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Yelp cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$84.5M in Q3 2026 · $263M over twelve months

Operating cash flow$100M
Capital spending−$15.4M
Free cash flow+$84.5M
Cash / net income2.9×
Cash conversion cycle21 days

Analysis

In Q3 2026, Yelp generated $100M of operating cash flow and spent $15.4M on capital projects, leaving free cash flow of $84.5M. That is $34.4M less than in Q3 2025 ($119M).

Over the twelve months to Sep 30, 2026, operating cash flow was $318M; the largest uses were buybacks ($288M), acquisitions ($264M), capital spending ($55.0M); besides operations, cash came from other investing ($112M), other financing ($73.0M); the cash balance fell by $111M.

Operating cash flow was $100M against net income of $34.6M — 2.9× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$23.1M, depreciation & amortization +$17.4M, payables +$11.5M.

Its cash conversion cycle was 21 days (receivables 38 + inventory 0 − payables 18).

Free cash flow

Yelp: free cash flow by quarterYelp: free cash flow by quarter$60.0MQ4 2024$87.5MQ1 2025$45.0MQ2 2025$119MQ3 2025$72.3MQ4 2025$45.2MQ1 2026$61.1MQ2 2026$84.5MQ3 2026
Operating cash flow less capital spending.
Yelp: operating cash flow against capital spendingYelp: operating cash flow against capital spendingOperating cash flowCapital spending$71.0M$11.0MQ4 2024$98.0M$10.5MQ1 2025$58.0M$13.0MQ2 2025$132M$12.6MQ3 2025$84.5M$12.2MQ4 2025$57.8M$12.7MQ1 2026$75.8M$14.7MQ2 2026$100M$15.4MQ3 2026
Latest (Q3 2026): Operating cash flow $100M, Capital spending $15.4M.

Capital allocation, year by year

Yelp: where the cash came from (up) and went (down), by fiscal yearYelp: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $213MFY2021: Shares issued $25.0MFY2021: Capital spending −$28.3MFY2021: Buybacks −$263M$238MFY2021FY2022: Operating cash flow $192MFY2022: Shares issued $23.5MFY2022: Capital spending −$32.0MFY2022: Buybacks −$200M$216MFY2022FY2023: Operating cash flow $306MFY2023: Shares issued $39.5MFY2023: Capital spending −$26.8MFY2023: Buybacks −$200M$346MFY2023FY2024: Operating cash flow $286MFY2024: Shares issued $20.8MFY2024: Capital spending −$37.3MFY2024: Acquisitions −$66.2MFY2024: Buybacks −$251M$307MFY2024FY2025: Operating cash flow $372MFY2025: Shares issued $19.7MFY2025: Capital spending −$48.4MFY2025: Buybacks −$291M$392MFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were buybacks ($1.2B) and capital spending ($173M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$120M
Debtnone
Net cash$120M

Yelp funds itself: free cash flow was $263M over the last twelve months, with $120M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Yelp: sources (+) and uses (−) of cash, Q3 2026Yelp: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$100MBuybacks−$26.1MCash drawn (+) / kept (−)−$26.1MNet borrowing (+) / repaid (−)−$25.0MCapital spending−$15.4MTaxes on employees’ shares−$7.0MOther investing−$355KExchange rates$33K
Yelp: sources (+) and uses (−) of cash, TTM to Q3 2026Yelp: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$318MBuybacks−$288MAcquisitions−$264MOther investing$112MCash drawn (+) / kept (−)$111MOther financing$73.0MCapital spending−$55.0MTaxes on employees’ shares−$34.9MShares issued$26.8MExchange rates$147K

From profit to cash

Yelp: net income to operating cash flow, Q3 2026Yelp: net income to operating cash flow, Q3 2026Net income$34.6MDepreciation & amortization$17.4MStock-based pay$23.1MDeferred taxes$7.1MReceivables−$3.1MPayables$11.5MPrepaid and other assets−$7.2MOperating cash flow$100M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202638—1821
Q2 202638—1721
Q1 202638—2019
Q4 202539—2811
Q3 202538—307
Q2 202539—327
Q1 202539—328
Q4 202439—2613

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$100M−$15.4M—−$26.1M−$25.0M—−$26.1M$84.5M
Q2 2026$75.8M−$14.7M—−$50.0M−$30.0M$10.8M$16.6M$61.1M
Q1 2026$57.8M−$12.7M−$264M−$124M$130M$8.7M$105M$45.2M
Q4 2025$84.5M−$12.2M—−$87.5M—$7.4M$15.2M$72.3M
Q3 2025$132M−$12.6M—−$75.0M—$272K−$33.3M$119M
Q2 2025$58.0M−$13.0M—−$66.0M—$11.8M$24.5M$45.0M
Q1 2025$98.0M−$10.5M—−$62.5M—$273K−$4.9M$87.5M
Q4 2024$71.0M−$11.0M—−$62.5M—$7.4M$44.3M$60.0M

Yelp: income statement and cash flow

Yelp, Q3 2026: revenue $371M (-1% year over year), operating margin 13.2%. The chart follows the revenue to costs, profit and cash.

Yelp: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.