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.
Our advertising products help businesses of all sizes reach a large audience, advertise their products and drive conversion of their services, while our subscription services support businesses operationally.
We have: A proven engine to foster and recommend trusted, human-generated content .
This collection of high-quality, human-generated content is also the type of proprietary data that is essential to AI search providers, thereby providing a valuable monetizable asset.
To maintain the quality and integrity of our content, we have also developed industry-leading content moderation practices that incorporate both advanced technology and human moderation.
Our trusted content attracts a large, high-intent consumer audience, keeping our traffic acquisition costs low.
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.
Our advertising products help businesses of all sizes reach a large audience, advertise their products and drive conversion of their services.
We have: A proven engine to generate and recommend trusted content .
We have also developed industry-leading content moderation practices to maintain the quality and integrity of our content.
For example, our recommendation software and other tools, including machine learning algorithms, are designed to surface the most useful and trustworthy information on our platform for consumers.
This technology, together with content moderation by our User Operations team and other consumer protection efforts, helps us detect and mitigate attempts to manipulate ratings and reviews.