YELP on NYSE

Yelp

Logo: Yelp, Inc., Public domain, via Wikimedia Commons5

Directory service and online review forum

Yelp Inc. is an American company that develops the Yelp.com website and the Yelp mobile app, which publishes crowd-sourced reviews about businesses. It also operates Yelp Guest Manager, a table reservation service. It is headquartered in San Francisco.3 It was founded by Jeremy Stoppelman and Russel Simmons.1 Its chief executive is Jeremy Stoppelman (since 2004).1 It employed 4,350 people in 2017.1 Its revenue was $500 million in 2014.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2004Founded1

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  • TickerYELP on NYSE1
  • Industryinformation technology1
  • HeadquartersSan Francisco1
  • Websitewww.yelp.com
  • Legal formjoint-stock company1
  • Incorporated inDE6
  • Business address350 Mission Street, 10Th Floor, San Francisco, Ca 941056
  • Filer categoryLarge accelerated filer6
  • LEI5299007OU2DOSXPQBO354
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o National Registered Agents, Inc., 160 Greentree DR STE 101, 19904 Dover, United States4
  • Registered withDivision of Corporations, Department of State, 38508934
Congresswoman Pelosi attends Ribbon-Cutting Ceremony at Yelp’s New Headquarters (10841919184)
Photo: Nancy Pelosi from San Francisco, CA, CC BY 2.0, via Wikimedia Commons8

Yelp Inc. is an American company that develops the Yelp.com website and the Yelp mobile app, which publishes crowd-sourced reviews about businesses. It also operates Yelp Guest Manager, a table reservation service. It is headquartered in San Francisco.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

12.6%Operating margin9
9.9%Net margin9
3.7%Revenue growth, 20259
20.5%Return on equity9
$323.7MFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Advertising, Services brought in 65% of the revenue Yelp broke down this way in fiscal 2025.

  1. Advertising, Services$947.6M965%up 8% from 2024
  2. Advertising, Restaurants and Other$443.7M930%down 6% from 2024
  3. Other Revenue$73.7M95%up 17% from 2024
Products and services by year
Products and services202320242025
Advertising, Services$793.1M$879.1M$947.6M
Advertising, Restaurants and Other$483.4M$469.9M$443.7M
Other Revenue$60.5M$63.0M$73.7M

Regions

United States brought in 99% of the revenue Yelp broke down this way in fiscal 2025.

  1. United States$1.5B999%up 4% from 2024
  2. Outside the United States$9.7M91%down 8% from 2024
Regions by year
Regions202320242025
United States$1.3B$1.4B$1.5B
Outside the United States$9.8M$10.5M$9.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development20¢$297.8M
  • Other costs66¢$963.1M
  • Income tax4¢$58.4M
  • Profit10¢$145.6M

Out of $1.5B in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Capital spending13¢$48.4M
  • Share buybacks78¢$290.9M
  • Kept or used elsewhere9¢$32.7M

