Pinterest (PINS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $855 million, up 16% year-over-year, with record 570 million global MAUs, a 10% increase, and strong growth across all regions, especially Rest of World.

• Adjusted EBITDA grew to $172 million, a 36% increase year-over-year, with a 20% margin, and net income was $9 million.

• Free cash flow totaled $356 million, reflecting strong cash generation and seasonally high Q1 collections.

• Continued focus on AI-driven personalization, visual search, and full-funnel ad solutions to enhance user and advertiser value.

• Repurchased $175 million in shares and used $94 million for equity award settlements in Q1.

Financial highlights

• Q1 global revenue: $855 million, up 16% year-over-year (17% constant currency).

• Adjusted EBITDA: $172 million, margin of 20%, up 300 bps year-over-year.

• Free cash flow: $356 million, with conversion at 88% of Adjusted EBITDA.

• Cash, equivalents, and marketable securities: $2.6 billion at quarter end.

• Global ARPU: $1.52, up 5% year-over-year; Rest of World ARPU up 29%.

Outlook and guidance

• Q2 2025 revenue expected between $960–$980 million, representing 12–15% year-over-year growth.

• Q2 Adjusted EBITDA guidance: $217–$237 million.

• Anticipates full-year 2025 Adjusted EBITDA margin expansion, though at a lower rate than 2024.

• Management expects continued growth in MAUs and ARPU, supported by ongoing investments in personalization and international expansion.