# EDGAR Filing Document

**Accession Number:** 0001506293
**File Stem:** 0001506293-26-000019
**Filing Date:** 2026-2
**Character Count:** 42493
**Document Hash:** 25a8799bbed297871ef0ccce10f52769
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001506293-26-000019.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001506293-26-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260212

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PINTEREST, INC.
- **CENTRAL INDEX KEY:** 0001506293
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 263607129
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38872
- **FILM NUMBER:** 26626209

**BUSINESS ADDRESS:**
- **STREET 1:** 651 BRANNAN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107
- **BUSINESS PHONE:** 4157627100

**MAIL ADDRESS:**
- **STREET 1:** 651 BRANNAN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pinterest, Inc.
- **DATE OF NAME CHANGE:** 20120808

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cold Brew Labs Inc.
- **DATE OF NAME CHANGE:** 20101122

?xml version='1.0' encoding='ASCII'? pins-20260212

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**________________________**

**FORM 8-K** 

**________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported): February 12, 2026**

**_________________________**

**Pinterest, Inc.** 

**(Exact Name of Registrant as Specified in its Charter)** 

**_________________________**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38872** | **26-3607129** |
| **(State or Other Jurisdiction <br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer <br>Identification No.)** |

---

**651 Brannan Street** 

**San Francisco, California 94107** 

**(Address of principal executive offices, including zip code)**

**(415) 762-7100**

**(Registrant's telephone number, including area code)**

**Not Applicable**

 **(Former name or former address, if changed since last report)**

**_________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>**  | **<u>Trading Symbol</u>**  | **<u>Name of each exchange on which registered</u>** |
| **Class A Common Stock, $0.00001 par value** | **PINS** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ((§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On February 12, 2026, Pinterest, Inc. (the "Company") announced its financial results for the quarter and year ended December 31, 2025 by issuing a press release. In its press release, the Company also announced that it would be holding a conference call on February 12, 2026 to discuss its financial results for the quarter and year ended December 31, 2025 and outlook. The text of the Company's press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The Company makes reference to non-GAAP financial information in the Company's press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

The information included in this Item 2.02 of this Current Report on Form 8-K and the exhibit hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exhibits*

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | <u>[Press Release issued by Pinterest, Inc., dated February 12, 2026.](q4-25xpressrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **PINTEREST, INC.** | **PINTEREST, INC.** |
| Date: February 12, 2026 | By: | /s/ Julia Brau Donnelly |
|  |  | Julia Brau Donnelly |
|  |  | Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

## Exhibit 99.1

**Exhibit 99.1**

**Pinterest Announces Fourth Quarter and Full Year 2025 Results, Delivers 14% Revenue Growth and Record Users**

*Q4 Revenue of $1,319 million, an increase of 14% on a reported and 13% on a constant currency basis*

*All-time high of 619 million global monthly active users, an increase of 12%*

SAN FRANCISCO, Calif. - February 12, 2026 - Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter and year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was $1,319 million for Q4 and $4,222 million for 2025, growing 14% and 16%, respectively, year over year. On a constant currency basis, revenue would have grown 13% and 15%, respectively, year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global Monthly Active Users (MAUs) increased 12% year over year to 619 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net income was $277 million for Q4 and $417 million for 2025. Adjusted EBITDA was $542 million and $1,270 million for Q4 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash provided by operating activities was $391 million for Q4 and $1,284 million for 2025. Free cash flow was $380 million for Q4 and $1,252 million for 2025.

"We delivered a record $4.2 billion in revenue in 2025, up 16% year-over-year, and reached 619 million monthly active users, up 12%," said Bill Ready, CEO of Pinterest. "Users are at all-time highs and overall engagement continues to grow, with more than 80 billion monthly searches on our platform as we continue to deliver strong innovation in visual search using AI. As we navigate a dynamic environment, we're laser-focused on execution and transforming our sales and go-to-market efforts so monetization better reflects the valuable commercial intent we see on Pinterest. We're confident these important changes will make us a stronger company and position us to realize the long-term opportunity ahead."

