PINTEREST, INC.

Previous 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.

Current wording

•Revenue was $1,173.9 million, an increase of 12% on a reported and constant currency basis compared to the three months ended September 30, 2025.

Previous wording

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

Current wording

•Monthly active users ("MAUs") were 661 million, an increase of 10% compared to September 30, 2025.

Previous wording

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

Current wording

•Net income was $21.5 million and Adjusted EBITDA was $339.2 million.

Previous 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.

Current wording

•Net cash provided by operating activities was $936.6 million and free cash flow was $881.9 million during the nine months ended September 30, 2026.

Previous 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.

Current wording

For the three months ended September 30, 2026, global ARPU was $1.80, which represents an increase of 1% compared to the three months ended September 30, 2025. For the three months ended September 30, 2026, U.S. and Canada ARPU was $8.38, an increase of 10%, Europe ARPU was $1.21, a decrease of 7%, and Rest of World ARPU was $0.23, an increase of 9% compared to the three months ended September 30, 2025.

Previous 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.

Current wording

(1)Excludes share-based compensation expense of $3.4 million and $17.6 million for the three and nine months ended September 30, 2026, respectively, which is included in restructuring charges.

Previous wording

(2)We have excluded restructuring charges associated with the Restructuring Plan from Adjusted EBITDA because it is non-recurring and not reflective of our ongoing business operations or the underlying trends in our business.

Current wording

(2)We have excluded restructuring charges associated with the Restructuring Plan from Adjusted EBITDA because they are non-recurring and not reflective of our ongoing business operations or the underlying trends in our business.

Previous 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.

Current wording

(1)On a constant currency basis, revenue for the three and nine months ended September 30, 2026 was $1,174.1 million and $3,327.8 million, respectively, due to a $0.2 million unfavorable and $33.3 million favorable impact of changes in foreign exchange rates for the respective periods.

Previous 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.

Current wording

Revenue for the three and nine months ended September 30, 2026 increased by $124.7 million and $458.7 million, respectively, compared to the three and nine months ended September 30, 2025 primarily due to growth from our consideration and, to a lesser extent, awareness objectives. Revenue increased 12% and 16% on a reported and 12% and 15% on a constant currency basis for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, respectively. Revenue growth was primarily driven by 1% and 4% respective increases in ARPU supported by a 10% increase in average MAUs for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025. The number of advertisements served increased by 17% and 19% while the price of advertisements decreased by 4% and 2% for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively.

Previous 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.

Current wording

Revenue based on our estimate of the geographic location of our users increased by 14% and 15% in U.S. and Canada to $894.2 million and $2,524.5 million, and Rest of World revenue increased by 24% and 38% to $87.1 million and $245.6 million for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively. Europe revenue was flat at $192.6 million for the three months ended September 30, 2026 primarily due to lower advertising demand and increased by 11% to $590.9 million for the nine months ended September 30, 2026.

Previous 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.

Current wording

Research and development for the three and nine months ended September 30, 2026 increased by $56.8 million and $197.3 million, respectively, compared to the three and nine months ended September 30, 2025. These increases were primarily due to $38.2 million and $126.0 million respective increases in share-based compensation expense and 7% and 12% increases in personnel expenses for the three and nine months ended September 30, 2026.

Previous 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.

Current wording

Sales and marketing for the three and nine months ended September 30, 2026 increased by $40.3 million and $165.4 million, respectively, compared to the three and nine months ended September 30, 2025. These increases were primarily due to $14.0 million and $44.8 million respective increases in marketing expenses, 9% and 14% increases in personnel expenses primarily due to higher headcount, $8.6 million and $30.7 million increases in share-based compensation expense and, for the nine months ended September 30, 2026, a $29.0 million increase in outsourced services costs.

Previous 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.

