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Communication Services · NYSE: PINS

Pinterest: how the business works

Pinterest runs an app and website where 661 million people a month search for and save ideas, and it sells ads there. FY2025 revenue was $4.22 billion.

By · Checked against filings: . Editorial policy. Corrections

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Pinterest, Inc. · San Francisco, California · Founded 2008

Updated for Q3 FY2026 · checked

Revenue, FY2025
$4.22B
Net income, FY2025
$416.9M
Monthly active users, Q3 FY2026 (Pinterest's own measure)
661 million
Employees, Dec 31, 2025
5,265
Class B shares' share of votes, Oct 23, 2026 (Cityfort calculation from the Q3 FY2026 10-Q)
74.5%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Pinterest in 5 points

  1. 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.

    More: what it sells

  2. 2 · 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%.

    More: who pays it

  3. 3 · 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.

    More: what it keeps from $100

  4. 4 · 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.

    More: where the operating profit comes from

  5. 5 · 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.

    More: the one thing to watch

Sources: From Pinterest's FY2025 10-K and its Q4 FY2025, Q2 FY2026 and Q3 FY2026 earnings releases · checked

See the full receipt and the management scorecard below

Sources (4)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Pinterest's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Pinterest · FY2025

Receipt for every $100

Where $100 of Pinterest's money went in 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

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

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.

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Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Pinterest do?

Advertisers pay Pinterest to show ads to people looking for ideas; research and development takes the most money, and $9.6 of every $100 that came in was profit in FY2025.

  • Pinterest says substantially all of its revenue comes from advertising. FY2025 revenue was $4,221.8 million, up from $3,646.2 million in FY2024.
  • Pinterest made net losses in FY2022 and FY2023. FY2024 net income of $1,862.1 million was mostly a one-time $1,597.0 million tax benefit.
Next: Who pays it

03Who pays it

Who pays Pinterest?

  • Advertisers billed in the US and Canada

    72%

    of revenue

    Businesses 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

    19%

    of revenue

    Businesses with a European billing address: $779.1 million in FY2025, up from $601.2 million in FY2024.

  • Advertisers billed elsewhere

    9%

    of revenue

    Businesses billed in the rest of the world: $390.0 million in FY2025, up from $305.1 million in FY2024.

  • Advertisers billed in the US and Canada72%
  • Advertisers billed in Europe19%
  • Advertisers billed elsewhere9%

How spread out the customers are

Shares are a Cityfort calculation from the FY2025 10-K (revenue by customer billing address ÷ $4,221.8 million). No country other than the United States gave 10% or more of revenue. The filings used here give no revenue share for Pinterest's largest advertisers.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Pinterest make money?

Pinterest keeps about $80 of each $100 of revenue after hosting and ad-delivery costs, so its profit depends on what it spends on engineers, sales and stock-based pay

Revenue minus cost of revenue was $80.07 per $100 in FY2025 (Cityfort calculation from the FY2025 10-K). But stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more alone was $880.5 million, 20.9% of revenue. In FY2025 ads shown rose 49% while the average price per ad fell 22%.

Operating income per $100 of revenue

$12.7$7.6

FY2021 to FY2025

  1. People search and save ideas for things they plan to do or buy
  2. Their searches and saves show what they are interested in
  3. Advertisers bid in an auction to show ads beside those ideas
  4. More users and more ads shown bring in more revenue
  5. Revenue pays engineers, sales staff and stock-based pay
  6. New features, such as AI tools, aim to bring in more users and searches

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Pinterest?

  • US and Canada users

    75%

    Pinterest reports one operating segment; this is revenue placed by where users are, with no separate profit. 107 million monthly users brought in $8.38 each in Q3 FY2026.

    Revenue $3.2B

  • Europe users

    18%

    Also a revenue line by user location, not a segment. 161 million monthly users brought in $1.21 each in Q3 FY2026, when Europe revenue was flat on a year earlier.

    Revenue $775M

  • Rest of world users

    7%

    Revenue from users elsewhere. 394 million monthly users, the largest group, brought in $0.23 each in Q3 FY2026.

    Revenue $274M

How the mix changed

  • US and Canada users
  • Europe users
  • Rest of world users

Revenue by segment, FY2024 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearUS and Canada usersEurope usersRest of world users
FY2024$2.9B$593M$169M
FY2025$3.2B$775M$274M
Sources (4)
Next: How has it done

06The numbers · Consolidated · US$

How has Pinterest done?

Revenue

$4.2BFY2025

Revenue grew every year from $2,578.0 million in FY2021 to $4,221.8 million in FY2025, and Q3 FY2026 revenue of $1,173.9 million was up 11.9% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$2.6B
FY2022$2.8B
FY2023$3.1B
FY2024$3.6B
FY2025$4.2B
Q1 FY2024$740M
Q2 FY2024$854M
Q3 FY2024$898M
Q4 FY2024$1.2B
Q1 FY2025$855M
Q2 FY2025$998M
Q3 FY2025$1.0B
Q4 FY2025$1.3B
Q1 FY2026$1.0B
Q2 FY2026$1.2B
Q3 FY2026$1.2B

Net profit

$417MFY2025

Pinterest lost money in FY2022 and FY2023; FY2024 net income of $1,862.1 million was mostly a one-time $1,597.0 million tax benefit, and FY2025 net income was $416.9 million.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$316M$0.46
FY2022−$96M−$0.14
FY2023−$35.6M−$0.05
FY2024$1.9B$2.67
FY2025$417M$0.61
Q1 FY2024−$24.8M−$0.04
Q2 FY2024$8.9M$0.01
Q3 FY2024$30.6M$0.04
Q4 FY2024$1.8B$2.68
Q1 FY2025$8.9M$0.01
Q2 FY2025$38.8M$0.06
Q3 FY2025$92.1M$0.13
Q4 FY2025$277M$0.41
Q1 FY2026−$73.6M−$0.12
Q2 FY2026−$46.7M−$0.08
Q3 FY2026$21.5M$0.04

