Pinterest, Inc. · NYSE:PINS

Pinterest — Q1 2025 Earnings Presentation

16 slides from Pinterest's earnings presentation, May 8, 2025

  1. Slide 1: Q1 2025 Earnings Report

    Q1 2025 Earnings Report © 2025 Pinterest. All rights reserved.

  2. Slide 2: Non-GAAP Limitation of Key Metrics

    Non-GAAP Limitation of Key Metrics Financial Measures and Other Data To supplement our condensed consolidated financial statements, which are The numbers for our key metrics, which include our monthly active users (MAUs) prepared and presented in accordance with generally accepted accounting and ave

  3. Slide 3: Revenue Q1 2025

    Revenue Q1 2025 (in millions) 23% 21% 18% 18% 16% +16% Global Y/Y $1,154 $58 $740 $854 $38 $898 $42 $196 $855 $45 +12% US & Canada Y/Y $30 $137 $143 $147 $118 $592 $673 $719 $900 $663 +24% Europe Y/Y +49% Q124 Q224 Q324 Q424 Q125 US & Canada Europe Rest of World Y/Y growth rate Rest of World Y/Y Not

  4. Slide 4: Monthly active users

    Monthly active users Q1 2025 (in millions) 12% 12% 11% 11% +10% Global Y/Y 10% 570 +4% 553 537 518 522 US & Canada Y/Y 307 320 279 288 300 140 136 139 145 148 +5%Europe Y/Y 98 98 99 101 102 +14% Q124 Q224 Q324 Q424 Q125 US & Canada Europe Rest of World Y/Y growth rate Rest of World Y/Y Note: We defi

  5. Slide 5: Average revenue per user

    Average revenue per user Q1 2025 Global US & Canada $9.00 +5%Global Y/Y $7.31 $6.85 $6.54 $6.05 $1.46 $1.64 $1.70 $2.12 $1.52 +8% US & Canada Y/Y Q124 Q224 Q324 Q424 Q125 Q124 Q224 Q324 Q424 Q125 Europe Rest of World +17% Europe Y/Y $1.38 $1.00 $0.86 $1.03 $1.00 $0.11 $0.13 $0.14 $0.19 $0.14 Q124 Q2

  6. Slide 6: Non-GAAP costs and expenses

    Non-GAAP costs and expenses Q1 2025 (in millions) Cost of Revenue % of revenue R&D % of revenue +10% COR Y/Y 24% 21% 20% 23% 23% 21% 21% 24% 17% 16% $176 $179 $182 $191 $193 $169 $179 $185 $190 $203 +20% R&D Y/Y Q124 Q224 Q324 Q424 Q125 Q124 Q224 Q324 Q424 Q125 S&M 27% 27% 24% 20% % of revenue 26% G

  7. Slide 7: Adjusted EBITDA

    Adjusted EBITDA Q1 2025 (in millions) 41% 22% 27% 17% 20% $471 +36% Adj. EBITDA Y/Y +300 $247 $188 $172 bps of Margin Expansion Y/Y $126 Q124 Q224 Q324 Q424 Q125 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortiz

  8. Slide 8: Twelve months ended Adjusted EBITDA

    Twelve months ended Adjusted EBITDA (in millions) 29% 28% 27% 26% 25% $1,078 $1,032 $931 $872 $796 Q124 Q224 Q324 Q424 Q125 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensatio

  9. Slide 9: Appendix

    Appendix © 2025 Pinterest. All rights reserved.

  10. Slide 10: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended March 31, 2025 GAAP Share-based compensation Payroll tax expense on SBC Amortization Other expense Non-GAAP Cost of revenue $199.3 $4.1 $0.3 $1.5 $0.0 $193.4 Research and development 331.7 119.5 9.6 0.0 0.0 202.6 Sales an

  11. Slide 11: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended September 30, 2024 GAAP Share-based compensation Payroll tax expense on SBC Amortization Other expense1 Non-GAAP Cost of revenue $187.5 $3.9 $0.1 $1.5 $0.0 $181.9 Research and development 326.7 138.6 2.7 0.0 0.0 185.3 Sal

  12. Slide 12: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended March 31, 2024 GAAP Share-based compensation Payroll tax expense on SBC Amortization Other expense Non-GAAP Cost of revenue $181.1 $2.9 $0.3 $1.5 $0.0 $176.4 Research and development 280.3 102.4 9.0 0.0 0.0 168.9 Sales an

  13. Slide 13: Adjusted EBITDA reconciliation: net income (loss) to adjusted EBITDA

    Adjusted EBITDA reconciliation: Reconciliation of net income (loss) to adjusted EBITDA (in millions) Three months ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Net income (loss) $(24.8) $8.9 $30.6 $1,847.5 $8.9 Depreciation and amortization 4.9 4.9 5.4 6.1 5.

  14. Slide 14: Adjusted EBITDA reconciliation: net income to adjusted EBITDA

    Adjusted EBITDA reconciliation: Reconciliation of net income to adjusted EBITDA (in millions) Twelve months ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Net income $148.2 $192.0 $215.8 $1,862.1 $1,895.8 Depreciation and amortization 20.2 20.0 20.5 21.3 22.3

  15. Slide 15: Free cash flow conversion

    Free cash flow conversion (in millions) Three months ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Net cash provided by operating activities $356.1 $106.4 $248.0 $254.0 $363.7 Less: Purchases of property and equipment (12.1) (4.8) (3.9) (3.8) (7.3) Free cash

  16. Slide 16: © 2025 Pinterest. All rights reserved.

    © 2025 Pinterest. All rights reserved.

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