olivLaw · US equity research
Pinterest, Inc. PINS
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Pinterest is an AI-powered visual search and discovery platform that links inspiration to action, from idea to purchase. It matters now because revenue grew 18% in the second quarter of 2026, and monthly active users reached an all-time high of 640 million.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Pinterest, Inc. (PINS) stock was 21.22 USD (+4.22% on the day), with market capitalisation 0 USD, P/E 85.2 on diluted EPS of 0.25 USD over the last 12 months, beta 1.29, 52-week range 15.42–27.79 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (+11.9% YoY), net income of 21.5 m USD (−76.6% YoY), diluted EPS 0.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.1
- neutral
- Bollinger (20, 2)
- 19.37 – 23.59
- in the lower half of the band · %B 0.44 · band width 19.6%
- SMA 50 / 200
- 20.47 / 20.64
- mixed trend
- MACD (12, 26, 9)
- -0.04 / 0.15
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.8% | −2.0% | +7.8 pp | — |
| 3 months | −9.2% | −2.2% | −7.0 pp | — |
| 6 months | +0.3% | +4.3% | −4.0 pp | — |
| Year to date | −18.0% | +10.6% | −28.6 pp | — |
| 1 year | −35.5% | +10.5% | −46.0 pp | −21.0% |
| 3 years | −31.4% | +73.7% | −105.1 pp | −11.3% |
| 5 years | −54.1% | +61.7% | −115.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 855.0 m | 998.2 m | 1.0 bn | 1.3 bn | 1.0 bn | 1.2 bn | 1.2 bn |
| Cost of revenue | 197.0 m | 199.3 m | 203.0 m | 212.3 m | 226.9 m | 238.6 m | 257.4 m | 261.6 m |
| Research & development | 320.8 m | 331.7 m | 359.6 m | 371.3 m | 364.9 m | 380.8 m | 451.0 m | 428.1 m |
| Operating income | 261.6 m | -35.5 m | -4.3 m | 58.5 m | 301.2 m | -80.3 m | -55.2 m | 30.3 m |
| Depreciation & amortisation | 6.1 m | 5.8 m | 6.1 m ≈ | 7.2 m ≈ | 6.0 m | 8.8 m | 11.8 m ≈ | 8.0 m ≈ |
| Pre-tax income | 276.8 m | -3.7 m | 34.7 m | 87.2 m | 327.7 m | -63.5 m | -49.2 m | 35.1 m |
| Income tax | -1.6 bn | -12.6 m | -4.1 m | -4.9 m | 50.6 m | 10.1 m | -2.5 m | 13.6 m |
| Net income | 1.8 bn | 8.9 m | 38.8 m | 92.1 m | 277.1 m | -73.6 m | -46.7 m | 21.5 m |
| Diluted EPS | 2.68 ≈ | 0.01 | 0.06 | 0.13 | 0.41 ≈ | -0.12 | -0.08 | 0.04 |
| Operating cash flow | 254.0 m | 363.7 m | 207.7 m ≈ | 321.7 m ≈ | 391.2 m | 328.0 m | 292.9 m ≈ | 315.7 m ≈ |
| Capex | 3.8 m | 7.3 m | 11.0 m ≈ | 3.2 m ≈ | 10.8 m | 16.3 m | 23.0 m ≈ | 15.5 m ≈ |
| Share repurchases | 100.2 m | 175.0 m | 52.6 m ≈ | 197.4 m ≈ | 502.0 m | 1.9 bn | 78.6 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 65 percentile of its own 17-quarter history (min 10.8, median 62.0, max 320.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 755.9 m | 1.1 bn | 1.7 bn | 2.6 bn | 2.8 bn | 3.1 bn | 3.6 bn | 4.2 bn |
| Revenue YoY | +59.9% | +51.2% | +48.1% | +52.3% | +8.7% | +9.0% | +19.3% | +15.8% |
| Net income | -63.0 m | -1.4 bn | -128.3 m | 316.4 m | -96.0 m | -35.6 m | 1.9 bn | 416.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −130.4% | unavailable | unavailable | −77.6% |
| Diluted EPS | unavailable | -3.24 | -0.22 | 0.46 | -0.14 | -0.05 | 2.67 | 0.61 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −130.4% | unavailable | unavailable | −77.2% |
| net % | -8.3% | -119.1% | -7.6% | 12.3% | -3.4% | -1.2% | 51.1% | 9.9% |
| Free cash flow | -82.6 m | -33.1 m | 11.4 m | 743.9 m | 440.2 m | 604.9 m | 940.0 m | 1.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 969.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 4.7 bn USD
- Total assets
- 5.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 7.64x
- ROE
- 8.8%
- ROA
- 7.7%
- FCF margin
