Yelp (YELP)
Market Price (8/17/2026): $23.585 | Market Cap: $1.3 BilSector: Communication Services | Industry: Interactive Media & Services
Yelp (YELP)
Market Price (8/17/2026): $23.585Market Cap: $1.3 BilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 22% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% Low stock price volatilityVol 12M is 42% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Digital Advertising. Themes include Online Marketplaces, Show more. | Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -117% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Key risksYELP key risks include [1] declining trust in the integrity of its core user-generated content due to its controversial review filtering system, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 22% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Digital Advertising. Themes include Online Marketplaces, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -117% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Key risksYELP key risks include [1] declining trust in the integrity of its core user-generated content due to its controversial review filtering system, Show more. |
Qualitative Assessment
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Yelp (YELP) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Persistent Decline in Core Advertising Revenue, Particularly in the Restaurants, Retail & Other (RR&O) Segment. Despite a Q2 fiscal 2026 net revenue beat, Yelp experienced a 3% year-over-year decrease in overall advertising revenue to $342.5 million. The crucial "Restaurants, Retail & Other" advertising segment specifically saw a more significant 10% decline. This continued weakness in its primary revenue driver, coupled with a 5% year-over-year drop in ad clicks and a 1% reduction in paying advertising locations, underscores fundamental pressure on Yelp's core business model.
2. Increased Operating Expenses and Compressed Profitability from Strategic AI Investments. Yelp's aggressive investment in its AI transformation initiatives, including Yelp Assistant, Yelp Host, and the Hatch acquisition, has led to a rise in operational costs. Total costs and expenses increased by 4.6% year-over-year in fiscal Q2 2026, with the cost of revenues rising 17.9% due to these new AI products and Hatch. Consequently, Adjusted EBITDA decreased by 9% year-over-year to $91 million, and the Adjusted EBITDA margin contracted from 27% to 24%. Management explicitly indicated that expenses are expected to increase sequentially in fiscal Q3 2026 as these investments continue, signaling ongoing pressure on short-term profitability.
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Yelp (YELP) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Persistent Decline in Core Advertising Revenue, Particularly in the Restaurants, Retail & Other (RR&O) Segment. Despite a Q2 fiscal 2026 net revenue beat, Yelp experienced a 3% year-over-year decrease in overall advertising revenue to $342.5 million. The crucial "Restaurants, Retail & Other" advertising segment specifically saw a more significant 10% decline. This continued weakness in its primary revenue driver, coupled with a 5% year-over-year drop in ad clicks and a 1% reduction in paying advertising locations, underscores fundamental pressure on Yelp's core business model.
2. Increased Operating Expenses and Compressed Profitability from Strategic AI Investments. Yelp's aggressive investment in its AI transformation initiatives, including Yelp Assistant, Yelp Host, and the Hatch acquisition, has led to a rise in operational costs. Total costs and expenses increased by 4.6% year-over-year in fiscal Q2 2026, with the cost of revenues rising 17.9% due to these new AI products and Hatch. Consequently, Adjusted EBITDA decreased by 9% year-over-year to $91 million, and the Adjusted EBITDA margin contracted from 27% to 24%. Management explicitly indicated that expenses are expected to increase sequentially in fiscal Q3 2026 as these investments continue, signaling ongoing pressure on short-term profitability.
3. Cautious Full-Year Guidance Amidst Challenging Macroeconomic Conditions. Following its fiscal Q2 2026 earnings, Yelp narrowed its full-year 2026 net revenue outlook to $1.460-$1.470 billion and its Adjusted EBITDA outlook to $315-$325 million. This more conservative guidance reflects management's anticipation of "challenging economic environment for local businesses" and persistent "macroeconomic headwinds" that are expected to continue impacting advertising revenue across categories for the remainder of the year. This cautious outlook, along with an average analyst rating of "Reduce" or "Hold" and a price target cut by Morgan Stanley to $24.00 in May 2026, likely contributed to a downward adjustment in investor expectations and the stock's performance.
