Yelp Inc. · NYSE:YELP
Yelp — Q4 2025 Earnings Presentation
42 slides from Yelp's earnings presentation, Feb 12, 2026
Slide 1: Investor Presentation
February 2026 Investor Presentation
Slide 2: Safe Harbor: Forward-Looking Statements
Introduction Safe Harbor: Forward-Looking Statements These slides and the accompanying oral presentation contain These forward-looking statements are subject to a number of New risks emerge from time to time. It is not possible for Company forward-looking statements. All statements other than statem
Slide 3: Non-GAAP Financial Measures
Introduction Non-GAAP Financial Measures These slides and the accompanying oral presentation include information relating to adjusted EBITDA, adjusted EBITDA margin, free cash flow and free cash flow margin, each of which is a “non-GAAP financial measure.” Adjusted EBITDA and free cash flow have limitat
Slide 4: Summary
Introduction Summary Competitive Strength Growth Initiatives Financial Discipline Well positioned as search evolves Focused on delivering long-term Investing in our AI transformation with AI durable growth by: from a position of financial strength ● Hundreds of millions of ● Reconceiving Yelp around
Slide 5: About Yelp
About Yelp
Slide 6: Yelp is all things local
About Yelp Yelp is all things local We serve a wide variety of consumers’ and businesses’ local needs Consumers Local Biz Search Large consumer audience Discovery Visibility Task completion: High-intent leads Appointment booking Operational efficiency: Request-A-Quote Lead management Table booking Sch
Slide 7: Our guiding mission: Connecting people with great local businesses
About Yelp Our guiding mission: Connecting people with great local businesses Consumers Local Businesses 74 million 8.4 million Unique visitors on desktop and mobile1 Active claimed local business locations2 Affluent: >50% come from High-intent: 83% of users Up-to-date info: Nearly 2 Broad-based: 23 b
Slide 8: Our breadth is an advantage
About Yelp Our breadth is an advantage High-frequency categories complement categories with the highest value Services Restaurants, Retail & Other ~ 70% of Ad Revenue ~ 30% of Ad Revenue ~ 15% of Page Views & Searches ~ 85% of Page Views & Searches Note: Page Views & Searches and Advertising Revenue
Slide 9: Trusted, Human-generated Content
Trusted, Human-generated Content
Slide 10: Consumers value quality, human-generated review content
Trusted Content Consumers value quality, human-generated review content Transparency and authenticity remain key for consumers, from both businesses and review platforms 88% 76% 88% Of review readers believe Of consumer respondents say Of review readers are more AI-generated reviews shouldn’t they r
Slide 11: We invest in trust leadership
Trusted Content We invest in trust leadership We take industry-leading measures to maintain content integrity and quality Cumulative Review Distribution Distribution of Average Business Ratings As of December 31, 2025 Across Platforms² HomeAdvisor Not Recommended 15% Facebook Google Removed for Viol
Slide 12: Enabling Action through Discovery
Trusted Content Enabling Action through Discovery High-quality, trusted content gives consumers confidence to connect with local businesses Discover Evaluate Connect Take Action Inspiring consumers with rich, Providing consumers with trusted Enabling consumers to easily Facilitating task completion p
Slide 13: AI Product Velocity
AI Product Velocity
Slide 14: Advanced capabilities
AI Product Velocity Advanced capabilities Experimentation driven High velocity Hundreds of user and marketplace Sustained focus on median lead time per experiments per year developer Sophisticated ML & deep learning power advanced functionality ● Breadth and depth of Yelp's consumer data and local ●
Slide 15: Yelp uses AI to deliver all things local
AI Product Velocity Yelp uses AI to deliver all things local We use AI to enhance the consumer experience and deliver greater value to advertisers Sophisticated Neural Net Smart Photo Review Insights Yelp Assistant Ad Tech Home Feed Selection for Ads using LLMs 15
Slide 16: Elevated pace of product innovation
AI Product Velocity Elevated pace of product innovation More than 200 new features and updates over the past 5 years 2021 2022 2023 2024 2025 2026 16
Slide 17: Expanding our AI lead management capabilities
AI Product Velocity Expanding our AI lead management capabilities Acquisition of Hatch Core Use Cases Inbound call Speed to lead Rehash Lead nurture Customer care Memberships answering Who Hatch Serves Home Home Services Finance Insurance Improvement Integrations & Lead Sources Lead ServiceTitan Yel
Slide 18: Growth initiatives
Growth initiatives
Slide 19: Portfolio of initiatives designed to drive durable growth
Growth Initiatives Portfolio of initiatives designed to drive durable growth Reconceive Yelp around answers and actions Deliver AI tools that help service pros and other local businesses grow, operate and succeed Extend our reach to power local discovery across the AI ecosystem 19
Slide 20: Reconceive Yelp around answers and actions
Growth Initiatives Reconceive Yelp around answers and actions ● Deliver the leading local conversational and agentic experience for consumers through a cross-category Yelp Assistant ● Enable seamless bottom-of-the-funnel actions including table booking, food ordering and repair scheduling to complet
Slide 21: Deliver AI tools that help service pros and other local businesses grow
Growth Initiatives Deliver AI tools that help service pros and other local businesses grow, operate and succeed ● Deliver innovative AI lead management solutions for service pros through Hatch, allowing them to drive bookings, qualify leads and better serve customers ● Build upon the early success o
