PINTEREST, INC.

Previous wording

•Revenue was $998.2 million, an increase of 17% on a reported and constant currency basis compared to the three months ended June 30, 2024.

Current wording

•Revenue was $1,049.2 million, an increase of 17% on a reported and 16% on a constant currency basis compared to the three months ended September 30, 2024.

Previous wording

•Monthly active users ("MAUs") were 578 million, an increase of 11% compared to June 30, 2024.

Current wording

•Monthly active users ("MAUs") were 600 million, an increase of 12% compared to September 30, 2024.

Previous wording

•Net income was $38.8 million and Adjusted EBITDA was $250.8 million.

Current wording

•Net income was $92.1 million and Adjusted EBITDA was $306.1 million.

Previous wording

•Net cash provided by operating activities was $571.4 million and free cash flow was $553.1 million during the six months ended June 30, 2025.

Current wording

•Net cash provided by operating activities was $893.1 million and free cash flow was $871.5 million during the nine months ended September 30, 2025.

Previous wording

For the three months ended June 30, 2025, global ARPU was $1.74, which represents an increase of 6% compared to the three months ended June 30, 2024. For the three months ended June 30, 2025, U.S. and Canada ARPU was $7.29, an increase of 6%, Europe ARPU was $1.30, an increase of 26%, and Rest of World ARPU was $0.19, an increase of 44% compared to the three months ended June 30, 2024.

Current wording

For the three months ended September 30, 2025, global ARPU was $1.78, which represents an increase of 5% compared to the three months ended September 30, 2024. For the three months ended September 30, 2025, U.S. and Canada ARPU was $7.64, an increase of 5%, Europe ARPU was $1.31, an increase of 31%, and Rest of World ARPU was $0.21, an increase of 44% compared to the three months ended September 30, 2024.

Previous wording

Adjusted EBITDA, constant currency revenue and free cash flow should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures rather than net income (loss), revenue and net cash provided by operations, the nearest GAAP equivalents. For example,

Current wording

Adjusted EBITDA, constant currency revenue and free cash flow should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures rather than net income, revenue and net cash provided by operations, the nearest GAAP equivalents. For example,

Previous wording

The following table presents a reconciliation of net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA (in thousands):

Current wording

The following table presents a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA (in thousands):

Previous wording

(1)On a constant currency basis, revenue for the three and six months ended June 30, 2025 was $995.1 million and $1,860.1 million, respectively, due to a $3.1 million favorable and $6.9 million unfavorable impact of changes in foreign exchange rates.

Current wording

(1)On a constant currency basis, revenue for the three and nine months ended September 30, 2025 was $1,039.3 million and $2,899.4 million, respectively, due to $9.9 million and $3.0 million favorable impacts of changes in foreign exchange rates for the respective periods.

Previous wording

(2)See “Non-GAAP Financial Measure” for more information and for a reconciliation of net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA.

Current wording

(2)See “Non-GAAP Financial Measure” for more information and for a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA.

Previous wording

Revenue for the three and six months ended June 30, 2025 increased by $144.5 million and $259.6 million, respectively, compared to the three and six months ended June 30, 2024 primarily due to growth from our conversion and awareness objectives. Revenue on a constant currency basis increased by 17% for the three and six month periods ended June 30, 2025, compared to three and six months ended June 30, 2024. Revenue growth was primarily driven by 6% and 5% respective increases in ARPU supported by an 11% increase in average MAUs for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. The number of advertisements served increased by 55% and 52% while the price of advertisements decreased by 25% and 24% for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively.

Current wording

Revenue for the three and nine months ended September 30, 2025 increased by $150.8 million and $410.4 million, respectively, compared to the three and nine months ended September 30, 2024 primarily due to growth from our conversion and awareness objectives. Revenue on a constant currency basis increased by 16% for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. Revenue growth was primarily driven by a 5% increase in ARPU supported by a 12% increase in average MAUs for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. The number of advertisements served increased by 54% and 53% while the price of advertisements decreased by 24% for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively.

Previous wording

Revenue based on our estimate of the geographic location of our users increased by 11% in U.S. and Canada to $744.7 million and $1,408.1 million, Europe revenue increased by 34% and 29% to $190.6 million and $337.3 million, and Rest of World revenue increased by 65% and 58% to $62.9 million and $107.8 million for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, respectively.

Current wording

Revenue based on our estimate of the geographic location of our users increased by 9% in U.S. and Canada to $786.0 million and $2,194.1 million, Europe revenue increased by 41% and 34% to $193.2 million and $530.5 million, and Rest of World revenue increased by 66% and 61% to $70.0 million and $177.8 million for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively.

Previous wording

Cost of revenue for the three and six months ended June 30, 2025 increased by $18.2 million and $36.3 million, respectively, compared to the three and six months ended June 30, 2024 primarily due to increased users and engagement.

Current wording

Cost of revenue for the three and nine months ended September 30, 2025 increased by $24.9 million and $61.2 million, respectively, compared to the three and nine months ended September 30, 2024 primarily due to increased users and engagement.

