Revenue growth has stalled into negative territory, with four consecutive quarters of year-over-year declines, while operating margins have swung from -9.1% to 15.8% primarily due to a reduction in SG&A from $77.0M to $46.9M.
Yext, Inc. (YEXT) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 |
|---|
| Sales/Revenue | 443.02M | 446.58M | 420.96M | 404.32M | 400.85M | 390.58M | 354.66M | 298.83M | 228.28M | 170.2M | 124.26M | 89.72M | 60M |
| Revenue Growth % | -1.48% | 6.09% | 4.11% | 0.87% | 2.63% | 10.13% | 18.68% | 30.9% | 34.13% | 36.97% | 38.49% | 49.54% | - |
| Cost of Goods Sold | 115.36M | 114.07M | 96.36M | 87.47M | 103.96M | 98.3M | 86.4M | 77.03M | 57.41M | 44.09M | 36.95M | 31.03M | 24.83M |
| COGS % of Revenue | - | 25.54% | 22.89% | 21.63% | 25.93% | 25.17% | 24.36% | 25.78% | 25.15% | 25.91% | 29.74% | 34.59% | 41.39% |
| Gross Profit | 327.66M | 332.51M | 324.59M | 316.85M | 296.89M | 292.28M | 268.26M | 221.8M | 170.87M | 126.11M | 87.31M | 58.69M | 35.17M |
| Gross Margin % | 73.96% | 74.46% | 77.11% | 78.37% | 74.07% | 74.83% | 75.64% | 74.22% | 74.85% | 74.09% | 70.26% | 65.41% | 58.61% |
| Gross Profit Growth % | - | 2.44% | 2.44% | 6.72% | 1.58% | 8.95% | 20.95% | 29.81% | 35.5% | 44.43% | 48.76% | 66.88% | - |
| Operating Expenses | 290.76M | 287.96M | 357.04M | 323.06M | 361.72M | 382.24M | 362.59M | 344.75M | 246.51M | 192.75M | 130.01M | 84.83M | 52.52M |
| OpEx % of Revenue | - | 64.48% | 84.82% | 79.9% | 90.24% | 97.86% | 102.24% | 115.37% | 107.99% | 113.25% | 104.63% | 94.54% | 87.53% |
| Selling, General & Admin | 205.28M | 198.09M | 279.84M | 251.01M | 290.81M | 313.89M | 304.44M | 295.31M | 210.42M | 167.06M | 110.69M | 68.63M | 40.58M |
| SG&A % of Revenue | - | 44.36% | 66.48% | 62.08% | 72.55% | 80.36% | 85.84% | 98.82% | 92.17% | 98.15% | 89.08% | 76.49% | 67.62% |
| Research & Development | 85.48M | 89.87M | 77.2M | 72.04M | 70.9M | 68.35M | 58.15M | 49.45M | 36.1M | 25.69M | 19.32M | 16.2M | 11.95M |
| R&D % of Revenue | - | 20.13% | 18.34% | 17.82% | 17.69% | 17.5% | 16.39% | 16.55% | 15.81% | 15.09% | 15.54% | 18.06% | 19.91% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -125K | -1.5M | -181K | -1.28M | -527K | -539K | -382K | -412K | 78K |
| Operating Income | 36.9M | 44.55M | -32.45M | -6.2M | -64.83M | -89.96M | -94.33M | -122.95M | -75.64M | -66.64M | -42.7M | -26.14M | -17.35M |
| Operating Margin % | 8.33% | 9.98% | -7.71% | -1.53% | -16.17% | -23.03% | -26.6% | -41.14% | -33.14% | -39.15% | -34.36% | -29.13% | -28.92% |
| Operating Income Growth % | - | 237.29% | -423.27% | 90.43% | 27.94% | 4.64% | 23.28% | -62.54% | -13.51% | -56.07% | -63.36% | -50.64% | - |
| EBITDA | 61.77M | 80.95M | -5.19M | 18.41M | -38.45M | -63.88M | -71.52M | -80.66M | -68.83M | -61.52M | -38.62M | -23.03M | -16.16M |
