Pinterest (PINS) Q4 2024 earnings summary

Executive summary

• Achieved record-high global monthly active users (MAUs) of 553 million in Q4 2024, up 11% year-over-year, with 101 million in the U.S. and Canada and notable gains in Rest of World.

• Q4 2024 marked the first $1 billion revenue quarter, with global revenue of $1.154 billion, up 18% year-over-year, and strong growth across all regions.

• 2024 revenue reached $3.65 billion, up 19% year-over-year, more than doubling the prior year's growth rate.

• Lower-funnel ad products and AI-driven personalization drove significant increases in clicks, engagement, and platform actionability.

• Achieved GAAP profitability on a net income basis for the first time since 2021, with Q4 net income of $1.85 billion, including a $1.6 billion tax benefit.

Financial highlights

• Q4 2024 global revenue: $1.154 billion, up 18% year-over-year; full-year revenue: $3.65 billion, up 19%.

• Adjusted EBITDA for Q4: $471 million, with a margin of 41%, up 320 basis points year-over-year; full-year Adjusted EBITDA: $1.03 billion, up ~50%.

• Free cash flow for 2024: $940 million, up 55% year-over-year, with a 91% conversion rate from Adjusted EBITDA.

• Ended Q4 with $2.5 billion in cash, cash equivalents, and marketable securities.

• Q4 ad impressions grew 43%, while ad pricing declined 18% due to mix shift from international expansion.

Outlook and guidance

• Q1 2025 revenue guidance: $837–$852 million, representing 13%–15% year-over-year growth (15%–17% constant currency).

• Q1 2025 Adjusted EBITDA guidance: $155–$170 million.

• Expect continued margin expansion in 2025, though at a slower rate than 2024.

• Guidance assumes a 2-point FX headwind; ongoing investment in R&D, especially AI and product initiatives.