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© 2026 Pinterest. All rights reserved. Q4 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.AllinformationprovidedinthispresentationisasofFebruary12th,2026.Weundertakenodutytoupdatethisinformationunlessrequiredbylaw.Allinformationprovidedinthispresentationisunaudited.© 2026 Pinterest. All rights reserved.
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© 2026 Pinterest. All rights reserved. 3 Revenue+14%Global Y/Y +9%US & Canada Y/Y +25%Europe Y/Y +64%Rest of World Y/Y 18%16%17%17%14% EuropeRest of WorldY/Y growth rateUS & Canada Note: 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. $900$663$745$786$979 $196 $147 $191 $193 $245 $58 $45$63$70 $96$1,154 $855$998$1,049 $1,319 Q424Q125Q225Q325Q425 Q4 2025(in millions)
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© 2026 Pinterest. All rights reserved. 4 Monthly active users 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. 11% 10% 11% 12% 12% 101102102103105 145148146150158 307320329347356 553570578600619 Q424Q125Q225Q325Q425 Y/Y growth rateEuropeRest of WorldUS & Canada +12%Global Y/Y +4%US & Canada Y/Y +9%Europe Y/Y +16%Rest of World Y/Y Q4 2025(in millions)
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© 2026 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. +2%Global Y/Y +4%US & Canada Y/Y +15%Europe Y/Y +42%Rest of World Y/Y $2.12$1.52$1.74$1.78$2.16 Q424Q125Q225Q325Q425 Global US & Canada Europe Rest of World $9.00$6.54$7.29$7.64$9.41 Q424Q125Q225Q325Q425 $0.19$0.14$0.19$0.21$0.27Q424Q125Q225Q325Q425 $1.38$1.00$1.30$1.31$1.59 Q424Q125Q225Q325Q425 Q4 2025
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© 2026 Pinterest. All rights reserved. 6 Non-GAAP costs and expenses+15%COR Y/Y +12%R&D Y/Y +11%S&M Y/Y 24%G&A Y/Y $191 $193 $197 $206 $221 Q424Q125Q225Q325Q425 17%23%20%20%17% Cost of Revenue% of revenue $190 $203 $209 $215 $213 Q424Q125Q225Q325Q425 16%24%21%21%16% R&D*% of revenue $236 $221 $272 $255 $262 Q424Q125Q225Q325Q425 S&M*% of revenue $70 $70 $74 $73 $87 Q424Q125Q225Q325Q425 6%8%7%7%7% G&A*% of revenue20%26%27%24%20% Q4 2025(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.
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41%20%25% 29%41% © 2026 Pinterest. All rights reserved. 7 Adjusted EBITDA +15%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. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by GAAP revenue. 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 atthe end of this release. $471 $172 $251 $306 $542 Q424Q125Q225Q325Q425 Adjusted EBITDAAdjusted EBITDA Margin % +20bps of Margin Expansion Y/Y Q4 2025(in millions)
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28%29%29% 30%30% Twelve months ended Adjusted EBITDA © 2026 Pinterest. All rights reserved. 8 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. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by GAAP revenue. 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. $1,032 $1,078 $1,140 $1,199 $1,270 Q424Q125Q225Q325Q425 Adjusted EBITDAAdjusted EBITDA Margin % (in millions)
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Appendix © 2026 Pinterest. All rights reserved. 9
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GAAP to non-GAAP costs and expenses reconciliation © 2026 Pinterest. All rights reserved. 10 *Comprise Non-GAAP Operating ExpensesNote: Totals may not sum due to rounding. Quarter ended September 30, 2025 % of RevenueGAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expenseNon-GAAPGAAPNon-GAAPCost of revenue$226.9$5.3$0.1$0.8$0.0$220.717%17%Research and development*364.9149.22.20.00.0213.428%16%Sales and marketing*303.040.20.90.10.0261.823%20%General and administrative*123.335.90.50.20.086.89%7%Total costs and expenses$1,018.2$230.7$3.7$1.1$0.0$782.777%59% % of RevenueGAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expenseNon-GAAPGAAPNon-GAAPCost of revenue$212.3$5.2$0.1$0.8$0.0$206.320%20%Research and development*371.3152.93.10.00.0215.335%21%Sales and marketing*296.740.31.30.10.0254.928%24%General and administrative*110.436.70.70.20.072.811%7%Total costs and expenses$990.7$235.1$5.2$1.1$0.0$749.294%71% Quarter ended December 31, 2025 (in millions)