| EBITDA Margin % | 13.94% | 18.13% | -1.23% | 4.55% | -9.59% | -16.36% | -20.16% | -26.99% | -30.15% | -36.14% | -31.08% | -25.67% | -26.93% |
| EBITDA Growth % | 31.86% | 1660.43% | -128.18% | 147.88% | 39.82% | 10.68% | 11.34% | -17.18% | -11.89% | -59.3% | -67.67% | -42.54% | - |
| D&A (Non-Cash Add-back) | 24.29M | 36.41M | 27.26M | 24.61M | 26.38M | 26.08M | 22.82M | 42.29M | 6.81M | 5.12M | 4.08M | 3.11M | 1.19M |
| EBIT | 39.43M | 47.7M | -27.09M | 132K | -63.27M | -91.44M | -93.98M | -120.14M | -74.47M | -66.04M | -42.93M | -26.14M | -17.35M |
| Net Interest Income | -8.1M | -3.72M | 5.13M | 6.62M | 1.09M | -522K | -82K | 3.79M | 1.57M | 776K | -116K | 6K | 0 |
| Interest Income | 3.23M | 3.86M | 6.1M | 7.09M | 1.68M | 22K | 532K | 4.1M | 1.71M | 1.13M | 34K | 6K | 0 |
| Interest Expense | 11.32M | 7.58M | 967K | 470K | 589K | 544K | 614K | 308K | 143K | 359K | 150K | 0 | 0 |
| Other Income/Expense | -8.8M | -4.42M | 4.39M | 5.86M | 970K | -2.02M | -263K | 2.51M | 1.03M | 237K | -382K | -412K | 78K |
| Pretax Income | 28.1M | 40.13M | -28.06M | -338K | -63.86M | -91.98M | -94.59M | -120.45M | -74.61M | -66.4M | -43.08M | -26.55M | -17.27M |
| Pretax Margin % | 6.34% | 8.99% | -6.67% | -0.08% | -15.93% | -23.55% | -26.67% | -40.31% | -32.69% | -39.01% | -34.67% | -29.59% | -28.79% |
| Income Tax | 1.98M | 2.25M | -110K | 2.29M | 2.08M | 1.28M | 97K | 1.1M | 222K | 162K | 68K | -55K | 0 |
| Effective Tax Rate % | 7.05% | 5.62% | 0.39% | -678.11% | -3.26% | -1.39% | -0.1% | -0.91% | -0.3% | -0.24% | -0.16% | 0.21% | 0% |
| Net Income | 26.12M | 37.87M | -27.95M | -2.63M | -65.94M | -93.26M | -94.69M | -121.54M | -74.84M | -66.56M | -43.15M | -26.5M | -17.27M |
| Net Margin % | 5.9% | 8.48% | -6.64% | -0.65% | -16.45% | -23.88% | -26.7% | -40.67% | -32.78% | -39.11% | -34.73% | -29.53% | -28.79% |
| Net Income Growth % | 250.8% | 235.51% | -962.66% | 96.01% | 29.3% | 1.51% | 22.09% | -62.41% | -12.43% | -54.26% | -62.86% | -53.39% | - |
| Net Income (Continuing) | 26.12M | 37.87M | -27.95M | -2.63M | -65.94M | -93.26M | -94.69M | -121.54M | -74.84M | -66.56M | -43.15M | -26.5M | -17.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.25 | 0.07 | -0.22 | -0.02 | -0.53 | -0.73 | -0.79 | -1.09 | -0.76 | -0.85 | -0.50 | -0.35 | -0.23 |
| EPS Growth % | 245.21% | 132.45% | -937.74% | 96% | 27.4% | 7.59% | 27.52% | -43.42% | 10.59% | -70% | -42.86% | -52.17% | - |
| EPS (Basic) | - | 0.31 | -0.22 | -0.02 | -0.53 | -0.73 | -0.79 | -1.09 | -0.76 | -0.85 | -0.50 | -0.35 | -0.23 |
| Diluted Shares Outstanding | 103.11M | 129.91M | 126.85M | 124.06M | 125.25M | 127.81M | 119.69M | 111.76M | 98.39M | 78.63M | 85.49M | 74.66M | 74.66M |
| Basic Shares Outstanding | 100.09M | 123.56M | 126.85M | 124.06M | 125.25M | 127.81M | 119.69M | 111.76M | 98.39M | 78.63M | 85.49M | 74.66M | 74.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying YEXT stock.