Profit kept per $100 of revenue

$9.9FY2025

Pinterest kept $9.87 of net income per $100 of revenue in FY2025; stock-based pay was $880.5 million, 20.9% of revenue and more than twice net income.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202112.3%13.7%
FY2022−3.4%−2.0%
FY2023−1.2%−3.4%
FY202451.1%5.5%
FY20259.9%8.2%

Free cash flow

$1.3BFY2025

Free cash flow rose from $743.9 million in FY2021 to $1,251.9 million in FY2025; spending on property and equipment for FY2021 to FY2023 also includes intangible assets.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$753M$9M$744M
FY2022$469M$29M$440M
FY2023$613M$8.1M$605M
FY2024$965M$24.6M$940M
FY2025$1.3B$32.4M$1.3B
See all yearly numbers
Pinterest annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$2.6B$354M$316M$0.46$753M$9M$744M
FY2022$2.8B−$55.2M−$96M−$0.14$469M$29M$440M
FY2023$3.1B−$104M−$35.6M−$0.05$613M$8.1M$605M
FY2024$3.6B$201M$1.9B$2.67$965M$24.6M$940M
FY2025$4.2B$345M$417M$0.61$1.3B$32.4M$1.3B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on Dec 31 (Pinterest's fiscal year is the calendar year)). Net profit is the share belonging to the company's owners.

Download Pinterest's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (11)
Next: What they said, and what happened

07Who runs it

Who runs Pinterest, and did they deliver?

  • Bill Ready

    Chief executive officer and director · since 2022

    CEO since June 2022. Pay was $39.31 million in 2025, of which stock awards were $37.93 million. The CEO pay ratio was 126.2 to 1.

  • Benjamin Silbermann

    Co-founder and non-executive chair · since 2008

    Director since 2008 and CEO until June 2022. Held 35.33% of total votes in the 2026 proxy table.

  • James Dibbo

    Chief financial officer · since 2026

    CFO from Oct 26, 2026, previously at Amazon. He replaced Julia Brau Donnelly, who resigned on Aug 26, 2026.

  • Claude (Lee) Brown

    Chief business officer · since 2026

    Appointed Jan 20, 2026, previously at DoorDash.

What they said, and what happened

2 delivered · 2 missed · 2 too early to tell

  1. Said on May 4, 2026

    Q2 FY2026 revenue of $1,133–1,153 million.

    What happened

    Q2 FY2026 revenue was $1,179.7 million, above the top of the range.

    Delivered

  2. Said on Aug 4, 2026

    Q3 FY2026 revenue of $1,190–1,210 million.

    What happened

    Q3 FY2026 revenue was $1,173.9 million, below the range. Revenue had been within or above the range in every quarter from Q4 FY2024 to Q2 FY2026.

    Missed

  3. Said on Aug 4, 2026

    Q3 FY2026 Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. of $335–355 million.

    What happened

    Adjusted EBITDA was $339.2 million, inside the range.

    Delivered

  4. Said on Jan 26, 2026

    The January 2026 restructuring would cost about $35–45 million in charges.

    What happened

    Charges reached $65.5 million in the first nine months of 2026, including $17.6 million of stock-based pay; the plan was completed in Q3 FY2026.

    Missed

  5. Said on Aug 4, 2026

    Full-year 2026 Adjusted EBITDA margin of approximately 30% (raised from about 29% on Aug 4, 2026, and repeated on Oct 29, 2026).

    What happened

    The first nine months of 2026 were at 25.5%. Q4 is Pinterest's seasonally strongest revenue quarter; Q4 FY2025's margin was 41.0%.

    Too early to tell

  6. Said on Oct 29, 2026

    Q4 FY2026 revenue of $1,425–1,475 million.

    What happened

    Q4 FY2026 results have not been reported.

    Too early to tell
Sources (18)
Next: What could go wrong

08What could go wrong

What could go wrong for Pinterest?

  • Demand

    Revenue growth slowed and missed the company's own range

    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.

    Watch Q4 FY2026 revenue against Pinterest's range of $1,425–1,475 million.

  • Concentration

    Almost all revenue comes from ads

    Pinterest says substantially all of its revenue is advertising, so cuts in ad budgets hit it directly. On Feb 12, 2026 the CEO said many of the largest retailers had been disproportionately hit by tariffs.

    Watch Price per ad (down 4% in Q3 FY2026) and ads shown (up 17%).

  • Competition

    Larger rivals and AI assistants

    Pinterest's FY2025 10-K names Amazon, Meta, Google, OpenAI's ChatGPT, Snap, Reddit, TikTok and X as competitors for users and ad budgets.

    Watch Monthly active users (661 million in Q3 FY2026) and revenue per user in the US and Canada ($8.38).

  • Governance

    Co-founders control the votes

    Class B shares carry 20 votes each and held 74.46% of votes on Oct 23, 2026 with 12.73% of shares. Two co-founders held 35.33% and 31.19% of total votes in the 2026 proxy table, so Class A holders have limited say.

    Watch Class B conversions, which lower the class's share of votes.

  • Debt

    Less cash and new debt after buybacks

    Cash and marketable securities fell to $1,470.0 million on Sep 30, 2026 from $2,467.2 million at Dec 31, 2025, while Pinterest took on $1,000.0 million of convertible notes. Net interest income fell to $6.0 million in Q3 FY2026 from $28.5 million a year earlier.

    Watch Cash and marketable securities each quarter, and the $1,948.0 million left in the buyback program.