Out of $372.0M of cash from operations.9

Financial statements

Revenue101112139$1.5B in 2025+44% since 2019
0$500.0M$1.0B$1.5B2019: $1.0B$1.0B20192020: $872.9M$872.9M2020−14%2021: $1.0B$1.0B2021+18%2022: $1.2B$1.2B2022+16%2023: $1.3B$1.3B2023+12%2024: $1.4B$1.4B2024+6%2025: $1.5B$1.5B2025+4%
Operating income101112139$184.5M in 2025+420% since 2019
-$100.0M0$100.0M$200.0M2019: $35.5M$35.5M20192020: -$38.8M-$38.8M20202021: $31.5M$31.5M20212022: $58.4M$58.4M2022+85%2023: $79.0M$79.0M2023+35%2024: $151.0M$151.0M2024+91%2025: $184.5M$184.5M2025+22%
Net income101112139$145.6M in 2025+256% since 2019
-$50.0M0$50.0M$100.0M$150.0M2019: $40.9M$40.9M20192020: -$19.4M-$19.4M20202021: $39.7M$39.7M20212022: $36.3M$36.3M2022−8%2023: $99.2M$99.2M2023+173%2024: $132.8M$132.8M2024+34%2025: $145.6M$145.6M2025+10%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Net revenue$1.5B$1.4B$1.3B
Cost of revenue (exclusive of depreciation and amortization and stock-based compensation)$142.6M$123.7M$114.2M
Sales and marketing$592.1M$586.0M$556.6M
Product development$313.7M$326.0M$332.6M
General and administrative$182.0M$185.0M$212.4M
Depreciation and amortization$50.1M$40.4M$42.2M
Total costs and expenses$1.3B$1.3B$1.3B
Income from operations$184.5M$151.0M$79.0M
Other income, net$19.5M$31.9M$26.0M
Income before income taxes$204.0M$183.0M$105.1M
Provision for income taxes$58.4M$50.1M$5.9M
Net income attributable to common stockholders$145.6M$132.8M$99.2M
Basic (in dollars per share)$2.30$1.97$1.43
Diluted (in dollars per share)$2.24$1.88$1.35
Basic (in shares)63.3M shares67.4M shares69.2M shares
Diluted (in shares)65.1M shares70.6M shares73.6M shares

Compare Yelp with another company

Corporate structure

Yelp sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Yelp

  • Yelp San Francisco, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Yelp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$390.1M9 Dec 31, 2025$392.6M9 Dec 31, 2024−0.6%
Accumulated depreciation$298.4M9 Dec 31, 2025$316.9M9 Dec 31, 2024−5.8%
Property and equipment, net$91.7M9 Dec 31, 2025$75.7M9 Dec 31, 2024+21.2%
Operating-lease assets (leased space)$16.0M9 Dec 31, 2025$24.1M9 Dec 31, 2024−33.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$216.1M9 Dec 31, 2025$217.3M9 Dec 31, 2024−0.6%
Marketable securities, current$103.3M9 Dec 31, 2025$100.6M9 Dec 31, 2024+2.7%
Debt securities available for sale$104.1M9 Dec 31, 2025$100.6M13 Dec 31, 2024+3.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$135.8M9 Dec 31, 2025$131.0M9 Dec 31, 2024+3.7%
Intangible assets, net (excluding goodwill)$49.0M9 Dec 31, 2025$58.8M9 Dec 31, 2024−16.6%
Finite-lived intangibles, gross$81.6M9 Dec 31, 2025$81.4M9 Dec 31, 2024+0.2%
Accumulated amortization$32.5M9 Dec 31, 2025$22.7M9 Dec 31, 2024+43.6%
Finite-lived intangibles, net$49.0M9 Dec 31, 2025$58.8M9 Dec 31, 2024−16.6%

Properties, in its own words

Our principal executive offices in North America are currently located at 350 Mission Street, San Francisco, California, where we lease office space pursuant to a lease agreement that expires in 2030 and includes an option for early termination in 2028 that we are reasonably certain to exercise. We also lease office space in Canada and Europe. We believe that our properties are generally suitable to meet our needs for the foreseeable future and, to the extent we require additional space in the future, we believe that it would be available on commercially reasonable terms.

Item 2 of the 10-K filed Feb 27, 2026.17

The story

Founded by Jeremy Stoppelman and Russel Simmons in 2004.1

Origins (2004–2009)

Two former PayPal employees, Jeremy Stoppelman and Russel Simmons, founded Yelp at a business incubator, MRL Ventures, in 2004. Stoppelman and Simmons conceived the initial idea for Yelp as an email-based referral network, after Stoppelman caught the flu and had a difficult time finding an online recommendation for a local doctor. Max Levchin, the co-founders' former colleague as founding chief technology officer of PayPal and founder of MRL Ventures, provided $1 million in Angel financing. MRL co-founder David Galbraith, who instigated the local services project based on user reviews, came up with the name "Yelp". Stoppelman explained that they decided on "Yelp" for the company's name because "it was short, memorable, easy to spell, and was familiar with 'the help' and 'yellow pages'".