For fiscal year 2026, Yext, Inc. (YEXT) reported total revenue of $446.6M. This represents a 644.3% increase compared to $60.0M in 2015.
Yext, Inc. (YEXT) is profitable, generating $37.9M in net income for the fiscal year ending 2026 with a net profit margin of 8.5%.
Yext, Inc. (YEXT) reported an operating income of $44.5M, resulting in an operating profit margin of 10.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Yext, Inc. (YEXT) generated $332.5M in gross profit for the year, representing a gross profit margin of 74.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
AI Search Disruption to Core Listings
Metrics are mathematically derived from official filings.
Revenue Growth Stalls Amid Strategic Pivot
Yext's revenue growth has decelerated into negative territory, with the last four quarters showing year-over-year declines ranging from -1.0% to -1.8%, a stark reversal from the double-digit growth seen in early 2026.
The shift from 15.5% growth in 2026Q2 to consistent negative growth suggests the company is struggling to acquire new logos or expand its existing base at a sufficient pace to offset natural churn. This deceleration appears to be a direct consequence of the strategic pivot from a high-growth 'listings' model to a more complex 'Answers' and AI-focused value proposition, which may be confusing the sales cycle and delaying revenue recognition.
Gross Margin Compression Signals Cost Pressures
Gross margins have compressed from a peak of 77.6% in 2025Q1 to 72.9% in 2027Q1, before a slight recovery to 75.5% in the latest quarter, indicating potential pressure from publisher fees or infrastructure costs.
The 470 basis point decline from the 2025 peak warrants investigation into the composition of Cost of Goods Sold, as it may reflect increased 'toll' fees paid to major publishers within the Knowledge Network or higher hosting costs for the newer AI-driven products. While the recent quarter shows improvement, the overall trend suggests that the low marginal cost advantage of software delivery is being partially offset by these rising direct costs.
Operating Leverage Finally Emerging
Operating income swung from a loss of $10.4M in 2025Q3 to a profit of $17.6M in 2027Q2, driven by a dramatic reduction in SG&A expenses which fell from $77.0M to $46.9M over the same period.
This inflection demonstrates significant operating leverage, as the company has successfully scaled its cost structure while maintaining a relatively stable revenue base. The SG&A reduction appears to be the primary driver, suggesting a major restructuring of the sales and marketing organization. However, the sustainability of this leverage is questionable if revenue continues to decline, as the fixed cost base may eventually require further cuts to maintain profitability.
SG&A Discipline Drives Profitability Shift
The most significant operational change is the reduction in SG&A as a percentage of revenue, which fell from 65.4% in 2025Q3 to 42.2% in 2027Q2, indicating a fundamental shift in expense management.
This dramatic improvement in SG&A efficiency appears to be the cornerstone of Yext's recent profitability, as the company has moved from a 'growth at all costs' mindset to one of operational discipline. The reduction likely reflects workforce reductions, marketing spend optimization, and a more focused go-to-market strategy. Investors should monitor whether this level of efficiency can be maintained without further impairing the company's ability to compete for enterprise customers.
The 2026Q2 Profitability Breakthrough
The second quarter of 2026 marked a clear operational inflection, with operating income surging to $29.7M (26.2% margin) from just $1.1M in the prior quarter, driven by a one-time reduction in SG&A.
This quarter represents the most significant positive inflection in Yext's recent history, as the company achieved a level of profitability that had previously seemed unattainable. The primary driver was a sharp reduction in SG&A from $59.4M to $32.1M, which appears to be a structural reset rather than a temporary fluctuation. This inflection point established a new baseline for profitability, though the subsequent quarters show that maintaining this level of margin has proven challenging.
Profitability Built on Cost Cuts, Not Growth
The strongest challenge to Yext's narrative is that its recent profitability is entirely dependent on aggressive cost-cutting, as revenue has declined for four consecutive quarters while gross margins have compressed.
Short-sellers would focus on the fact that the company's operating margin improvement from -9.1% to 15.8% has been achieved while revenue growth turned negative, suggesting the business is shrinking its way to profitability. The 470 basis point gross margin compression from peak levels indicates that the core business may be becoming less profitable on a unit economics basis, even as overhead is reduced. This raises questions about the long-term sustainability of the current margin structure if the company cannot re-accelerate top-line growth.