  • Execution

    Large stock-based pay

    Stock-based pay was $880.5 million in FY2025, 20.9% of revenue and more than twice net income, and $291.7 million in Q3 FY2026. Unrecognized stock pay was $1,185.1 million on Sep 30, 2026.

    Watch Stock-based pay per $100 of revenue each quarter.

  • Concentration

    Reliance on Amazon Web Services

    Amazon Web Services runs the vast majority of Pinterest's computing and storage, and Amazon is also a named competitor. Pinterest has committed to $4,000.0 million of purchases through May 2031.

    Watch Cost of revenue, $261.6 million in Q3 FY2026, against revenue.

  • Execution

    Leadership changes in finance

    Pinterest changed its CFO and chief accounting officer and appointed a chief business officer in 2026. The new CFO started on Oct 26, 2026.

    Watch The Q4 FY2026 earnings release, the first under the new CFO.

Sources (12)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Monthly active users reached 661 million at Sep 30, 2026, up from 600 million a year earlier.
  • Revenue grew every year from FY2021 to FY2025, reaching $4,221.8 million.
  • Free cash flow was $1,251.9 million in FY2025, with $32.4 million spent on property and equipment.
  • Revenue was within or above Pinterest's own range in every quarter from Q4 FY2024 to Q2 FY2026.
  • Shares outstanding fell 13.8% between Feb 6 and Oct 23, 2026 after buybacks.

What critics point to

  • Q3 FY2026 revenue of $1,173.9 million came in below Pinterest's $1,190–1,210 million range, and Europe revenue was flat.
  • FY2024 net income of $1,862.1 million was mostly a $1,597.0 million tax benefit; FY2025 operating income was $319.9 million.
  • Stock-based pay was $880.5 million in FY2025, 20.9% of revenue.
  • Pinterest took on $1,000.0 million of convertible notes in 2026 while cash and marketable securities fell to $1,470.0 million.
  • Class B shares held 74.46% of votes on Oct 23, 2026 with 12.73% of shares.
Next: What to watch next

10What to watch next

What should you watch next at Pinterest?

Next event

Q4 FY2026 results

Date not announced yet.

  • Q4 FY2026 revenue

    Reported revenue against Pinterest's range of $1,425–1,475 million, given on Oct 29, 2026, after Q3 came in below its range.

  • Full-year Adjusted EBITDA margin

    Whether FY2026 lands near the approximately 30% management repeated on Oct 29, 2026; the first nine months were at 25.5%.

  • Europe and cross-border sellers

    Europe revenue ($193 million in Q3 FY2026, flat on a year earlier) and what management says about cross-border sellers.

  • Ireland tax allowance

    The FY2025 10-K says a release of the valuation allowance on Irish deferred tax assets is reasonably possible within 12 months, which would be another one-time tax item.

Next: Key dates

11Key dates

What are the key dates for Pinterest?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Pinterest
EventDateSource
Pinterest may redeem the convertible notes fromOnly if the Class A share price is at least 130% of the conversion price, about $22.72.Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026)
Convertible notes mature$1,000.0 million principal, repaid in cash.Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026)
Sources (1)
Next: Key facts

12Key facts

Key facts about Pinterest

What does Pinterest do?
Pinterest, Inc. runs a visual search and discovery app and website where people search for, save and organize ideas posted as images and videos, called Pins. Pinterest counted 661 million monthly active users at Sep 30, 2026, by its own measure.
How does Pinterest make money?
Pinterest makes money by selling ads shown among the Pins people browse and search. Pinterest says substantially all of its revenue comes from advertising, which made FY2025 (the year to Dec 31, 2025) revenue $4,221.8 million. Most advertisers buy ads through an auction.
What is Pinterest's business model?
Pinterest's business model is to offer a free place to find ideas and sell advertisers access to the people searching. In FY2025 Pinterest spent $1,427.4 million on research and development, its largest cost, and kept $319.9 million as operating income on $4,221.8 million of revenue.
Is Pinterest profitable?
Pinterest was profitable in FY2025, with operating income of $319.9 million and net income of $416.9 million. Pinterest made net losses in FY2022 and FY2023, and its FY2024 net income of $1,862.1 million included a one-time $1,597.0 million tax benefit. In Q3 FY2026 Pinterest's net income was $21.5 million.
What is Pinterest's revenue by segment?
Pinterest reports one operating segment, so it gives no segment profit. By where its users are, Pinterest's FY2025 revenue was $3,173 million from the US and Canada, $775 million from Europe and $274 million from the rest of the world.
Who are Pinterest's customers?
Pinterest's paying customers are advertisers, including retailers, consumer goods makers, financial services, technology and entertainment, travel and auto companies. By customer billing address, the US and Canada gave $3,052.6 million of Pinterest's FY2025 revenue, Europe $779.1 million and the rest of the world $390.0 million.
How much does Pinterest earn per user?
Pinterest's average revenue per user was $1.80 in Q3 FY2026 (the quarter to Sep 30, 2026), by its own measure. It was $8.38 in the US and Canada, $1.21 in Europe and $0.23 in the rest of the world, where 394 million of Pinterest's 661 million monthly users live.
How big is Pinterest?
Pinterest had revenue of $4,221.8 million and net income of $416.9 million in FY2025, and 5,265 full-time employees on Dec 31, 2025. Pinterest's revenue for the nine months to Sep 30, 2026 was $3,361.1 million.
Who owns and controls Pinterest?
Pinterest's Class B shares carry 20 votes each and held 74.5% of the votes on Oct 23, 2026 (Cityfort calculation from the Q3 FY2026 10-Q). In the 2026 proxy, co-founders Benjamin Silbermann and Paul Sciarra held 35.33% and 31.19% of total votes. Class A shares carry one vote and trade on the NYSE as PINS.
Does Pinterest have debt?
Pinterest had no borrowings at the end of each year from FY2021 to FY2025. In March 2026 Pinterest issued $1,000.0 million of 1.75% convertible notes due 2031, all to Elliott. On Sep 30, 2026 Pinterest held $1,470.0 million of cash and marketable securities.
Sources (6)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Pinterest sell?

