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© 2025 Pinterest. All rights reserved. Q2 2025EarningsReport
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Non-GAAP Financial MeasuresLimitation of Key Metricsand Other Data 2 Tosupplementourcondensedconsolidatedfinancialstatements,whicharepreparedandpresentedinaccordancewithgenerallyacceptedaccountingprinciplesintheUnitedStates("GAAP"),weusethefollowingnon-GAAPfinancialmeasures:AdjustedEBITDA,AdjustedEBITDAmargin,non-GAAPcostsandexpenses(includingnon-GAAPcostofrevenue,researchanddevelopment,salesandmarketing,andgeneralandadministrative),non-GAAPincome(loss)fromoperations,non-GAAPnetincome(loss),non-GAAPnetincome(loss)pershare,constantcurrencyrevenue,non-GAAPoperatingexpense,andfreecashflow.Thepresentationofthesefinancialmeasuresisnotintendedtobeconsideredinisolation,asasubstitutefororsuperiortothefinancialinformationpreparedandpresentedinaccordancewithGAAP.Investorsarecautionedthattherearemateriallimitationsassociatedwiththeuseofnon-GAAPfinancialmeasuresasananalyticaltool.Inaddition,thesemeasuresmaybedifferentfromnon-GAAPfinancialmeasuresusedbyothercompanies,limitingtheirusefulnessforcomparativepurposes.WecompensatefortheselimitationsbyprovidingspecificinformationregardingGAAPamountsexcludedfromthesenon-GAAPfinancialmeasures.Forareconciliationofthesenon-GAAPfinancialmeasurestothemostdirectlycomparableGAAPfinancialmeasures,pleaseseetheAppendix. Thenumbersforourkeymetrics,whichincludeourmonthlyactiveusers(MAUs)andaveragerevenueperuser(ARPU),arecalculatedusinginternalcompanydatabasedontheactivityofuseraccounts.WedefineanMAUasanauthenticatedPinterestuserwhovisitsourwebsite,opensourmobileapplicationorinteractswithPinterestthroughoneofourbrowserorsiteextensions,suchastheSavebutton,atleastonceduringthe30-dayperiodendingonthedateofmeasurement.ThenumberofMAUsdoesnotincludeShufflesusersunlesstheywouldotherwisequalifyasMAUs.Unlessotherwiseindicated,wepresentMAUsbasedonthenumberofMAUsmeasuredonthelastdayofthecurrentperiod.WemeasuremonetizationofourplatformthroughourARPUmetric.WedefineARPUasourtotalrevenueinagivengeographyduringaperioddividedbytheaverageofthenumberofMAUsinthatgeographyduringtheperiod.WecalculateaverageMAUsbasedontheaverageofthenumberofMAUsmeasuredonthelastdayofthecurrentperiodandthelastdaypriortothebeginningofthecurrentperiod.WecalculateARPUbygeographybasedonourestimateofthegeographyinwhichrevenue-generatingactivitiesoccur.WeusethesemetricstoassessthegrowthandhealthoftheoverallbusinessandbelievethatMAUsandARPUbestreflectourabilitytoattract,retain,engageandmonetizeourusers,andtherebydriverevenue.Whilethesenumbersarebasedonwhatwebelievetobereasonableestimatesofouruserbasefortheapplicableperiodofmeasurement,thereareinherentchallengesinmeasuringusageofourproductsacrosslargeonlineandmobilepopulationsaroundtheworld.Inaddition,wearecontinuallyseekingtoimproveourestimatesofouruserbase,andsuchestimatesmaychangeduetoimprovementsorchangesintechnologyorourmethodology.AllinformationprovidedinthispresentationisasofAugust7th,2025.Weundertakenodutytoupdatethisinformationunlessrequiredbylaw.Allinformationprovidedinthispresentationisunaudited.© 2025 Pinterest. All rights reserved.
