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- **User Growth Record**: 600M MAUs, 9 straight quarters of highs, Gen Z driving 50%+ engagement.
- **Revenue Surge**: 17% YoY to $1.049B, shopping ads dominate 30% of international revenue.
- **AI Innovation**: Launch of Pinterest Assistant and Boards Made for You enhance visual search and curation.
- **Profitability**: 29% EBITDA margin, $318M free cash flow, disciplined cost control.
- **International Momentum**: Europe ARPU +31%, Rest of World +44%, shopping ads growth 2x regional rates.
- **Performance+ Impact**: Mid-market advertisers see 12% higher spend growth with ROAS bidding adoption.

**【CEO Summary Section】**
- Pinterest reached 600 million monthly active users (MAUs) in Q3, marking the 9th consecutive quarter of record highs, with Gen Z comprising over 50% of the user base.
- Revenue grew 17% year-over-year to $1.049 billion, driven by shopping ad formats and AI-powered recommendations.
- Launched Pinterest Assistant, a multimodal search experience combining voice, text, and visual inputs, and Boards Made for You, personalized content curation for users.
- Clicks to advertisers increased 40% YoY, outpacing revenue growth, reflecting deeper engagement with commercial content.
- International markets showed strong growth, with Europe ARPU up 31% and Rest of World ARPU up 44%, driven by shopping ad adoption.

**【CFO Financial Commentary】**
- Q3 revenue: $1.049 billion (+17% YoY), with 16% growth on a constant currency basis.
- Adjusted EBITDA: $306 million (29% margin), up 170 basis points YoY, with free cash flow of $318 million.
- Cost of revenue: $206 million (+13% YoY), driven by infrastructure investments.
- Operating expenses: $543 million (+15% YoY), reflecting R&D and sales headcount growth.
- Q4 guidance: Revenue $1.313–$1.338 billion (+14%–16% YoY), adjusted EBITDA $533–$558 million.

**【Q&A Highlights】**
- **AI Content Policy**: Users can filter out AI-generated content, but Pinterest emphasizes AI as a tailwind for engagement and content quality.
- **International Expansion**: Europe and Rest of World shopping ad revenue grew 2x faster than overall regional revenue, with 30% of international revenue now from shopping ads.
- **Performance+ Adoption**: Mid-market advertisers using Performance+ saw 12% higher monthly spend growth, with ROAS bidding contributing 100% of new SKUs with paid impressions.
- **Cloud Strategy**: Evaluating multiple cloud providers to optimize infrastructure costs while maintaining AWS partnership.
- **UCAN Tariffs Impact**: Partial recovery in Q3 from U.S. retailers facing tariff-related margin pressure, but ongoing normalization in key categories like CPG.

Pinterest, Inc. (PINS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PINS

PINS fundamentals

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