Pinterest is an app and website for finding ideas: recipes, outfits, home designs, products. People search, scroll a feed of images and videos called Pins, and save them to boards. Retailers, brands, creators, publishers and users post the Pins. Businesses pay Pinterest to show ads among them.

  • Ads in the feed and in search

    Ads appear among the Pins people browse and search. Formats include standard, video, shopping, carousel, collection and interactive ads. Brand ads are billed per thousand views or per video view; performance ads per click, per action or on an optimized cost per thousand views.

  • The free app and website

    People search and save ideas. Pinterest counted 661 million monthly active users at Sep 30, 2026. It says more than 90% of searches name no brand, and the Q3 FY2026 call cited more than 80 billion searches a month.

  • Pinterest Performance+

    A campaign tool that uses AI to set up and run ads for advertisers.

  • tvScientific

    Performance ads on connected TV. Pinterest bought the company on Feb 17, 2026 for $465.1 million of total consideration, mostly cash.

  • Pinterest Assistant

    An assistant inside the app. Management said on the Oct 29, 2026 call that it is generally available in the US.

Think of it like this

Like a giant catalog of ideas that people browse while planning what to cook, wear or buy, with advertisers paying to place their pages in it.

What it does

  • Does: Sells ads shown beside what people search for and save
  • Does: Sells most ads through an auction
  • Does: Places ads on connected TV through tvScientific, bought in February 2026
  • Does: Uses Amazon Web Services for the vast majority of its computing and storage

What it does not do

  • Does not: Does not earn material revenue from anything but ads: substantially all revenue is advertising
  • Does not: Does not report profit by region or product: it has one operating segment
  • Does not: Does not run its own data centers for most computing
  • Does not: Does not pay a dividend, and has never paid one
Sources (5)
14How the money flows

14How the money flows · FY2025

How does money flow through Pinterest?

Money in

  • Revenue (almost all advertising)$4.2B
  • Interest and other income$126M

The company

Pinterest

$4.3B came in

Money out

  • Research and development$1.4B
  • Sales and marketing$1.2B
  • Running the app and delivering ads (cost of revenue)$842M
  • General and administrative$466M
  • Income tax$29M
  • Net income$417M
  1. Advertisers paid Pinterest $4,221.8 million in FY2025.
  2. Research and development was the biggest cost, at $1,427.4 million. It is mainly pay for engineers, including stock-based pay.
  3. Sales and marketing took $1,166.7 million, running the app and delivering ads $841.5 million, and general and administrative costs $466.2 million.
  4. That left operating income of $319.9 million. Net interest income of $110.5 million and other income of $15.5 million added $126.0 million.
  5. After $29.0 million of income tax, net income was $416.9 million.
Sources (1)
15What it needs to run

15What it needs to run

What does Pinterest need to run?

  • Rented computing from Amazon

    Amazon Web Services runs the vast majority of Pinterest's computing and storage. A May 2026 addendum commits Pinterest to at least $4,000.0 million of purchases through May 2031; $3,692.9 million remained on Sep 30, 2026.

  • Pins from businesses and users

    Retailers, brands, creators, publishers and users post the images and videos people search. Pinterest does not make most of what people see.

  • Engineers and other staff

    Pinterest had 5,265 full-time employees on Dec 31, 2025 and 5,192 on Sep 30, 2026, including tvScientific staff, after a 2026 restructuring.

  • Patents and trademarks

    About 400 issued patents and pending patent applications, and over 660 registered trademarks and trademark applications, as of Dec 31, 2025.

Sources (2)
16Where it sells

16Where it sells · FY2025

Where does Pinterest sell?

  • US and Canada (by customer billing address)72%
  • Europe (by customer billing address)19%
  • Rest of world (by customer billing address)9%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Pinterest compete with?

Pinterest's FY2025 10-K says it competes for users' time and for ad budgets with Amazon, Meta, Google, OpenAI's ChatGPT, Snap, Reddit, TikTok and X. Several of them are much larger and also sell ads.

  • Meta

    NASDAQ: META

    Named in Pinterest's FY2025 10-K as a competitor, through Facebook, Instagram, Threads and Meta AI.

  • Google

    NASDAQ: GOOGL

    Named as a competitor through Gemini, Google Lens and YouTube.

  • Amazon

    NASDAQ: AMZN

    Named as a competitor. Amazon Web Services is also Pinterest's main computing supplier.

  • TikTok

    Named in Pinterest's FY2025 10-K as a competitor.

  • Reddit

    NYSE: RDDT

    Named in Pinterest's FY2025 10-K as a competitor.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Searches that show what people plan to buy3 of 5

    Pinterest says more than 90% of its searches name no brand, so advertisers can reach people before they choose one.

  • Number of people reached3 of 5

    661 million monthly active users at Sep 30, 2026, up from 600 million a year earlier, by Pinterest's own measure.

  • Cash the business produces4 of 5

    Free cash flowCash from operations minus spending on buildings and equipment. Learn more was $1,251.9 million in FY2025, with only $32.4 million spent on property and equipment.

  • Patents and technology2 of 5

    About 400 issued patents and applications, but most computing is rented from Amazon Web Services.

Weak spot

Low revenue per user outside the US and Canada

In Q3 FY2026 Pinterest earned $8.38 per user in the US and Canada but $0.23 in the rest of the world, where 394 million of its 661 million monthly users live.

