PINS 8-K: Smart Summary

Pinterest, Inc. reported Q4 and full year 2025 financial results on February 12, 2026, announcing Q4 revenue of $1.3B (up 14% YoY) and full year revenue of $4.2B (up 16% YoY). Global MAUs reached an all-time high of 619 million, up 12% YoY. The company also provided Q1 2026 guidance of $951–$971M in revenue.

• Revenue: $1.3B in Q4 2025 (+14% YoY reported, +13% constant currency); $4.2B for full year 2025 (+16% YoY reported, +15% constant currency)
• GAAP net income: $277M in Q4 2025 (-85% YoY); $417M for full year 2025 (-78% YoY); prior year figures were inflated by a $1.6B valuation allowance release
• GAAP net income margin: 21% in Q4 2025 (vs. 160% in Q4 2024); 10% for full year 2025 (vs. 51% in full year 2024)
• GAAP diluted EPS: $0.41 in Q4 2025 (vs. $2.68 in Q4 2024); $0.61 for full year 2025 (vs. $2.67 in full year 2024)
• Non-GAAP net income: $450.5M in Q4 2025 (+17% YoY); $1.1B for full year 2025 (+22% YoY)
• Non-GAAP diluted EPS: $0.67 in Q4 2025 (vs. $0.56 in Q4 2024); $1.60 for full year 2025 (vs. $1.29 in full year 2024)
• Adjusted EBITDA: $541.5M in Q4 2025 (+15% YoY); $1.3B for full year 2025 (+23% YoY)
• Adjusted EBITDA margin: 41% in Q4 2025 (flat YoY); 30% for full year 2025 (vs. 28% in full year 2024)
• Net cash provided by operating activities: $391.2M in Q4 2025 (+54% YoY); $1.3B for full year 2025 (+33% YoY)
• Free cash flow: $380.4M in Q4 2025 (+52% YoY); $1.3B for full year 2025 (+33% YoY)

• U.S. and Canada revenue: $979M in Q4 2025 (+9% YoY); $3.2B for full year 2025 (+10% YoY); MAUs of 105 million (+4% YoY); Q4 ARPU $9.41 (+4% YoY); full year ARPU $30.84 (+6% YoY)
• Europe revenue: $245M in Q4 2025 (+25% YoY); $775M for full year 2025 (+31% YoY); MAUs of 158 million (+9% YoY); Q4 ARPU $1.59 (+15% YoY); full year ARPU $5.12 (+21% YoY)
• Rest of World revenue: $96M in Q4 2025 (+64% YoY); $274M for full year 2025 (+62% YoY); MAUs of 356 million (+16% YoY); Q4 ARPU $0.27 (+42% YoY); full year ARPU $0.83 (+40% YoY)
• Global MAUs: 619 million (+12% YoY); global Q4 ARPU $2.16 (+2% YoY); full year ARPU $7.21 (+4% YoY)

• Cash and cash equivalents: $969.3M as of December 31, 2025 (vs. $1.1B as of December 31, 2024)
• Marketable securities: $1.5B as of December 31, 2025 (vs. $1.4B as of December 31, 2024)
• Share repurchases of Class A common stock: $502M in Q4 2025; $927M for full year 2025 (vs. $600.2M for full year 2024)
• Shares repurchased for tax withholdings on RSU/RSA releases: $84.7M in Q4 2025; $399M for full year 2025
• Class A common stock shares outstanding decreased from 593,462 thousand (December 31, 2024) to 584,866 thousand (December 31, 2025)
• No debt reported on the balance sheet; total liabilities were $746.9M as of December 31, 2025
• No dividends mentioned in the filing

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

• Q1 2026 revenue expected in the range of $951M to $971M, representing 11%–14% growth YoY
• Foreign exchange impact assumed to be approximately 3 points of tailwind based on current spot rates
• Q1 2026 Adjusted EBITDA expected in the range of $166M to $186M
• No full-year 2026 guidance provided; further details to be discussed on the conference call