Pinterest (PINS) financials: revenue, margins, cash flow and debt

PINS · NYSE · Communication Services · Financials, fiscal 2017 to 2025

PINS · Last close · October 26, 2026

$21.23

Pinterest's revenue rose 15.8% to $4.2 billion in fiscal 2025. Its operating margin was 7.6%, up from 4.9% a year earlier. Free cash flow was $1.3 billion, up 33.2%. It paid out $927 million in dividends and buybacks, 74% of free cash flow. The diluted share count fell 1.5%.

Pinterest, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001506293-26-000021 Updated October 9, 2026

Revenue

$4.2B

15.8%

Operating margin

7.6%

2.7 pts

Net income

$417M

77.6%

Free cash flow

$1.3B

33.2%

Return on capital

13.2%

0.5 pts

Market cap

$12.0B

Oct 26 close

P/E

62.4x

On $0.34 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Pinterest reports no borrowings (its credit line is undrawn), so debt is counted as zero.

What Pinterest does

Pinterest runs a free app and website where people search for and save images and videos, called Pins, for ideas such as recipes, outfits, home projects or trips. Users sort Pins onto boards and can click through to buy products they find. Pinterest says 619 million people use it each month across more than 100 countries, about two-thirds of them women.

Almost all of Pinterest's revenue comes from advertising. Brands and retailers pay to place ads, including image, video and shopping ads, among the Pins people browse, and most buy them through an automated auction. Advertisers pay either for views or for results such as clicks and purchases. Average revenue per user is much higher in North America: in 2025 it was $30.84 per user in the United States and Canada and $5.12 in Europe. Pinterest names Amazon, Meta, Google, OpenAI, Snap, Reddit, TikTok and X among its competitors for users' time and for advertisers.

Pinterest uses AI to recommend content and target ads, drawing on what people search for and save. It had 5,265 full-time employees at the end of 2025, and in early 2026 it began a restructuring to shift staff and spending toward AI work.

Its biggest risks, as it describes them

Its dependence on advertising, so losing advertisers or seeing them spend less would hurt revenue.
Failing to attract, keep and engage users, which would make the platform less useful to advertisers.
Competition from larger internet companies for users' attention and for ad budgets.
Limits on its ability to collect and use data to target ads and measure how well they work.
Its reliance on Amazon Web Services for most of its computing and storage.

From Pinterest's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2021 to 2025, earnings per share grew 7.3% a year and net income 7.1% a year, as buybacks cut the share count by 1%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Pinterest yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Pinterest says to expect

Third quarter 2026: revenueFor Q3 2026, we expect revenue to be in the range of $1,190 million to $1,210 million, representing 13% - 15% growth year over year, which assumes a modest headwind from foreign exchange based on current spot rates.
Third quarter 2026: adjusted EBITDAWe expect Q3 2026 Adjusted EBITDA* to be in the range of $335 million to $355 million.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 4, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Pinterest's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Pinterest's fiscal 2025 free cash flow of $1.3B, net cash of $2.5B at December 31, 2025 and 688 million diluted shares, from its filings. The scenarios are fitted to Pinterest: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 14.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Interactive Home Entertainment), plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Pinterest's own revenue growth, as above. Cautious: growth of 7.5% then 5% a year, 2% after year 10, a 11% discount rate. Base: growth of 14.5% then 8.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 22% then 12.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $21.23
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Pinterest's earnings per share of $0.34 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 39.7×, the average of the Communication Services median and Pinterest's own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available.