**Q4 and Full Year 2025 Financial Highlights**

The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **% Change** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **% Change** |
| | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $1319347 | $1154130 | 14% | $4221767 | $3646166 | 16% |
| Constant currency % growth<sup>(1)(2)</sup> |  |  | 13% |  |  | 15% |
| Net income | $277070 | $1847475 | (85)% | $416855 | $1862106 | (78)% |
| *Net income margin* | 21% | 160% |  | 10% | 51% |  |
| Non-GAAP net income<sup>(2)</sup> | $450516 | $385575 | 17% | $1101272 | $900958 | 22% |
| Adjusted EBITDA<sup>(2)</sup> | $541500 | $470943 | 15% | $1269976 | $1032315 | 23% |
| *Adjusted EBITDA margin*<sup>(2)</sup> | 41% | 41% |  | 30% | 28% |  |
| Net cash provided by operating activities  | $391213 | $253995 | 54% | $1284264 | $964594 | 33% |
| Free cash flow<sup>(2)</sup> | $380368 | $250202 | 52% | $1251889 | $939988 | 33% |

---

<sup>(1)</sup> On a constant currency basis, revenue for the three months and year ended December 31, 2025 was $1,305.9 million and $4,205.3 million, respectively, due to favorable impacts of changes in foreign exchange rates of $13.5 million and $16.5 million, respectively.

<sup>(2)</sup> For more information on these non-GAAP financial measures, please see "―About non-GAAP financial measures" and the tables under "―Reconciliation of GAAP to non-GAAP financial results" included at the end of this release.

------

**Q4 and Full Year 2025 Other Highlights**

The following table sets forth our revenue, MAUs and average revenue per user (ARPU) based on the geographic location of our users (in millions, except ARPU and percentages, unaudited):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **% Change** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **% Change** |
| | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue - Global | $1319 | $1154 | 14% | $4222 | $3646 | 16% |
| Revenue - U.S. and Canada | $979 | $900 | 9% | $3173 | $2884 | 10% |
| Revenue - Europe | $245 | $196 | 25% | $775 | $593 | 31% |
| Revenue - Rest of World | $96 | $58 | 64% | $274 | $169 | 62% |
| MAUs - Global | 619 | 553 | 12% | 619 | 553 | 12% |
| MAUs - U.S. and Canada | 105 | 101 | 4% | 105 | 101 | 4% |
| MAUs - Europe | 158 | 145 | 9% | 158 | 145 | 9% |
| MAUs - Rest of World | 356 | 307 | 16% | 356 | 307 | 16% |
| ARPU - Global | $2.16 | $2.12 | 2% | $7.21 | $6.94 | 4% |
| ARPU - U.S. and Canada | $9.41 | $9.00 | 4% | $30.84 | $29.15 | 6% |
| ARPU - Europe | $1.59 | $1.38 | 15% | $5.12 | $4.24 | 21% |
| ARPU - Rest of World | $0.27 | $0.19 | 42% | $0.83 | $0.59 | 40% |

---

------

**Guidance**

For Q1 2026, we expect revenue to be in the range of $951 million to $971 million, representing 11% - 14% growth year over year. Our guidance assumes the impact of foreign exchange to be approximately 3 points of tailwind, based on current spot rates. We expect Q1 2026 Adjusted EBITDA\* to be in the range of $166 million to $186 million.

We intend to provide further details on our outlook during the conference call.

<u>_____________</u>

<sup>\*</sup>We have not provided the forward-looking GAAP equivalent for forward-looking Adjusted EBITDA or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense and income taxes. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results and, as such, we also believe that any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.

------

**Webcast and conference call information**

A live audio webcast of our fourth quarter and full year 2025 earnings release call will be available at investor.pinterestinc.com. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures and slide presentation are also available. A recording of the webcast will be available at investor.pinterestinc.com for 90 days.

