Pinterest (PINS) investor relations material

Executive summary

• Achieved 10 consecutive quarters of record-high users, ending 2025 with 619 million global MAUs, up 12% year-over-year in Q4, with Gen Z now over 50% of the user base and the fastest-growing cohort.

• Q4 2025 revenue reached $1,319 million, up 14% year-over-year, with strong growth across all regions and notable gains in Rest of World.

• Adjusted EBITDA for Q4 2025 was $542 million, a 15% increase year-over-year, with margin expanding by 20 basis points to 41%.

• Monetization lagged engagement, with Q4 revenue growth below expectations due to large retailer ad pullbacks from tariff impacts.

• AI-driven innovation, including proprietary models like OmniSage and PinFM, improved engagement and relevance, with 80 billion monthly searches and 1.7 billion monthly outbound clicks.

Financial highlights

• Q4 2025 global revenue was $1.319 billion, up 14% year-over-year (13% constant currency); full-year revenue was $4,222 million, up 16%.

• Adjusted EBITDA for Q4 2025: $542 million (41% margin); full-year Adjusted EBITDA: $1,270 million (30% margin).

• Free cash flow for Q4 2025: $380.4 million; full-year free cash flow: $1,251.9 million, representing 99% of Adjusted EBITDA.

• Net income for Q4 2025: $277.1 million; full-year net income: $1,987.3 million.

• $927 million in share repurchases in 2025, reducing fully diluted share count by 1.6% YoY.

Outlook and guidance

• Q1 2026 revenue guidance: $951–$971 million, representing 11–14% YoY growth.

• Q1 2026 Adjusted EBITDA expected at $166–$186 million.

• 2026 Adjusted EBITDA margin expected to be roughly in line with 2025 at ~30%, with a 100 bps drag to 29% if tvScientific acquisition closes.

• Investments in AI and sales transformation to continue, with margin pressure in H1 but flat full-year margins expected.

• Foreign exchange expected to provide a 3-point tailwind in Q1 2026.