Sources (2)
18Where growth could come from

18Where growth could come from

Where could Pinterest's growth come from?

In its Q3 FY2026 earnings release (Oct 29, 2026) Pinterest said it expects Q4 FY2026 revenue of $1,425–1,475 million, growth of 8% to 12%, and Adjusted EBITDA of $538–588 million. On the call that day the CEO said: "We continue to expect full-year 2026 Adjusted EBITDA margins of approximately 30%." He also said Pinterest aims to return to the revenue growth it delivered historically, in the mid-to-high teens.
Management statement, Oct 29, 2026. Reported as a statement, not our forecast.

  • More users

    Working

    661 million monthly users, Q3 FY2026

    Up from 600 million a year earlier. Management said on Oct 29, 2026 that it was the 13th quarter in a row of record users, and that Gen Z made up 57% of users.

    Status: Working, on track against what the company said.

  • Revenue per user in the US and Canada

    Working

    $8.38 per user, Q3 FY2026

    Up from $7.64 a year earlier. Users in the US and Canada brought in $894 million of the quarter's revenue.

    Status: Working, on track against what the company said.

  • Revenue from Europe

    Behind

    $193 million, Q3 FY2026

    Flat on a year earlier, and revenue per European user fell to $1.21 from $1.31. Management linked about 11 points of drag to cross-border sellers after an EU change to low-value import rules.

    Status: Behind, behind the company's own plan.

  • More ads at lower prices

    Mixed

    Ads shown +17%, price per ad −4%, Q3 FY2026

    The 10-Q gives these changes from a year earlier. In FY2025 ads shown rose 49% and the average price per ad fell 22%.

    Status: Mixed, partly on track.

  • Connected-TV ads (tvScientific)

    New

    $465.1 million paid, Feb 2026

    Pinterest reports no separate revenue for it. The CFO said on Feb 12, 2026 that it would lower the FY2026 Adjusted EBITDA margin by about 1 point.

    Status: New, recently announced.

  • AI tools in the app

    Early

    More than 80 billion searches a month

    Pinterest Assistant became generally available in the US, management said on Oct 29, 2026. Pinterest reports no revenue for it.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (6)
19The company's own measures (non-GAAP)

19The company's own measures · FY2025 and Q3 FY2026

What do Pinterest's own measures show?

These are Pinterest's own measures, shown next to the nearest official (GAAP) figure. They are never added together.

  • Official (GAAP): Net income, FY2025

    $417M

    Company's own measure: Adjusted EBITDA, FY2025

    $1.3B

    Net income before depreciation and amortization, stock-based pay and its payroll tax, interest, other income, taxes and certain non-recurring or non-cash items such as restructuring and legal settlements. From Q4 2024 Pinterest also leaves out payroll tax on stock-based pay, which moved FY2023 from $683.5 million to $707.6 million.

  • Official (GAAP): Net income, Q3 FY2026

    $21.5M

    Company's own measure: Adjusted EBITDA, Q3 FY2026

    $339M

    Same definition. Pinterest's range, given on Aug 4, 2026, was $335–355 million. For the first nine months of 2026 it was $857.0 million, 25.5% of revenue (Cityfort calculation from the Q1 FY2026 to Q3 FY2026 earnings releases).

  • Official (GAAP): Net income, FY2025

    $417M

    Company's own measure: Non-GAAP net income, FY2025

    $1.1B

    Pinterest's own adjusted net income measure, which leaves out items it excludes from GAAP results and applies a fixed 20% long-term tax rate instead of the reported tax.

  • Official (GAAP): Net cash from operating activities, FY2025

    $1.3B

    Company's own measure: Free cash flow, FY2025

    $1.3B

    Operating cash flow less purchases of property and equipment. Pinterest's figure is the same as this page's. It does not deduct the $399.0 million paid for taxes on shares withheld when employee stock vested.

  • Official (GAAP): Revenue, Q3 FY2026 (US$ million)

    $1.2B

    Company's own measure: Monthly active users (MAUs), Sep 30, 2026

    661 million users

    Pinterest's own count of monthly active users at the quarter's end: 107 million in the US and Canada, 161 million in Europe and 394 million elsewhere.

  • Official (GAAP): Revenue, Q3 FY2026 (US$ million)

    $1.2B

    Company's own measure: Average revenue per user (ARPU), Q3 FY2026

    1.8 US$ per user

    Pinterest's revenue per monthly active user for the quarter, with revenue placed by its estimate of where users are, so it differs from the billing-address split. US and Canada $8.38, Europe $1.21, rest of world $0.23.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (5)
20Financial strength and debt

20Financial strength · Sep 30, 2026

How much debt does Pinterest have?

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.
  • Total debt$1.0B
  • Cash and investments$1.5B
  • Net cash (cash minus debt)$470M
  • Net worth (shareholders' money)$3.1B
Debt to equity
0.32×
$ of debt for every $1 of shareholders' money
  • Net cash = cash $654.3 million + marketable securities $815.7 million − convertible notes principal $1,000.0 million = $470.0 million (Cityfort calculation from the Q3 FY2026 10-Q). The notes' carrying amount on the balance sheet is $982.1 million.
  • The notes pay 1.75% a year, are due Mar 1, 2031 and were all issued to Elliott on Mar 5, 2026. Pinterest repays the principal in cash; value above it is settled in Class A shares, at about $22.72 a share.
  • Cash and marketable securities fell from $2,467.2 million at Dec 31, 2025, as Pinterest spent $2,024.9 million on buybacks and bought tvScientific in the first nine months of 2026.
  • A $700 million five-year revolving credit facility, signed Oct 15, 2026, had nothing drawn as of the 10-Q filing.
  • Not counted as debt: non-current operating lease liabilities of $214.2 million. Deferred tax assets of $1,603.5 million were 32.4% of total assets (Cityfort calculation from the Q3 FY2026 10-Q).
Sources (5)
21Who owns it

21Who owns it · ownership as of Mar 27, 2026

Who owns Pinterest?

