Pinterest (NYSE:PINS) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsAndrew Somberg - VP of Investor Relations and TreasurerBill Ready - CEOBrian Nowak - Managing DirectorEric Sheridan - Managing DirectorJulia Donnelly - CFORon Josey - Managing DirectorConference Call ParticipantsColin Sebastian - Baird logo Managing Director and Senior Research Analyst for Internet and Digital MediaDoug Anmuth - Managing Director and Internet AnalystJustin Patterson - Managing Director and Equity R ...

Financial Data and Key Metrics Changes - In Q4 2025, global revenue reached $1.319 billion, reflecting a 14% year-over-year increase or 13% on a constant currency basis [32] - Adjusted EBITDA for Q4 was $542 million, with an Adjusted EBITDA margin of 41%, up 20 basis points year-over-year [34] - Free cash flow for the full year 2025 increased by 33% to $1.25 billion, representing a free cash flow conversion of 99% [35] Business Line Data and Key Metrics Changes - The U.S. and Canada region generated $979 million in revenue, growing 9%, while Europe saw revenue of $245 million, growing 25% [32][33] - Revenue from the Rest of World markets was $96 million, growing 64% [33] - Ad impressions grew by 41% in Q4, but ad pricing declined by 19% year-over-year due to a mix shift towards under-monetized international markets [33] Market Data and Key Metrics Changes - Global monthly active users (MAUs) reached 619 million, up 12% year-over-year, marking the tenth consecutive quarter of record-high users [31] - The U.S. and Canada region had 105 million MAUs, growing 4%, while Europe had 158 million MAUs, growing 9%, and the Rest of World markets had 356 million MAUs, growing 16% [31] Company Strategy and Development Direction - The company aims to broaden its revenue mix and accelerate sales transformation, focusing on mid-market and SMB advertisers [8][22] - AI is positioned at the core of the company's strategy, enhancing user experiences and optimizing internal operations [9][16] - The acquisition of tvScientific is intended to leverage high-intent audiences beyond Pinterest's own surfaces, expanding monetization opportunities [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with Q4 revenue performance, attributing it to external factors like tariffs affecting ad spend from large retailers [7][17] - The company is focused on improving monetization to reflect user engagement strength, with plans to enhance sales and go-to-market strategies [19][20] - Management remains optimistic about long-term growth potential, emphasizing the need for execution improvements to match user engagement with revenue [29][42] Other Important Information - The company has made significant progress in expanding its Taste Graph, which grew by nearly 40% in 2025, enhancing content relevance and recommendations [13] - Approximately 50% of new code is AI-generated, reflecting the company's commitment to leveraging AI for operational efficiency [16] Q&A Session Summary Question: Can you talk more about the drivers of Q4 revenue and the Q1 guidance? - Management noted that larger retail advertisers created a headwind in Q4 as they pulled back on ad spend, impacting revenue more significantly due to the current revenue mix [47] Question: How is the new go-to-market team likely to drive wallet share and digital advertising for Pinterest? - The new team is focused on broadening revenue, particularly across mid-market and SMB advertisers, and enhancing measurement and technical capabilities within the sales organization [53][56] Question: Can you discuss the necessary tech investment to broaden the advertiser base? - Management indicated that significant tech investment is required to deepen the advertiser base and enhance performance selling capabilities, particularly for SMBs [59][64]