- 29.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.6 bn | 2.8 bn | 3.1 bn | 3.6 bn | 4.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 449.4 m | 529.3 m | 678.6 m | 688.8 m | 750.4 m | 841.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 1.2 bn ≈ | 2.0 bn ≈ | 2.1 bn ≈ | 2.4 bn ≈ | 2.9 bn ≈ | 3.4 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Research & development | 606.2 m | 780.3 m | 949.0 m | 1.1 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | -142.5 m | 326.2 m | -101.7 m | -125.7 m | 179.8 m | 319.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 37.0 m | 27.5 m | 46.5 m | 21.5 m | 21.3 m | 25.2 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | -105.5 m ≈ | 353.7 m ≈ | -55.2 m ≈ | -104.2 m ≈ | 201.1 m ≈ | 345.0 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Pre-tax income | -127.0 m | 321.0 m | -85.9 m | -16.4 m | 287.6 m | 445.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 1.3 m | 4.5 m | 10.1 m | 19.2 m | -1.6 bn | 29.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | -128.3 m | 316.4 m | -96.0 m | -35.6 m | 1.9 bn | 416.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | -0.22 | 0.46 | -0.14 | -0.05 | 2.67 | 0.61 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 596.3 m | 691.7 m | 665.7 m | 674.6 m | 698.4 m | 687.8 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 669.2 m | 1.4 bn | 1.6 bn | 1.4 bn | 1.1 bn | 969.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 563.7 m | 653.4 m | 681.5 m | 763.2 m | 893.4 m | 997.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 2.4 bn | 3.2 bn | 3.5 bn | 3.3 bn | 3.5 bn | 3.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 69.4 m | 53.4 m | 59.6 m | 32.2 m | 45.6 m | 66.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 6.9 m | 40.2 m | 100.2 m | — | — | 100.2 m | SEC (XBRL)· 04 May 2026verified |
| Intangibles (excl. goodwill) | 6.7 m | 20.9 m | 24.6 m | 17.2 m | 9.9 m | 6.1 m | SEC (XBRL)· 04 May 2026verified |
| Total assets | 2.6 bn | 3.5 bn | 3.9 bn | 3.6 bn | 5.3 bn | 5.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 49.5 m | 17.7 m | 87.9 m | 79.1 m | 84.0 m | 129.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 204.8 m | 259.8 m | 380.5 m | 317.1 m | 398.1 m | 465.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 367.1 m | 498.5 m | 581.1 m | 503.7 m | 591.5 m | 746.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 2.2 bn † | 3.0 bn † | 3.3 bn † | 3.1 bn † | 4.8 bn † | 4.7 bn † | SEC (XBRL)· 12 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 28.8 m | 752.9 m | 469.2 m | 613.0 m | 964.6 m | 1.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 17.4 m | 9.0 m | 29.0 m | 8.1 m | 24.6 m | 32.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 11.4 m ≈ | 743.9 m ≈ | 440.2 m ≈ | 604.9 m ≈ | 940.0 m ≈ | 1.3 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -47.6 m | -25.9 m | -128.2 m | -37.0 m | -221.0 m | -134.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 19.6 m | 22.2 m | -148.9 m | -826.8 m | -968.3 m | -1.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 500.0 m | 600.2 m | 927.0 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 59.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 0 USD
Key indicators
Coverage and freshness
Score by group
60% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 79.0% | 97 (on a fixed band) | 18% |
| EBIT margin · Quality | 4.2% | 62 (vs peers) | 14% |
| FCF margin · Quality | 27.0% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 14.6% | 59 (on a fixed band) | 29% |
| Revenue growth (YoY) · Growth | 15.8% | 68 (vs peers) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.3x | 100 (on a fixed band) | 11% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth62/100 · 2/2 factors with a value
