Slide 1: Q2 2025 Earnings Report
Q2 2025 Earnings Report © 2025 Pinterest. All rights reserved.
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
Slide 3: Revenue
Revenue Q2 2025 (in millions) 21% 18% 18% +17% Global Y/Y 17% 16% $1,154 $58 $998 $854 $38 $898 $42 $196 $855 $45 $63 +11% US & Canada Y/Y $191 $137 $143 $147 $673 $719 $900 $663 $745 +34% Europe Y/Y +65% Q224 Q324 Q424 Q125 Q225 US & Canada Europe Rest of World Y/Y growth rate Rest of World Y/Y Not
Slide 4: Monthly active users
Monthly active users Q2 2025 (in millions) 12% 11% 11% 11% +11% Global Y/Y 10% 570 578 +5% 553 537 522 US & Canada Y/Y 307 320 329 288 300 136 139 145 148 146 +7%Europe Y/Y 98 99 101 102 102 +14% Q224 Q324 Q424 Q125 Q225 US & Canada Europe Rest of World Y/Y growth rate Rest of World Y/Y Note: We def
Slide 5: Average revenue per user
Average revenue per user Q2 2025 Global US & Canada $9.00 +6%Global Y/Y $7.31 $7.29 $6.85 $6.54 $1.64 $1.70 $2.12 $1.52 $1.74 +6% US & Canada Y/Y Q224 Q324 Q424 Q125 Q225 Q224 Q324 Q424 Q125 Q225 Europe Rest of World +26% Europe Y/Y $1.38 $1.00 $1.30 $1.03 $1.00 $0.13 $0.14 $0.19 $0.14 $0.19 Q224 Q3
Slide 6: Non-GAAP costs and expenses
Non-GAAP costs and expenses Q2 2025 (in millions) Cost of Revenue % of revenue R&D* % of revenue +10% COR Y/Y 21% 20% 17% 23% 20% 21% 21% 24% 21% 16% $179 $182 $191 $193 $197 $179 $185 $190 $203 $209 +16% R&D Y/Y Q224 Q324 Q424 Q125 Q225 Q224 Q324 Q424 Q125 Q225 S&M* 27% 24% 20% 26% % of revenue 27%
Slide 7: Adjusted EBITDA
Adjusted EBITDA Q2 2025 (in millions) 41% 27% 25% 22% 20% $471 +33% Adj. EBITDA Y/Y +310 $247 $251 $188 $172 bps of Margin Expansion Y/Y Q224 Q324 Q424 Q125 Q225 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortiz
Slide 8: Twelve months ended Adjusted EBITDA
Twelve months ended Adjusted EBITDA (in millions) 29% 29% 28% 27% 26% $1,140 $1,078 $1,032 $931 $872 Q224 Q324 Q424 Q125 Q225 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensat
Slide 9: Appendix
Appendix © 2025 Pinterest. All rights reserved.
Slide 10: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended June 30, 2025 GAAP Share-based compensation Payroll tax expense on SBC Amortization Other expense1 Non-GAAP Cost of revenue $203.0 $5.0 $0.1 $1.3 $0.0 $196.5 Research and development 359.6 145.9 4.9 0.0 0.0 208.8 Sales an
Slide 11: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended December 31, 2024 GAAP Share-based compensation Payroll tax expense on SBC Amortization Other expense Non-GAAP Cost of revenue $197.0 $4.2 $0.1 $1.5 $0.0 $191.2 Research and development 320.8 128.0 2.7 0.0 0.0 190.1 Sales
Slide 12: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended June 30, 2024 GAAP Share-based compensation Payroll tax expense on SBC Amortization Other expense Non-GAAP Cost of revenue $184.9 $3.8 $0.1 $1.5 $0.0 $179.4 Research and development 312.8 128.5 4.9 0.0 0.0 179.4 Sales and
Slide 13: Adjusted EBITDA reconciliation: Reconciliation of net income to adjusted EBITDA
Adjusted EBITDA reconciliation: Reconciliation of net income to adjusted EBITDA (in millions) Three months ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net income $8.9 $30.6 $1,847.5 $8.9 $38.8 Depreciation and amortization 4.9 5.4 6.1 5.8 6.1 Share-based com
Slide 14: Adjusted EBITDA reconciliation: Reconciliation of net income to adjusted EBITDA
Adjusted EBITDA reconciliation: Reconciliation of net income to adjusted EBITDA (in millions) Twelve months ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net income $192.0 $215.8 $1,862.1 $1,895.8 $1,925.7 Depreciation and amortization 20.0 20.5 21.3 22.3 23.4
Slide 15: Free cash flow conversion
Free cash flow conversion (in millions) Three months ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net cash provided by operating activities $106.4 $248.0 $254.0 $363.7 $207.7 Less: Purchases of property and equipment (4.8) (3.9) (3.8) (7.3) (11.0) Free cash f
Slide 16: © 2025 Pinterest. All rights reserved.
© 2025 Pinterest. All rights reserved.