We have used, and intend to continue to use, our investor relations website at investor.pinterestinc.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

**Forward-looking statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often characterized by the use of words such as "believes," "estimates," "expect," "projects," "may," "will," "can," "intends," "plans," "targets," "forecasts," "anticipates," "looking ahead," "long-term" or and similar expressions, or by discussions of strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from historical results or any future results, performance or achievements expressed, suggested or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, statements about: general economic uncertainty in global markets and a worsening of global economic conditions or low levels of economic growth, including inflation, stress in the banking industry, foreign exchange fluctuations and supply-chain issues; the effect of general economic and political conditions; our financial performance, including revenue, cost and expenses and cash flows; our ability to attract, retain and recover users and maintain and grow their level of engagement; our ability to provide content that is useful and relevant to users' personal taste and interests; our ability to develop successful new products or improve existing ones; our ability to maintain and enhance our brand and reputation; potential harm caused by compromises in security, including our cybersecurity protections and resources and costs required to prevent, detect and remediate potential security breaches; potential harm caused by changes in online application stores or internet search engines' methodologies, particularly search engine optimization methodologies and policies; discontinuation, disruptions or outages in third-party single sign-on access; our ability to compete effectively in our industry; our ability to scale our business, including our monetization efforts; our ability to attract and retain advertisers and scale our revenue model; our ability to attract and retain creators and publishers that create relevant and engaging content; our ability to develop effective products and tools for advertisers, including measurement tools; our ability to expand and monetize our platform internationally; our ability to effectively manage the growth of our business; our ability to continue to use and develop artificial intelligence ("AI") as well as managing the challenges and risks posed by AI; our ability to successfully manage our flexible work model with a more distributed workforce; our ability to sustain profitability; decisions that reduce short-term revenue or profitability or do not produce the long-term benefits we expect; fluctuations in our operating results; our ability to raise additional capital on favorable terms or at all; our ability to realize anticipated benefits from mergers and acquisitions, joint ventures, strategic partnerships and other investments; our ability to protect our intellectual property; our ability to receive, process, store, use and share data, and compliance with laws and regulations related to data privacy and content; current or potential litigation and regulatory actions involving us; our ability to comply with modified or new laws and regulations applying to our business, and potential harm to our business as a result of those laws and regulations; real or perceived inaccuracies in metrics related to our business; disruption of, degradation in or interference with our use of Amazon Web Services and our infrastructure; our ability to implement our restructuring plan effectively; and our ability to attract and retain personnel. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. All information provided in this release and in the earnings materials is as of February 12, 2026. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

------

**About non-GAAP financial measures**

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative), non-GAAP income from operations, non-GAAP net income, non-GAAP net income per share, constant currency revenue and free cash flow. The presentation of these financial measures is not intended to be considered in isolation, as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparative purposes. We compensate for these limitations by providing specific information regarding GAAP amounts excluded from these non-GAAP financial measures.

We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, payroll tax expense related to share-based compensation, interest income (expense), net, other income (expense), net, provision for (benefit from) income taxes and certain other non-recurring or non-cash items impacting net income (loss) that we do not consider indicative of our ongoing business performance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue. Non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) and non-GAAP net income exclude amortization of acquired intangible assets, share-based compensation expense, payroll tax expense related to share-based compensation, legal settlement expense and non-cash charitable contributions. In addition to these exclusions, we also subtract an assumed provision for income taxes to calculate non-GAAP net income. We calculate the non-GAAP income tax provision using a fixed long-term projected tax rate in order to provide better consistency across reporting periods. The fixed long-term projected tax rate uses a financial projection that excludes the direct impact of our non-GAAP adjustments and eliminates the effects of items that can vary in size and frequency. For 2024 and 2025, we used a long-term projected tax rate of 20%, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate could be subject to change for a variety of reasons, including significant changes in the geographic earnings mix or changes in tax laws and regulations. We re-evaluate this long-term rate on an annual basis or if any significant events that may materially affect this long-term rate occur. Non-GAAP income from operations is calculated by subtracting non-GAAP costs and expenses from revenue. Non-GAAP net income per share is calculated by dividing non-GAAP net income by diluted weighted-average shares outstanding. We calculate constant currency revenue by translating our current period revenue using the corresponding prior period's monthly exchange rates for currencies other than the U.S. dollar. We define free cash flow as net cash provided by operating activities less purchases of property and equipment. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. We use these non-GAAP financial measures to evaluate our operating results and for financial and operational decision-making purposes. We believe these measures help identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses they exclude. We also believe these measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to key metrics we use for financial and operational decision-making. We present these non-GAAP measures to assist potential investors in seeing our operating results through the eyes of management and because we believe these measures provide an additional tool for investors to use in comparing our operating results over multiple periods with other companies in our industry. There are a number of limitations related to the use of non-GAAP financial measures rather than the nearest GAAP equivalents. For example, Adjusted EBITDA excludes: (i) certain recurring, non-cash charges such as depreciation of fixed assets and amortization of acquired intangible assets, although these assets may have to be replaced in the future and (ii) share-based compensation expense and payroll tax expense related to share-based compensation, which have been, and will continue to be for the foreseeable future, significant recurring expenses and an important part of our compensation strategy. In addition, constant currency revenue excludes the effect of changes in foreign currency exchange rates, which have an actual effect on our operating results, and free cash flow does not reflect our future contractual commitments arising from purchases of property and equipment.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables under "―Reconciliation of GAAP to non-GAAP financial results" included at the end of this release.

