Compare · Communication Services
Pinterest vs. Snap: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
1 · What it sells
Pinterest sells ads shown to the 661 million people a month who search and save ideas on its app and website, and earned $4,221.8 million of revenue in FY2025.
Sources and detail on the Pinterest page2 · Who pays it
In FY2025, advertisers billed in the US and Canada paid 72% of Pinterest's revenue, those billed in Europe 19% and those billed elsewhere 9%.
Sources and detail on the Pinterest page3 · What it keeps from $100
Of every $100 that came in during FY2025, Pinterest kept $9.6 as net income, which includes $126.0 million of interest and other income; its operating income was $319.9 million, or $7.58 per $100 of revenue.
Sources and detail on the Pinterest page4 · Where the operating profit comes from
Pinterest reports one segment and no profit by region, so its $319.9 million of FY2025 operating income came from a business where users in the US and Canada brought in 75% of revenue.
Sources and detail on the Pinterest page5 · The one thing to watch
In Q3 FY2026, Pinterest's revenue of $1,173.9 million came in below its own range of $1,190–1,210 million, while monthly users reached 661 million.
Sources and detail on the Pinterest page
Snap
1 · What it sells
Snap runs Snapchat, a camera and messaging app used by 495 million people a day in Q3 FY2026, and sells ads and subscriptions there, earning $5,931.4 million of revenue in FY2025.
Sources and detail on the Snap page2 · Who pays it
In FY2025 advertisers paid 87.4% of Snap's revenue, and subscribers and partners paid the other 12.6%.
Sources and detail on the Snap page3 · What it keeps from $100
Of every $100 that came in during FY2025, Snap lost $7.5 after other income that included a $96.7 million gain on repurchased notes; its operating loss was $532.2 million, or $8.97 per $100 of revenue.
Sources and detail on the Snap page4 · Where the operating profit comes from
Snap reports one segment and no profit by region, but in Q3 FY2026 North American users brought in $11.07 each against $1.13 elsewhere, and Snap made $76.7 million of operating income.
Sources and detail on the Snap page5 · The one thing to watch
Snap had net income of $56.5 million in Q3 FY2026 after a $164.0 million net loss in Q2 FY2026, and said on Aug 3, 2026 that it aims for sustained positive net income beginning in 2027.
Sources and detail on the Snap page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Where $100 went · FY2025
| Research and development | $32.8 |
|---|---|
| Sales and marketing | $26.8 |
| Running the app and delivering ads | $19.4 |
| General and administrative | $10.7 |
| Income tax | $0.7 |
| Kept as profit | $9.6 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue $4,221.8 million + interest and other income $126.0 million = $4,347.8 million). Each line = line ÷ total money in × 100. Costs are grouped by function as Pinterest reports them, so stock-based pay ($880.5 million) sits inside each line. Measured on revenue alone, operating income was $7.58 per $100 and net income $9.87.
Snap
Where $100 went · FY2025
| Infrastructure (cloud hosting) | $25.8 |
|---|---|
| Content, developer and advertising partners | $17.5 |
| Staff, facilities, marketing and other costs | $42.2 |
| Stock-based pay and its payroll tax | $17.2 |
| Depreciation and amortization | $2.7 |
| Interest and income tax | $2.1 |
| Net loss (costs above money in) | −$7.5 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K, using its segment expense table. Of every $100 that came in during FY2025 (revenue $5,931.4 million + interest and other income $203.0 million = $6,134.5 million, added before rounding). Each line = line ÷ total money in × 100. Costs came to $107.5, so the last line is a loss of $7.5. Other income included a $96.7 million gain on repurchased convertible notes. Measured on revenue alone, the operating loss was $8.97 per $100 and the net loss $7.76.
Line items differ because each company groups its costs its own way in its filings. Only on Pinterest's receipt: Research and development; Sales and marketing; Running the app and delivering ads; General and administrative; Income tax; Kept as profit. Only on Snap's receipt: Infrastructure (cloud hosting); Content, developer and advertising partners; Staff, facilities, marketing and other costs; Stock-based pay and its payroll tax; Depreciation and amortization; Interest and income tax; Net loss (costs above money in).
