Pinterest Reports Strong Third Quarter 2025 Results with 17% Revenue Growth and Record 600 Million Monthly Active Users

Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter ended September 30, 2025, highlighting continued momentum driven by product innovation and AI-powered user experiences.

Third Quarter 2025 Highlights

• Revenue: $1,049 million, up 17% year-over-year on a reported basis and 16% on a constant currency basis
• Global Monthly Active Users (MAUs): Reached an all-time high of 600 million, up 12% year-over-year
• GAAP Net Income: $92 million
• Adjusted EBITDA: $306 million
• Operating Cash Flow: $322 million
• Free Cash Flow: $318 million

“We had a strong Q3, with 17% year-over-year revenue growth,” said Bill Ready, CEO of Pinterest. “Our investments in AI and product innovation are paying off. Pinterest is now a leader in visual search and has evolved into an AI-powered shopping assistant for 600 million consumers. Advertisers around the world are turning to Pinterest as a go-to discovery and shopping platform to connect with their customers and drive results.”

Outlook

For the fourth quarter of 2025, Pinterest expects:

• Revenue: Between $1.31 billion and $1.34 billion, representing 14%–16% growth year-over-year
• Adjusted EBITDA: Between $533 million and $558 million
• The company anticipates a 1-point foreign exchange tailwind based on current spot rates.

Pinterest noted that it does not provide GAAP equivalents for forward-looking Adjusted EBITDA due to the inherent uncertainty in forecasting certain items such as share-based compensation and income taxes.

Conference Call Information

A live audio webcast of Pinterest’s Q3 2025 earnings call will be available today at 1:30 PM PT / 4:30 PM ET on the company’s investor relations website at investor.pinterestinc.com.
Supporting materials, including reconciliations of non-GAAP financial measures and a presentation deck, are also available on the site. A replay of the webcast will remain accessible for 90 days.

Pinterest continues to use its investor relations website as a primary channel for sharing material company information and to comply with disclosure obligations under Regulation FD.

About non-GAAP financial measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative), non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) per share, constant currency revenue and free cash flow. The presentation of these financial measures is not intended to be considered in isolation, as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparative purposes. We compensate for these limitations by providing specific information regarding GAAP amounts excluded from these non-GAAP financial measures.

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. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue. Non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) and non-GAAP net income (loss) exclude amortization of acquired intangible assets, share-based compensation expense and payroll tax expense related to share-based compensation. In addition to these exclusions, we also subtract an assumed provision for income taxes to calculate non-GAAP net income. We calculate the non-GAAP income tax provision using a fixed long-term projected tax rate in order to provide better consistency across reporting periods. The fixed long-term projected tax rate uses a financial projection that excludes the direct impact of our non-GAAP adjustments and eliminates the effects of items that can vary in size and frequency. For 2024 and 2025, we used a long-term projected tax rate of 20%, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate could be subject to change for a variety of reasons, including significant changes in the geographic earnings mix or changes in tax laws and regulations. We re-evaluate this long-term rate on an annual basis or if any significant events that may materially affect this long-term rate occur. Non-GAAP income (loss) from operations is calculated by subtracting non-GAAP costs and expenses from revenue. Non-GAAP net income (loss) per share is calculated by dividing non-GAAP net income (loss) by diluted weighted-average shares outstanding. We calculate constant currency revenue by translating our current period revenue using the corresponding prior period’s monthly exchange rates for currencies other than the U.S. dollar. We define free cash flow as net cash provided by operating activities less purchases of property and equipment. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. We use these non-GAAP financial measures to evaluate our operating results and for financial and operational decision-making purposes. We believe these measures help identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses they exclude. We also believe these measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to key metrics we use for financial and operational decision-making. We present these non-GAAP measures to assist potential investors in seeing our operating results through the eyes of management and because we believe these measures provide an additional tool for investors to use in comparing our operating results over multiple periods with other companies in our industry. There are a number of limitations related to the use of non-GAAP financial measures rather than the nearest GAAP equivalents. For example, Adjusted EBITDA excludes: (i) certain recurring, non-cash charges such as depreciation of fixed assets and amortization of acquired intangible assets, although these assets may have to be replaced in the future, and (ii) share-based compensation expense and payroll tax expense related to share-based compensation, which have been, and will continue to be for the foreseeable future, significant recurring expenses and an important part of our compensation strategy. In addition, constant currency revenue excludes the effect of changes in foreign currency exchange rates, which have an actual effect on our operating results, and free cash flow does not reflect our future contractual commitments arising from purchases of property and equipment.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables under “―Reconciliation of GAAP to non-GAAP financial results” included at the end of this release.

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