According to Fortune, Yelp's initial email-based system was "convoluted". The idea was rejected by investors and did not attract users beyond the cofounders' friends and family. Usage data showed that users were not answering requests for referrals, but were using the "Real Reviews" feature, which allowed them to write reviews unsolicited. According to The San Francisco Chronicle, "the site's popularity soared" after it was re-designed in late 2005 with the distinctive Burst logo. Yelp raised $5 million in funding in 2005 from Bessemer Venture Partners and $10 million in November 2006 from Benchmark Capital. The number of reviewers on the site grew from 12,000 in 2005, to 100,000 in 2006. By the summer of 2006, the site had one million monthly visitors. It raised $15 million in funding from DAG Ventures in February 2008. In 2010, Elevation Partners invested $100 million. $75 million was spent on purchasing equity from employees and investors, while $25 million was invested in sales staff and expansion. Yelp grew from 6 million monthly visitors in 2007 to 16.5 million in 2008 and from 12 to 24 cities during the same time period. By 2009, the site had 4.5 million reviews. By 2010, Yelp's revenues were estimated to be $30 million and it employed 300 people.

Private company (2009–2012)

Yelp introduced a site for the United Kingdom in January 2009 and one for Canada that August. The first non-English Yelp site was introduced in France in 2010; users had the option to read and write content in French or English. From 2010 to 2011, Yelp launched several more sites, in Austria, Germany, Spain, and the Netherlands. International website traffic doubled during the same time period. An Australian website went live in November 2011. It was supported through a partnership with Telstra, which provided one million initial business listings, and was initially glitchy. By the end of 2012, Yelp was publishing reviews for establishments in 20 countries, including Turkey and Denmark. Yelp's first site in Asia was introduced in September 2012 in Singapore, which was followed by Japan in 2014.

In December 2009, Google entered into negotiations with Yelp to acquire the company, but the two parties failed to reach an agreement. According to The New York Times, Google offered about $500 million, but the deal fell through after Yahoo offered $1 billion. TechCrunch reported that Google refused to match Yahoo's offer. Both offers were later abandoned following a disagreement between Yelp's management and board of directors about the offers. In June 2015, Yelp published a study alleging Google was altering search results to benefit its own online services.

Yelp began a service called Yelp Deals in April 2011, but by August it cut back on Deals due to increased competition and market saturation. That September, the Federal Trade Commission investigated Yelp's allegations that Google was using Yelp web content without authorization and that Google's search algorithms favored Google Places over similar services provided by Yelp. In order to avoid an FTC anti-trust lawsuit, in January 2014, Google agreed to allow services like Yelp the ability to opt out of having their data scraped and used on Google's websites.

Public entity (2012–present)

Having filed for an initial public offering (IPO) with the Securities Exchange Commission in November 2011, Yelp's stock began public trading on the New York Stock Exchange on March 2, 2012. In 2012, Yelp acquired its largest European rival, Qype, for $50 million. The following year, CEO Jeremy Stoppelman reduced his salary to $1. Yelp acquired start-up online reservation company SeatMe for $12.7 million in cash and stock in 2013. Yelp's second quarter 2013 revenue of $55 million "exceeded expectations", but the company was not yet profitable.

In 2012/13, Yelp moved into its new corporate headquarters, occupying about 150,000 square feet on 12 floors of 140 New Montgomery (the former PacBell building) in San Francisco. The company was profitable for the first time in the second quarter of 2014, as a result of increasing ad spending by business owners and possibly from changes in Google's local search algorithm. The algorithm dubbed Google Pigeon made authoritative local directory sites like Yelp and TripAdvisor more visible. Over the course of the year, Yelp websites were launched in Mexico, Japan, and Argentina. Also in 2014, Yelp expanded in Europe through the acquisitions of German-based restaurant review site Restaurant-Kritik and French-based CityVox.

