Q4 2025 Yelp Inc Earnings Call Transcript
Key Points
- Yelp Inc (YELP) delivered record net revenue of $1.46 billion in 2025, a 4% increase year over year.
- Net income grew by 10% year over year to $146 million, with a net income margin of 10%.
- The company introduced over 55 new products and features, many powered by AI, enhancing consumer and business experiences.
- Advertising revenue from services categories reached a record $948 million, up 8% year over year.
- Yelp Inc (YELP) saw a 400% increase in Request-a-Quote project submissions through Yelp Assistant, showcasing strong consumer engagement with AI tools.
- Revenue from restaurants, retailers, and other (RR&O) categories declined by 6% year over year to $444 million.
- Total ad clicks decreased by 7% year over year, influenced by macroeconomic pressures and reduced spend on paid project acquisition.
- Total paying advertising locations decreased by 3% year over year, with softness in RR&O offsetting growth in services.
- App-unique devices were down 2% year over year as consumers visited restaurants less frequently.
- Net revenue for Q4 2025 decreased by 1% year over year to $360 million, with net income decreasing by 10% to $38 million.
Thank you for standing by. At this time, I would like to welcome everyone to today's Q4 2025 Yelp Incorporated earnings conference call. (Operator Instructions)
Thank you. And I would now like to turn the call over to Josh Willis, Investor Relations Manager. Josh?
Good afternoon, everyone, and thank you for joining us on Yelp's fourth-quarter and full-year 2025 earnings conference call. Joining me today are Yelp's Chief Executive Officer, Jeremy Stoppelman; Chief Financial Officer, David Schwarzbach; and Chief Operating Officer, Jed Nachman. We published a shareholder letter on our Investor Relations website and with the SEC and hope everyone had a chance to read it. We'll provide some brief opening comments and then turn to your questions.
Now, I'll read our Safe Harbor statement. We'll make certain statements today that are forward-looking and involve a number of risk certainties that could cause actual results to differ materially. Please note that these forward-looking statements reflect
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