Yelp Inc. released its Q4 and full-year 2025 financial results, highlighting record annual revenue and robust profitability amid strategic AI investments.40
Q4 2025 Financial Highlights
Net revenue reached $359.99 million in the fourth quarter, a slight decline from $361.95 million the previous year. Net income stood at $37.80 million, while adjusted EBITDA came in at $85.69 million.40
Full-Year 2025 Results
The company achieved a record $1.46 billion in net revenue, up 4% year-over-year. Net income rose 10% to $146 million, delivering a 10% margin. Adjusted EBITDA increased 3% to $369 million with a 25% margin.40
Services advertising revenue hit a record $948 million, up 8%, while restaurants, retail, and other advertising revenue totaled $444 million, down 6%. Total paying advertising locations decreased 3% year-over-year, offset by record average revenue per location. Ad clicks fell 7%, but average cost per click rose 10%. Other revenue grew 17%, fueled by transactions, SaaS subscriptions, and data licensing.40
Users contributed 22 million new reviews, bringing the cumulative total to 330 million, a 7% increase.40
Strategic Initiatives and AI Focus
Yelp launched over 55 new features in 2025 to enhance conversational and action-oriented experiences. Key efforts include AI tools for business efficiency, the Hatch acquisition, and an agreement with OpenAI to expand content reach in AI ecosystems.40
2026 Outlook
Management projects net revenue between $1.455 billion and $1.475 billion, with adjusted EBITDA ranging from $310 million to $330 million.40
Executive Commentary
“Yelp delivered record net revenue and strong profitability in 2025, driven by growth in Services and product innovation,” stated CEO Jeremy Stoppelman. “We enter 2026 focused on driving growth by investing in our AI transformation.”40
CFO David Schwarzbach added, “Our 2025 results reflect both disciplined execution and the margin potential of our product-led strategy. We remain committed to disciplined investment in our AI transformation to drive long-term shareholder value.”40