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© 2025 Pinterest. All rights reserved. 3 Revenue+17%Global Y/Y +11%US & Canada Y/Y +34%Europe Y/Y +65%Rest of World Y/Y (in millions) 21%18%18%16%17% EuropeRest of WorldY/Y growth rateUS & CanadaNote: Revenue is geographically apportioned based on our estimate of the geographic location of our users when they perform arevenue-generating activity.Geographic breakdown may not sum to Global due to rounding; quarterly amounts may not sum to annual due to rounding. $673$719$900$663$745 $143 $137 $196 $147 $191 $38$42 $58 $45$63$854$898 $1,154 $855$998 Q224Q324Q424Q125Q225 Q2 2025
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© 2025 Pinterest. All rights reserved. 4 Monthly active users(in millions) Note: We define a monthly active user as an authenticated Pinterest user who visits our website, opens our mobile applicationorinteracts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the 30-day period ending on the date of measurement. The number of MAUs does not include Shuffles users unless they would otherwise qualify as MAUs. We present MAUs based on the number of MAUs measured on the last day of the current period. Geographic breakdown may not sum to Global due to rounding. 12% 11% 11% 10% 11% 9899101102102 136139145148146 288300307320329 522537553570578 Q224Q324Q424Q125Q225 Y/Y growth rateEuropeRest of WorldUS & Canada +11%Global Y/Y +5%US & Canada Y/Y +7%Europe Y/Y +14%Rest of World Y/Y Q2 2025
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© 2025 Pinterest. All rights reserved. 5 Average revenue per user Note: We measure monetization of our platform through our average revenue per user metric. We define ARPU as our total revenue in a given geography during a period divided by average MAUs in that geography during the period. We calculate average MAUs based on the average of the number of MAUs measured on the last day of the current period and the last day prior to the beginning of the current period. We calculate ARPU by geography based on our estimate of the geography in which revenue-generating activities occur. +6%Global Y/Y +6%US & Canada Y/Y +26%Europe Y/Y +44%Rest of World Y/Y $1.64$1.70$2.12$1.52$1.74 Q224Q324Q424Q125Q225 Global US & Canada Europe Rest of World $6.85$7.31$9.00$6.54$7.29 Q224Q324Q424Q125Q225 $0.13$0.14$0.19$0.14$0.19Q224Q324Q424Q125Q225 $1.03$1.00$1.38$1.00$1.30 Q224Q324Q424Q125Q225 Q2 2025
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© 2025 Pinterest. All rights reserved. 6 Non-GAAP costs and expenses(in millions) *Comprise Non-GAAP Operating ExpensesNote: Costs and expenses are non-GAAP financial measures, which exclude share-based compensation (SBC), amortization of acquiredintangible assets, payroll tax expense related to share-based compensation, legal settlement expense, and non-cash charitable contributions. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables included in the Appendix at the end of this release. +10%COR Y/Y +16%R&D Y/Y +17%S&M Y/Y (4%)G&A Y/Y $179 $182 $191 $193 $197 Q224Q324Q424Q125Q225 21%20%17%23%20%Cost of Revenue% of revenue $179 $185 $190 $203 $209 Q224Q324Q424Q125Q225 21%21%16%24%21% R&D*% of revenue $233 $215 $236 $221 $272 Q224Q324Q424Q125Q225 S&M*% of revenue $77 $73 $70 $70 $74 Q224Q324Q424Q125Q225 9%8%6%8%7% G&A*% of revenue27%24%20%26%27% Q2 2025
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22%27%41% 20%25% © 2025 Pinterest. All rights reserved. 7 Adjusted EBITDA(in millions) +33%Adj. EBITDA Y/Y Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, payroll tax expense related to share-based compensation, interest income (expense), net, other income (expense), net, provision for (benefit from) income taxes and certain other non-recurring or non-cash items impacting net income (loss) that we do not consider indicative of our ongoing business performance. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables included in the Appendix at the end of this release. $188 $247 $471 $172 $251 Q224Q324Q424Q125Q225 Adjusted EBITDAAdjusted EBITDA Margin % +310bps of Margin Expansion Y/Y Q2 2025
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26%27%28% 29%29% Twelve months ended Adjusted EBITDA © 2025 Pinterest. All rights reserved. 8 (in millions) $872 $931 $1,032 $1,078 $1,140 Q224Q324Q424Q125Q225 Adjusted EBITDAAdjusted EBITDA Margin %Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, payroll tax expense related to share-based compensation, interest income (expense), net, other income (expense), net, provision for (benefit from) income taxes and certain other non-recurring ornon-cash items impacting net income (loss) that we do not consider indicative of our ongoing business performance. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables included in the Appendix at the end of this release.
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Appendix © 2025 Pinterest. All rights reserved.
