YELP earnings analysis
What we found in YELP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Yelp's Q2 2026 revenue of $375.519 million and diluted EPS of $0.57 improved materially from Q1 2026, reversing the prior quarter's sequential weakness. However, EPS remained below the $0.67 reported in Q2 2025, and the provided filing excerpt does not disclose current gross margin, operating margin, free cash flow, segment results or new quantitative guidance. Risk factors were unchanged from the prior annual report, while the Google antitrust case remains unresolved with trial scheduled for September 2028.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Rebounded Sequentially
- Revenue increased to $375.519 million from $361 million in Q1 2026, a sequential gain of approximately 4.0%, and from $370 million in Q2 2025, an increase of approximately 1.5%.
- EPS Improved Sequentially
- Diluted EPS rose to $0.57 from $0.30 in Q1 2026, an increase of $0.27 or 90%, although it declined from $0.67 in Q2 2025 by $0.10 or approximately 15%.
- Share Repurchases Continued
- Yelp repurchased 2.011 million shares during the three months ended June 30, 2026, including 925,000 shares in April, 308,000 in May and 778,000 in June.
- Large Repurchase Authorization Remains
- The board had authorized aggregate repurchases of up to $2.45 billion, including a $500.0 million authorization in February 2026; $363.676 million remained available at June 30, 2026.
- Controls Remained Effective
- Disclosure controls and procedures were concluded effective at the reasonable assurance level as of June 30, 2026, with no material change in internal control over financial reporting during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Google Antitrust Outcome Uncertain
- Yelp's antitrust lawsuit against Google has a trial currently scheduled for September 2028, and the company states it cannot predict the ultimate outcome. An adverse outcome could limit potential damages, restitution or injunctive relief.
- Capital Returned Despite Uncertain Conditions
- The company repurchased 2.011 million shares in Q2 and repurchased an additional $25.0 million of stock after June 30, 2026. Repurchases reduce liquidity and the filing states their timing depends on liquidity, cash flow and market conditions.
- Executive Planned Stock Sales
- The CEO entered a Rule 10b5-1 plan covering up to approximately 953,600 shares, while the CFO's plan covers up to 96,900 shares plus 30,000 potentially vesting shares. These planned sales may create supply pressure or negative investor signaling.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.57
What they said about what is next.
The provided 10-Q excerpt contains no quantitative revenue or EPS guidance. Prior full-year 2026 revenue guidance of $1.455 billion-$1.475 billion is from the prior analysis, not this filing excerpt.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 8, 2026
- Yelp reported Q1 2026 results with revenue of $361.5 million, a 1% increase year-over-year, and an EPS of $0.30, exceeding consensus expectations. However, advertising revenue saw a slight decline of 3%, driven by…
- 10-K · February 27, 2026
- Yelp reports record annual revenue and profitable growth in 2025 and is positioning itself as an AI-enabled local discovery and business tools platform. The company remains highly concentrated in advertising (95% of…
- 10-Q · May 9, 2025
- Yelp beat Q1 expectations with revenue of $358,534,000 and diluted EPS of $0.36, driven by year-over-year revenue growth and stronger operating income. Gross margin compressed to 90.3% but operating margin expanded to…
- 10-K · February 27, 2025
- Yelp reports “record annual revenue and profitable growth” for the year ended December 31, 2024, driven by its ad-centric local marketplace and expansion into Services (including the November 2024 acquisition of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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