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Stock Movement Drivers
Fundamental Drivers
The -10.5% change in YELP stock from 4/30/2026 to 8/16/2026 was primarily driven by a -13.6% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.60 | 24.70 | -10.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,465 | 1,473 | 0.5% |
| Net Income Margin (%) | 9.9% | 8.6% | -13.6% |
| P/E Multiple | 11.5 | 10.8 | -6.5% |
| Shares Outstanding (Mil) | 61 | 55 | 10.2% |
| Cumulative Contribution | -10.5% |
Market Drivers
4/30/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| YELP | -10.5% | |
| Market (SPY) | 8.0% | -11.5% |
| Sector (XLC) | -3.1% | 43.8% |
Fundamental Drivers
The -9.8% change in YELP stock from 1/31/2026 to 8/16/2026 was primarily driven by a -16.0% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.38 | 24.70 | -9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,467 | 1,473 | 0.4% |
| Net Income Margin (%) | 10.2% | 8.6% | -16.0% |
| P/E Multiple | 11.5 | 10.8 | -6.1% |
| Shares Outstanding (Mil) | 63 | 55 | 14.0% |
| Cumulative Contribution | -9.8% |
Market Drivers
1/31/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| YELP | -9.8% | |
| Market (SPY) | 12.5% | 2.1% |
| Sector (XLC) | -5.6% | 36.4% |
Fundamental Drivers
The -28.3% change in YELP stock from 7/31/2025 to 8/16/2026 was primarily driven by a -31.2% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.43 | 24.70 | -28.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,438 | 1,473 | 2.4% |
| Net Income Margin (%) | 10.0% | 8.6% | -13.7% |
| P/E Multiple | 15.7 | 10.8 | -31.2% |
| Shares Outstanding (Mil) | 65 | 55 | 18.0% |
| Cumulative Contribution | -28.3% |
Market Drivers
7/31/2025 to 8/16/2026| Return | Correlation | |
|---|---|---|
| YELP | -28.3% | |
| Market (SPY) | 23.9% | 12.9% |
| Sector (XLC) | 6.2% | 34.9% |
Fundamental Drivers
The -45.2% change in YELP stock from 7/31/2023 to 8/16/2026 was primarily driven by a -87.6% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.05 | 24.70 | -45.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,229 | 1,473 | 19.8% |
| Net Income Margin (%) | 2.9% | 8.6% | 192.6% |
| P/E Multiple | 87.2 | 10.8 | -87.6% |
| Shares Outstanding (Mil) | 70 | 55 | 26.2% |
| Cumulative Contribution | -45.2% |
Market Drivers
7/31/2023 to 8/16/2026| Return | Correlation | |
|---|---|---|
| YELP | -45.2% | |
| Market (SPY) | 75.6% | 33.2% |
| Sector (XLC) | 69.4% | 41.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| YELP Return | 11% | -25% | 73% | -18% | -21% | -20% | -25% |
| Peers Return | 3% | -55% | 66% | 6% | 20% | -12% | -14% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| YELP Win Rate | 58% | 33% | 67% | 42% | 50% | 50% | |
| Peers Win Rate | 52% | 32% | 63% | 50% | 45% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| YELP Max Drawdown | -22% | -34% | -18% | -30% | -33% | -36% | |
| Peers Max Drawdown | -42% | -64% | -41% | -40% | -51% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GOOGL, META, TRIP, ANGI, GRPN. See YELP Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/14/2026 (YTD)
How Low Can It Go
| Event | YELP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.2% | -18.8% |
| % Gain to Breakeven | 16.5% | 23.1% |
| Time to Breakeven | 18 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.1% | -6.7% |
| % Gain to Breakeven | 16.4% | 7.1% |
| Time to Breakeven | 13 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.6% | -24.5% |
| % Gain to Breakeven | 38.1% | 32.4% |
| Time to Breakeven | 73 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.5% | -33.7% |
| % Gain to Breakeven | 135.4% | 50.9% |
| Time to Breakeven | 254 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.1% | -19.2% |
| % Gain to Breakeven | 56.5% | 23.8% |
| Time to Breakeven | 1856 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -34.4% | -3.7% |
| % Gain to Breakeven | 52.3% | 3.9% |
| Time to Breakeven | 82 days | 6 days |
In The Past
Yelp's stock fell -14.2% during the 2025 US Tariff Shock. Such a loss loss requires a 16.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | YELP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.6% | -24.5% |
| % Gain to Breakeven | 38.1% | 32.4% |
| Time to Breakeven | 73 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.5% | -33.7% |
| % Gain to Breakeven | 135.4% | 50.9% |
| Time to Breakeven | 254 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.1% | -19.2% |
| % Gain to Breakeven | 56.5% | 23.8% |
| Time to Breakeven | 1856 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -34.4% | -3.7% |
| % Gain to Breakeven | 52.3% | 3.9% |
| Time to Breakeven | 82 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -42.8% | -12.2% |
| % Gain to Breakeven | 74.9% | 13.9% |
| Time to Breakeven | 116 days | 62 days |
In The Past
Yelp's stock fell -14.2% during the 2025 US Tariff Shock. Such a loss loss requires a 16.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Yelp (YELP)
Yelp Inc. (YELP) operates a prominent online platform that serves as a crucial link between consumers and local businesses across a vast range of categories. Its core mission is to help users discover and connect with local services, encompassing everything from dining and retail to home services, beauty, health, auto, and professional services. The platform facilitates discovery and decision-making for consumers, while simultaneously providing businesses with a powerful channel to attract customers and manage their online presence.
Yelp generates its revenue primarily through a suite of advertising products offered to businesses, including cost-per-click search advertising, multi-location ad solutions, and targeted advertising designed to reach local audiences. Beyond advertising, the company offers enhanced business listing page products and a variety of other services. These include Yelp Reservations and Yelp Waitlist for restaurants, Yelp Knowledge for business owners seeking analytics and insights, and Yelp Fusion, which provides API access to its content and data for enterprise use. The company also engages in content licensing and partnerships, such as its integration with Grubhub for food ordering.
