Slide 1: Q4 2025 Earnings Report
Q4 2025 Earnings Report © 2026 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 Q4 2025
Revenue Q4 2025 (in millions) 18% 16% 17% 17% 14% +14% Global Y/Y $1,319 $96 $1,154 $58 $196 $855 $998 $63 $1,049 $70 $245 +9% US & Canada Y/Y $45 $193 $191 $147 $900 $663 $745 $786 $979 +25% Europe Y/Y Q424 Q125 Q225 Q325 Q425 US & Canada Europe Rest of World Y/Y growth rate +64% Rest of World Y/Y
Slide 4: Monthly active users Q4 2025
Monthly active users Q4 2025 (in millions) 11% 10% 11% 12% 12% +12% Global Y/Y 619 600 570 578 +4% 553 356 US & Canada Y/Y 329 347 307 320 145 148 146 150 158 +9%Europe Y/Y 101 102 102 103 105 Q424 Q125 Q225 Q325 Q425 US & Canada Europe Rest of World Y/Y growth rate +16% Rest of World Y/Y Note: We d
Slide 5: Average revenue per user Q4 2025
Average revenue per user Q4 2025 Global US & Canada $9.00 $7.64 $9.41 +2%Global Y/Y $7.29 $6.54 +4% $2.12 $2.16 $1.52 $1.74 $1.78 US & Canada Y/Y Q424 Q125 Q225 Q325 Q425 Q424 Q125 Q225 Q325 Q425 Europe Rest of World +15% Europe Y/Y $1.38 $1.30 $1.31 $1.59 $1.00 $0.19 $0.14 $0.19 $0.21 $0.27 Q424 Q1
Slide 6: Non-GAAP costs and expenses Q4 2025
Non-GAAP costs and expenses Q4 2025 (in millions) Cost of Revenue 23% 20% 20% % of revenue R&D* 24% 21% 21% % of revenue +15% COR Y/Y 17% 17% 16% 16% $191 $193 $197 $206 $221 $190 $203 $209 $215 $213 +12% R&D Y/Y Q424 Q125 Q225 Q325 Q425 Q424 Q125 Q225 Q325 Q425 S&M* G&A* +11% % of revenue % of reve
Slide 7: Adjusted EBITDA Q4 2025
Adjusted EBITDA Q4 2025 (in millions) 41% 41% 25% 29% 20% $542 $471 +15% Adj. EBITDA Y/Y $306 $251 $172 +20 bps of Margin Expansion Y/Y Q424 Q125 Q225 Q325 Q425 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortiza
Slide 8: Twelve months ended Adjusted EBITDA
Twelve months ended Adjusted EBITDA (in millions) 30% 30% 29% 29% 28% $1,270 $1,199 $1,140 $1,078 $1,032 Q424 Q125 Q225 Q325 Q425 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compe
Slide 9: Appendix
Appendix © 2026 Pinterest. All rights reserved. 9
Slide 10: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended December 31, 2025 % of Revenue Share-based Payroll tax GAAP Amortization Other expense Non-GAAP GAAP Non-GAAP compensation expense on SBC Cost of revenue $226.9 $5.3 $0.1 $0.8 $0.0 $220.7 17% 17% Research and development*
Slide 11: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended June 30, 2025 % of Revenue Share-based Payroll tax GAAP Amortization Other expense1 Non-GAAP GAAP Non-GAAP compensation expense on SBC Cost of revenue $203.0 $5.0 $0.1 $1.3 $0.0 $196.5 20% 20% Research and development* 35
Slide 12: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended December 31, 2024 % of Revenue Share-based Payroll tax GAAP Amortization Other expense Non-GAAP GAAP Non-GAAP compensation expense on SBC Cost of revenue $197.0 $4.2 $0.1 $1.5 $0.0 $191.2 17% 17% Research and development*
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 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net income $1,847.5 $8.9 $38.8 $92.1 $277.1 Depreciation and amortization 6.1 5.8 6.1 7.2 6.0 Share-bas
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 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net income $1,862.1 $1,895.8 $1,925.7 $1,987.3 $416.9 Depreciation and amortization 21.3 22.3 23.4 25.
Slide 15: Free cash flow conversion
Free cash flow conversion (in millions) Three months ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net cash provided by operating activities $254.0 $363.7 $207.7 $321.7 $391.2 Less: Purchases of property and equipment (3.8) (7.3) (11.0) (3.2) (10.8) Free c
Slide 16: © 2026 Pinterest. All rights reserved.
© 2026 Pinterest. All rights reserved.