Pinterest (PINS) Q4 2024 earnings summary

Executive summary

• Achieved record-high global monthly active users (MAUs) of 553 million in Q4 2024, up 11% year-over-year, with all regions contributing to growth.

• Achieved first-ever $1 billion revenue quarter in Q4 2024, with revenue of $1.154 billion, up 18% year-over-year, and strong growth across all regions.

• 2024 revenue reached $3.65 billion, growing 19% year-over-year and more than doubling the prior year's growth rate.

• Delivered over $1 billion in Adjusted EBITDA for 2024, a 50% increase year-over-year, with margin expansion of 510 basis points.

• Achieved GAAP profitability on a net income basis for the first time since 2021, with Q4 net income benefiting from a $1.6 billion tax benefit.

Financial highlights

• Q4 2024 global revenue was $1.154 billion, up 18% year-over-year on both reported and constant currency basis.

• U.S. and Canada Q4 revenue: $900 million (+16%); Europe: $196 million (+21%); Rest of world: $58 million (+44%).

• Q4 Adjusted EBITDA was $471 million, with a margin of 41%, up 320 basis points year-over-year.

• Full-year free cash flow increased 55% to $940 million, with a 91% conversion rate from Adjusted EBITDA.

• Ended Q4 with $2.5 billion in cash, cash equivalents, and marketable securities.

Outlook and guidance

• Q1 2025 revenue guidance: $837–$852 million, representing 13%–15% year-over-year growth (15%–17% constant currency), with a 2-point FX headwind.

• Q1 2025 Adjusted EBITDA expected between $155–$170 million.

• Margin expansion expected in 2025, though at a slower rate than 2024 due to ongoing investments in AI and product initiatives.