PINS Q3 2025 Earnings

Call Details

• Call Title: Pinterest, Inc. Q3 2025 Earnings Call
• Date: November 4, 2025 at 9:30 PM UTC
• Management Team:
  • Andrew Somberg (Vice President of Investor Relations and Treasury)
  • Bill Ready (Chief Executive Officer)
  • Julia Brau Donnelly (Chief Financial Officer)

Call Summary

Financial Performance

• Pinterest reported Q3 revenue of $1,049,000,000, up 17% year over year and up 16% on a constant currency basis.
• Adjusted EBITDA for Q3 was $306 million, representing a 29% margin and expanding 170 basis points year over year.
• Q3 free cash flow was $318 million and over 90% of adjusted EBITDA converted to free cash flow over the trailing 12 months.
• Cost of revenue was $206 million, up 13% year over year and up 5% sequentially versus Q2.
• Non-GAAP operating expense was $543 million, up 15% year over year driven by R&D and sales investments.
• Global monthly active users reached 600 million, growing 12% year over year, with U.S. & Canada at 103 million, Europe at 150 million, and Rest of World at 347 million.
• Ad impressions grew 54% year over year while ad pricing declined 24% year over year driven by a larger mix of lower-priced international impressions.
• Outbound clicks to advertisers increased 40% year over year in Q3 and approximately 5x over the last three years.

Guidance

• Q4 2025 revenue guidance is $1,313,000,000 to $1,338,000,000, representing 14% to 16% growth year over year.
• Q4 2025 adjusted EBITDA guidance is $533 million to $558 million.
• Guidance assumes approximately a one-point foreign exchange tailwind based on current spot rates.
• Q4 non-GAAP cost of revenue is expected to grow sequentially by high single digits percent.
• Q4 non-GAAP operating expense will prioritize headcount growth within R&D for AI and product initiatives and expansion of the global sales team.
• The company reiterated its long-term adjusted EBITDA margin target range of 30% to 34% over a three- to five-year horizon.