The company's primary customers are millions of consumers utilizing the platform to find local businesses, and thousands of local businesses seeking to advertise and manage their digital footprint. Yelp's market scope is extensive, covering diverse sectors like restaurants, shopping, beauty and fitness, home services, automotive, and professional services, with operations in the United States and internationally. Additionally, Yelp serves enterprise clients and third-party data providers who leverage its data and content through licensing agreements and APIs.
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Here are 1-3 brief analogies for Yelp:
- TripAdvisor for all local businesses, from restaurants to plumbers.
- Angi (Angie's List) for virtually every type of local service or shop.
- An online Yellow Pages, but built on real customer reviews and recommendations.
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- Advertising Products: Free and paid advertising solutions (e.g., cost-per-click, multi-location ads) that allow businesses to reach local audiences.
- Business Listing Management: Products that enable businesses to create, manage, and enhance their business pages on the Yelp platform.
- Yelp Reservations: An online service allowing consumers to make reservations for restaurants, nightlife, and other venues directly from Yelp.
- Yelp Waitlist: A subscription-based service for businesses to manage waitlists, enabling consumers to remotely join and check wait times.
- Yelp Knowledge Program: Provides business owners with local analytics and insights derived from Yelp's historical data and proprietary content.
- Yelp Fusion: Offers API access to Yelp's content and data for consumer-facing enterprise use.
- Content Licensing: Licensing of Yelp's proprietary content and data to third parties.
- Third-party Listing Management: Services allowing third-party data providers to update and manage business listing information on behalf of businesses.
- Food Ordering Services: Facilitates food pickup and delivery orders for consumers through a strategic partnership with Grubhub.
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Yelp (YELP) primarily sells its products and services to other companies, specifically a vast number of small and medium-sized local businesses.
Due to the nature of its platform, which serves a highly fragmented market of local businesses across numerous categories, Yelp does not have a few identifiable major corporate customers whose specific names can be listed in the traditional sense, especially not publicly traded entities. Instead, its revenue is derived from providing advertising products and business services to a diverse array of businesses.
The major categories of businesses that constitute Yelp's customers include:
- Local Businesses for Advertising: This encompasses a broad range of local businesses such as restaurants, shopping establishments, beauty and fitness salons/gyms, healthcare providers, home and local services (e.g., plumbers, electricians, cleaners), auto services, professional services (e.g., lawyers, accountants), pet services, event planners, real estate agents, and financial service providers. These businesses purchase cost-per-click search advertising and other ad products to reach local audiences.
- Businesses Subscribing to Tools: Restaurants, nightlife venues, and other establishments subscribe to services like Yelp Reservations (for online bookings) and Yelp Waitlist (for waitlist management and seating solutions).
- Enterprise Users and Data Providers: Consumer-facing enterprises and third-party data providers are customers for Yelp Fusion (access to content and data via APIs) and content licensing agreements. Specific names of these enterprise customers are not disclosed in the provided background information.
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Jeremy Stoppelman, Co-founder and Chief Executive Officer
Jeremy Stoppelman co-founded Yelp in 2004, where he continues to drive the company's vision and product experience. Prior to Yelp, he served as the Vice President of Engineering at PayPal, which was previously X.com, and also worked at @Home Network. PayPal was acquired by eBay after his tenure. Notably, he declined a significant acquisition offer for Yelp from Google.
David Schwarzbach, Chief Financial Officer
David Schwarzbach joined Yelp in 2020 as Chief Financial Officer, overseeing the company's financial strategy and operations. Before joining Yelp, he held roles as Chief Operating Officer and Chief Financial Officer at Optimizely, Inc. He also held senior finance positions at eBay, Inc., including Vice President and CFO for its North America marketplaces business, contributing to the growth of its Gross Merchandise Volume to over $30 billion. Earlier in his career, he served as CFO of a cleantech startup and was an Executive Director in Morgan Stanley's Global Capital Markets division.
Jed Nachman, Chief Operating Officer
Jed Nachman became Chief Operating Officer of Yelp in 2016, having initially joined the company in 2007 to lead its sales team and previously serving as Chief Revenue Officer. He oversees Yelp's business operations, including sales, marketing, and administration. Before Yelp, Mr. Nachman spent seven years in senior sales roles at Yahoo! HotJobs, including as Director of Corporate Sales for the Western Region. He began his career in the Venture Services Group of investment bank Robertson Stephens. He has also served as a Director of PaySimple, Inc., a company backed by private equity.
Craig Saldanha, Chief Product Officer
Craig Saldanha joined Yelp in 2022 as Chief Product Officer, bringing nearly two decades of experience in product leadership and engineering. Prior to his role at Yelp, he was the Director of Product and Engineering for Prime Video at Amazon. He also spent a decade at Intel in various technical positions.