Class B shares carry 20 votes each and held 74.46% of the votes on Oct 23, 2026 with 12.73% of the shares. In the 2026 proxy table (record date Mar 27, 2026), directors and executive officers as a group held 1.90% of Class A, 46.46% of Class B and 35.75% of total votes. Vanguard Capital Management reported 4.82% at Sep 30, 2026 and Goldman Sachs 3.7% at Jun 30, 2026, both under 5%.
Officers and directors (as a group), votes
35.8%

Shares vs votes by class

Pinterest has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes25.5%
  • Class B common stock: share of all votes74.5%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Pinterest share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares outstanding on Oct 23, 2026 (10-Q cover). Share and vote percentages are a Cityfort calculation from the Q3 FY2026 10-Q.)500.51Public and institutional investors; trades on the NYSE as PINS87.3%25.5%Yes
Class B common stock (Shares outstanding on Oct 23, 2026 (10-Q cover). Converts into Class A one for one at any time. The FY2025 10-K says Class B loses majority control once it falls below about 4.76% of all shares. Percentages are a Cityfort calculation from the Q3 FY2026 10-Q.)7320Mainly co-founders Benjamin Silbermann and Paul Sciarra12.7%74.5%No
Holders of 5% or more
Pinterest holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Benjamin Silbermann (co-founder, chair), with a family trust46.3%35.3%Mar 27, 2026S2046.32% of Class B (36,911,603 shares) plus 8,414 Class A shares, in the 2026 proxy table. It excludes 8,762,530 Class B shares held by an LLC owned by a family trust, over which he has no voting or dispositive power.
Paul Sciarra (co-founder), through trusts and an LLC40.9%31.2%Mar 27, 2026S2040.90% of Class B (32,589,537 shares) in the 2026 proxy table, held through trusts and an LLC.
Ameriprise Financial10.2%–Jul 31, 2026S42, S4349,014,540 Class A shares (10.2% of the class), from its Schedule 13G filed Aug 7, 2026. A 13G filed Aug 14, 2026 reported 9.3% at Jun 30, 2026.
BlackRock8.8%–Sep 30, 2026S41, S2043,146,205 Class A shares (8.8% of the class), from its Schedule 13G/A filed Oct 27, 2026. The 2026 proxy showed 12.01% at Dec 31, 2025.
Elliott Investment Management5.8%–Jun 30, 2026S44, S528,000,000 Class A shares (5.8% of the class), from its Schedule 13G filed Aug 14, 2026. Elliott also holds all $1,000.0 million of Pinterest's convertible notes, which are separate from these shares.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Pinterest's insiders report trading?

Pinterest's insiders made 92 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 64 sales (2.2 million shares) in the open market or privately (codes P and S).

61 of the 64 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 99 other share transactions (C: 41, A: 28, F: 27, G: 3).

They also report 41 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
C
conversion of a derivative security
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 163 transactions
Pinterest's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Silbermann BenjaminDirector, 10% ownerNov 4, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Nov 4, 2026
Silbermann BenjaminDirector, 10% ownerNov 4, 2026S46,875 D$20.99910 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Nov 4, 2026
Silbermann BenjaminDirector, 10% ownerNov 3, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Nov 4, 2026
Silbermann BenjaminDirector, 10% ownerNov 3, 2026S46,875 D$19.92390 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Nov 4, 2026
Rajaram GokulDirectorOct 21, 2026S1,050 D$22.8435,146CheckedForm 4, filed Oct 21, 2026
Silbermann BenjaminDirector, 10% ownerOct 21, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 21, 2026
Silbermann BenjaminDirector, 10% ownerOct 21, 2026S46,875 D$22.940846,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 21, 2026
Silbermann BenjaminDirector, 10% ownerOct 20, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 21, 2026
Silbermann BenjaminDirector, 10% ownerOct 20, 2026S46,875 D$22.55960 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 21, 2026
Silbermann BenjaminDirector, 10% ownerOct 14, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 14, 2026
Silbermann BenjaminDirector, 10% ownerOct 14, 2026S46,875 D$22.02380 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 14, 2026
Silbermann BenjaminDirector, 10% ownerOct 13, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 14, 2026
Silbermann BenjaminDirector, 10% ownerOct 13, 2026S46,875 D$21.55520 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 14, 2026
Silbermann BenjaminDirector, 10% ownerOct 7, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 7, 2026
Silbermann BenjaminDirector, 10% ownerOct 7, 2026S46,875 D$20.07020 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 7, 2026
Silbermann BenjaminDirector, 10% ownerOct 6, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 7, 2026
Silbermann BenjaminDirector, 10% ownerOct 6, 2026S46,875 D$19.66080 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Oct 7, 2026
Rajaram GokulDirectorOct 5, 2026S1,050 D$20.0036,196CheckedForm 4, filed Oct 6, 2026
Brown Claude LeonardChief Business OfficerOct 5, 2026S12,240 D$20.0051,130,768Not checkedForm 4, filed Oct 6, 2026
Silbermann BenjaminDirector, 10% ownerSep 30, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Sep 30, 2026
Silbermann BenjaminDirector, 10% ownerSep 30, 2026S46,875 D$18.72250 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Sep 30, 2026
Silbermann BenjaminDirector, 10% ownerSep 29, 2026C46,875 A$0.0046,875 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Sep 30, 2026
Silbermann BenjaminDirector, 10% ownerSep 29, 2026S46,875 D$18.33360 (indirect: Benjamin and Divya Silbermann Family Trust)CheckedForm 4, filed Sep 30, 2026
Brau Donnelly JuliaChief Financial OfficerSep 24, 2026S29,548 D$18.6084751,921CheckedForm 4, filed Sep 25, 2026
Walcott Wanjiku JuanitaChief Legal & Bus Affairs Ofc.Sep 23, 2026S14,103 D$18.207658,902CheckedForm 4, filed Sep 24, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Pinterest's Form 4 filings on EDGAR.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (7)
22What it does with profit

22What it does with profit

What does Pinterest do with its profit?