- Quality87/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Pinterest, Inc. (PINS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.2 bn USD in 2025; YoY growth 15.8%; net margin 3.8%; ROE 4.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 79.0%
- FCF margin: 27.0%
- Current ratio: 4.3x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,442.7 bn | 14.6 | 44.3% | 50.0% | +15.1% | −13% / +111% |
| APPAppLovin Corporation | 82.3 bn | 18.9 | 203.7% | 64.6% | +70.0% | −59% / +555% |
| FLUTFlutter Entertainment plc | 14.2 bn | — | -9.1% | -5.0% | +16.6% | −61% / −48% |
| FDSFactset Research Systems Inc | 12.1 bn | 23.5 | 25.5% | 21.5% | +6.7% | +23% / −25% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| SOGPSound Group Inc. | 8.8 bn | 350.3 | 70.4% | 7.1% | +59.4% | −21% / +265% |
| NIQNIQ Global Intelligence plc | 6.0 bn | — | -65.3% | -8.0% | +5.7% | +29% / unavailable |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.2 bn | — | -78.9% | -28,867.7% | +1.8% | −61% / −74% |
| HSTMHealthstream Inc | 949.7 m | 45.4 | 6.0% | 6.6% | +4.3% | +29% / +30% |
| NXDRNextdoor Holdings, Inc | 934.4 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| TBLATaboola.com Ltd. | 921.2 m | 7.8 | 12.7% | 6.1% | +8.3% | −33% / −21% |
| CEVACeva, Inc. | 788.9 m | — | -3.6% | -9.5% | +2.5% | +30% / +29% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| NEXNNexxen International Ltd. | 513.3 m | 22.2 | 5.0% | 6.9% | −0.2% | +41% / +151% |
| HUYAHUYA Inc. | 470.7 m | — | -1.9% | -1.7% | +11.6% | −27% / −38% |
| RZLVRezolve AI plc | 460.8 m | — | -98.7% | -216.7% | +2,224.2% | −55% / −87% |
| ZIPZiprecruiter, Inc. | 321.9 m | 12.9 | — | 6.2% | −5.3% | −5% / −66% |
| MFMindForge Inc. | 172.5 m | — | -167.2% | -222.9% | −49.9% | −83% / unavailable |
| GOAIEva Live Inc | 31.8 m | — | -58.5% | -39.3% | +82.6% | unavailable / unavailable |
| HOLOMicroCloud Hologram Inc. | 27.2 m | — | -2.3% | -12.4% | +38.6% | −66% / −100% |
| TEADTeads Holding Co. | 27.0 m | — | -196.2% | -43.3% | +46.1% | −61% / −93% |
1- and 3-year price returns: for PINS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 3 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 5 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Pinterest is an AI-powered visual search and discovery platform that links inspiration to action, from idea to purchase. It matters now because revenue grew 18% in the second quarter of 2026, and monthly active users reached an all-time high of 640 million 23.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on advertisinghigh
Almost all revenue comes from ads, so losing advertisers or cutting budgets would directly affect results 1.
- Advertiser concentrationhigh
A small number of advertisers and a few verticals generate a significant share of revenue, which makes these relationships essential 1.
- User growthmedium
User growth could slow as the base expands, and engagement could be affected by competition 1.
- Data and content regulationmedium
Privacy, content moderation and minor-protection laws could require costly changes to practices 1.
- Intellectual property litigationlow
The company is involved in intellectual property litigation and expects further infringement claims 1.
Investment thesis
What would need to be true (bull case)
- If AI-based personalization keeps improving ad performance, revenue growth could remain solid 3.
- Free cash flow rose strongly in 2025 and the first half of 2026, giving flexibility for share repurchases and investment 12.
- User growth in regions with low revenue per user could become an advantage if monetization moves closer to mature markets 12.