------

**Limitation of key metrics and other data**

The numbers for our key metrics, which include our MAUs and ARPU, are calculated using internal company data based on the activity of user accounts. We define an MAU as an authenticated Pinterest user who visits our website, opens our mobile application or interacts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the 30-day period ending on the date of measurement. The number of MAUs does not include Shuffles users unless they would otherwise qualify as MAUs. Unless otherwise indicated, we present MAUs based on the number of MAUs measured on the last day of the current period. We measure monetization of our platform through our ARPU metric. We define ARPU as our total revenue in a given geography during a period divided by the average of the number of MAUs in that geography during the period. We calculate average MAUs based on the average of the number of MAUs measured on the last day of the current period and the last day prior to the beginning of the current period. We calculate ARPU by geography based on our estimate of the geography in which revenue-generating activities occur. We use these metrics to assess the growth and health of the overall business and believe that MAUs and ARPU best reflect our ability to attract, retain, engage and monetize our users, and thereby drive revenue. While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products across large online and mobile populations around the world. In addition, we are continually seeking to improve our estimates of our user base, and such estimates may change due to improvements or changes in technology or our methodology.

**Contact**

Press:

Tessa Chen

<u>press</u>@<u>pinterest.</u><u>com</u>

Investor relations:

Andrew Somberg

<u>ir</u>@<u>pinterest.com</u>

------

**PINTEREST, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

*(in thousands, except par value)*

*(unaudited)*

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $969342 | $1136460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 1497811 | 1376409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 997849 | 893403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 90735 | 78435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3555737 | 3484707 |
| Property and equipment, net | 66451 | 45624 |
| Operating lease right-of-use assets | 150399 | 85867 |
| Goodwill and intangible assets, net | 106310 | 110103 |
| Deferred tax assets | 1592153 | 1602539 |
| Other assets | 21082 | 13820 |
| Total assets | $5492132 | $5342660 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $129810 | $84026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 335663 | 314107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 465473 | 398133 |
| Operating lease liabilities | 220581 | 151364 |
| Other liabilities | 60840 | 42009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 746894 | 591506 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 584,866 and 593,462 shares issued and outstanding as of December 31, 2025 and 2024, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 79,680 and 82,471 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 4612205 | 5039439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 4333 | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | 128693 | (288162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 4745238 | 4751154 |
| Total liabilities and stockholders' equity | $5492132 | $5342660 |

---

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**PINTEREST, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

