Q3 2025 Yelp Inc Earnings Call Transcript

Nov 6, 2025 / 10:00 PM GMT

Release Date Price: $32.13 (-0.09%)

Transcript 10-Q8-K

Key Points

Positve

Yelp Inc (YELP) delivered record net revenue of $376 million with a net income margin of 10% and adjusted EBITDA margin of 26%.
Services revenue increased by 7% year over year, reaching a quarterly record of $244 million.
The integration of AI features, such as Yelp Assistant, has led to a 400% year-over-year increase in project submissions.
Partnership with DoorDash expanded Yelp's food ordering network by approximately 200,000 new restaurants, expected to generate incremental revenue.
Yelp's new AI-driven products, Yelp Hosts and Yelp Receptionist, are showing strong early results, indicating a good product-market fit.

Negative

RNO revenue declined by 2% year over year, reflecting challenges in the restaurant, retail, and other categories.
Ad clicks declined by 11% year over year, primarily due to macroeconomic pressures and competitive pressures in RRNO categories.
Average CPC increased by 14% year over year, which may impact advertiser ROI and retention.
Yelp's outlook for the full year has been lowered due to heightened macroeconomic uncertainties, with expected net revenue decreasing.
The restaurant industry faces continued pressure from input costs and inflation, impacting advertising spend and profitability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

YELP.N - Yelp Inc
Q3 2025 Yelp Inc Earnings Call
Nov 06, 2025 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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After the speaker's remarks, there will be a question-and-answer session.

If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad.

If you would like to withdraw your question, press Darwin again.

Thank you.

I would now like to turn the call over to Kate Krieger, director of investor relations.

Please go ahead.

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Unidentified_2 [2]
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Good afternoon everyone and thanks for joining us on Yelp's 3rd quarter 2025 earnings conference call. Joining me today are Yelp's

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