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…
Earnings analysis · 10-Q
YELP earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.57
What stood out
-
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.
What to watch
-
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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.