What would break the thesis
- If advertising budgets shrink due to tariffs or economic uncertainty, revenue could slow 13.
- Competition from large search and social companies could limit growth in attention and users 1.
- The second-quarter 2026 GAAP net loss shows that profitability remains sensitive to share-based compensation costs 2.
What to watch
- Delivery of third-quarter revenue and Adjusted EBITDA guidanceQ3 2026
- ARPU trends in U.S. and Canada and in regions outside Europe and the U.S. and CanadaQ3 2026
- Advertising impact of tariffs and trade measures2027
- Progress in monetizing users in fast-growing regionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Pinterest describes its product as a visual search and discovery platform at the intersection of search, social and commerce, accessible through its mobile app or the web 1. Revenue comes almost entirely from advertising sold through an auction system, and users are drawn by relevant content and personalized suggestions built on the company's Taste Graph 1. For fiscal 2025 revenue was 4221.8 million dollars, up 16% 1, and the company emphasizes a positive, brand-safe environment as the basis of its advertiser relationships 1.
The monetization model follows the inspiration-to-action journey: ads appear in the home feed, search page and related Pins, and advertisers can optimize campaigns for brand or performance objectives 1. The company relies on AI for recommendations, ad delivery and its Performance+ tool, which automates targeting, bidding and creative optimization 1. It had 5265 full-time employees at December 31, 2025 1.
The geographic structure differs sharply: in the second quarter of 2026, U.S. and Canada revenue was 880 million dollars with an ARPU of 8.30 dollars, while global ARPU was 1.86 dollars 2. This gap shows monetization remains concentrated in mature digital advertising markets, while regions outside Europe and the U.S. and Canada grow quickly but still bring in little revenue per user 12.
Segments
Platform advertising
Almost all revenue comes from ads on the website and app, bought directly or through agencies, priced per click, per thousand impressions or per day 1. Formats include static, video, shopping, carousel and Premier Spotlight ads, and revenue rose 18% in the second quarter of 2026 12.
Users and the Taste Graph
The platform had 640 million monthly active users at June 30, 2026 2, and its core asset is the Taste Graph, a network of associations between Pins, searches, boards and products that the company sees as valuable for recommendations 1.
Creator and commerce content
Content comes from retailers, brands, creators, publishers and users through catalog uploads, direct publishing and curation 1. The sources given do not split out this commerce area in a separate report, so its revenue share cannot be estimated.
Market context
Pinterest competes in the digital advertising market, where it sells user attention to advertisers seeking customers with high commercial intent 1. Search and social advertising is dominated by larger companies, but U.S. and Canada users, numbering 106 million at June 30, 2026, generate the highest revenue per person, which points to monetization potential that differs by region 12.
Guidance for the third quarter of 2026 calls for revenue between 1190 and 1210 million dollars, growth of 13% to 15% 3. If this trajectory holds, Pinterest's ad market could remain one of the more dynamic segments among visual platforms.
Trends
- AI and personalizationtailwind
The company says AI is central to its momentum and that its models are trained on human curation of style and taste, which could make recommendations more precise 3. The effect depends on turning that personalization into results for advertisers.
- User growth outside mature marketsmixed
Users in regions outside Europe and the U.S. and Canada grew 15% in the second quarter of 2026, but revenue per user remains small 2, so geographic expansion is both an opportunity and a monetization challenge.
- Revenue concentration among few advertisersheadwind
A significant part of revenue comes from a small number of advertisers, concentrated in retail and consumer packaged goods, and these relationships can be affected by agency budgets controlled by large media companies 1.
- Sensitivity to currency and the economyheadwind
Revenue is affected by currency changes and economic uncertainty, and tariffs and trade measures could reduce advertising budgets 13. The company expects a modest foreign exchange headwind for the third quarter of 2026 3.
Competitive position
Pinterest competes with search, commerce and media companies that offer content and commercial opportunities through similar technology, many of them larger with greater financial resources 1. The competition is for user attention, creators, advertisers and talent in computer vision and AI 1.
The company notes that rules on data, content and advertising may make some competition harder to counter, and rivals' products that copy Pinterest features could reduce engagement 1. Differentiation depends on keeping a positive environment and delivering measurable results for brands 1.