Aaron Schur, Chief Legal Officer
Aaron Schur joined Yelp in 2010 as one of its first lawyers and became Chief Legal Officer in 2022. He is responsible for the company's legal and regulatory affairs and has led Yelp's litigation strategy for over a decade, contributing to precedents that enhance protection for consumer speech. Before joining Yelp, Mr. Schur practiced law at Bingham McCutchen LLP and Arnold & Porter LLP.
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The public company Yelp (symbol: YELP) faces several key risks to its business model:
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Intense Competition and Market Share Erosion: Yelp operates in a highly competitive local search and advertising market. Major technology companies like Google (with Google Reviews, Maps, and Search integration), TripAdvisor, and other specialized platforms pose significant threats to Yelp's market share. The increasing integration of reviews and local business information directly into competing search platforms, particularly Google, can divert user traffic and advertising dollars away from Yelp. Furthermore, some competitors possess greater financial, technical, and marketing resources, enabling them to innovate more rapidly or offer competing products.
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Reliance on User-Generated Content Quality and Authenticity: Yelp's core value proposition and competitive advantage are built upon its extensive database of user-generated reviews and ratings. However, this reliance introduces a significant risk related to the quality and authenticity of the content. The platform faces ongoing challenges from fake reviews, incentivized reviews, and potentially AI-generated content, which can undermine user trust and the credibility of the platform. While Yelp invests heavily in systems and human moderation to detect and remove such content, maintaining content integrity remains a continuous and critical operational challenge.
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Dependence on Small and Medium Business (SMB) Advertising Spend: A substantial portion of Yelp's revenue is derived from advertising services sold to local businesses. This makes Yelp susceptible to fluctuations in SMB advertising budgets, which can be sensitive to economic downturns and increased competition for their marketing dollars. Concerns among small businesses regarding the effectiveness, cost, and perceived fairness of Yelp's advertising model, including allegations of "pay-to-rank" practices, could lead to advertiser churn or reluctance to invest in the platform. Declining ad clicks are also noted as a potential red flag for Yelp's core ad business.
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The increasing use of social media platforms (e.g., TikTok, Instagram) as primary discovery engines for local businesses, particularly among younger demographics, poses a clear emerging threat. These platforms offer highly visual, engaging content and influencer-driven recommendations that can bypass traditional review sites like Yelp, potentially diverting user traffic and advertiser spend.
Additionally, the rapid integration of advanced Artificial Intelligence (AI) into major search engines and mapping services (e.g., Google Search, Google Maps, Apple Maps) represents an emerging threat. These platforms are increasingly capable of synthesizing reviews, providing personalized recommendations, and offering direct booking/ordering integrations, which could diminish the need for users to visit a separate dedicated review platform for local business information and discovery.
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Yelp Inc. (symbol: YELP) operates in several significant addressable markets for its main products and services, including online advertising, online restaurant reservations, and online food delivery.
Online Advertising
Yelp provides free and paid advertising products, including cost-per-click search advertising and multi-location ad products, aimed at delivering targeted search advertising to local audiences.
- Global Market: The global online advertising market was valued at approximately USD 359.88 billion in 2025 and is projected to grow to USD 1,344.68 billion by 2034.
- U.S. Market: In the United States, the online advertising market generated approximately USD 258.6 billion in revenue in 2024. Within this market, search advertising accounted for about 40% of the revenue in 2024, and mobile advertising contributed roughly two-thirds of the total online advertising revenue. Search and mobile advertising are commonly used for local outreach.
Online Restaurant Reservations and Waitlists
Yelp offers Yelp Reservations for online bookings and Yelp Waitlist for managing wait times. These services fall under the broader online restaurant reservation system market.
- Global Market: The global Restaurant Reservations Software Market grew to USD 6,597.72 million in 2024 and is anticipated to reach USD 16,413.09 million by 2032.
- North America Market: North America held a 44% share of the global Restaurant Reservations Software Market in 2024, valued at USD 2,881.22 million, and is expected to reach USD 7,187.28 million by 2032. As of mid-2024, approximately 19% of sit-down restaurants in the U.S. were utilizing an online reservation or waitlist system.
Online Food Delivery
Through its strategic partnership with Grubhub, Yelp enables consumers to place food orders for pickup and delivery.
- Global Market: The global online food delivery market size was valued at USD 319.99 billion in 2025 and is projected to grow to USD 728.83 billion by 2034.
- U.S. Market: The United States online food delivery market size was valued at USD 34.9 billion in 2025 and is projected to reach USD 75.4 billion by 2034.
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- AI Transformation and New AI-Powered Products: Yelp is making significant investments in artificial intelligence to evolve its platform. This includes "reconceiving the platform around 'answers and actions'" and delivering AI tools to help local businesses grow and succeed. Initiatives like the cross-category Yelp Assistant, a conversational AI feature, are designed to intelligently guide consumers to the right service professionals and streamline local discovery. The integration of the recently acquired Hatch platform, which provides lead management solutions, is also expected to drive SaaS (Software as a Service) revenues and enhance overall margin quality over time.