In early February 2015, Yelp announced it bought Eat24, an online food-ordering service, for $134 million. Then in August 2017, Yelp sold Eat24 to Grubhub for $287.5 million. The acquisition resulted in a partnership to integrate Grubhub delivery into the Yelp profiles of restaurants.

Read the full text

In late 2015, a "Public Services & Government" section was introduced to Yelp, and the General Services Administration began encouraging government agencies to create and monitor official government pages. For example, the Transportation Security Administration created official TSA Yelp pages. Later that year Yelp began experimenting in San Francisco with consumer alerts that were added to pages about restaurants with poor hygiene scores in government inspections. Research conducted by the Boston Children's Hospital found that Yelp reviews with keywords associated with food poisoning correlates strongly with poor hygiene at the restaurant. Researchers at Columbia University used data from Yelp to identify three previously unreported restaurant-related food poisoning outbreaks.

On November 2, 2016, concurrent with its earnings report for Q3 2016, Yelp announced it would drastically scale back its operations outside North America and halt international expansion. This resulted in the termination of essentially all international employees across Yelp's 30+ international markets from the sales, marketing, public relations, business outreach, and government relations departments. Overseas employees now primarily consist of engineering and product management staff. These layoffs affected only 175 individuals or 4% of its total workforce.

In March 2017, Yelp acquired the restaurant reservation app Nowait for $40 million. In April 2017, Yelp acquired Wi-Fi marketing company Turnstyle Analytics for $20 million.

In early 2020, Yelp listed space at 55 Hawthorne Street, San Francisco, for 235 employees as available for sublease. Business closures and stay-at-home orders during the COVID-19 pandemic in the United States caused a massive decline in searches on Yelp (down 64-83% from March to April, depending on category) and company revenues. On April 9, the company announced it would lay off 1,000 employees, furlough about 1,100 with benefits, reduce hours for others, cut executive pay by 20–30%, and stop paying the CEO for the rest of 2020.

In September 2021, Yelp announced that it was relocating its corporate headquarters to a smaller space at 350 Mission Street to be subleased from Salesforce. On June 1, 2023, Yelp decided to close its offices in Phoenix, Arizona and Hamburg, Germany. According to an announcement made by the company, less than 6 percent of the available workstations in these offices were being utilized. This move comes after Yelp had already shut down its New York, Chicago, and Washington, D.C. offices. As of mid-2023, Yelp maintains a single remaining office in the United States in San Francisco. Additionally, the company will continue its operations in Toronto, Canada, and London, United Kingdom. The closure and downsizing of these offices are expected to result in approximately $27 million in annual cost savings for Yelp during the 2023–24 fiscal year. As of February 2024, its website listed reviews for establishments in 32 countries.

In November 2024, Yelp Inc. acquired RepairPal, an auto services platform, for $80 million. In January 2026, Yelp Inc. acquired Hatch, an AI-powered lead management and communication platform, for $270 million in cash with an additional $30 million of employee retention.

From Wikipedia’s article on Yelp, shared under CC BY-SA 4.0.7

Leadership

Who has led Yelp, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (28)

Products and brands

Features for businesses

Yelp added the ability for business owners to respond to reviews in 2008. Businesses can respond privately by messaging the reviewer or publicly on their profile page. In some cases, Yelp users that had a bad experience have updated their reviews more favorably due to the business's efforts to resolve their complaints. In some other cases, disputes between reviewers and business owners have led to harassment and physical altercations. The system has led to criticisms that business owners can bribe reviewers with free food or discounts to increase their rating. However, Yelp users say this rarely occurs. A business owner can "claim" a profile, which allows them to respond to reviews and see traffic reports. Businesses can also offer discounts to Yelp users that visit often using a Yelp "check in" feature. In 2014, Yelp released an app for business owners to respond to reviews and manage their profiles from a mobile device. Business owners can also flag a review to be removed, if the review violates Yelp's content guidelines.