- AmazonAMZN
E-commerce and search company named as a rival for user attention and commerce budgets 1.
- Meta PlatformsMETA
Company operating Facebook, Instagram and Threads, offering similar content and advertising 1.
- AlphabetGOOGL
Company with Google, Lens and YouTube, competing in both visual search and video 1.
- SnapSNAP
Social platform competing for users and advertising budgets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Reddit, Pinterest shares tumble on weak user and revenue growthCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- Pinterest Uses Event Time Watermarks to Finalize Petabyte Scale Data PartitionsInfoQ · 19 Oct 2026 · EN
- Pinterest (PINS) Announces Visual Search Ads. Can Shopping Interest Bring More Revenue?Yahoo Finance — News · 23 Sept 2026 · EN
- Pinterest Sinks 5% as Month-Long Slide Deepens; Reddit Slips, Snap Stays PutYahoo Finance — News · 22 Sept 2026 · EN
- Pinterest Director Benjamin Silbermann Sells 93,750 Shares for $1.8 MillionYahoo Finance — News · 17 Sept 2026 · EN
- From Memory-Hungry HNSW to Quantized SPANN: The Technical Evolution of Pinterest's Manas PlatformInfoQ · 16 Sept 2026 · EN
- Pinterest Tumbles 8%, Reddit and Snap Pull Back: Is the Premium Multiple Unwinding?Yahoo Finance — News · 09 Sept 2026 · EN
- Moscow court fines Pinterest $40,420 over prohibited contentTASS (RU, EN) · 08 Sept 2026 · EN
- Суд в Москве назначил Twitch и Pinterest штрафы по 3,5 млн рублейKommersant (RU) · 08 Sept 2026 · RU
- Reddit Rallies 7% as Baird Says Renewal Risk Is Already Priced In, Pinterest Holds FlatYahoo Finance — News · 02 Sept 2026 · EN
- Russia Fines Google, Telegram, Pinterest Over Non-Compliant ContentKyiv Post · 02 Sept 2026 · EN
- Суд назначил Pinterest штраф в 3,8 млн руб. за неудаление информацииRBC News (RU business+politics) · 02 Sept 2026 · RU
- Pinterest оштрафован на 10,8 млн рублей за нарушение законодательства РФInterfax Russia (RU) · 02 Sept 2026 · RU
- Суд в Москве рассмотрит материалы о штрафах Telegram, Google, Apple и PinterestInterfax Russia (RU) · 01 Sept 2026 · RU
- Tesla, PG&E, Nvidia, SLB, Pinterest, and More Stocks That Explain Today’s MarketYahoo Finance — News · 31 Aug 2026 · EN
- Pinterest Falls 4% as CFO Resigns, Snap Inches Higher, Alphabet Holds FlatYahoo Finance — News · 31 Aug 2026 · EN
- Pinterest’s (PINS) CFO Exit Tests Whether The Growth Story HoldsYahoo Finance — News · 30 Aug 2026 · EN
- Is Pinterest (PINS) Stock a Hidden Winner in the AI-Powered Advertising Boom?Yahoo Finance — News · 28 Aug 2026 · EN
- Pinterest Insider Dumps Nearly 94,000 Shares, After Stock Drops by 33% Over Last YearYahoo Finance — News · 22 Aug 2026 · EN
- ZF IT Generation. Silviu Homoceanu, cofondator şi CTO, Almetra - platformă AI pentru digitalizarea fabricilor care a luat recent o finanţare de 19 mil. de dolari de la un fond care a investit şi in OpenAI, Spotify şi Pinterest: Vrem să triplăm afacerea şi să ajungem la 50 de fabrici anul acesta. Următorul pas este un birou în SUAZiarul Financiar · 02 Jul 2026 · RO
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report15 Oct 2026Material agreement · Creation of a direct financial obligation
- Current report05 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report02 Oct 2026Departure or appointment of officers
- Current report28 Aug 2026Departure or appointment of officers
- Current report07 Aug 2026Departure or appointment of officers
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report26 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Pinterest, Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Pinterest, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Pinterest, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.