PINTEREST, INC.

Previous wording

•Revenue was $1,007.5 million, an increase of 18% on a reported and 15% on a constant currency basis compared to the three months ended March 31, 2025.

Current wording

•Revenue was $1,179.7 million, an increase of 18% on a reported and 17% on a constant currency basis compared to the three months ended June 30, 2025.

Previous wording

•Monthly active users ("MAUs") were 631 million, an increase of 11% compared to March 31, 2025.

Current wording

•Monthly active users ("MAUs") were 640 million, an increase of 11% compared to June 30, 2025.

Previous wording

•Loss from operations was $80.3 million, an increase of $44.8 million compared to the three months ended March 31, 2025.

Current wording

•Loss from operations was $55.2 million, an increase of $50.9 million compared to the three months ended June 30, 2025.

Previous wording

•Net loss was $73.6 million and Adjusted EBITDA was $206.5 million.

Current wording

•Net loss was $46.7 million and Adjusted EBITDA was $311.3 million.

Previous wording

•Net cash provided by operating activities was $328.0 million and free cash flow was $311.7 million during the three months ended March 31, 2026.

Current wording

•Net cash provided by operating activities was $620.9 million and free cash flow was $581.6 million during the six months ended June 30, 2026.

Previous wording

For the three months ended March 31, 2026, global ARPU was $1.61, which represents an increase of 6% compared to the three months ended March 31, 2025. For the three months ended March 31, 2026, U.S. and Canada ARPU was $7.12, an increase of 9%, Europe ARPU was $1.17, an increase of 17%, and Rest of World ARPU was $0.20, an increase of 38% compared to the three months ended March 31, 2025.

Current wording

For the three months ended June 30, 2026, global ARPU was $1.86, which represents an increase of 7% compared to the three months ended June 30, 2025. For the three months ended June 30, 2026, U.S. and Canada ARPU was $8.30, an increase of 14%, Europe ARPU was $1.35, an increase of 4%, and Rest of World ARPU was $0.23, an increase of 21% compared to the three months ended June 30, 2025.

Previous wording

(1)Excludes share-based compensation expense of $9.3 million and amortization expense of $1.4 million included in restructuring charges for the three months ended March 31, 2026.

Current wording

(1)Excludes share-based compensation expense of $4.8 million and $14.1 million, and amortization expense of $1.6 million and $2.9 million for the three and six months ended June 30, 2026, respectively included in restructuring charges.

Previous wording

(1)On a constant currency basis, revenue for the three months ended March 31, 2026 was $984.3 million due to a $23.2 million favorable impact of changes in foreign exchange rates for the respective periods.

Current wording

(1)On a constant currency basis, revenue for the three and six months ended June 30, 2026 was $1,169.3 million and $2,153.6 million, respectively, due to a $10.4 million and $33.6 million favorable impact of changes in foreign exchange rates for the respective periods.

Previous wording

Revenue for the three months ended March 31, 2026 increased by $152.5 million compared to the three months ended March 31, 2025 primarily due to growth from our conversion and, to a lesser extent, consideration objectives. Revenue increased 18% on a reported and 15% on a constant currency basis compared to the three months ended March 31, 2025. Revenue growth was primarily driven by a 6% increase in ARPU supported by an 11% increase in average MAUs for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The number of advertisements served increased by 24% while the price of advertisements decreased by 5% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

Revenue for the three and six months ended June 30, 2026 increased by $181.4 million and $334.0 million, respectively, compared to the three and six months ended June 30, 2025 primarily due to growth from our conversion and consideration objectives. Revenue increased 18% on a reported and 17% and 16% on a constant currency basis for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, respectively. Revenue growth was primarily driven by 7% and 6% respective increases in ARPU supported by an 11% increase in average MAUs for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. The number of advertisements served increased by 16% and 20% while the price of advertisements increased by 1% and decreased by 2% for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively.

Previous wording

Revenue based on our estimate of the geographic location of our users increased by 13% in U.S. and Canada to $750.4 million, Europe revenue increased by 27% to $185.6 million, and Rest of World revenue increased by 59% to $71.5 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

Revenue based on our estimate of the geographic location of our users increased by 18% and 16% in U.S. and Canada to $879.9 million and $1,630.3 million, Europe revenue increased by 12% and 18% to $212.7 million and $398.3 million, and Rest of World revenue increased by 38% and 47% to $87.0 million and $158.5 million for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively.