Yelp's revenues primarily come from selling ads and sponsored listings to small businesses. Advertisers can pay to have their listing appear at the top of search results or feature ads on the pages of their competitors. In 2016, advertising revenue grew at a rate of 30% year over year. Originally a sponsored "favorite review" could place a positive review above negative ones, but Yelp stopped offering this option in 2010 in an effort to deter the valid criticism that advertisers were able to obtain a more positive review appearance in exchange for pay.

On June 5, 2020, Yelp launched a tool to allow businesses on the platform to identify themselves as black-owned, allowing customers to search for black-owned companies they want to support. There were more than 2.5 million searches for black-owned businesses on Yelp from May 25 to July 10. Searches for black-owned businesses were up 2,400% in 2020. In August 2021 Yelp added a feature to let users filter businesses based on their COVID precautions.

Relationship with businesses

A Harvard Business School study published in 2011 found that each "star" in a Yelp rating affected the business owner's sales by 5–9%. A 2012 study by two University of California, Berkeley economists found that an increase from 3.5 to 4 stars on Yelp resulted in a 19% increase in the chances of the restaurant being booked during peak hours. A 2014 survey of 300 small business owners done by Yodle found that 78% were concerned about negative reviews. Also, 43% of respondents said they felt online reviews were unfair, because there is no verification that the review is written by a legitimate customer. A 2025 study in Management Science that matched Yelp ratings to Small Business Administration loan records found that a half-star increase in a business's displayed rating was associated with a 25-basis point lower loan spread and 6% lower collateral requirements.

From Wikipedia’s article on Yelp, shared under CC BY-SA 4.0.7

Employees over time

  • 20174,3501

Former names

  • YELP! INCNov 16, 2005 to Feb 13, 20126

Timeline

  1. Aug 6, 20268-K Results of operations51
  2. Jun 10, 20268-K Executive or director change; Shareholder vote52
  3. May 7, 20268-K Results of operations53
  4. Apr 29, 20268-K Executive or director change54
  5. Feb 27, 20268-K Financial statements and exhibits55
  6. Feb 12, 20268-K Results of operations56
  7. Feb 6, 20268-K Other events57
  8. Dec 19, 20258-K Entered a material agreement; New debt or obligation58
  9. Nov 6, 20258-K Results of operations59
  10. Sep 18, 20258-K Executive or director change60
  11. Aug 25, 20258-K Executive or director change61
  12. Aug 7, 20258-K Results of operations62
  13. Mar 2, 2012Went public Listed on NYSE1
  14. 2004New chief executive Jeremy Stoppelman becomes CEO1
  15. 2004Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.61 a share, on Nov 6, 2025.63

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results51
  2. May 7, 2026Reported quarterly or annual results53
  3. Feb 12, 2026Reported quarterly or annual results56
  4. Nov 6, 2025Reported quarterly or annual results59
  5. Aug 7, 2025Reported quarterly or annual results62
  6. May 8, 2025Reported quarterly or annual results64
  7. Feb 13, 2025Reported quarterly or annual results65
  8. Nov 7, 2024Reported quarterly or annual results66

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

719 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 429 insider forms, 21 large holders, 208 other. The latest 20:

  1. Oct 15, 2026144 EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Oct 1, 2026144 EDGAR
  5. Sep 9, 20263 EDGAR
  6. Sep 3, 20264 EDGAR
  7. Sep 1, 2026144 EDGAR
  8. Aug 24, 20264 EDGAR
  9. Aug 24, 2026144 EDGAR
  10. Aug 24, 20264 EDGAR
  11. Aug 24, 20264 EDGAR
  12. Aug 24, 20264 EDGAR
  13. Aug 24, 20264 EDGAR
  14. Aug 21, 2026144 EDGAR
  15. Aug 7, 2026S-8 EDGAR
  16. Aug 7, 202610-Q EDGAR
  17. Aug 6, 20268-K EDGAR
  18. Aug 6, 2026SCHEDULE 13G EDGAR
  19. Aug 5, 20264 EDGAR
  20. Aug 3, 2026144 EDGAR