Pinterest has never paid a dividend and says it does not intend to. Class A and Class B shares outstanding fell from 665.1 million on Feb 6, 2026 to 573.5 million on Oct 23, 2026, a 13.8% fall (Cityfort calculation from the FY2025 10-K and Q3 FY2026 10-Q). Separately, Pinterest paid $399.0 million in FY2025 for taxes on shares withheld when employee stock vested.

  • Buyback · Dec 31, 2023

    Class A shares repurchased in FY2023.

    $500M

  • Buyback · Dec 31, 2024

    Class A shares repurchased in FY2024. A $2.0 billion program was authorized on Nov 5, 2024.

    $600M

  • Buyback · Dec 31, 2025

    30,108,015 Class A shares at an average of $30.79, including $3.3 million of excise tax.

    $927M

  • Buyback · Sep 30, 2026

    First nine months of 2026: 27,664,663 shares for $472.9 million under the 2024 program (since canceled), 28,950,481 shares for $551.0 million on the open market and 54,796,613 shares for $1,000.0 million through an accelerated repurchase with Goldman Sachs. $1,948.0 million of the $3.5 billion March 2026 program remained.

    $2.0B

  • Money raised · Mar 5, 2026

    $1,000.0 million of 1.75% convertible senior notes due 2031, all issued to Elliott; net proceeds $979.9 million. In June 2026 Pinterest paid $99.2 million for capped calls covering 44,006,300 shares, with a strike of about $22.72 and a cap of $30.59.

    $1.0B

Sources (4)
23Governance signals

23Governance signals

What do Pinterest's governance filings show?

Auditor
Ernst & Young LLP
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Pinterest lists Elliott as a related party. Elliott holds all $1,000.0 million of the convertible notes issued on Mar 5, 2026, and Elliott partner Marc Steinberg is a director under the investment agreement, re-elected in May 2026. Steinberg first joined the board under a December 2022 cooperation agreement.
Credit rating
No public credit rating found in a search of rating agency sites on Nov 6, 2026

Flags to know about

  • other · Oct 23, 2026

    Two co-founders hold most of the votes

    Class B shares carry 20 votes each and held 74.46% of votes on Oct 23, 2026 (Cityfort calculation from the Q3 FY2026 10-Q). Co-founders Benjamin Silbermann and Paul Sciarra held 35.33% and 31.19% of votes in the 2026 proxy table.

  • related party · Mar 5, 2026

    Noteholder with a board seat

    Elliott holds all $1,000.0 million of Pinterest's convertible notes, held 5.8% of Class A at Jun 30, 2026, and has a partner on the board. The agreement includes a two-year lock-upA period after an IPO when insiders agree not to sell their shares. Learn more, standstill and voting commitments.

  • other · Oct 26, 2026

    Finance and business leaders changed in 2026

    A new chief business officer started in January 2026. The chief accounting officer left on May 8, 2026 and a successor started on Aug 26, 2026. CFO Julia Brau Donnelly resigned on Aug 26, 2026, and James Dibbo became CFO on Oct 26, 2026.

  • disclosure

    Two ways of splitting revenue by region

    Earnings releases place revenue by where users are; the audited 10-K note places it by customer billing address. FY2025 rest-of-world revenue was $274 million on the first basis and $390.0 million on the second.

Sources (14)
24What the market paid

24What the market paid · price as of Nov 5, 2026

What did the market pay for Pinterest on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Pinterest Class A shares closed at $19.79, from Nasdaq's historical table (the shares are listed on the NYSE). Market value = $19.79 × 573.5 million Class A and Class B shares (Oct 23, 2026) = about $11,350 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). Class B shares are not listed but convert one for one, so this counts them at the Class A price. P/E (price ÷ earnings per share) = $19.79 ÷ $0.61, the FY2025 diluted earnings per share = 32.4 (Cityfort calculation from the same price and the FY2025 10-K). The full fiscal year is used because the share count fell 13.8% between Feb 6 and Oct 23, 2026. The same table shows a close of $21.22 on Nov 4, 2026. The IPO price was $19.00 (prospectus filed Apr 18, 2019).

Share price
$19.79
Market value (market cap)
$11.3B
P/E
32.4×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 573.51 million ($19.79 × 573.51 million shares ≈ $11.3B). Source: Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025; 2026 proxy statement (DEF 14A)

Source: PINS historical daily prices, Oct 27 to Nov 5, 2026 (Nasdaq.com historical table; PINS is listed on the NYSE; close of Nov 5, 2026: $19.79); Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 and 1 more

Sources (9)
25How it got here

25How it got here

How did Pinterest get here?

  1. 2008

    Milestone

    Pinterest is incorporated

    Pinterest, Inc. was incorporated in Delaware in 2008. Co-founder Benjamin Silbermann became a director that year.

  2. 2019

    Milestone

    IPO at $19.00

    Pinterest sold 75,000,000 Class A shares at $19.00 in April 2019 and listed on the NYSE as PINS.

  3. 2022

    Business-model change

    New CEO and an activist on the board

    Bill Ready became CEO in June 2022, and Silbermann became non-executive chair. In December 2022 a cooperation agreement with Elliott put Marc Steinberg on the board.