Financial Data and Key Metrics Changes - In Q4 2025, global revenue reached $1.319 billion, reflecting a 14% year-over-year increase or 13% on a constant currency basis [31] - Adjusted EBITDA for Q4 was $542 million, with an Adjusted EBITDA margin of 41%, up 20 basis points year-over-year [33] - Free cash flow for the full year 2025 increased by 33% to $1.25 billion, representing a free cash flow conversion of 99% [34] Business Line Data and Key Metrics Changes - The company ended Q4 with 619 million global monthly active users (MAUs), a 12% increase year-over-year, marking the tenth consecutive quarter of record-high users [30] - In Q4, ad impressions grew by 41%, while ad pricing declined by 19% year-over-year, primarily due to a mix shift from growing ad impressions in under-monetized international markets [32] - Revenue from the US and Canada was $979 million, growing 9%, while Europe saw revenue of $245 million, growing 25% [31] Market Data and Key Metrics Changes - The US and Canada region had 105 million MAUs, growing 4%, Europe had 158 million MAUs, growing 9%, and the rest of the world had 356 million MAUs, growing 16% [30] - Revenue from the rest of the world was $96 million, growing 64% on a reported and constant currency basis [32] Company Strategy and Development Direction - The company aims to broaden its revenue mix and accelerate growth with mid-market, SMB, and international advertisers, moving away from a heavy reliance on large retailers [19][21] - The introduction of new leadership, including a Chief Business Officer, is expected to enhance monetization efforts and sales execution [20] - The company is focused on leveraging AI to improve user experiences and optimize internal operations, with AI at the core of its strategy [7][16] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with Q4 revenue performance, attributing it to external factors such as tariffs affecting ad spend from top retail advertisers [5][17] - The company anticipates continued headwinds in Q1 due to the same dynamics impacting large retailers and is undergoing a sales and go-to-market transformation [44] - Management remains optimistic about long-term growth potential, citing strong user engagement and the need to close the monetization gap [66][74] Other Important Information - The company has made significant progress in AI initiatives, with approximately 50% of new code being AI-generated [16] - The acquisition of tvScientific is expected to enhance monetization opportunities beyond Pinterest's own surfaces [24] Q&A Session Summary Question: Can you talk more about the drivers of Q4 revenue and the Q1 guidance? - Management noted that larger retail advertisers created a headwind in Q4 as they pulled back on ad spend, which is expected to continue into Q1 [43][44] Question: How is the new go-to-market team likely to drive wallet share and digital advertising for Pinterest? - The new team is focused on broadening revenue and improving performance selling capabilities, particularly among mid-market and SMB advertisers [48][49] Question: What tech investment is necessary to broaden and deepen the advertiser base? - Management indicated that significant tech investment is needed to enhance measurement and attribution capabilities, which are crucial for attracting a broader advertiser base [55][61]

Q4 2025 Earnings Report © 2026 Pinterest. All rights reserved. Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _________________ FORM 10-K _________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 001-38872 Pinterest, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 26-3607129 (State or O ...

Core Insights - LSEG is developing an on-chain settlement capability aimed at institutional market participants, which is part of its broader initiative to tokenize bonds and securities [2][6] Group 1: LSEG Digital Securities Depository (DSD) - The LSEG DSD will facilitate the connection between traditional and digital markets, enhancing interaction between existing settlement platforms and new digital infrastructures [2][6] - This initiative aims to improve efficiencies in collateral management and increase liquidity access across various asset classes, including fixed income and equities [6] Group 2: Strategic Partnerships and Ecosystem Development - LSEG is actively seeking strategic partners to provide feedback and support the development of its Digital Markets Infrastructure, which aims to create a seamless ecosystem for market participants [7] - The company has initiated the rollout of its blockchain-powered Digital Markets Infrastructure (DMI) platform, starting with private funds, and plans to expand it to include other asset classes [7][8] Group 3: Commitment to Market Access and AI Integration - LSEG is focused on improving access to private markets by streamlining workflows and enhancing distribution and liquidity [9] - The company has announced a collaboration with OpenAI to integrate its licensed financial data and analytics into ChatGPT, aiming to deliver AI-ready data across financial markets [9]

Core Insights - Pinterest has forecasted first-quarter revenue below estimates, highlighting its ongoing challenges in attracting advertising dollars compared to larger competitors in the market [1] Company Summary - The image-sharing platform is struggling to compete for advertising revenue against well-funded platforms [1]

Pinterest shares dropped 19% in after-hours on Thursday after the social media company reported fourth-quarter earnings in which the company revealed an earnings per share miss while also providing weak guidance.Here's how the company did, compared to analysts' consensus estimates from LSEG:Earnings per share: 67 cents adjusted vs. 69 cents expectedRevenue: $1.32 billion vs. $1.33 billion expectedPinterest said it expects first-quarter sales to come in between $951 million to $971 million, trailing analyst ...

Core Insights - Fairfax Financial Holdings Limited (FRFHF) has seen its stock price increase by over 400% in the last five years, outperforming its peers and the broader market [1] Company Analysis - The investor emphasizes a multidisciplinary approach to evaluating a company's health, looking beyond financial metrics to understand the underlying business model [1] - The investment strategy combines value and growth principles, focusing on solid companies that are undervalued due to negative sentiment, as well as lesser-known businesses with significant potential [1] Investment Philosophy - The investor is inspired by Benjamin Graham's value investing principles and the innovative approaches of venture capital, indicating a balanced strategy that seeks both stability and growth [1] - The goal of sharing research and analysis is to assist others in making informed investment decisions, highlighting a commitment to transparency and education in investment practices [1]

Exhibit 99.1 Pinterest Announces Fourth Quarter and Full Year 2025 Results, Delivers 14% Revenue Growth and Record Users Q4 Revenue of $1,319 million, an increase of 14% on a reported and 13% on a constant currency basis All-time high of 619 million global monthly active users, an increase of 12% SAN FRANCISCO, Calif. - February 12, 2026 - Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter and year ended December 31, 2025. "We delivered a record $4.2 billion in revenue in 2025, u ...