over-year, while revenue from Restaurant, Retail & Other (RR&O) categories declined by 2%. Yelp highlighted its AI-driven transformation, with significant enhancements to its platform, including the rollout of Yelp Assistant, which increased project submissions by nearly 400% year-over-year. The company also launched partnerships with DoorDash and new voice AI subscription products, Yelp Host and Yelp Receptionist. Despite these achievements, Yelp adjusted its full-year revenue outlook downwards to a range of $1.460 billion to $1.465 billion, citing persistent macroeconomic challenges. The company plans to maintain disciplined expense management and expects to continue share repurchases with $127 million remaining under its current authorization.

Record Net Revenue and Profitability

Yelp delivered record net revenue of $376 million with a net income margin of 10% and adjusted EBITDA margin of 26%.

Services Revenue Growth

Services revenue increased by 7% year-over-year to a quarterly record of $244 million, driven by improvements in AI initiatives like Yelp Assistant.

AI Transformation and Product Expansion

Yelp rolled out more than 35 new AI features, including Yelp Assistant and Menu Vision, which contributed to a 400% year-over-year increase in project submissions through Yelp Assistant.

Strategic Partnerships

Yelp expanded its food ordering network by partnering with DoorDash, increasing restaurant coverage by approximately 200,000 new restaurants.

Disciplined Expense Management

Achieved strong results through disciplined expense management, with stock-based compensation expense reduced to 9% of revenue and plans to lower it further.

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
Feb 05, 2026	2025 (Q4)	0.53 / -	0.62	―	―	―
Nov 06, 2025	2025 (Q3)	0.53 / 0.61	0.56	8.93% (+0.05)	―
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)	―

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
Nov 06, 2025	$32.13	$28.91	-10.02%
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%

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.