*(in thousands, except per share amounts)*

*(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $1319347 | $1154130 | $4221767 | $3646166 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | 226917 | 196955 | 841521 | 750355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 364905 | 320773 | 1427447 | 1240564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 303031 | 271096 | 1166705 | 1011772 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 123320 | 103716 | 466211 | 463658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 1018173 | 892540 | 3901884 | 3466349 |
| Income from operations | 301174 | 261590 | 319883 | 179817 |
| Interest income (expense), net | 26642 | 28580 | 110493 | 127003 |
| Other income (expense), net | (109) | (13330) | 15514 | (19215) |
| Income before provision for (benefit from) income taxes | 327707 | 276840 | 445890 | 287605 |
| Provision for (benefit from) income taxes | 50637 | (1570635) | 29035 | (1574501) |
| Net income | $277070 | $1847475 | $416855 | $1862106 |
| Net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.41 | $2.74 | $0.62 | $2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.41 | $2.68 | $0.61 | $2.67 |
| Weighted-average shares used in computing net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 667692 | 674880 | 674706 | 678831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 677418 | 688226 | 687771 | 698376 |

---

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**PINTEREST, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(in thousands)*

*(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operating activities** |  |  |  |  |
| Net income | $277070 | $1847475 | $416855 | $1862106 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6008 | 6064 | 25151 | 21266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 230667 | 198913 | 880463 | 765795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 46746 | (1596467) | 10468 | (1600434) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash charitable contributions |  |  | 13495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amortization of investment premium and discount | (4456) | (7893) | (18092) | (29017) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (2597) | (2544) | 7848 | 2320 |
| Changes in assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (198971) | (217395) | (104398) | (128946) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1468 | 32776 | (3502) | (17187) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 9075 | 8350 | 30895 | 32711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 35291 | (6105) | 42902 | 3828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (2149) | 2016 | 15359 | 91632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (6939) | (11195) | (33180) | (39480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 391213 | 253995 | 1284264 | 964594 |
| **Investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (10845) | (3793) | (32375) | (24606) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (332498) | (313456) | (1566944) | (1510013) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of marketable securities | 8827 | 12322 | 31475 | 22040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities of marketable securities | 368241 | 336718 | 1433362 | 1291562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 33725 | 31791 | (134482) | (221017) |
| **Financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options, net |  | 1867 | 8053 | 22133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of Class A common stock | (502000) | (100198) | (927013) | (600198) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards | (84722) | (84735) | (398982) | (390254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (586722) | (183066) | (1317942) | (968319) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (54) | (1901) | 2301 | (2569) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (161838) | 100819 | (165859) | (227311) |
| Cash, cash equivalents and restricted cash, beginning of period | 1137200 | 1040402 | 1141221 | 1368532 |
| Cash, cash equivalents and restricted cash, end of period | $975362 | $1141221 | $975362 | $1141221 |

---

------

**PINTEREST, INC.**

**RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS**

*(in thousands)*

*(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Share-based compensation by function:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $5313 | $4168 | $19541 | $14836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 149243 | 127996 | 567571 | 497442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 40195 | 33865 | 149565 | 122149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 35916 | 32884 | 143786 | 131368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total share-based compensation | $230667 | $198913 | $880463 | $765795 |
| **Payroll tax expense related to share-based compensation by function:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $75 | $75 | $620 | $554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 2232 | 2702 | 19796 | 19384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 892 | 993 | 6369 | 6113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 452 | 606 | 4199 | 4736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total payroll tax expense related to share-based compensation<sup>(1)</sup> | $3651 | $4376 | $30984 | $30787 |
| **Amortization of acquired intangible assets by function:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $788 | $1508 | $4429 | $6031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 135 | 135 | 540 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 197 | 197 | 789 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total amortization of acquired intangible assets | $1120 | $1840 | $5758 | $7360 |
| **Reconciliation of total costs and expenses to non-GAAP costs and expenses:** |  |  |  |  |
| Total costs and expenses | $1018173 | $892540 | $3901884 | $3466349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | (230667) | (198913) | (880463) | (765795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll tax expense related to share-based compensation<sup>(1)</sup> | (3651) | (4376) | (30984) | (30787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | (1120) | (1840) | (5758) | (7360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal settlement<sup>(2)</sup> |  |  |  | (34650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash charitable contributions |  |  | (13495) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-GAAP costs and expenses | $782735 | $687411 | $2971184 | $2627757 |