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GAAP to non-GAAP costs and expenses reconciliation *Comprise Non-GAAP Operating ExpensesNote: Totals may not sum due to rounding.1: Other expense is comprised of Non-cash charitable contributions. © 2026 Pinterest. All rights reserved. 11 Quarter ended March 31, 2025 % of RevenueGAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expense1Non-GAAPGAAPNon-GAAPCost of revenue$203.0$5.0$0.1$1.3$0.0$196.520%20%Research and development*359.6145.94.90.00.0208.836%21%Sales and marketing*313.138.72.00.10.0272.331%27%General and administrative*126.837.61.30.213.574.313%7%Total costs and expenses$1,002.6$227.2$8.3$1.7$13.5$751.9100%75% % of RevenueGAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expenseNon-GAAPGAAPNon-GAAPCost of revenue$199.3$4.1$0.3$1.5$0.0$193.423%23%Research and development*331.7119.59.60.00.0202.639%24%Sales and marketing*253.930.32.20.10.0221.230%26%General and administrative*105.633.51.70.20.070.112%8%Total costs and expenses$890.5$187.4$13.9$1.8$0.0$687.3104%80% Quarter ended June 30, 2025 (in millions)
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GAAP to non-GAAP costs and expenses reconciliation *Comprise Non-GAAP Operating ExpensesNote: Totals may not sum due to rounding. © 2026 Pinterest. All rights reserved. 12 % of RevenueGAAPShare-based compensationPayroll tax expense on SBCAmortizationOther expenseNon-GAAPGAAPNon-GAAPCost of revenue$197.0$4.2$0.1$1.5$0.0$191.217%17%Research and development*320.8128.02.70.00.0190.128%16%Sales and marketing*271.133.91.00.10.0236.123%20%General and administrative*103.732.90.60.20.070.09%6%Total costs and expenses$892.5$198.9$4.4$1.8$0.0$687.477%60% Quarter ended December 31, 2024 (in millions)
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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. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by GAAP revenue. Totals may not sum due to rounding. © 2026 Pinterest. All rights reserved. 13 December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025Net income $1,847.5$8.9$38.8$92.1$277.1Depreciation and amortization6.1 5.8 6.1 7.2 6.0Share-based compensation198.9187.4227.2235.1230.7Payroll tax expense related to share-based compensation4.413.98.3 5.2 3.7Interest (income) expense, net(28.6)(27.3)(28.0)(28.5)(26.6)Other (income) expense, net13.3(4.5)(11.0)(0.1)0.1Provision for (benefit from) income taxes(1,570.6)(12.6)(4.1)(4.9)50.6Legal Settlements0.00.00.00.00.0Non-cash charitable contributions 0.00.013.50.00.0Adjusted EBITDA$470.9$171.6$250.8$306.1$541.5 Three months ended Revenue $1,154.1$855.0$998.2$1,049.2$1,319.3Net Income Margin 160%1% 4% 9%21%Adjusted EBITDA Margin41%20%25%29%41%
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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. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by GAAP revenue. Totals may not sum due to rounding. © 2026 Pinterest. All rights reserved. 14 December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025Net income $1,862.1$1,895.8$1,925.7$1,987.3$416.9Depreciation and amortization21.322.323.425.225.2Share-based compensation765.8790.7821.5848.7880.5Payroll tax expense related to share-based compensation30.831.531.431.731.0Interest (income) expense, net(127.0)(123.0)(116.4)(112.4)(110.5)Other (income) expense, net19.210.2(5.4)(2.3)(15.5)Provision for (benefit from) income taxes(1,574.5)(1,584.2)(1,588.1)(1,592.2)29.0Legal Settlements34.734.734.70.00.0Non-cash charitable contributions 0.00.013.513.513.5Adjusted EBITDA$1,032.3$1,077.9$1,140.4$1,199.4$1,270.0 Twelve months ended Revenue $3,646.2$3,761.2$3,905.7$4,056.6$4,221.8Net Income Margin51%50%49%49%10%Adjusted EBITDA Margin28%29%29%30%30%
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Free cash flow conversion © 2026 Pinterest. All rights reserved. 15 (in millions) December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025Net cash provided by operating activities$964.6$972.2$1,073.4$1,147.0$1,284.3Less:Purchases of property and equipment (24.6)(19.8)(26.0)(25.3)(32.4)Free cash flow$940.0$952.4$1,047.4$1,121.7$1,251.9Adjusted EBITDA$1,032.3$1,077.9$1,140.4$1,199.4$1,270.0Free cash flow conversion (% of Adj. EBITDA)91%88%92%94%99% December 31, 2024March 31, 2025June 30, 2025September 30, 2025December 31, 2025Net cash provided by operating activities$254.0$363.7$207.7$321.7$391.2Less:Purchases of property and equipment (3.8)(7.3)(11.0)(3.2)(10.8)Free cash flow$250.2$356.4$196.7$318.4$380.4 Twelve months ended Three months ended Note: Totals may not sum due to rounding.
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© 2026 Pinterest. All rights reserved.