Previous wording

Cost of revenue for the three months ended March 31, 2026 increased by $39.3 million compared to the three months ended March 31, 2025 primarily due to increased users and engagement.

Current wording

Cost of revenue for the three and six months ended June 30, 2026 increased by $54.3 million and $93.6 million, respectively, compared to the three and six months ended June 30, 2025 primarily due to increased users and engagement.

Previous wording

Research and development for the three months ended March 31, 2026 increased by $49.1 million compared to the three months ended March 31, 2025. The increase was primarily due to a $21.2 million increase in share-based compensation expense and a 15% increase in personnel expenses due to higher headcount.

Current wording

Research and development for the three and six months ended June 30, 2026 increased by $91.4 million and $140.5 million, respectively, compared to the three and six months ended June 30, 2025. These increases were primarily due to $66.6 million and $87.8 million respective increases in share-based compensation expense and 15% increases in personnel expenses primarily due to higher headcount for the three and six months ended June 30, 2026.

Previous wording

Sales and marketing for the three months ended March 31, 2026 increased by $63.9 million compared to the three months ended March 31, 2025. The increase was primarily due to a 21% increase in personnel expenses due to higher headcount, a $16.1 million increase in marketing expenses, a $12.9 million increase in outsourced services costs and a $8.6 million increase in share-based compensation expense.

Current wording

Sales and marketing for the three and six months ended June 30, 2026 increased by $61.2 million and $125.1 million, respectively, compared to the three and six months ended June 30, 2025. These increases were primarily due to $18.3 million and $34.4 million respective increases in marketing expenses, 14% and 17% increases in personnel expenses primarily due to higher headcount, $13.4 million and $22.1 million increases in share-based compensation expense and, for the six months ended June 30, 2026, a $22.3 million increase in outsourced services costs.

Previous wording

General and administrative for the three months ended March 31, 2026 decreased by $2.1 million compared to the three months ended March 31, 2025. The decrease was primarily due to a $15.4 million non income-based tax benefit due to the repeal of Canada's digital services tax, offset by a $6.8 million increase in outsourced services costs and a $4.4 million increase in share-based compensation expense.

Current wording

General and administrative for the three and six months ended June 30, 2026 increased by $11.0 million and $8.9 million, respectively, compared to the three and six months ended June 30, 2025. These increases were primarily due to $9.0 million and $13.4 million respective increases in share-based compensation expense and, for the six months ended June 30, 2026, a $10.9 million increase in outsourced services costs offset by a $15.4 million decrease in non-income based tax benefit related to the repeal of Canada's digital services tax.

Previous wording

In January 2026, we initiated a global restructuring plan (the “Restructuring Plan”) to support our transformation initiatives, including but not limited to (i) reallocating resources to AI-focused roles and teams that drive AI adoption and execution, (ii) prioritizing AI‑powered products and capabilities, and (iii) accelerating the transformation of our sales and go-to-market approach.

Current wording

In January 2026, we initiated a global restructuring plan (the “Restructuring Plan”) to support our transformation initiatives, including but not limited to (i) reallocating resources to AI-focused roles and teams that drive AI adoption and execution, (ii) prioritizing AI‑powered products and capabilities, and (iii) accelerating the transformation of our sales and go-to-market approach. As part of the Restructuring Plan, we commenced a workforce reduction of less than 15% as well as office space reductions.

Previous wording

We expect to incur total charges of $59.6 million to $69.6 million under the Restructuring Plan, including additional charges of $12.5 million to $22.5 million, which we expect to incur through the end of the third quarter of 2026. We will record additional charges under the Restructuring Plan as incurred, and the timing and magnitude of such charges are subject to change. Liabilities under the Restructuring Plan are not material as of March 31, 2026.

Current wording

We expect to incur total charges of up to $69.6 million under the Restructuring Plan through the end of the third quarter of 2026. Liabilities under the Restructuring Plan are not material as of June 30, 2026.

Previous wording

Interest and other income (expense), net for the three months ended March 31, 2026 decreased by $15.0 million compared to the three months ended March 31, 2025. The decrease was primarily due to lower invested balances and returns on our cash equivalents and marketable securities as a result of lower interest rates and lower foreign currency exchange gains.

Current wording

Interest and other income (expense), net for the three and six months ended June 30, 2026 decreased by $32.9 million and $48.0 million, respectively, compared to the three and six months ended June 30, 2025, primarily due to lower invested balances and returns on our cash equivalents and marketable securities as well as lower foreign currency exchange gains.

