Pinterest (PINS) Achieves Record Revenue and User Growth

Key Points

• Revenue: $1.05 B (+17% YoY; +16% cc)
• GAAP Net Income: $92 M (up 201% YoY)
• Non-GAAP Net Income: $263 M (+18% YoY)
• Adjusted EBITDA: $306 M (+24% YoY; 29% margin)
• Free Cash Flow: $318 M (+30% YoY)
• Global MAUs: 600 M (+12% YoY; record high)
• ARPU (Global): $1.78 (+5%)

Quarter Highlights

• Regional Revenue:
  • U.S. & Canada $786 M (+9%)
  • Europe $193 M (+41%)
  • Rest of World $70 M (+66%)
• User Metrics: 12% YoY increase in global monthly active users (MAUs), led by 16% growth in the Rest of World region.
• Profitability: Net income margin expanded to 9% from 3% a year earlier.
• Operating Cash Flow: $322 M, up 30% YoY.

CEO Statement and Outlook

“Our investments in AI and product innovation are paying off,” said CEO Bill Ready. “We’ve become a leader in visual search and have effectively turned our platform into an AI-powered shopping assistant for 600 million consumers. Global advertisers increasingly rely on Pinterest as a go-to search platform to reach customers and drive sales.”

Guidance (Q4 2025):

• Revenue expected between $1.31 B – $1.34 B (+14–16% YoY)
• Adjusted EBITDA projected at $533 M – $558 M

Financial Summary

Capital Return

Pinterest repurchased $197 M of Class A common stock during Q3 2025, bringing year-to-date repurchases to $425 M.

Key Takeaways

• Pinterest posted record user growth and broad-based revenue acceleration, especially in Europe and emerging markets.
• Margins expanded as scale and ad efficiency improved.
• AI-driven personalization and shopping tools are central to growth strategy and monetization.
• Q4 guidance implies sustained double-digit growth with continued operating leverage.