The 719 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

205 open-market trades by officers, directors and large owners since October 2021: 0 buys and 205 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2026Amara CarmenChief People OfficerSale500$22.14$11.1KForm 4
Aug 24, 2026Levy Alexander ColemanChief Technology OfficerSale3,829$23.40$89.6KForm 4
Aug 21, 2026Schwarzbach David AChief Financial OfficerSale8,809$23.19$204.3KForm 4
Aug 3, 2026Nachman Joseph RChief Operating OfficerSale4,500$26.91$121.1KForm 4
Jul 2, 2026Amara CarmenChief People OfficerSale23,233$27.00$627.3KForm 4
Jul 1, 2026Amara CarmenChief People OfficerSale1,500$24.95$37.4KForm 4
Jul 1, 2026Nachman Joseph RChief Operating OfficerSale4,500$25.00$112.5KForm 4
Jun 30, 2026Nachman Joseph RChief Operating OfficerSale9,000$25.00$225.0KForm 4
Jun 5, 2026Amara CarmenChief People OfficerSale1,000$24.00$24.0KForm 4
Jun 1, 2026Barone ChristineDirectorSale15,507$22.95$355.9KForm 4
Jun 1, 2026Amara CarmenChief People OfficerSale500$22.84$11.4KForm 4
May 21, 2026Amara CarmenChief People OfficerSale500$22.35$11.2KForm 4
May 1, 2026Saldanha CraigChief Product OfficerSale1,200$28.17$33.8KForm 4
Apr 15, 2026Schwarzbach David AChief Financial OfficerSale7,500$26.60$199.5KForm 4
Apr 1, 2026Saldanha CraigChief Product OfficerSale1,200$24.72$29.7KForm 4
Mar 23, 2026Schwarzbach David AChief Financial OfficerSale7,500$25.00$187.5KForm 4
Mar 12, 2026Schwarzbach David AChief Financial OfficerSale10,000$25.00$250.0KForm 4
Mar 6, 2026Nachman Joseph RChief Operating OfficerSale2,499$24.19$60.5KForm 4
Mar 2, 2026Saldanha CraigChief Product OfficerSale1,200$21.78$26.1KForm 4
Feb 23, 2026Jedda DanDirectorSale1,464$21.02$30.8KForm 4

All 205 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jeremy Stoppelman48$620.0K$10.3M76
2025Jed Nachman$566.5K$5.6M76
2025Sam Eaton53$590.1K$5.5M76
2025David Schwarzbach57$566.5K$5.5M76
2025Craig Saldanha48$538.2K$4.1M76
2024Chief Executive Officer$600.0K$9.7M76
2024Chief Operating Officer$550.0K$5.2M76
2024Chief Financial Officer$550.0K$5.0M76
2024Chief Technology Officer$550.0K$5.0M76
2024Chief Product Officer$522.5K$3.9M76
2023Chief Executive Officer$500.0K$11.2M76
2023Chief Operating Officer$500.0K$6.0M76
2023Chief Financial Officer$500.0K$5.8M76
2023Chief Technology Officer$465.4K$5.8M76
2023Chief Product Officer$475.0K$4.5M76