Current wording

General and administrative for the three and nine months ended September 30, 2026 increased by $2.4 million and $11.3 million, respectively, compared to the three and nine months ended September 30, 2025. These increases were primarily due to $3.9 million and $17.3 million respective increases in share-based compensation expense. For the nine months ended September 30, 2026, this increase was offset by a $15.4 million 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. As part of the Restructuring Plan, we commenced a workforce reduction of less than 15% as well as office space reductions.

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. The Restructuring Plan was completed during the third quarter of 2026.

Previous 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.

Current wording

Interest and other income (expense), net for the three and nine months ended September 30, 2026 decreased by $23.9 million and $71.9 million, respectively, compared to the three and nine months ended September 30, 2025, primarily due to lower returns on our cash equivalents and marketable securities, driven by lower invested balances.

Previous 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.

Current wording

Provision for income taxes for the three and nine months ended September 30, 2026 was primarily due to tax deficiencies from shared-based compensation. Benefit from income taxes for the three and nine months ended September 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 taxes for thethree and six months ended June 30, 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 nine months ended September 30, 2026 and were not material.

Previous 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.

Current wording

Net income for the three months ended September 30, 2026 was $21.5 million and net loss for the nine months ended September 30, 2026 was $98.7 million compared to net income of $92.1 million and $139.8 million for the three and nine months ended September 30, 2025. Adjusted EBITDA was $339.2 million and $857.0 million for the three and nine months ended September 30, 2026 compared to $306.1 million and $728.5 million for the three and nine months ended September 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 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.

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 September 30, 2026, we had $1,470.0 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, 2026, $135.9 million of our cash and cash equivalents was held by our foreign subsidiaries.

Previous wording

We believe our existing cash, cash equivalents and marketable securities and amounts available under the 2022 revolving credit facility will be sufficient to meet our working capital and capital expenditure needs over at least the next 12 months, though we may require additional capital resources in the future. We may elect to raise additional capital through the sale of additional equity to fund our future needs beyond the next 12 months.

Current wording

We believe our existing cash, cash equivalents and marketable securities and amounts available under our revolving credit facility will be sufficient to meet our working capital and capital expenditure needs over at least the next 12 months, though we may require additional capital resources in the future. We may elect to raise additional capital through the sale of additional equity to fund our future needs beyond the next 12 months.

Previous wording

In May 2026, we entered into a new private pricing addendum with Amazon Web Services (“AWS”), which governs our use of cloud computing infrastructure provided by AWS. Under the new pricing addendum, we are required to purchase at least $4,000.0 million of cloud services from AWS through May 2031. If we fail to do so, we are required to pay the difference between the amount we spend and the required commitment amount. As of June 30, 2026, our remaining contractual commitment is $3,927.9 million. We expect to meet our remaining commitment.

Current wording

In May 2026, we entered into a new private pricing addendum with Amazon Web Services (“AWS”), which governs our use of cloud computing infrastructure provided by AWS. Under the new pricing addendum, we are required to purchase at least $4,000.0 million of cloud services from AWS through May 2031. If we fail to do so, we are required to pay the difference between the amount we spend and the required commitment amount. As of September 30, 2026, our remaining contractual commitment is $3,692.9 million. We expect to meet our remaining commitment.

Previous 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.

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 nine months ended September 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 September 30, 2026, $1,948.0 million remained available for repurchases under the March 2026 program.

Previous 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.

Current wording

During the nine months ended September 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 $1,000.0 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.

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 nine months ended September 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 six months ended June 30, 2026 and 2025, our net cash flows and free cash flow were as follows (in thousands):

Current wording

For the nine months ended September 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, 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.

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 $43.6 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to an increase in our net income as adjusted for certain non-cash items as well as an increase in accrued expenses and other liabilities offset by an increase in prepaid and other current assets which are both 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 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.

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 $344.2 million for the nine months ended September 30, 2026 compared to the nine months ended September 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 $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.

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 $696.4 million for the nine months ended September 30, 2026 compared to the nine months ended September 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 $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.

Current wording

Free cash flow increased $10.4 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 and consists of net cash provided by operating activities less 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.