Filing Flows › Yelp (YELP) › Q1 2025
Yelp (YELP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Yelp (YELP) reported revenue of $359M for the first quarter 2025 (Q1 2025), +8% from a year earlier and -0.9% from the quarter before. Operating margin was 8.2%, net earnings $24.4M (6.8% of revenue).
Yelp, Q1 2025: revenue $359M (+8% year over year), operating margin 8.2%, net earnings $24.4M, operating cash flow $98.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $359M | -0.9% | +8% |
| Operating profit | $29.5M | -45% | +163% |
| Net earnings | $24.4M | -42% | +72% |
| Operating cash flow | $98.0M | +38% | +35% |
| Free cash flow | $87.5M | — | +33% |
What changed
Revenue was $358.5M in Q1 2025, up 8% year over year and down 1% from the previous quarter. Services was the largest line at 65% of revenue. Services added $28.3M year over year (up 14%), 110% of the total change. Restaurants, Retail & Other declined 3%.
Operating profit was $29.5M, a 8.2% margin (up 4.8 points year over year). Of the extra revenue versus a year earlier, 71% reached operating profit, above the 3% margin then. Total costs grew 2% against revenue growth of 8%. The fastest-growing cost line was Cost of revenue (+27%). Net earnings were $24.4M, up 72% year over year. The effective tax rate was 30.8%.
Operating cash flow was $98.0M (up 35% year over year), 402% of net earnings. Non-cash charges added back $12.3M of depreciation and amortization and $37.5M of share-based compensation. Working capital and other items added $23.8M. After purchases of property, equipment and software ($10.5M), free cash flow as the company reports it was $87.5M.
Questions
What was Yelp's revenue in the first quarter 2025?
Yelp (YELP) reported revenue of $359M for the first quarter 2025 (Q1 2025), +8% from a year earlier and -0.9% from the quarter before.
Was Yelp profitable in the first quarter 2025?
Operating profit was $29.5M (8.2% of revenue) and net earnings $24.4M.
Source: Yelp 10-Q on SEC EDGAR.