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GAAP to non-GAAP costs and expenses reconciliation © 2025 Pinterest. All rights reserved. 10 (in millions) Note: Totals may not sum due to rounding.1: Other expense is comprised of Non-cash charitable contributions. Quarter ended March 31, 2025 GAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expense1 Non-GAAPCost of revenue$203.0$5.0 $0.1$1.3$0.0$196.5Research and development359.6145.9 4.90.00.0208.8Sales and marketing313.1 38.7 2.00.10.0272.3General and administrative126.8 37.6 1.30.213.574.3Total costs and expenses$1,002.6$227.2$8.3$1.7$13.5$751.9 GAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expenseNon-GAAPCost of revenue$199.3$4.1 $0.3$1.5$0.0$193.4Research and development331.7 119.5 9.60.00.0202.6Sales and marketing253.9 30.3 2.20.10.0221.2General and administrative105.6 33.5 1.70.20.070.1Total costs and expenses$890.5$187.4$13.9$1.8$0.0$687.3 Quarter ended June 30, 2025
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GAAP to non-GAAP costs and expenses reconciliation Note: Totals may not sum due to rounding.1: Other expense is comprised of legal settlement expense. © 2025 Pinterest. All rights reserved. 11 (in millions) Quarter ended September 30, 2024 GAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expenseNon-GAAPCost of revenue$197.0$4.2 $0.1$1.5$0.0$191.2Research and development320.8128.0 2.70.00.0190.1Sales and marketing271.1 33.9 1.00.10.0236.1General and administrative103.7 32.9 0.60.20.070.0Total costs and expenses$892.5$198.9$4.4$1.8$0.0$687.4 GAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expense1 Non-GAAPCost of revenue$187.5$3.9 $0.1$1.5$0.0$181.9Research and development326.7138.6 2.70.00.0185.3Sales and marketing249.032.4 1.30.10.0215.2General and administrative141.1 33.0 0.70.234.772.5Total costs and expenses$904.3$208.0$4.9$1.8$34.7$655.0 Quarter ended December 31, 2024
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GAAP to non-GAAP costs and expenses reconciliation(in millions) Note: Totals may not sum due to rounding. © 2025 Pinterest. All rights reserved. 12 GAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expenseNon-GAAPCost of revenue$184.9$3.8 $0.1$1.5$0.0$179.4Research and development312.8 128.5 4.90.00.0179.4Sales and marketing265.430.9 1.80.10.0232.6General and administrative112.1 33.3 1.60.20.077.0Total costs and expenses$875.1$196.4$8.4$1.8$0.0$668.5 Quarter ended June 30, 2024
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Adjusted EBITDA reconciliation: Reconciliationof net income to adjusted EBITDA(in millions) Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, payroll tax expense related to share-based compensation, interest income (expense), net, other income (expense), net, provision for (benefit from) income taxes and certain other non-recurring or non-cash items impacting netincome (loss) that we do not consider indicative of our ongoing business performance. Totals may not sum due to rounding. © 2025 Pinterest. All rights reserved. 13 June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025Net income $8.9$30.6$1,847.5$8.9$38.8Depreciation and amortization4.9 5.4 6.1 5.8 6.1Share-based compensation196.4208.0198.9187.4227.2Payroll tax expense related to share-based compensation8.44.9 4.413.98.3Interest (income) expense, net(34.7)(32.5)(28.6)(27.3)(28.0)Other (income) expense, net4.6(3.2)13.3(4.5)(11.0)Benefit from income taxes(0.2)(0.8)(1,570.6)(12.6)(4.1)Legal Settlements0.034.70.00.00.0Non-cash charitable contributions 0.00.00.00.013.5Adjusted EBITDA$188.3$247.0$470.9$171.6$250.8 Three months ended
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Adjusted EBITDA reconciliation: Reconciliationof net income to adjusted EBITDA(in millions) Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, payroll tax expense related to share-based compensation, interest income (expense), net, other income (expense), net, provision for (benefit from) income taxes and certain other non-recurring or non-cash items impacting net income(loss) that we do not consider indicative of our ongoing business performance. Totals may not sum due to rounding. © 2025 Pinterest. All rights reserved. 14 June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025Net income $192.0$215.8$1,862.1$1,895.8$1,925.7Depreciation and amortization20.020.521.322.323.4Share-based compensation694.0730.1765.8790.7821.5Payroll tax expense related to share-based compensation30.130.930.831.531.4Interest (income) expense, net(121.6)(127.4)(127.0)(123.0)(116.4)Other (income) expense, net7.8 0.019.210.2(5.4)Provision for (benefit from) income taxes37.226.1(1,574.5)(1,584.2)(1,588.1)Legal Settlements0.034.734.734.734.7Non-cash charitable contributions 12.90.00.00.013.5Adjusted EBITDA$872.4$930.7$1,032.3$1,077.9$1,140.4 Twelve months ended Revenue $3,338.1$3,473.3$3,646.2$3,761.2$3,905.7Adjusted EBITDA Margin (% of Revenue)26%27%28%29%29%
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Free cash flow conversion © 2025 Pinterest. All rights reserved. 15 (in millions) June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025Net cash provided by operating activities$829.4$968.9$964.6$972.2$1,073.4Less:Purchases of property and equipment (22.2)(25.1)(24.6)(19.8)(26.0)Free cash flow$807.2$943.8$940.0$952.4$1,047.4Adjusted EBITDA$872.4$930.7$1,032.3$1,077.9$1,140.4Free cash flow conversion (% of Adj. EBITDA)93%101%91%88%92% June 30, 2024September 30, 2024December 31, 2024March 31, 2025June 30, 2025Net cash provided by operating activities$106.4$248.0$254.0$363.7$207.7Less:Purchases of property and equipment (4.8)(3.9)(3.8)(7.3)(11.0)Free cash flow$101.6$244.1$250.2$356.4$196.7 Twelve months ended Three months ended
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© 2025 Pinterest. All rights reserved.