Filing Flows › Yelp (YELP) › Q3 2025
Yelp (YELP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Yelp (YELP) reported revenue of $376M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +2% from the quarter before. Operating margin was 14.1%, net earnings $39.3M (10.5% of revenue).
Yelp, Q3 2025: revenue $376M (+4% year over year), operating margin 14.1%, net earnings $39.3M, operating cash flow $132M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $376M | +2% | +4% |
| Operating profit | $52.9M | -0.8% | +13% |
| Net earnings | $39.3M | -11% | +2% |
| Operating cash flow | $132M | +127% | +29% |
| Free cash flow | $119M | — | +29% |
What changed
Revenue was $376.0M in Q3 2025, up 4% year over year and up 2% from the previous quarter. Services was the largest line at 65% of revenue. Services added $15.8M year over year (up 7%), 101% of the total change. Restaurants, Retail & Other declined 2%.
Operating profit was $52.9M, a 14.1% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 40% reached operating profit, above the 13% margin then. Total costs grew 3% against revenue growth of 4%. The fastest-growing cost line was Cost of revenue (+12%). Net earnings were $39.3M, up 2% year over year. The effective tax rate was 32.5%.
Operating cash flow was $131.5M (up 29% year over year), 334% of net earnings. Non-cash charges added back $12.5M of depreciation and amortization and $32.9M of share-based compensation. Working capital and other items added $46.8M. After purchases of property, equipment and software ($12.6M), free cash flow as the company reports it was $118.9M.
Questions
What was Yelp's revenue in the third quarter 2025?
Yelp (YELP) reported revenue of $376M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +2% from the quarter before.
Was Yelp profitable in the third quarter 2025?
Operating profit was $52.9M (14.1% of revenue) and net earnings $39.3M.
Source: Yelp 10-Q on SEC EDGAR.