PINSNYSEServices-Computer Programming, Data Processing, Etc.US GAAP · USD

Pinterest, Inc

Pinterest, Inc. operates a visual discovery platform that people use to find ideas, save inspiration, and move from browsing to action. The service is delivered through its mobile app and website, and the company monetizes the platform primarily through digital advertising sold to brands and advertisers.

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Revenue4,222m USD
+15.8 %y/y
Operating profit (EBIT)320m USD
+77.9 %y/y
EBIT margin7.6%
+2.6 ppy/y
Net income417m USD
−77.6 %y/y
Free cash flow1,252m USD
+33.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,00001,0002,0003,0004,0005,000m USD2020: 1,693 m USD2020: EBIT -143 m USD20202021: 2,578 m USD2021: EBIT 326 m USD20212022: 2,803 m USD2022: EBIT -102 m USD20222023: 3,055 m USD2023: EBIT -126 m USD20232024: 3,646 m USD2024: EBIT 180 m USD20242025: 4,222 m USD2025: EBIT 320 m USD20254,222320
RevenueOperating profit (EBIT)

Business

Share of revenue
Consumer discovery platform0 %

Pinterest's app and website where users search, browse, save, and organize visual ideas.

Advertising inventory95 %

Sponsored placements and ad formats sold across Pinterest surfaces to reach high-intent users.

Ads Manager and campaign tools3 %

Self-serve tools advertisers use to create, manage, and measure campaigns.

Sales and advertiser support services2 %

Direct sales and support for advertisers and agencies running larger or more complex campaigns.

Customers

Pinterest serves consumers who use the platform for inspiration, planning, and shopping-related discovery, but its paying customers are advertisers. Those advertisers span retail, consumer packaged goods, financial services, technology, entertainment, travel, and auto, and they buy access to users with commercial intent. The platform is used by both self-serve advertisers and larger brands that need managed campaign support.

Self-serve advertisers

Smaller and mid-sized advertisers that use Ads Manager to launch and manage campaigns directly.

Large brand advertisers

Major consumer and retail brands buying reach, consideration, and conversion inventory.

Advertising agencies

Agencies that manage campaigns for brand clients and use Pinterest's tools and sales support.

Retail and commerce advertisers

Merchants and commerce-focused brands using Pinterest to influence product discovery and shopping.

Consumer packaged goods advertisers

CPG companies buying awareness and brand-building placements around lifestyle content.

Strategy

Pinterest's strategy centers on improving relevance and personalization so users can move from inspiration to action more efficiently. The company is also focused on strengthening advertiser value through AI-driven recommendations, better ad delivery, and tools that fit the full marketing funnel from awareness to conversion.

AI-driven relevance and personalizationMedium term

Better recommendations increase user engagement and improve ad performance.

Advertiser monetization toolsShort term

More effective campaign management and measurement help retain and grow ad spend.

Brand-safe consumer environmentLong term

A positive environment supports advertiser demand and differentiates the platform.

Geography

Q1/2026

Pinterest operates globally, with monetization concentrated in the United States and Canada and, to a lesser extent, Europe. The company notes that these regions monetize at higher rates because digital advertising markets are larger and more mature there, while other regions contribute more to user scale than revenue. Geography matters because revenue is tied to where users are located when they generate monetizable activity, and the company only monetizes certain countries and currencies.

United States70 %
Europe20 %
Other countries (US filing)10 %

Share of the revenue the company reports by geography.

Risks

Pinterest is highly dependent on advertising demand, so changes in advertiser budgets, campaign performance, or competitive alternatives can materially affect results. The company also faces platform, privacy, content, and AI-related scrutiny, while competition from larger consumer internet companies can pressure user growth, ad targeting, and monetization.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competitive pressure from larger platforms1Privacy and data targeting constraints2Regulatory and reputational scrutiny4AI-related product and reputational risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competitive pressure from larger platformsImpact: HighLikelihood: High

    Meta, Google, Amazon, TikTok, and others have larger ecosystems and data advantages.

    Exposure: Global

  2. Privacy and data targeting constraintsImpact: HighLikelihood: High

    Less third-party data can weaken ad targeting and reduce advertiser ROI.

    Exposure: Digital advertising

  3. Advertising concentrationImpact: High

    Substantially all revenue comes from ads, so advertiser pullbacks directly hit revenue.

    Exposure: All markets

  4. Regulatory and reputational scrutinyImpact: MediumLikelihood: Medium

    Content, privacy, workplace, and platform-policy scrutiny can deter users and advertisers.

    Exposure: Platform and brand

  5. AI-related product and reputational riskImpact: MediumLikelihood: Medium

    AI is central to recommendations and ad delivery, but misuse or errors can create harm.

    Exposure: Product and trust

Accounting

Judgemental items
Advertising revenue recognition

Revenue is recognized when ad performance obligations are satisfied, not when cash is billed.

Impact: Timing differences can shift revenue between quarters.

Share-based compensation

Equity awards are a significant recurring expense and require valuation assumptions.

Impact: Affects operating income and net income.

Marketable securities valuation

Cash is invested in short-duration securities that require fair value and interest income accounting.

Impact: Affects other income and balance sheet carrying values.

Capitalized software and office-related costs

Capital expenditures and amortization influence reported operating expenses and free cash flow.

Impact: Affects cash flow versus earnings comparability.

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Last updated: 24/09/2026