Pinterest Inc.

PINS
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.0B
Q1 2026 · +18% YoY · Beat consensus by 3%
TTM ROIC
16%
FY2025 · NOPAT (adj NI + D&A - SBC adj) / Net Assets (Total Assets – Cash) · WACC ~9.75% · Moat spread +6.5pp

Financial Snapshot

ticker: PINS step: 04 generated: 2026-05-13 source: quick-research

Pinterest, Inc. (PINS) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $2.80B $3.06B $3.65B +19.4%
Operating Income -$0.13B ~$0.21B ~$0.32B +52%
Net Income ~-$0.1B ~$0.3B ~$0.7B +133%
EPS (diluted) ~-$0.14 ~$0.44 ~$0.96 +118%

FY2025: Revenue $4.22B (+15.8%); Q1 2026: Revenue $1.008B (+18% YoY) — first billion-dollar quarter achieved in Q4 2024. Record 631M MAUs in Q1 2026.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.0B
Free Cash Flow $0.94B
Capital Expenditures ~$0.1B
Cash & Equivalents ~$2.5B
Total Debt ~$0 (net cash positive)

Pinterest is debt-free with ~$2.5B in cash. FCF grew 55% in 2024. Company announced ~$2B in share repurchases executed through Q1 2026 — significant capital return relative to market cap.

Key Ratios (approximate)

  • P/E: ~20x (adj.) | EV/EBITDA: ~15x | FCF Yield: ~7%
  • Revenue Growth (TTM): ~16–18% | FCF Margin: ~26%

Growth Profile

Pinterest is accelerating revenue growth via lower-funnel ad monetization, international ARPU expansion, and the Amazon partnership bringing incremental demand. Revenue went from $2.8B (2022) to $4.4B (TTM), with growth re-accelerating from 9% (2023) to 19–20% in 2024–2025. FCF has tripled from $442M (2022) to $940M (2024). The stock has fallen 50%+ from its 2021 highs and ~32% over the past year, trading at ~$20 against $940M in FCF — a disconnect bulls attribute to macro ad spend fears, not fundamental deterioration.

Forward Estimates

  • FY2026: Revenue ~$4.8–5.0B (~16–18% growth); FCF ~$1.1–1.2B
  • Adj. EBITDA margin expansion as revenue scales over relatively fixed cost base
  • International ARPU monetization: Europe and Rest of World represent 83% of users, 25% of revenue — large gap to close
  • Amazon partnership: incremental advertiser demand flowing through Pinterest inventory; scale growing
  • Stock buyback: ~$2B repurchased in last 12 months; $3.5B+ authorized program

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $PINS.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/pins/financials/md · → thesis · → memo