Previous wording

Provision for income taxes was primarily due to tax deficiencies from share-based compensation offset by tax benefits from losses generated for the three months ended March 31, 2026. Benefit from income taxes was primarily due to excess tax benefits from shared-based compensation for the three months ended March 31, 2025.

Current wording

Benefit from income taxes for the three months ended June 30, 2026 was primarily due to tax benefits from our net loss. Provision for income taxes for the six months ended June 30, 2026 was primarily due to tax deficiencies from shared-based compensation. Benefit from income taxes for the three and six months ended June 30, 2025 was primarily due to excess tax benefits from share-based compensation.

Previous 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 2026 are included in our income tax benefits for the three months ended March 31, 2026 and were not material.

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 2026 are included in our income taxes for thethree and six months ended June 30, 2026 and were not material.

Previous wording

Net loss for the three months ended March 31, 2026 was $73.6 million compared to net income of $8.9 million for the three months ended March 31, 2025, and Adjusted EBITDA was $206.5 million for the three months ended March 31, 2026 compared to $171.6 million for the three months ended March 31, 2025, 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

Net loss for the three and six months ended June 30, 2026 was $46.7 million and $120.3 million compared to net income of $38.8 million and $47.7 million for the three and six months ended June 30, 2025. Adjusted EBITDA was $311.3 million and $517.8 million for the three and six months ended June 30, 2026 compared to $250.8 million and $422.4 million for the three and six months ended June 30, 2025, 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.

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 well as our stock repurchase program as described below. As of March 31, 2026, we had $1,298.6 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 March 31, 2026, $215.9 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 well as our stock repurchase program as described below. As of June 30, 2026, we had $1,274.9 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, 2026, $169.5 million of our cash and cash equivalents was held by our foreign subsidiaries.

Previous wording

As of March 31, 2026, we had outstanding convertible senior notes (the "Notes")for a principal amount of$1.0 billion, which will mature on March 1, 2031, subject to earlier conversion, redemption or repurchase. In March 2026, we used the proceeds of the Notes to repurchase shares of our Class A common stock, as discussed below. Upon conversion of any Note, we will pay or deliver, as the case may be and subject to the indenture governing the Notes, cash and shares of our Class A common stock, if any. As of March 31, 2026, the Notes are not eligible for optional conversion.

Current wording

As of June 30, 2026, we had outstanding convertible senior notes (the "Notes")for a principal amount of$1,000.0 million, which will mature on March 1, 2031, subject to earlier conversion, redemption or repurchase. In March 2026, we used the proceeds of the Notes to repurchase shares of our Class A common stock, as discussed below. Upon conversion of any Note, we will pay or deliver, as the case may be and subject to the indenture governing the Notes, cash and shares of our Class A common stock, if any. As of June 30, 2026, the Notes are not eligible for optional conversion.

Previous wording

In March 2026, our board of directors authorized a new stock repurchase program of up to $3.5 billion of our Class A common stock (the "March 2026 program") and canceled the November 2024 program, under which $499.9 million had remained available for repurchase. Under the March 2026 program, we are authorized to repurchase, from time to time, shares of our Class A common stock through open market purchases, block transactions, privately negotiated purchase transactions or in such other manner as deemed advisable by management. In addition, we may establish one or more trading plans pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or enter into arrangements with brokers or other third parties for accelerated purchases of our Class A common stock. The March 2026 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 three months ended March 31, 2026, we repurchased and retired 26,188,857 shares of our Class A common stock through open market purchases under the March 2026 program for an aggregate purchase price of $493.0 million at an average price per share of $18.83. We also repurchased and retired 41,279,670 shares of our Class A common stock through an accelerated share repurchase agreement under the March 2026 program as described below. As of March 31, 2026, $2.0 billion remained available for repurchases under the March 2026 program.

Current wording

In March 2026, our board of directors authorized a new stock repurchase program of up to $3,500.0 million of our Class A common stock (the "March 2026 program") and canceled the November 2024 program, under which $499.9 million had remained available for repurchase. Under the March 2026 program, we are authorized to repurchase, from time to time, shares of our Class A common stock through open market purchases, block transactions, privately negotiated purchase transactions or in such other manner as deemed advisable by management. In addition, we may establish one or more trading plans pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or enter into arrangements with brokers or other third parties for accelerated purchases of our Class A common stock. The March 2026 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, 2026, we repurchased and retired 28,950,481 shares of our Class A common stock through open market purchases under the March 2026 program for an aggregate purchase price of $551.0 million at an average price per share of $19.03. We also repurchased and retired 54,796,613 shares of our Class A common stock at an average price per share of $18.25 through an accelerated share repurchase agreement under the March 2026 program as described below. As of June 30, 2026, $1,948.0 million remained available for repurchases under the March 2026 program.