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Snap
See the numbers
Net income
Snap
See the numbers
Free cash flow
Snap
See the numbers
Who pays each company
- Advertisers billed in the US and Canada · 72.3% of revenueBusinesses with a billing address in the US or Canada: $3,052.6 million in FY2025. The United States alone gave $2,912.0 million. Pinterest names retail, consumer goods, financial services, technology and entertainment, travel and auto as its advertiser groups.
- Advertisers billed in Europe · 18.5% of revenueBusinesses with a European billing address: $779.1 million in FY2025, up from $601.2 million in FY2024.
- Advertisers billed elsewhere · 9.2% of revenueBusinesses billed in the rest of the world: $390.0 million in FY2025, up from $305.1 million in FY2024.
Snap
- Advertisers · 87.4% of revenueBusinesses from small firms to well-known brands, including advertising resellers. Advertising revenue was $5,186.1 million in FY2025, up from $4,408.3 million in FY2023.
- Subscribers and partners · 12.6% of revenuePeople paying for Snapchat+, Lens+, Platinum or storage plans, and partners paying fixed fees. This other revenue was $745.4 million in FY2025, up from $197.8 million in FY2023.
Revenue by segment
FY2025
| Segment | Revenue | Share |
|---|---|---|
| US and Canada users | $3.2B | 75.2% |
| Europe users | $775M | 18.4% |
| Rest of world users | $274M | 6.5% |
Snap
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Advertising | $5.2B | 87.4% |
| Other revenue (subscriptions and partnerships) | $745M | 12.6% |
Debt and cash
- Debt
- $1.0B
- Cash and investments
- $1.5B
On Sep 30, 2026.
On Sep 30, 2026 Pinterest held $470.0 million more in cash and marketable securities than it owed on its convertible notes. At Dec 31, 2025 it had $2,467.2 million and no debt.
Snap
- Debt
- $3.5B
- Cash and investments
- $2.8B
On Sep 30, 2026.
On Sep 30, 2026 Snap's notes exceeded its cash and marketable securities by $715.8 million. Its FY2025 operating cash flow was $656.2 million.
Who owns each company
- 2 classes of shares (votes per share: Class A common stock 1, Class B common stock 20).
- Benjamin Silbermann (co-founder, chair), with a family trust: 46.3% of its class, 35.3% of votes (as of Mar 27, 2026).
- Paul Sciarra (co-founder), through trusts and an LLC: 40.9% of its class, 31.2% of votes (as of Mar 27, 2026).
- Ameriprise Financial: 10.2% (as of Jul 31, 2026).
- 2 more holders on the Pinterest page.
Snap
- 3 classes of shares (votes per share: Class A common stock 0, Class B common stock 1, Class C common stock 10).
- Officers and directors as a group: 19.9% of shares, 99.5% of votes (as of Dec 31, 2025).
- Evan Spiegel (co-founder, CEO): 9.3% of its class, 53.1% of votes (as of Dec 31, 2025).
- Robert Murphy (co-founder, CTO): 10.3% of its class, 46.4% of votes (as of Dec 31, 2025).
- Tencent Holdings affiliates: 14.2% (as of Dec 31, 2025).
- 2 more holders on the Snap page.
Sources: Pinterest S20, S5, S45, S46, S42, S43 · Snap S1, S6, S29
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: customer or supplier concentration, competition, governance, debt, execution. Every risk is on each company's page.
- Revenue growth slowed and missed the company's own range (demand)Q3 FY2026 revenue was $1,173.9 million, below Pinterest's $1,190–1,210 million range, and growth slowed to 11.9% from 18.2% in Q2. The CEO linked about 3 points of the slowdown to cross-border sellers after an EU import rule change, about 2 points to event timing and about 1 point to currency.
Snap
- Lawsuits over harm to young users (legal cases)Thousands of plaintiffs allege that the design of Snapchat and rival apps is addictive and harmful, mostly to users under 18. State attorneys general, families in fentanyl-death cases and alleged victims of sexual exploitation have also sued. Snap says it cannot reasonably estimate possible losses.
Key facts
- How does Pinterest make money compared with Snap?
- Pinterest's revenue by segment in FY2025: US and Canada users 75.2%, Europe users 18.4%, Rest of world users 6.5%. Snap's revenue by segment in FY2025: Advertising 87.4%, Other revenue (subscriptions and partnerships) 12.6%.