- Growth in Services Categories: The company consistently identifies its services categories, particularly home services, as a strong driver of advertising revenue growth. This segment has demonstrated momentum and is offsetting challenges in the restaurant, retail, and other (RR&O) categories. Yelp plans to continue leveraging opportunities in these service categories to drive long-term profitable growth.
- Expansion of Data Licensing and Other Revenue Streams: "Other revenue," which encompasses transaction, subscription, and data licensing, has shown significant acceleration. This segment saw a 17% year-over-year increase in Q4 2025, primarily driven by new data licensing agreements, including one with OpenAI. This diversification beyond traditional advertising is expected to contribute to future revenue growth.
- Upselling and Optimizing Advertiser Value: Yelp's strategy includes enhancing the value proposition for advertisers to improve client satisfaction and retention. This involves upselling existing clients on high-value products such as Yelp Guarantee and Performance Ads, which aims to increase average revenue per user without incurring significant new customer acquisition costs.
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Share Repurchases
- Yelp repurchased $292 million of shares in 2025 at an average purchase price of $33.29 per share.
- In 2024, the company repurchased $251 million worth of shares, with $331 million remaining under its existing repurchase authorization as of December 31, 2024.
- The Board authorized an additional $500 million for share repurchases in February 2026, building on a $500 million increase authorized in February 2024.
Share Issuance
- Yelp aims to reduce stock-based compensation expense to less than 8% of revenue by the end of 2025 and further to less than 6% of revenue by the end of 2027.
- The fully diluted share count decreased by 22% between December 31, 2021, and December 31, 2025, from 86 million to 67 million.
Outbound Investments
- In January 2026, Yelp agreed to acquire Hatch, an AI-powered lead management and communication platform, for approximately $270 million in cash, plus an additional $30 million for employee retention.
- Yelp acquired the auto services platform RepairPal for approximately $80 million in cash in November 2024. This acquisition aimed to expand Yelp's offerings in the auto services advertising vertical.
Capital Expenditures
- Yelp's capital expenditures were -$48.35 million in 2025, -$37.35 million in 2024, and -$26.85 million in 2023.
- Capital expenditures primarily focus on purchases of property, equipment, software, and website hosting services.
- For 2026, Yelp plans stepped-up investments in AI and business tools, as well as in paid traffic acquisition and Hatch operations.
Peer Outperformance in Interactive Media & Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | 7.2% | 40.0% | 35.7% | ECHO 272% · TMUS 36% · SHEN -53% |
| Publishing | 5 | 28.2% | 6.0% | 32.7% | NYT 41% · SCHL 40% · NWSA 33% |
| Integrated Telecommunication Services | 22 | -9.5% | 6.4% | -10.5% | IQST 1781% · GSAT 310% · AD 152% |
| Movies & Entertainment | 23 | 15.6% | 90.1% | -18.6% | IMAX 266% · MSGS 174% · SPHR 170% |
| Alternative Carriers | 4 | 54.4% | 21.2% | -37.8% | IRDM 37% · UNIT -38% · LUMN -38% |
| Advertising | 18 | -4.6% | -10.2% | -54.8% | APP 404% · EVC 73% · OMC 40% |
| Broadcasting | 14 | 4.0% | -10.4% | -59.7% | FOXA 99% · NXST 55% · WBD -2% |
| Interactive Media & Services ← | 31 | -24.5% | -33.6% | -67.4% | GOOGL 155% · AREN 117% · META 66% |
| Interactive Home Entertainment | 8 | -35.1% | -45.3% | -87.8% | TTWO 51% · RBLX -51% · PINS -57% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 23.11 |
| Mkt Cap | 1.3 |
| Rev LTM | 1,631 |
| Op Inc LTM | 131 |
| FCF LTM | 215 |
| FCF 3Y Avg | 214 |
| CFO LTM | 276 |
| CFO 3Y Avg | 270 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.7% |
| Rev Chg 3Y Avg | 3.7% |
| Rev Chg Q | 0.3% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Inc Chg LTM | 5.8% |
| Op Inc Chg 3Y Avg | 49.8% |
| Op Mgn LTM | 8.3% |
| Op Mgn 3Y Avg | 8.9% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 17.5% |
| CFO/Rev 3Y Avg | 17.3% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 12.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.3 |