Previous wording

Research and development for the three and six months ended June 30, 2025 increased by $46.8 million and $98.2 million, respectively, compared to the three and six months ended June 30, 2024. These increases were primarily due to 17% and 20% respective increases in personnel expenses due to higher headcount and $17.5 million and $34.6 million respective increases in share-based compensation expense.

Current wording

Research and development for the three and nine months ended September 30, 2025 increased by $44.6 million and $142.8 million, respectively, compared to the three and nine months ended September 30, 2024. These increases were primarily due to 18% and 19% respective increases in personnel expenses due to higher headcount, $14.3 million and $48.9 million respective increases in share-based compensation expense, and for the nine months ended September 30, 2025, a $10.0 million increase in allocated facilities costs.

Previous wording

Sales and marketing for the three and six months ended June 30, 2025 increased by $47.7 million and $75.4 million, respectively, compared to the three and six months ended June 30, 2024. These increases were primarily due to 24% and 16% respective increases in personnel expenses due to higher headcount, $7.8 million and $13.2 million increases in share-based compensation expense, $6.8 million and $15.2 million increases in marketing expenses and for the six months ended June 30, 2025, a $7.4 million increase in outsourced services costs.

Current wording

Sales and marketing for the three and nine months ended September 30, 2025 increased by $47.6 million and $123.0 million, respectively, compared to the three and nine months ended September 30, 2024. These increases were primarily due to 31% and 21% respective increases in personnel expenses due to higher headcount, $7.9 million and $21.1 million respective increases in share-based compensation expense, and for the nine months ended September 30, 2025, a $16.4 million increase in marketing expenses and a $13.0 million increase in outsourced services costs.

Previous wording

Interest and other income (expense), net for the three and six months ended June 30, 2025 increasedby $8.9 million and $14.0 million, respectively, compared to the three and six months ended June 30, 2024, primarily due to higher foreign currency exchange gains offset by lower returns on our cash equivalents and marketable securities as a result of lower interest rates.

Current wording

Interest and other income (expense), net for the three months ended September 30, 2025 decreased by $7.0 million compared to the three months ended September 30, 2024, primarily due to higher foreign currency exchange losses and lower returns on our cash equivalents and marketable securities as a result of lower interest rates. Interest and other income (expense), net for the nine months ended September 30, 2025 increased by $6.9 million compared to the nine months ended September 30, 2024, primarily due to higher foreign currency exchange gains offset by lower returns on our cash equivalents and marketable securities as a result of lower interest rates.

Previous wording

Benefit from income taxes was primarily due to excess tax benefits from share-based compensation for the three and six months ended June 30, 2025, and due to losses generated in U.S. federal, state and certain foreign jurisdictions for the three and six months ended June 30, 2024.

Current wording

Benefit from income taxes was primarily due to excess tax benefits from share-based compensation for the three and nine months ended September 30, 2025, and due to losses generated in U.S. federal, state and certain foreign jurisdictions for the three and nine months ended September 30, 2024.

Previous wording

On July 4, 2025, the One Big Beautiful Bill Act was signed into law. The legislation includes provisions that allow for the immediate expensing of domestic U.S. research and development expenses and other changes to the U.S. taxation of profits derived from foreign operations. We are currently evaluating the effects of the new legislation on our condensed financial statements and will recognize any adjustments in the period of enactment.

Current wording

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The legislation includes provisions that allow for the immediate expensing of domestic U.S. research and development expenses and other changes to the U.S. taxation of profits derived from foreign operations. The provisions of the OBBBA have multiple effective dates from 2025 through 2027. The changes effective in 2025 are included in our income tax benefits for thethree and nine months ended September 30, 2025 and were not material. We are currently evaluating the impact of the legislation on our condensed consolidated financial statements for future periods.

Previous wording

Given our recent history of generating net income in Ireland, we believe that there is a reasonable possibility that sufficient positive evidence may become available to allow us to determine that the valuation allowance recorded against our Ireland deferred tax assets could be released within the next twelve months. The reversal would result in the recognition of Ireland deferred tax assets and a corresponding income tax benefit in the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change based on our actual operating results.

Current wording

Given our current and anticipated future earnings, we believe that there is a reasonable possibility that sufficient positive evidence may become available to allow us to determine that the valuation allowance recorded against our Ireland deferred tax assets could be released in the next twelve months. The reversal would result in the recognition of Ireland deferred tax assets and a corresponding income tax benefit in the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change based on our actual operating results.

Previous wording

Net income for the three and six months ended June 30, 2025 was $38.8 million and $47.7 million compared to net income of $8.9 million for the three months ended June 30, 2024 and a net loss of $15.9 million for the six months ended June 30, 2024. Adjusted EBITDA was $250.8 million and $422.4 million for the three and six months ended June 30, 2025 compared to $188.3 million and $314.4 million for the three and six months ended June 30, 2024, due to the factors described above. See “Non-GAAP Financial Measure” for more information and for a reconciliation of net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA.

Current wording

$247.0 million and $561.4 million for the three and nine months ended September 30, 2024, due to the factors described above. See “Non-GAAP Financial Measure” for more information and for a reconciliation of net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA.