Previous wording

During the three months ended March 31, 2026, we recorded $14.7 million of excise tax resulting from the Inflation Reduction Act of 2022 in relation to stock repurchases under the November 2024 and March 2026 programs.

Current wording

During the six months ended June 30, 2026, we recorded $14.9 million of excise tax resulting from the Inflation Reduction Act of 2022 in relation to stock repurchases under the November 2024 and March 2026 programs.

Previous wording

In March 2026, we entered into an accelerated share repurchase agreement (the “ASR”) with a financial institution to repurchase $1.0 billion of our Class A common stock as part of our March 2026 program. Under the terms of the ASR, we made an up-front payment of $1.0 billion and received an initial delivery of 41,279,670 shares of our Class A common stock, which represents approximately 80% of the total shares we expect to receive under the ASR. We accounted for the remaining 20% of the total shares we expect to receive under the ASR as an unsettled forward contract indexed to our own stock and recorded the full payment of $1.0 billion as a reduction to stockholders' equity during the three months ended March 31, 2026. The final number of shares to be repurchased under the ASR will be based on the average of the daily volume-weighted average price of our Class A common stock during the term of the ASR, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR. The final settlement of the ASR will be no later than May 1, 2026 and may be accelerated at the option of the financial institution. If the total number of shares to be delivered is greater than the initial number of shares delivered in March 2026, we will receive the remaining shares of our Class A common stock from the financial institution. If the total number of shares to be delivered is less than the number of shares delivered in March 2026, we will be required to deliver shares of our Class A common stock or make a cash payment equal to the value of those shares, at our election.

Current wording

In March 2026, we entered into an accelerated share repurchase agreement (the “ASR”) with a financial institution to repurchase $1,000.0 million of our Class A common stock as part of our March 2026 program. Under the terms of the ASR, we made an up-front payment of $1,000.0 million, which we recorded as a reduction of stockholders' equity. We received an initial delivery of 41,279,670 shares of our Class A common stock in March 2026 and the remaining 13,516,943 shares in April 2026. In total, during the six months ended June 30, 2026, we repurchased and retired 54,796,613 shares of our Class A common stock at an average price per share of $18.25 under the ASR.

Previous wording

For the three months ended March 31, 2026 and 2025, our net cash flows and free cash flow were as follows (in thousands):

Current wording

For the six months ended June 30, 2026 and 2025, our net cash flows and free cash flow 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, and changes in our operating assets and liabilities. Net cash provided by operating activities decreased by $35.7 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to a decrease in our net income as adjusted for certain non-cash items offset by an increase 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 (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 $49.5 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase in accrued expenses and other liabilities due to timing of payments to vendors offset by the impact of higher revenue on our accounts receivable balance.

Previous wording

Cash flows from investing activities consist of capital expenditures for improvements to new and existing office spaces and acquisitions of businesses. 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 provided by investing activities increased by $100.9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to an increase in net sales of marketable securities offset by the acquisition of tvScientific.

Current wording

Cash flows from investing activities consist of capital expenditures for improvements to new and existing office spaces and acquisitions of businesses. 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 provided by (used in) investing activities increased by $232.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to an increase in net purchases and sales of marketable securities offset by a decrease in maturities of marketable securities and the acquisition of tvScientific.

Previous wording

Cash flows from financing activities consist of tax remittances on release of RSUs and RSAs, repurchases of our Class A common stock, proceeds from the exercise of stock options and net proceeds from the issuance of the Notes. Net cash used in financing activities increased by $771.4 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to an increase in repurchases of our Class A common stock offset by net proceeds from the issuance of the Notes.

Current wording

Cash flows from financing activities consist of tax remittances on release of RSUs and RSAs, repurchases of our Class A common stock, proceeds from the exercise of stock options and net proceeds from the issuance of the Notes. Net cash used in financing activities increased by $907.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to an increase in repurchases of our Class A common stock and the purchase of the Capped Calls offset by net proceeds from the issuance of the Notes.

Previous wording

Free cash flow decreased $44.7 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 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 decreased $28.5 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 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.