Earnings growth in the years ahead (% a year) Starts at Pinterest's revenue growth over the last 3 years, 14.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $21.23
Value at this multiple, against the last close: —
Pinterest's P/E at the last close: 62.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,480	2,698	2,511	2,513	2,467
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−2,480	−2,698	−2,511	−2,513	−2,467
Net debt to EBITDA	−7.0x	—	—	−12.5x	−7.2x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	—	—	—	—	—
Current ratio	12.2x	9.1x	10.5x	8.8x	7.6x
Quick ratio	12.2x	9.1x	10.5x	8.8x	7.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Pinterest shares on the open market, and 7 insiders sold $46.1 million, $44.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 21, 2026	Benjamin SilbermannDirector, 10% owner	Sold plan	46,875	$22.94	$1.1 million	Form 4
Oct 21, 2026	Gokul RajaramDirector	Sold plan	1,050	$22.84	$23,982	Form 4
Oct 20, 2026	Benjamin SilbermannDirector, 10% owner	Sold plan	46,875	$22.56	$1.1 million	Form 4
Oct 14, 2026	Benjamin SilbermannDirector, 10% owner	Sold plan	46,875	$22.02	$1.0 million	Form 4
Oct 13, 2026	Benjamin SilbermannDirector, 10% owner	Sold plan	46,875	$21.56	$1.0 million	Form 4
Oct 7, 2026	Benjamin SilbermannDirector, 10% owner	Sold plan	46,875	$20.07	$940,791	Form 4
Oct 6, 2026	Benjamin SilbermannDirector, 10% owner	Sold plan	46,875	$19.66	$921,600	Form 4
Oct 5, 2026	Claude Leonard BrownChief Business Officer	Sold plan	12,240	$20.00	$244,861	Form 4
Oct 5, 2026	Gokul RajaramDirector	Sold plan	1,050	$20.00	$21,000	Form 4
Sep 30, 2026	Benjamin SilbermannDirector, 10% owner	Sold plan	46,875	$18.72	$877,500	Form 4
Sep 29, 2026	Benjamin SilbermannDirector, 10% owner	Sold plan	46,875	$18.33	$859,219	Form 4
Sep 24, 2026	Donnelly Julia BrauChief Financial Officer	Sold plan	29,548	$18.61	$549,888	Form 4

The latest 12 of 60 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Fail
F-score	5 of 9	5 of 9	5 of 9
Accruals ratio	−17.4%	20.1%	−16.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Pinterest side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Pinterest	FY25	15.8%	7.6%	29.6%	13.2%	−7.2x	5
Roblox	FY25	35.8%	−25.2%	27.7%	—	—	6	Compare
Take-Two Interactive	FY26	18.2%	−1.6%	6.9%	−2.0%	5.6x	7	Compare
NetEase	FY25	7.0%	31.8%	44.1%	—	—	—	Compare
Veon	FY25	9.9%	32.7%	—	36.4%	0.6x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

9 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	473	756	1,143	1,693	2,578	2,803	3,055	3,646	4,222
Revenue growth	—	59.9%	51.2%	48.1%	52.3%	8.7%	9.0%	19.4%	15.8%
Gross profit	294	514	784	1,243	2,049	2,124	2,366	2,896	3,380
Research and development	208	252	1,207	606	780	949	1,068	1,241	1,427
Operating income	−138	−75	−1,389	−142	326	−102	−126	180	320
Net income	−130	−63	−1,361	−128	316	−96	−36	1,862	417
Diluted EPS (US$)	−1.03	−0.50	−3.24	−0.22	0.46	−0.14	−0.05	2.67	0.61
Diluted shares (millions)	127	127	420	596	692	666	675	698	688
Cash flow
Cash from operations	−103	−60	1	29	753	469	613	965	1,284
Capital expenditure	41	22	34	17	9	29	8	25	32
Free cash flow	−144	−83	−33	11	744	440	605	940	1,252
Dividends paid	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	500	600	927
Acquisitions	0	0	0	0	37	86	0	0	0
Stock-based compensation	29	15	1,378	321	415	497	648	766	880
Balance sheet at fiscal year end
Cash and short-term investments	72	628	1,713	1,760	2,480	2,698	2,511	2,513	2,467
Debt incl. finance leases	0	0	0	0	0	0	0	0	0
Total assets	—	1,153	2,393	2,610	3,537	3,863	3,594	5,343	5,492
Total liabilities	—	282	370	367	498	581	504	592	747
Shareholders' equity	−546	−595	2,024	2,242	3,039	3,282	3,091	4,751	4,745
Margins and ratios
Gross margin	62.2%	68.0%	68.6%	73.5%	79.5%	75.8%	77.5%	79.4%	80.1%
Operating margin	−29.2%	−9.9%	−121.5%	−8.4%	12.7%	−3.6%	−4.1%	4.9%	7.6%
Net margin	−27.5%	−8.3%	−119.1%	−7.6%	12.3%	−3.4%	−1.2%	51.1%	9.9%
Free cash flow margin	−30.5%	−10.9%	−2.9%	0.7%	28.9%	15.7%	19.8%	25.8%	29.6%
Return on capital	—	—	—	−28.4%	61.8%	−14.1%	−17.1%	12.8%	13.2%
Return on equity	—	—	−190.5%	−6.0%	12.0%	−3.0%	−1.1%	47.5%	8.8%
Return on assets	—	—	−76.8%	−5.1%	10.3%	−2.6%	−1.0%	41.7%	7.7%
Net debt to EBITDA	—	—	—	—	−7.0x	—	—	−12.5x	−7.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Pinterest's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Pinterest.