Previous wording

We finance our operations primarily through payments received from our customers. Our primary uses of cash are personnel-related costs and the cost of hosting our website and mobile application. As of June 30, 2025, we had $2,659.4 million in cash, cash equivalents and marketable securities. Our cash equivalents and marketable securities are primarily invested in short-duration fixed income securities, including government and investment-grade corporate debt securities and money market funds. As of June 30, 2025, $177.4 million of our cash and cash equivalents was held by our foreign subsidiaries.

Current wording

We finance our operations primarily through payments received from our customers. Our primary uses of cash are personnel-related costs and the cost of hosting our website and mobile application. As of September 30, 2025, we had $2,671.3 million in cash, cash equivalents and marketable securities. Our cash equivalents and marketable securities are primarily invested in short-duration fixed income securities, including government and investment-grade corporate debt securities and money market funds. As of September 30, 2025, $190.5 million of our cash and cash equivalents was held by our foreign subsidiaries.

Previous wording

In November 2024, our board of directors authorized a stock repurchase program of up to $2.0 billion of our Class A common stock. Under the stock repurchase program, we are authorized to repurchase, from time-to-time, shares of our Class A common stock through open market purchases, in privately negotiated transactions or in such other manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. During the six months ended June 30, 2025, we repurchased and retired 6,557,179 shares of our Class A common stock for an aggregate purchase price of $227.6 million at an average price per share of $34.71. As of June 30, 2025, $1,672.2 million remained available for repurchases under the stock repurchase program.

Current wording

In November 2024, our board of directors authorized a stock repurchase program of up to $2.0 billion of our Class A common stock. Under the stock repurchase program, we are authorized to repurchase, from time-to-time, shares of our Class A common stock through open market purchases, in privately negotiated transactions or in such other manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. During the nine months ended September 30, 2025, we repurchased and retired 12,180,904 shares of our Class A common stock for an aggregate purchase price of $427.0 million at an average price per share of $35.06. As of September 30, 2025, $1,472.8 million remained available for repurchases under the stock repurchase program.

Previous wording

For the six months ended June 30, 2025 and 2024, our net cash flows were as follows (in thousands):

Current wording

For the nine months ended September 30, 2025 and 2024, our net cash flows were as follows (in thousands):

Previous wording

Cash flows from operating activities consist of our net income (loss) adjusted for certain non-cash reconciling items, such as share-based compensation expense, depreciation and amortization, deferred income taxes, net amortization of investment premium and discount, non-cash charitable contributions and changes in our operating assets and liabilities. Net cash provided by operating activities increased by $108.8 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to an increase in our net income as adjusted for certain non-cash items offset by a decrease in accrued expenses and other liabilities due to timing of payments to vendors.

Current wording

Cash flows from operating activities consist of our net income adjusted for certain non-cash reconciling items, such as share-based compensation expense, depreciation and amortization, deferred income taxes, net amortization of investment premium and discount, non-cash charitable contributions and changes in our operating assets and liabilities. Net cash provided by operating activities increased by $182.5 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to an increase in our net income as adjusted for certain non-cash items offset by a decrease in accrued expenses and other liabilities due to timing of payments to vendors.

Previous wording

Cash flows from investing activities consist of capital expenditures for improvements to new and existing office spaces. We also actively manage our operating cash and cash equivalent balances and invest excess cash in short-duration marketable securities, the sales and maturities of which we use to fund our ongoing cash requirements. Net cash used in investing activities decreased by $140.2 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to an increase in maturities of marketable securities offset by an increase in purchases of marketable securities.

Current wording

Cash flows from investing activities consist of capital expenditures for improvements to new and existing office spaces. We also actively manage our operating cash and cash equivalent balances and invest excess cash in short-duration marketable securities, the sales and maturities of which we use to fund our ongoing cash requirements. Net cash used in investing activities decreased by $84.6 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to an increase in maturities of marketable securities offset by an increase in purchases of marketable securities.

Previous wording

Cash flows from financing activities consist of tax remittances on release of RSUs and RSAs, repurchases of our Class A common stock and proceeds from the exercise of stock options. Net cash used in financing activities increased by $185.5 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to an increase in repurchases of our Class A common stock.

Current wording

Cash flows from financing activities consist of tax remittances on release of RSUs and RSAs, repurchases of our Class A common stock and proceeds from the exercise of stock options. Net cash used in financing activities decreased by $54.0 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to a decrease in repurchases of our Class A common stock.

Previous wording

Free cash flow increased $107.4 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 and consists of net cash provided by operating activities and purchases of property and equipment. See “Non-GAAP Financial Measures” for more information and for a reconciliation of net cash flows provided by operating activities, the most directly comparable financial measure calculated and presented in accordance with GAAP, to free cash flow.

Current wording

Free cash flow increased $181.7 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 and consists of net cash provided by operating activities and purchases of property and equipment. See “Non-GAAP Financial Measures” for more information and for a reconciliation of net cash flows provided by operating activities, the most directly comparable financial measure calculated and presented in accordance with GAAP, to free cash flow.