Pinterest (PINS) Q3 2025 earnings summary

Executive summary

• Achieved 600 million monthly active users (MAUs) in Q3 2025, a 12% year-over-year increase, marking a record high and driven by Gen Z and international expansion.

• Q3 2025 revenue grew 17% year-over-year to $1.049 billion, with strong gains in Europe and Rest of World.

• Net income for Q3 2025 was $92.1 million, and Adjusted EBITDA reached $306 million, with margin expansion of 170 basis points.

• Free cash flow for Q3 was $318 million, with cash, cash equivalents, and marketable securities totaling $2.7 billion at quarter-end.

• AI investments enhanced visual search, personalized recommendations, and advertiser performance, fueling engagement and outbound clicks.

Financial highlights

• Q3 global revenue: $1.049 billion, up 17% year-over-year (16% in constant currency).

• Adjusted EBITDA: $306 million, margin 29%, up 170 basis points year-over-year.

• Free cash flow: $318 million in Q3; trailing twelve-month free cash flow conversion was 94% of Adjusted EBITDA.

• Ended Q3 with $2.7 billion in cash, cash equivalents, and marketable securities.

• Global ARPU rose 5% year-over-year to $1.78; Europe ARPU up 31%, Rest of World ARPU up 44%.

Outlook and guidance

• Q4 2025 revenue expected between $1,313 million and $1,338 million, representing 14%-16% year-over-year growth.

• Q4 Adjusted EBITDA guidance: $533 million-$558 million; continued margin expansion expected.

• Management expects continued growth in MAUs and ARPU, supported by ongoing investments in AI, personalization, and international expansion.

• Ongoing investment in AI, R&D, and global sales team to support growth initiatives.

• Foreign exchange expected to provide a 1-point tailwind.