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.9,659,418$236.8M0.0%−303,861
Vanguard Portfolio Management LLC4,164,770$102.1M0.0%−814,275
Dimensional Fund Advisors LP3,138,146$76.9M0.0%+454,219
Vanguard Capital Management LLC2,362,967$57.9M0.0%−240,387
State Street Corp2,264,536$55.5M0.0%−128,527
American Century Companies Inc1,857,840$45.6M0.0%+361,931
Geode Capital Management, LLC1,849,722$45.4M0.0%+20,496
Allianz Asset Management GmbH1,507,599$37.0M0.0%+33,759
Fmr LLC1,256,697$30.8M0.0%+554,457
Morgan Stanley1,251,971$30.7M0.0%+75,068
Jupiter Asset Management Ltd1,194,248$29.3M0.1%+17,780
Charles Schwab Investment Management Inc1,042,902$25.6M0.0%−43,968
Goldman Sachs Group Inc991,378$24.3M0.0%+78,404
Optimus Prime Fund Management Co., Ltd.850,000$20.8M1.5%No change
Renaissance Technologies LLC844,234$20.7M0.0%No change
Millennium Management LLC833,704$20.4M0.0%+705,698
Man Group plc815,311$20.0M0.0%+139,662
Robeco Institutional Asset Management B.V.788,273$19.3M0.0%−277
Bank Of America Corp /de/672,081$16.5M0.0%+109,342
Northern Trust Corp631,313$15.5M0.0%+8,070
UBS Group AG619,185$15.2M0.0%−154,967
Victory Capital Management Inc567,887$13.9M0.0%+43,103
Principal Financial Group Inc517,684$12.7M0.0%−4,320
Royal Bank Of Canada441,582$10.8M0.0%+83,046
Aqr Capital Management LLC431,203$10.6M0.0%−358,058

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Yelp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARYELP INC2
  • CIK0001345016
  • Employer ID (EIN)20-185426617
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)7200 Services-Personal Services2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address350 Mission Street, 10Th Floor, San Francisco, CA 941052
  • Phone(415) 908-38012
  • Shares outstanding54,263,621 as of Jul 31, 202615
  • Public float$1.4B as of Jun 30, 202517
  • AuditorDELOITTE & TOUCHE LLP, San Francisco, California PCAOB ID 34; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceNov 16, 20052
  • Filings1,977 in all: 4 (1,289), 144 (183), 8-K (121), SC 13G/A (89), 10-Q (44), SC 13G (42), 3 (38), 4/A (34)2
    All 34 form types

    DEFA14A (17), S-8 (15), 10-K (14), DEF 14A (14), UPLOAD (14), CORRESP (11), 8-K/A (7), ARS (5), D (4), S-1/A (4), S-3ASR (4), SCHEDULE 13G (4), 3/A (3), 5 (3), REGDEX (3), SCHEDULE 13G/A (3), 424B5 (2), DFAN14A (2), 10-K/A (1), 424B4 (1), 8-A12B (1), 8-A12B/A (1), CERTNYS (1), EFFECT (1), PRE 14A (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 17, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.000001 per shareYELPNew York Stock Exchange LLC

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks Yelp names in Item 1A of its 10-K filed Feb 27, 2026: 38 risks under these headings, as written.17