  4. 2023

    Crisis

    Job cuts and office exits

    A March 2023 plan cut about 4% of staff and exited offices, with $126.9 million of charges. FY2023 ended with a $35.6 million net loss.

  5. 2024

    Milestone

    A one-time tax benefit

    In Q4 2024 Pinterest released a $1,597.0 million tax valuation allowance, lifting FY2024 net income to $1,862.1 million.

  6. 2026

    Crisis

    Second restructuring

    On Jan 26, 2026 Pinterest announced cuts of under 15% of its workforce and office reductions. Charges reached $65.5 million by Sep 30, 2026.

  7. 2026

    Business-model change

    Into connected-TV ads

    Pinterest closed its purchase of tvScientific, a connected-TV performance ad company, on Feb 17, 2026, for $465.1 million of total consideration.

  8. 2026

    Business-model change

    Borrowing to buy back shares

    In March 2026 Elliott bought $1,000.0 million of convertible notes, and Pinterest set a $3.5 billion buyback program with a $1,000.0 million accelerated repurchase.

  9. 2026

    Crisis

    Revenue below its own range

    Q3 FY2026 revenue of $1,173.9 million came in below Pinterest's $1,190–1,210 million range, after seven quarters within or above its range.

Sources (19)

26Sources and changes

Where every number on this page comes from

Sources (37 documents)
  1. S1Form 10-K for fiscal year 2025 · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
  2. S3Form 10-K for fiscal year 2023 · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 8, 2024
  3. S4Form 10-K for fiscal year 2022 · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2023
  4. S5Form 10-Q for Q3 fiscal 2026 (quarter ended Sep 30, 2026) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  5. S11Q3 2026 earnings release (8-K Exhibit 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  6. S12Q2 2026 earnings release (8-K Exhibit 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
  7. S13Q1 2026 earnings release (8-K Exhibit 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 4, 2026
  8. S14Q4 and full-year 2025 earnings release (8-K Exhibit 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
  9. S15Q3 2025 earnings release (8-K Exhibit 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
  10. S16Q2 2025 earnings release (8-K Exhibit 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2025
  11. S17Q1 2025 earnings release (8-K Exhibit 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2025
  12. S18Q4 and full-year 2024 earnings release (8-K Exhibit 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2025
  13. S19Q3 2024 earnings release (8-K Exhibit 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2024
  14. S202026 proxy statement (DEF 14A) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 8, 2026
  15. 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) · Tier 1: company or exchange filing · Mar 3, 2026
  16. S228-K filed Mar 5, 2026: convertible notes issued to Elliott; indenture · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 5, 2026
  17. S238-K filed Jan 27, 2026: global restructuring plan (Item 2.05) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
  18. S248-K filed Feb 18, 2026: tvScientific acquisition closed; Q1 2026 guidance updated · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2026
  19. S258-K filed Jan 20, 2026: Chief Business Officer appointed · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 20, 2026
  20. S278-K filed May 4, 2026: Q1 2026 results; Chief Accounting Officer resigns · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 4, 2026
  21. S288-K filed May 26, 2026: 2026 annual meeting vote results · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 26, 2026
  22. S298-K filed Aug 7, 2026: Chief Accounting Officer appointed · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
  23. S308-K filed Aug 28, 2026: CFO Julia Brau Donnelly resigns; interim principal financial officer named · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2026
  24. S328-K filed Oct 5, 2026: James Dibbo appointed CFO (with press release, Ex. 99.1) · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 5, 2026
  25. S338-K filed Oct 15, 2026: $700 million revolving credit facility · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 15, 2026
  26. S358-K filed Dec 6, 2022: cooperation agreement with Elliott; Marc Steinberg joins the board · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 6, 2022
  27. S36IPO prospectus (424B4): 75,000,000 Class A shares at $19.00 · Pinterest, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 18, 2019
  28. S37Q3 2026 earnings call transcript · Pinterest, Inc. (investor relations) · Tier 1: company or exchange filing · Oct 29, 2026
  29. S38Q2 2026 earnings call transcript · Pinterest, Inc. (investor relations) · Tier 1: company or exchange filing · Aug 4, 2026
  30. S39Q4 2025 earnings call transcript · Pinterest, Inc. (investor relations) · Tier 1: company or exchange filing · Feb 12, 2026
  31. S41Schedule 13G/A by BlackRock, Inc. on Pinterest Class A common stock (8.8% at Sep 30, 2026) · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
  32. S42Schedule 13G by Ameriprise Financial, Inc. on Pinterest Class A common stock (10.2% at Jul 31, 2026) · Ameriprise Financial, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
  33. S43Schedule 13G by Ameriprise Financial, Inc. on Pinterest Class A common stock (9.3% at Jun 30, 2026) · Ameriprise Financial, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
  34. S44Schedule 13G by Elliott Investment Management L.P. on Pinterest Class A common stock (5.8% at Jun 30, 2026) · Elliott Investment Management L.P. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
  35. S45Schedule 13G/A by Vanguard Capital Management on Pinterest common stock (4.82% at Sep 30, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
  36. 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) · Tier 1: company or exchange filing · Aug 10, 2026
  37. S48PINS historical daily prices, Oct 27 to Nov 5, 2026 (Nasdaq.com historical table; PINS is listed on the NYSE; close of Nov 5, 2026: $19.79) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version (US edition), from the FY2022 to FY2025 10-Ks (which also give the FY2021 figures), the Q3 FY2026 10-Q, earnings releases from Q3 FY2024 to Q3 FY2026, the 2026 proxy and three earnings-call transcripts. (first version)

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