The present disclosure relates to systems, non-transitory computer-readable media, and methods for generating contextually relevant transcripts of voice recordings based on social networking data. For instance, the disclosed systems receive a voice recording from a user corresponding to a message thread including the user and one or more co-users. The disclosed systems analyze acoustic features of the voice recording to generate transcription-text probabilities. The disclosed systems generate term weights for terms corresponding to objects associated with the user within a social networking system by analyzing user social networking data. Using the contextually aware term weights, the disclosed systems adjust the transcription-text probabilities. Based on the adjusted transcription-text probabilities, the disclosed systems generate a transcript of the voice recording for display within the message thread.