YELPMEDIUM SIGNALFINANCIAL10-K

Yelp delivered strong financial performance with operating cash flow growing 30% to $372M while simultaneously returning $291M to shareholders through buybacks and reducing share count by 8.5%.

The combination of robust cash generation growth and significant capital returns demonstrates strong operational execution and disciplined capital allocation. However, the 29.5% increase in capital expenditures suggests the company is investing for growth, which investors should monitor for returns on investment.

Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

Yelp showed broad-based financial strength with operating income rising 22% to $184.5M and operating cash flow surging 30% to $372M, indicating improving operational efficiency. The company returned $291M through share buybacks while reducing outstanding shares from 65M to 59.5M, demonstrating commitment to shareholder returns. The 11% increase in current liabilities and 29.5% jump in capital expenditures suggests increased investment activity, but overall the financial picture signals a healthy, cash-generative business effectively balancing growth investment with shareholder returns.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+30.2%
$285.8M→$372.0M

Operating cash flow surged 30.2% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
+29.5%
$37.3M→$48.4M

Capex increased 29.5% — ongoing investment in capacity or infrastructure for future growth.

Operating Income
P&L
+22.2%
$151.0M→$184.5M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Share Buybacks
Cash Flow
+15.8%
$251.2M→$290.9M

Share repurchases increased 15.8% — management returning capital, signals confidence in intrinsic value.

Current Liabilities
Balance Sheet
+11%
$155.0M→$172.1M

Current liabilities rose 11% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
An aggregate of 22,308,023 shares of the registrant s common stock held by officers, directors, affiliated stockholders and The Yelp Foundation as of June 30, 2025 were excluded.
As of February 17, 2026, there were 59,517,013 shares of the registrant s common stock, par value $0.000001 per share, issued and outstanding.
Unless the context otherwise indicates, where we refer in this Annual Report to our mobile application or mobile app, we refer to all of our consumer applications for mobile-enabled devices; references to our mobile platform refer to both our mobile app and the versions of our consumer-facing website that are optimized for mobile-based browsers.
For example, as a result of these efforts, in 2025, we revised the minimum required level of engagement for our desktop unique devices metric to exclude devices that visit the Yelp home page, but take no further action, which we do not believe represent valuable consumer traffic.
This change did not have a material impact on the desktop unique devices reported for previous years.
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REMOVED
An aggregate of 24,741,747 shares of the registrant s common stock held by officers, directors, affiliated stockholders and The Yelp Foundation as of June 28, 2024 were excluded.
As of February 18, 2025, there were 65,033,177 shares of the registrant s common stock, par value $0.000001 per share, issued and outstanding.
71 SIGNATURES F INANCIAL S TATEMENTS Report of Independent Registered Public Accounting Firm F- 1 Consolidated Balance Sheets F- 3 Consolidated Statements of Operations F- 4 Consolidated Statements of Comprehensive Income F- 5 Consolidated Statements of Stockholders Equity F- 6 Consolidated Statements of Cash Flows F- 7 Notes to Consolidated Financial Statements F- 8 ___________________________________ Unless the context suggests otherwise, references in this Annual Report on Form 10-K (the Annual Report ) to Yelp, the Company, we, us and our refer to Yelp Inc.
Our web traffic metrics, which we now report based on internal measurement tools and refer to as desktop unique devices and mobile unique devices, as well as our historical web traffic metrics that were calculated based on data from Google Analytics, a digital marketing intelligence product from Google LLC ( Google ), are subject to similar limitations.
Additionally, the changes to the way in which we measure our web traffic metrics have resulted in inconsistencies between new data and previously reported data.
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