Pinterest, Inc. (NYSE: PINS) operates a visual search and discovery platform funded substantially by advertising. Its single operating segment includes website, mobile-app and, following the February 2026 acquisition of tvScientific, connected-TV advertising.
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A snapshot of what PINTEREST, INC. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001506293-24-000018 | Feb 8, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001506293-25-000022 | Feb 6, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001506293-26-000021 | Feb 12, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Pinterest expanded its audience, advertising volume and operating profitability in 2025, but its financial headlines require careful separation. Revenue reached $4.222 billion while aggregate advertising prices declined; GAAP net income fell mainly because 2024 contained an exceptional deferred-tax benefit. After the February 12, 2026 annual filing, the picture changed: first-half revenue continued growing, but higher costs and restructuring produced GAAP losses despite stronger adjusted EBITDA. A completed acquisition, debt-funded repurchases and capped-call purchases substantially reduced cash and investments. The October revolver expansion added borrowing capacity, not cash. The central question is whether better advertising performance and international monetization can support rising infrastructure and compensation costs. Acquisition benefits, restructuring savings and a possible Irish tax benefit remain unproven or conditional.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-10-15
Pinterest connects visual inspiration with product discovery rather than principally selling merchandise. Most advertisers buy through auctions, paying for contracted clicks, impressions, video views or service periods. Searches, saves and boards supply signals for recommendations and advertising. Management positions AI-powered personalization and automated advertising tools as competitive advantages, but their incremental revenue contribution is not separately quantified. Advertising contracts generally last less than a year, and most advertisers make no long-term spending commitment.
The audience reached 619 million monthly active accounts at December 2025 and 640 million at June 2026. International monetization remains substantially lower: second-quarter revenue per user was $8.30 in the U.S. and Canada, $1.35 in Europe and $0.23 elsewhere. These are geographic views of one operating segment. Faster growth in lower-revenue regions can restrain global revenue per user even when regional monetization improves.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For fiscal 2025, revenue increased 16% to $4.222 billion and GAAP operating income reached $319.9 million, versus $179.8 million in 2024. Growth was volume-led: advertisements served increased 49%, while aggregate advertising prices declined 22%. The filing does not isolate like-for-like pricing from mix. Net income nevertheless fell to $416.9 million from $1.862 billion because 2024 included a $1.597 billion deferred-tax valuation-allowance release. Pretax income increased, so the net-income decline does not describe operating performance.
After the latest annual filing, first-half 2026 revenue increased 18% to $2.187 billion, but operating loss widened to $135.5 million and net loss reached $120.3 million. Hosting, research, sales and compensation costs increased, alongside $61.4 million of restructuring charges. Adjusted EBITDA rose 23% to $517.8 million, but excludes substantial recurring costs, including share-based compensation and related payroll taxes. Total first-half share-based compensation was $556.0 million. Adjusted growth therefore does not establish GAAP profitability.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Operating cash flow was $1.284 billion in 2025 and $620.9 million in first-half 2026. The interim figure benefited from noncash compensation add-backs and vendor-payment timing; it is not cash profit. Company-defined free cash flow subtracts property-and-equipment purchases but not acquisitions, buybacks or capped calls. First-half free cash flow was $581.6 million. The filing's table shows an increase from $553.1 million despite a narrative sentence calling it a decrease.
Cash and marketable securities combined fell from $2.467 billion at December 2025 to $1.275 billion at June 2026. First-half uses included $2.025 billion of program repurchases, $447.0 million of acquisition cash outflow, $180.5 million of employee-award tax withholding and $99.2 million of capped calls. Convertible notes supplied $979.9 million net proceeds. These are separate cash uses and funding sources; the completed $1 billion accelerated repurchase is already included in program purchases.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The $1 billion convertible notes issued March 5, 2026 bear 1.75% interest and mature March 1, 2031, subject to earlier conversion, redemption or repurchase. Conversion requires cash up to principal. On October 15, Pinterest replaced its $500 million revolver with a five-year $700 million facility and reported no drawings and covenant compliance that day. Conditional additional commitments and rating-dependent collateral relief are not established available cash or achieved benefits.
Sources: 8-K · 2026-03-05 · 10-Q · 2026-06-30 · 8-K · 2026-10-15
Pinterest depends on discretionary advertiser budgets, effective conversion measurement, search and app-store distribution, and AWS infrastructure. It reported reduced spending by certain advertisers because of tariffs. A May 2026 AWS arrangement requires at least $4 billion of purchases through May 2031, with shortfall-payment exposure. Privacy, content and AI rules can constrain monetization or raise costs. Neither the completed tvScientific acquisition nor restructuring establishes realized savings or synergies. August's third-quarter guidance remains a forecast; no third-quarter actual results are supplied.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-04
USD 4.221767 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.221767 bn | 15.8% |
| 2024 | USD 3.646166 bn | 19.3% |
| 2023 | USD 3.055071 bn | — |
Consolidated revenue recognized from delivered advertising services.
Sources: 10-K · 2025-12-31
USD -35.61 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD -35.61 m | — |
Consolidated net income or loss after income taxes.
Sources: 10-K · 2025-12-31
USD 1.862106 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 1.862106 bn | — |
Consolidated net income or loss after income taxes; 2024 includes the deferred-tax valuation-allowance release.
Sources: 10-K · 2025-12-31
USD 416.855 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 416.855 m | — |
Consolidated net income or loss after income taxes.
Sources: 10-K · 2025-12-31
USD 1.284264 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.284264 bn | 33.1% |
| 2024 | USD 964.594 m | 57.4% |
| 2023 | USD 612.961 m | — |
Consolidated cash generated by operating activities under the cash-flow statement.
Sources: 10-K · 2025-12-31
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