- Which is bigger by revenue, Pinterest or Snap?
- Pinterest reported $4.2B of revenue in FY2025, and Snap reported $5.9B in FY2025.
- How much net income did Pinterest and Snap report?
- Pinterest reported net income of $417M in FY2025, and Snap reported −$461M in FY2025.
- How much of every $100 did Pinterest and Snap keep as net income?
- Pinterest kept $9.6 of every $100 that came in during FY2025, and Snap kept −$7.5 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Pinterest and Snap have?
- Pinterest had $1.0B of debt and $1.5B of cash and investments on Sep 30, 2026. Snap had $3.5B of debt and $2.8B of cash and investments on Sep 30, 2026.
- When do Pinterest's and Snap's fiscal years end?
- Pinterest: Fiscal year ends on Dec 31 (Pinterest's fiscal year is the calendar year). Snap: Fiscal year ends on Dec 31 (Snap's fiscal year is the calendar year).
Sources: Pinterest S3, S4, S1, S14, S11, S37, S5, S21, S33 · Snap S3, S1, S6, S12
Built from each company's page. Pinterest updated Nov 6, 2026; Snap updated Nov 6, 2026.
Sources
- S1Form 10-K for fiscal year 2025, Pinterest, Inc. (SEC EDGAR), Feb 12, 2026
- S3Form 10-K for fiscal year 2023, Pinterest, Inc. (SEC EDGAR), Feb 8, 2024
- S4Form 10-K for fiscal year 2022, Pinterest, Inc. (SEC EDGAR), Feb 6, 2023
- S5Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026), Pinterest, Inc. (SEC EDGAR), Oct 29, 2026
- S11Q3 2026 earnings release (8-K Exhibit 99.1), Pinterest, Inc. (SEC EDGAR), Oct 29, 2026
- S12Q2 2026 earnings release (8-K Exhibit 99.1), Pinterest, Inc. (SEC EDGAR), Aug 4, 2026
- S14Q4 and full-year 2025 earnings release (8-K Exhibit 99.1), Pinterest, Inc. (SEC EDGAR), Feb 12, 2026
- S202026 proxy statement (DEF 14A), Pinterest, Inc. (SEC EDGAR), Apr 8, 2026
- S218-K filed Mar 3, 2026: Elliott investment agreement ($1B 1.75% convertible notes), $1B accelerated share repurchase and $3.5B repurchase program (with press release, Ex. 99.1), Pinterest, Inc. (SEC EDGAR), Mar 3, 2026
- S338-K filed Oct 15, 2026: $700 million revolving credit facility, Pinterest, Inc. (SEC EDGAR), Oct 15, 2026
- S37Q3 2026 earnings call transcript, Pinterest, Inc. (investor relations), Oct 29, 2026
- S42Schedule 13G by Ameriprise Financial, Inc. on Pinterest Class A common stock (10.2% at Jul 31, 2026), Ameriprise Financial, Inc. (SEC EDGAR), Aug 7, 2026
- S43Schedule 13G by Ameriprise Financial, Inc. on Pinterest Class A common stock (9.3% at Jun 30, 2026), Ameriprise Financial, Inc. (SEC EDGAR), Aug 14, 2026
- S45Schedule 13G/A by Vanguard Capital Management on Pinterest common stock (4.82% at Sep 30, 2026), Vanguard Capital Management (SEC EDGAR), Oct 30, 2026
- S46Schedule 13G/A by The Goldman Sachs Group, Inc. on Pinterest Class A common stock (3.7% at Jun 30, 2026), The Goldman Sachs Group, Inc. (SEC EDGAR), Aug 10, 2026
Snap
- S1Form 10-K for fiscal year 2025, Snap Inc. (SEC EDGAR), Feb 5, 2026
- S3Form 10-K for fiscal year 2023, Snap Inc. (SEC EDGAR), Feb 7, 2024
- S6Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026), Snap Inc. (SEC EDGAR), Nov 5, 2026
- S12Q3 2026 earnings release (8-K Exhibit 99.1), Snap Inc. (SEC EDGAR), Nov 4, 2026
- S298-K filed Jul 9, 2026: 2026 annual meeting information statement (Exhibit 99.1), Snap Inc. (SEC EDGAR), Jul 9, 2026
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