| P/S | 1.3 |
| P/Op Inc | 15.7 |
| P/EBIT | 10.9 |
| P/E | 14.0 |
| P/CFO | 8.8 |
| Total Yield | 2.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -15.7% |
| 3M Rtn | 4.8% |
| 6M Rtn | 12.5% |
| 12M Rtn | -24.6% |
| 3Y Rtn | 26.6% |
| 1M Excs Rtn | -21.3% |
| 3M Excs Rtn | 0.9% |
| 6M Excs Rtn | -7.8% |
| 12M Excs Rtn | -47.0% |
| 3Y Excs Rtn | -44.1% |
Comparison Analyses
Price Behavior
| Market Price | $24.70 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 03/02/2012 | |
| Distance from 52W High | -27.0% | |
| 50 Days | 200 Days | |
| DMA Price | $25.12 | $26.42 |
| DMA Trend | down | up |
| Distance from DMA | -1.7% | -6.5% |
| 3M | 1YR | |
| Volatility | 48.1% | 42.5% |
| Downside Capture | -7.06 | 78.86 |
| Upside Capture | 52.70 | 34.63 |
| Correlation (SPY) | -7.5% | 11.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.74 | -0.34 | -0.68 | 0.01 | 0.41 | 0.75 |
| Up Beta | -5.85 | -2.99 | -2.57 | -0.76 | 0.31 | 0.83 |
| Down Beta | 0.62 | 0.87 | 0.25 | 0.24 | 0.31 | 0.72 |
| Up Capture | 88% | 47% | -44% | 12% | 17% | 22% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 25 | 34 | 69 | 128 | 382 |
| Down Capture | -29% | -53% | -46% | 31% | 77% | 97% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 18 | 29 | 57 | 123 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with YELP | |
|---|---|---|---|---|
| YELP | -22.9% | 42.3% | -0.50 | - |
| Sector ETF (XLC) | 2.7% | 15.0% | -0.03 | 34.8% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | 11.9% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | -10.6% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | -12.4% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | 12.2% |
| Bitcoin (BTCUSD) | -49.1% | 42.8% | -1.45 | 12.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with YELP | |
|---|---|---|---|---|
| YELP | -8.6% | 37.1% | -0.15 | - |
| Sector ETF (XLC) | 7.5% | 20.9% | 0.27 | 50.6% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 44.5% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | -5.0% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | 2.8% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 33.7% |
| Bitcoin (BTCUSD) | 8.0% | 52.8% | 0.34 | 23.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with YELP | |
|---|---|---|---|---|
| YELP | -2.4% | 46.0% | 0.12 | - |
| Sector ETF (XLC) | 9.3% | 22.2% | 0.47 | 49.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 46.4% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | -2.6% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 14.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 37.3% |
| Bitcoin (BTCUSD) | 59.9% | 66.1% | 1.00 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 2.1% | -2.6% | |
| 5/7/2026 | -5.0% | -26.0% | -19.4% |
| 2/12/2026 | -8.1% | -6.9% | 3.6% |
| 11/6/2025 | -10.0% | -9.5% | -6.9% |
| 8/7/2025 | -9.2% | -8.9% | -7.1% |
| 5/8/2025 | 9.1% | 10.6% | 3.6% |
| 2/13/2025 | -7.9% | -11.9% | -13.5% |
| 11/7/2024 | -1.2% | 0.2% | 8.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 11 |
| # Negative | 14 | 15 | 13 |
| Median Positive | 4.5% | 3.5% | 3.8% |
| Median Negative | -7.5% | -8.9% | -9.7% |
| Max Positive | 18.4% | 26.2% | 44.7% |
| Max Negative | -17.9% | -26.0% | -19.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 2.1% | -2.6% | |
| 5/7/2026 | -5.0% | -26.0% | -19.4% |
| 2/12/2026 | -8.1% | -6.9% | 3.6% |
| 11/6/2025 | -10.0% | -9.5% | -6.9% |
| 8/7/2025 | -9.2% | -8.9% | -7.1% |
| 5/8/2025 | 9.1% | 10.6% | 3.6% |
| 2/13/2025 | -7.9% | -11.9% | -13.5% |
| 11/7/2024 | -1.2% | 0.2% | 8.6% |
| 8/8/2024 | -0.1% | 1.8% | -0.1% |
| 5/9/2024 | -7.1% | -4.1% | -8.1% |
| 2/15/2024 | -14.4% | -19.0% | -14.5% |
| 11/2/2023 | 4.5% | 1.8% | 3.8% |
| 8/3/2023 | 5.0% | -0.8% | 1.8% |
| 5/4/2023 | 2.2% | 9.2% | 25.4% |
| 2/9/2023 | 3.2% | 0.4% | -8.1% |
| 11/3/2022 | -16.6% | -16.0% | -19.3% |
| 8/4/2022 | 18.4% | 14.8% | 4.9% |
| 5/5/2022 | -4.3% | -11.2% | -2.8% |
| 2/10/2022 | 4.1% | 2.6% | -9.7% |
| 11/4/2021 | -4.2% | -4.1% | -11.2% |
| 8/5/2021 | 5.2% | 4.3% | 1.2% |
| 5/6/2021 | 3.2% | -0.2% | 3.0% |
| 2/9/2021 | -4.5% | -6.8% | 7.7% |
| 11/5/2020 | 8.8% | 26.2% | 44.7% |
| 8/6/2020 | -17.9% | -13.6% | -17.8% |
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 11 |
| # Negative | 14 | 15 | 13 |