---

------

**PINTEREST, INC.**

**RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS**

*(in thousands, except per share amounts)*

*(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of net income to Adjusted EBITDA:** |  |  |  |  |
| Net income | $277070 | $1847475 | $416855 | $1862106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6008 | 6064 | 25151 | 21266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 230667 | 198913 | 880463 | 765795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll tax expense related to share-based compensation<sup>(1)</sup> | 3651 | 4376 | 30984 | 30787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (income) expense, net | (26642) | (28580) | (110493) | (127003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | 109 | 13330 | (15514) | 19215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes<sup>(3)</sup> | 50637 | (1570635) | 29035 | (1574501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal settlement<sup>(2)</sup> |  |  |  | 34650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash charitable contributions |  |  | 13495 |  |
| Adjusted EBITDA | $541500 | $470943 | $1269976 | $1032315 |
| **Reconciliation of net income to non-GAAP net income:** | **Reconciliation of net income to non-GAAP net income:** | **Reconciliation of net income to non-GAAP net income:** | **Reconciliation of net income to non-GAAP net income:** | **Reconciliation of net income to non-GAAP net income:** |
| Net income | $277070 | $1847475 | $416855 | $1862106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 230667 | 198913 | 880463 | 765795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll tax expense related to share-based compensation<sup>(1)</sup> | 3651 | 4376 | 30984 | 30787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 1120 | 1840 | 5758 | 7360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal settlement<sup>(2)</sup> |  |  |  | 34650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash charitable contributions |  |  | 13495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax effects and tax adjustments<sup>(4)</sup> | (61992) | (1667029) | (246283) | (1799740) |
| Non-GAAP net income | $450516 | $385575 | $1101272 | $900958 |
| Basic weighted-average shares used in computing net income (loss) per share | 667692 | 674880 | 674706 | 678831 |
| Weighted-average dilutive securities<sup>(5)</sup> | 9726 | 13346 | 13065 | 19545 |
| Diluted weighted-average shares used in computing non-GAAP net income per share | 677418 | 688226 | 687771 | 698376 |
| Non-GAAP net income per share | $0.67 | $0.56 | $1.60 | $1.29 |

---

<sup>(1)</sup> We began excluding payroll tax expense related to share-based compensation from Adjusted EBITDA and non-GAAP net income in the fourth quarter of 2024 because these taxes are variable due to our stock price and other factors outside our control and therefore are not reflective of our ongoing business operations or the underlying trends in our business. Accordingly, although payroll tax expense related to share-based compensation is a cash expense that we will continue to incur in the future, we believe excluding this expense provides investors with a better understanding of the performance of our core business and serves as a tool for investors to use in comparing our core business operating results over multiple periods with other companies in our industry.

<sup>(2)</sup> Includes legal settlement expense of $34.7 million, net of insurance proceeds, relating to allegations concerning the early development of Pinterest, which we have excluded from Adjusted EBITDA and non-GAAP net income in 2024 because it is non-recurring and not reflective of our ongoing business operations or the underlying trends in our business.

<sup>(3)</sup> Includes a tax benefit of $1,597.0 million related to the release of our valuation allowance on our U.S. federal and state, excluding California, deferred tax assets during the fourth quarter of 2024.

<sup>(4)</sup> Includes the income tax effect of our non-GAAP adjustments using a long-term projected tax rate of 20% and other tax adjustments. Other tax adjustments include a tax benefit of $1,597.0 million related to the release of our valuation allowance on our U.S. federal and state, excluding California, deferred tax assets during the fourth quarter of 2024.

<sup>(5)</sup> Gives effect to potential common stock instruments such as stock options, unvested restricted stock units and unvested restricted stock awards.

------

**PINTEREST, INC.**

**RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS**

*(in thousands)*

*(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of free cash flow** | **Reconciliation of free cash flow** | **Reconciliation of free cash flow** | **Reconciliation of free cash flow** | **Reconciliation of free cash flow** |
| Net cash provided by operating activities | $391213 | $253995 | $1284264 | $964594 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (10845) | (3793) | (32375) | (24606) |
| Free cash flow | $380368 | $250202 | $1251889 | $939988 |

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