  • Risks Related to Our Business and Industry
  • Adverse macroeconomic conditions — particularly those affecting local economies — have had, and may continue to have, a significant adverse impact on our business and results of operations, and also exposes our business to other risks.
  • We generate substantially all of our revenue from advertising. If we fail to maintain and expand our base of advertisers, our revenue and our business will be harmed.
  • Our strategy to grow our business may not be successful and may expose us to additional risks.
  • If traffic to or user engagement on our platform declines, our revenue, business and operating results may be harmed.
  • We rely on Internet search engines and application marketplaces to drive traffic to our platform, certain providers of which offer products and services that compete directly with our products. If links to our applications and website are not displayed prominently, traffic to our platform could decline and our business would be adversely affected.
  • We rely on the performance of highly skilled personnel, and if we are unable to attract, retain and motivate well-qualified employees, our business could be harmed.
  • We face intense competition in rapidly evolving markets, and expect competition to increase in the future.
  • We rely on third-party service providers and strategic partners for many aspects of our business, and any failure to maintain these relationships could harm our business.
  • If we fail to manage our employee operations and organization effectively, our brand, results of operations and business could be harmed.
  • Consumers frequently access online services through a variety of platforms other than desktop computers, including mobile devices. If we are unable to operate effectively on such devices or our products for such devices are not compelling, our business could be adversely affected.
  • We may acquire or invest in other companies or technologies, which could divert our management’s attention, result in additional dilution to our stockholders, or otherwise disrupt our operations and harm our operating results. We may also be unable to realize the expected benefits and synergies of any acquisitions or investments.
The other 27 risks
  • If we fail to generate, maintain and recommend sufficient content from our users that consumers find relevant, helpful and reliable, our traffic and revenue will be negatively affected.
  • Our business depends on a strong brand. Maintaining, protecting and enhancing our brand requires significant resources and our efforts to do so may not be successful.
  • We are committed to providing a great consumer experience, which may cause us to forgo short-term gains and advertising revenue.
  • Our aspirations and disclosures related to ESG matters expose us to risks that could adversely affect our reputation and performance.
  • Risks Related to Our Technology and Intellectual Property
  • Our business is dependent on the uninterrupted and proper operation of our technology and network infrastructure. Any significant disruption in our service could damage our reputation, result in a potential loss of users and engagement and adversely affect our results of operations.
  • If our security measures, or those of the third parties with whom we work, are compromised, or if our platform is subject to attacks that degrade or deny the ability of users to access our content, users may curtail or stop use of our platform.
  • We are increasingly using AI technologies on our platform and in our business operations, which involves significant risks and may not provide the expected benefits to our business.
  • Failure to protect or enforce our intellectual property rights could harm our business and results of operations.
  • Some of our products contain open source software, each of which may pose particular risks to our proprietary software and solutions.
  • We may be unable to continue to use the domain names that we use in our business, or prevent third parties from acquiring and using domain names that infringe on, are similar to, or otherwise decrease the value of our brand or our trademarks or service marks.
  • Risks Related to Our Financial Statements and Tax Matters
  • We expect a number of factors to cause our operating results to fluctuate on a quarterly and annual basis, which may make it difficult to predict our future performance.
  • We rely on data from internal tools to calculate our performance metrics. Real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.
  • We have incurred significant operating losses in the past, and we may not be able to generate sufficient revenue to maintain profitability. Our failure to achieve an adequate growth rate will adversely affect our business and results of operations.
  • If we default on our credit obligations, our business, revenue and financial results could be harmed.
  • We operate in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
  • If our goodwill or intangible assets become impaired, we may be required to record a significant charge to our statements of operations.
  • We may require additional capital to support business growth, and such capital might not be available on acceptable terms, if at all.
  • We may have exposure to greater than anticipated tax liabilities.
  • Changes in tax laws or tax rulings, or the examination of our tax positions, could materially affect our financial position and results of operations.
  • Risks Related to Regulatory Compliance and Legal Matters
  • We are, and may be in the future, subject to disputes and assertions that we violate the rights of other parties. These disputes may be costly to defend and could harm our business and operating results.
  • The requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.
  • Risks Related to Ownership of Our Common Stock
  • Our share price has been and will likely continue to be volatile.
  • We cannot guarantee that our stock repurchase program will be fully consummated or that it will enhance long-term stockholder value. Share repurchases could also increase the volatility of the trading price of our stock and could diminish our cash reserves.
  • We do not intend to pay dividends for the foreseeable future and, as a result, our stockholders’ ability to achieve a return on their investment will depend on appreciation in the price of our common stock.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our Company more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.
  • Our amended and restated certificate of incorporation and bylaws provide that the Court of Chancery of the State of Delaware and the U.S. federal district courts will be the exclusive forums for the adjudication of certain disputes, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • Future sales of our common stock in the public market could cause our share price to decline.

Legal proceedings

We are subject to legal proceedings arising in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, we currently do not believe that the final outcome of any of these matters will have a material effect on our business, financial position, results of operations or cash flows. For more information, see “Legal

Proceedings” in Note 12, “Commitments and Contingencies,” of the Notes to Consolidated Financial Statements included in this Annual Report, which is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.17

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