| Median Positive | 4.5% | 3.5% | 3.8% |
| Median Negative | -7.5% | -8.9% | -9.7% |
| Max Positive | 18.4% | 26.2% | 44.7% |
| Max Negative | -17.9% | -26.0% | -19.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Revenue | 1.46 Bil | 1.47 Bil | 1.47 Bil | 0 | Affirmed | Guidance: 1.47 Bil for 2026 | |
| 2026 Adjusted EBITDA | 315.00 Mil | 320.00 Mil | 325.00 Mil | 0 | Affirmed | Guidance: 320.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Revenue | 1.46 Bil | 1.47 Bil | 1.48 Bil | 0 | Affirmed | Guidance: 1.47 Bil for 2026 | |
| 2026 Adjusted EBITDA | 310.00 Mil | 320.00 Mil | 330.00 Mil | 0 | Affirmed | Guidance: 320.00 Mil for 2026 | |
| 2028 Other Revenue Annual Run Rate | 250.00 Mil | ||||||
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Revenue | 1.46 Bil | 1.47 Bil | 1.48 Bil | 0.2% | Higher New | Guidance: 1.46 Bil for 2025 | |
| 2026 Adjusted EBITDA | 310.00 Mil | 320.00 Mil | 330.00 Mil | -11.7% | Lower New | Guidance: 362.50 Mil for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net Revenue | 1.46 Bil | 1.46 Bil | 1.47 Bil | -0.5% | Lowered | Guidance: 1.47 Bil for 2025 | |
| 2025 Adjusted EBITDA | 360.00 Mil | 362.50 Mil | 365.00 Mil | 2.1% | Raised | Guidance: 355.00 Mil for 2025 | |
Insider Activity
Updated 8/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 8052026 | 26.91 | 4,500 | 121,095 | 7,032,283 | Form |
| 2 | Amara, Carmen | Chief People Officer | Direct | Sell | 7062026 | 27.00 | 23,233 | 627,291 | 2,861,757 | Form |
| 3 | Amara, Carmen | Chief People Officer | Direct | Sell | 7062026 | 24.95 | 1,500 | 37,425 | 3,224,139 | Form |
| 4 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 7022026 | 25.00 | 4,500 | 112,500 | 6,645,650 | Form |
| 5 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 7022026 | 25.00 | 9,000 | 225,000 | 6,758,150 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 8052026 | 26.91 | 4,500 | 121,095 | 7,032,283 | Form |
| 2 | Amara, Carmen | Chief People Officer | Direct | Sell | 7062026 | 27.00 | 23,233 | 627,291 | 2,861,757 | Form |
| 3 | Amara, Carmen | Chief People Officer | Direct | Sell | 7062026 | 24.95 | 1,500 | 37,425 | 3,224,139 | Form |
| 4 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 7022026 | 25.00 | 4,500 | 112,500 | 6,645,650 | Form |
| 5 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 7022026 | 25.00 | 9,000 | 225,000 | 6,758,150 | Form |
| 6 | Amara, Carmen | Chief People Officer | Direct | Sell | 6092026 | 24.00 | 1,000 | 24,000 | 3,137,376 | Form |
| 7 | Barone, Christine | Direct | Sell | 6032026 | 22.95 | 15,507 | 355,841 | 365,501 | Form | |
| 8 | Amara, Carmen | Chief People Officer | Direct | Sell | 6032026 | 22.84 | 500 | 11,420 | 3,008,576 | Form |
| 9 | Amara, Carmen | Chief People Officer | Direct | Sell | 5222026 | 22.35 | 500 | 11,175 | 2,955,206 | Form |
| 10 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 5052026 | 28.17 | 1,200 | 33,804 | 7,511,108 | Form |
| 11 | Schwarzbach, David A | Chief Financial Officer | Direct | Sell | 4172026 | 26.60 | 7,500 | 199,472 | 5,566,585 | Form |
| 12 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 4032026 | 24.72 | 1,200 | 29,664 | 6,620,881 | Form |
| 13 | Schwarzbach, David A | Chief Financial Officer | Direct | Sell | 3252026 | 25.00 | 7,500 | 187,500 | 5,420,000 | Form |
| 14 | Schwarzbach, David A | Chief Financial Officer | Direct | Sell | 3172026 | 25.00 | 10,000 | 250,000 | 5,698,975 | Form |
| 15 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 3062026 | 24.19 | 2,499 | 60,451 | 7,081,429 | Form |
| 16 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 3032026 | 21.78 | 1,200 | 26,136 | 5,513,259 | Form |
| 17 | Jedda, Dan | Direct | Sell | 2242026 | 21.02 | 1,464 | 30,773 | 359,442 | Form | |
| 18 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 2102026 | 24.34 | 7,000 | 170,400 | 7,000,040 | Form |
| 19 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 2042026 | 27.40 | 1,200 | 32,880 | 5,230,085 | Form |
| 20 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 2022026 | 27.54 | 30,000 | 826,089 | 20,830,054 | Form |
| 21 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 2022026 | 27.26 | 30,000 | 817,872 | 20,622,861 | Form |
| 22 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 2022026 | 27.35 | 30,000 | 820,389 | 20,686,327 | Form |
