# Pinterest Inc. (PINS) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PINS/thesis · /stocks/PINS/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PINS/fundamental

## Navigation

- Overview: /stocks/PINS
- Financials (this page): /stocks/PINS/financials
- Thesis: /stocks/PINS/thesis
- Investment Memo: /stocks/PINS/memo
- Coverage universe: /stocks