5 Revealing Analyst Questions From Yelp’s Q4 Earnings Call

5 Revealing Analyst Questions From Yelp’s Q4 Earnings Call

Jabin Bastian

Thu, February 19, 2026 at 2:40 PM GMT+9 4 min read

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YELP

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Yelp’s fourth quarter results were met with a negative market reaction, as the company reported flat year-over-year revenue and a slight miss on non-GAAP profit expectations. Management attributed the softness to persistent challenges in the restaurants, retail, and other (RR&O) category, which saw declining advertising revenue and lower engagement from both consumers and advertisers. CEO Jeremy Stoppelman highlighted that, despite these headwinds, strength in service-related advertising and the accelerated rollout of AI-powered features helped offset some of the pressures. Stoppelman noted, “Our focus on product innovation and a differentiated services experience once again drove our results in 2025.”

Is now the time to buy YELP? Find out in our full research report (it’s free).

Yelp (YELP) Q4 CY2025 Highlights:

**Revenue:** $360 million vs analyst estimates of $359.6 million (flat year on year, in line)

**Adjusted EPS:** $0.89 vs analyst expectations of $0.90 (1.3% miss)

**Adjusted EBITDA:** $85.69 million vs analyst estimates of $81.09 million (23.8% margin, 5.7% beat)

**EBITDA guidance for the upcoming financial year 2026** is $320 million at the midpoint, below analyst estimates of $358.8 million

**Operating Margin:** 13.6%, down from 14.8% in the same quarter last year

**Market Capitalization:** $1.33 billion

While we enjoy listening to the management’s commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Yelp’s Q4 Earnings Call

**Robert Coolbrith (Evercore ISI)** asked about the deceleration in service revenue and outlook for 2026. CEO Jeremy Stoppelman explained that while demand softened, investments in AI like Yelp Assistant aim to drive engagement and monetization.

**Robert Coolbrith (Evercore ISI)** also inquired about the OpenAI partnership. Stoppelman highlighted the agreement as a milestone, noting it accelerates data licensing growth and expands Yelp’s reach in AI-driven search.

**Jason Kreyer (Craig-Hallum)** questioned how the AI transition will change consumer experiences. Stoppelman described the rollout of conversational AI and natural language search, aiming for more intuitive and actionable user interactions.

**Nitin Bansal (Bank of America)** pressed for confidence in keeping up with larger AI players. Stoppelman argued that Yelp and Hatch’s focus and industry expertise give them a competitive edge despite the rapid pace of AI innovation.

**Kishan Patel (Raymond James)** asked what would stabilize restaurant and retail advertising. COO Jed Nachman pointed to ongoing investments in AI-driven consumer tools and the expectation that in-restaurant dining trends will eventually recover.

 






Story Continues  

Catalysts in Upcoming Quarters

Looking forward, the StockStory team will watch (1) the full launch and adoption rates of the cross-category Yelp Assistant, (2) progress on integrating Hatch and expanding its SaaS offerings to Yelp’s service professional customer base, and (3) signs of stabilization or improvement in RR&O advertising demand. The pace of data licensing growth and further AI-powered feature rollouts will also be important markers of execution.

Yelp currently trades at $21.69, down from $22.83 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free for active Edge members).

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