| 23 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 1282026 | 27.73 | 30,000 | 831,750 | 20,972,798 | Form |
| 24 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 1282026 | 27.39 | 30,000 | 821,834 | 20,722,758 | Form |
| 25 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 1282026 | 28.45 | 30,000 | 853,650 | 21,525,012 | Form |
| 26 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 1232026 | 28.74 | 30,000 | 862,301 | 21,743,149 | Form |
| 27 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 1232026 | 29.29 | 30,000 | 878,643 | 22,155,218 | Form |
| 28 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 1232026 | 28.30 | 30,000 | 849,099 | 21,410,258 | Form |
| 29 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 1202026 | 28.07 | 30,000 | 842,139 | 21,234,759 | Form |
| 30 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 1202026 | 28.48 | 30,000 | 854,544 | 21,547,555 | Form |
| 31 | Stoppelman, Jeremy | Chief Executive Officer | Direct | Sell | 1202026 | 28.96 | 30,000 | 868,848 | 21,908,234 | Form |
| 32 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 1062026 | 33.34 | 7,000 | 233,360 | 6,296,711 | Form |
| 33 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 1022026 | 30.43 | 1,200 | 36,516 | 5,844,964 | Form |
| 34 | Amara, Carmen | Chief People Officer | Direct | Sell | 12292025 | 30.69 | 1,500 | 46,035 | 2,282,661 | Form |
| 35 | Schwarzbach, David A | Chief Financial Officer | Direct | Sell | 12162025 | 30.41 | 13,500 | 410,522 | 3,881,009 | Form |
| 36 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 12082025 | 30.10 | 20,325 | 611,846 | 5,896,595 | Form |
| 37 | Barone, Christine | Direct | Sell | 12032025 | 30.00 | 15,000 | 450,000 | 943,050 | Form | |
| 38 | Amara, Carmen | Chief People Officer | Direct | Sell | 12032025 | 30.00 | 1,000 | 30,000 | 2,276,340 | Form |
| 39 | Eaton, Sam | Chief Technology Officer | Direct | Sell | 12022025 | 28.85 | 195 | 5,626 | 3,545,088 | Form |
| 40 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 12012025 | 28.62 | 1,200 | 34,344 | 5,531,645 | Form |
| 41 | Schwarzbach, David A | Chief Financial Officer | Direct | Sell | 11262025 | 29.31 | 9,611 | 281,678 | 4,136,136 | Form |
| 42 | Amara, Carmen | Chief People Officer | Direct | Sell | 11252025 | 28.82 | 500 | 14,410 | 2,215,624 | Form |
| 43 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 11072025 | 32.16 | 7,000 | 225,086 | 6,838,382 | Form |
| 44 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 11032025 | 32.98 | 1,200 | 39,576 | 6,638,874 | Form |
| 45 | Amara, Carmen | Chief People Officer | Direct | Sell | 10272025 | 33.04 | 1,500 | 49,560 | 2,727,981 | Form |
| 46 | Schwarzbach, David A | Chief Financial Officer | Direct | Sell | 10152025 | 33.58 | 10,000 | 335,785 | 5,379,141 | Form |
| 47 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 10062025 | 31.84 | 7,000 | 222,885 | 6,994,383 | Form |
| 48 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 10012025 | 30.93 | 1,200 | 37,116 | 6,263,325 | Form |
| 49 | Amara, Carmen | Chief People Officer | Direct | Sell | 9252025 | 31.37 | 1,500 | 47,055 | 2,637,150 | Form |
| 50 | Schwarzbach, David A | Chief Financial Officer | Direct | Sell | 9162025 | 31.24 | 10,000 | 312,441 | 5,317,621 | Form |
| 51 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 9052025 | 31.95 | 20,325 | 649,422 | 7,242,464 | Form |
| 52 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 9042025 | 31.17 | 1,200 | 37,404 | 6,349,329 | Form |
| 53 | Schwarzbach, David A | Chief Financial Officer | Direct | Sell | 8272025 | 31.43 | 10,000 | 314,289 | 5,663,362 | Form |
| 54 | Amara, Carmen | Chief People Officer | Direct | Sell | 8252025 | 32.33 | 1,500 | 48,495 | 2,766,349 | Form |
| 55 | Saldanha, Craig | Chief Product Officer | Direct | Sell | 8252025 | 32.33 | 1,000 | 32,330 | 6,624,417 | Form |
| 56 | Nachman, Joseph R | Chief Operating Officer | Direct | Sell | 8062025 | 33.74 | 7,000 | 236,149 | 8,213,134 | Form |
Investor Activity (13F)
Updated Aug 17, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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Industry Resources
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External Quote Links
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