Slide 22: Extend our reach to power local discovery across the AI ecosystem
Growth Initiatives Apple OpenAI Extend our reach to Maps power local discovery across the AI ecosystem Alexa+ + More ● Further expand data licensing partnerships and integrations with leading AI search providers to surface Yelp’s trusted content on their platforms ● Drive continued local content con
Slide 23: Growth driven through product innovation
Growth Initiatives Growth driven through product innovation Revenue vs. Total Headcount Percent change from Q1 2020 Headcount Revenue 60% 40% In 2026, we plan to maintain 20% our approximate YE 2025 headcount to drive leverage¹ 0% -20% -40% 2020 2021 2022 2023 2024 2025 1 Excluding the recently-acqu
Slide 24: Prudent Capital Allocation
Prudent Capital Allocation
Slide 25: Strong balance sheet and cash flow
Prudent Capital Allocation Strong balance sheet and cash flow Free Cash Flow¹ Cash, Cash Equivalents & Marketable Securities $324M $480M $441M $279M $401M $248M $318M2 $319M $184M $160M 2021 2022 2023 2024 2025 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Free Cash Flow Margin 18% 13% 21%
Slide 26: Robust multi-year capital return program
Prudent Capital Allocation Robust multi-year capital return program Nearly $2.0 billion worth of shares repurchased $500M ~$2.5B Completed as of December 31, 2025 Remaining Authorization $500M $250M $250M $250M $250M $250M $200M Authorized Authorized Authorized Authorized Authorized Authorized Autho
Slide 27: Strong Governance
Strong Governance
Slide 28: World-class board
Strong Governance World-class board Diverse, independent and highly qualified board 9 experienced directors ¹ ² with diverse skill sets: 2 new directors appointed in the last five years 8 are independent, including our Chair ¹ 9 have been senior executives of major public companies 5 have specific expe
Slide 29: Track record of enhancing governance
Strong Governance Track record of enhancing governance Focused on driving shareholder value 2018 2020 2021 2022 2025 Adopted stock Added two new Began Implemented Incorporated Updated stock ownership Added one new Updated code of ownership guidelines independent directors, phased Board proxy access
Slide 30: Key Financial & Operational Metrics
Key Financial & Operational Metrics
Slide 31: Investing to reaccelerate top-line growth
Key Financial & Operational Metrics Investing to reaccelerate top-line growth Demonstrated ability to deliver revenue growth following a business transformation Net Revenue $1.46B $1.455B - $1.475B $1.41B $1.34B $1.19B 2022 2023 2024 2025 2026E Revenue Growth, Y/Y 16% 12% 6% 4% (1)-1% 31
Slide 32: Investing to reaccelerate top-line growth
Key Financial & Operational Metrics Investing to reaccelerate top-line growth Strength in transaction, subscription and licensing revenue Other Revenue¹ $73.7M $60.5M $63.0M $59.1M $46.6M 2021 2022 2023 2024 2025 Revenue Growth, Y/Y 27% 27% 2% 4% 17% 1 32 Includes revenue generated from transactions
Slide 33: Rationalized cost structure
Key Financial & Operational Metrics Rationalized cost structure Flat headcount in recent years has enabled leverage across most expense lines 2021 2022 2023 2024 2025 Expenses as % of revenue1 Cost of revenue 8% 9% 9% 9% 10% Sales & marketing 44% 43% 42% 41% 40% Product development 27% 26% 25% 23% 2
Slide 34: Increased adjusted EBITDA quality
Key Financial & Operational Metrics Increased adjusted EBITDA quality Focus on reducing SBC as a percentage of revenue Adjusted EBITDA¹ $369M SBC % of revenue $358M 2 reached $330M $310-330M < 8% $270M In December 2025 Stock-based Compensation < 6% (“SBC”) by the end of 2027 2022 2023 2024 2025 2026
Slide 35: Focused on driving GAAP profitability per share
Key Financial & Operational Metrics Focused on driving GAAP profitability per share Decreased share count has contributed to strong earnings per share growth Earnings Per Share Total Share Count¹ $2.24 $1.88 86.2M 83.3M 81.4M 75.0M 67.1M $1.35 $0.50 $0.50 2021 2022 2023 2024 2025 2021 2022 2023 2024
Slide 36: Category breadth drove record ad revenue in FY 2025
Key Financial & Operational Metrics Category breadth drove record ad revenue in FY 2025 Diversified advertising base provides an element of stability against macro fluctuations Advertising Revenue Paying Advertising Locations ($, mm) (thousands) RR&O Services 36
Slide 37: Delivering value to advertisers
Key Financial & Operational Metrics Delivering value to advertisers Focus on driving high-quality ad clicks at compelling prices Ad Clicks, Y/Y Average CPC, Y/Y 37
Slide 38: Summary
Summary
Slide 39: Summary
Conclusion Summary Competitive Strength Growth Initiatives Financial Discipline Well positioned as search evolves Focused on delivering long-term Investing in our AI transformation with AI durable growth by: from a position of financial strength ● Hundreds of millions of ● Reconceiving Yelp around ●
Slide 40: Appendix
Appendix
Slide 41: Adjusted EBITDA reconciliation
Appendix Adjusted EBITDA reconciliation ($ in millions) 2021 2022 2023 2024 2025 Net Income (Loss) $39.7 $36.3 $99.2 $132.9 $145.6 + Tax & Other Income, Net (8.2) 22.0 (20.1) 18.2 38.9 + Depreciation & Amortization 55.7 44.9 42.2 40.4 50.1 + Stock Based Compensation 151.7 156.1 173.5 158.2 134.0 + A
Slide 42: Free cash flow reconciliation
Appendix Free cash flow reconciliation ($ in millions) 2021 2022 2023 2024 2025 Net cash provided by operating activities $212.7 $192.3 $306.3 $285.8 $372.0 + Purchases of property, equipment and (28.3) (32.0) (26.8) (37.3) (48.4) software Free cash flow $184.4 $160.3 $279.4 $248.5 $323.7 Net cash us