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Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 33
HOLD 12
SELL 1
STRONG
SELL
0
| PRICE TARGET: $38.00 DETAILS
HIGH: $50.00
LOW: $30.00
MEDIAN: $35.50
CONSENSUS: $38.00
UPSIDE: 46.66%
Metric 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2
Revenue
Revenue 1,049.2 998.2 855.0 1,154.1 898.4 853.7 740.0 981.3 763.2 708.0
Cost of Revenue 212.3 203.0 199.3 197.0 187.5 184.9 181.1 178.1 171.0 168.7
Gross Profit 836.9 795.2 655.7 957.2 710.9 668.8 558.9 803.2 592.2 539.3
Operating Expenses
R&D Expenses 371.3 359.6 331.7 320.8 326.7 312.8 280.3 268.0 264.7 269.4
SG&A Expenses 407.1 439.9 359.5 374.8 390.2 377.4 333.0 338.9 332.5 343.1
Other Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Operating Expenses 778.4 799.5 691.2 695.6 716.8 690.3 613.3 606.9 597.2 612.5
Operating Income
Operating Income 58.5 (4.3) (35.5) 261.6 (5.9) (21.4) (54.4) 196.2 (5.0) (73.2)
Interest Expense 28.5 0.0 0.0 0.0 0.0 34.7 0.0 0.0 0.0 0.0
Interest Income 0.0 28.0 27.3 28.6 32.5 69.4 31.3 29.0 26.7 24.9
Profitability
EBITDA 122.9 1.8 (29.6) 267.7 (0.5) (16.5) (49.6) 201.6 (0.1) (68.2)
EBIT 115.7 (4.3) (35.5) 261.6 (5.9) (21.4) (54.4) 196.2 (5.0) (73.2)
Income Before Tax 87.2 34.7 (3.7) 276.8 29.8 8.6 (27.7) 231.1 17.1 (46.2)
Income Tax Expense (4.9) (4.1) (12.6) (1,570.6) (0.8) (0.2) (2.9) 29.9 10.4 (11.2)
Net Income 92.1 38.8 8.9 1,847.5 30.6 8.9 (24.8) 201.2 6.7 (34.9)
Per Share Data
EPS (Basic) 0.14 0.06 0.01 2.74 0.04 0.01 -0.04 0.30 0.01 -0.05
EPS (Diluted) 0.13 0.06 0.01 2.68 0.04 0.01 -0.04 0.29 0.01 -0.05
Shares Outstanding 677.8 676.9 676.5 674.9 678.5 683.2 678.8 674.0 669.3 674.3
Metric 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2
Current Assets
Cash & Cash Equivalents 1,132.4 1,216.9 1,252.3 1,136.5 1,035.6 1,377.7 1,633.8 1,361.9 1,168.4 1,179.9
Short-Term Investments 1,538.9 1,442.4 1,362.9 1,376.4 1,407.0 1,358.5 1,144.3 1,149.1 1,162.3 1,115.6
Net Receivables 800.5 760.1 710.0 893.4 680.5 664.3 563.9 763.2 624.2 544.1
Inventory 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Assets 0.0 98.9 77.0 78.4 109.3 93.3 73.5 64.3 84.4 101.7
Total Current Assets 3,565.4 3,518.4 3,402.3 3,484.7 3,232.4 3,492.7 3,413.8 3,338.6 3,039.3 2,941.1
Non-Current Assets
Property, Plant & Equipment 185.3 127.7 130.7 131.5 125.6 124.0 123.2 124.3 132.3 122.0
Goodwill 0.0 0.0 0.0 100.2 0.0 0.0 0.0 100.2 0.0 0.0
Intangible Assets 107.4 108.6 110.2 9.9 111.9 113.8 115.6 17.2 119.3 121.1
Long-Term Investments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Non-Current Assets 18.2 17.1 14.6 13.8 21.2 17.0 14.1 11.0 13.7 17.5
Total Non-Current Assets 1,950.0 1,884.6 1,880.4 1,858.0 258.7 254.8 252.9 255.8 265.3 260.7
Total Assets 5,515.4 5,403.0 5,282.7 5,342.7 3,491.1 3,747.5 3,666.7 3,594.4 3,304.6 3,201.8
Current Liabilities
Account Payables 90.6 91.9 96.7 84.0 88.9 73.9 83.7 79.1 71.5 64.1
Short-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred Revenue 0.0 0.0 0.0 23.4 0.0 0.0 0.0 15.3 0.0 0.0
Other Current Liabilities 0.0 0.0 0.0 52.7 0.0 0.0 0.0 48.9 0.0 0.0
Total Current Liabilities 426.3 401.8 404.4 398.1 409.3 367.7 339.9 317.1 304.3 319.9
Non-Current Liabilities
Long-Term Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred Tax Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Non-Current Liabilities (146.4) 51.8 45.9 42.0 33.5 30.0 28.7 26.0 22.7 25.8
Total Non-Current Liabilities 264.1 189.2 189.8 193.4 188.0 181.8 183.0 186.6 193.6 188.8
Total Liabilities 690.4 591.0 594.2 591.5 597.3 549.5 522.9 503.7 497.9 508.7
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings (148.4) (240.5) (279.2) (288.2) (2,135.6) (2,166.2) (2,175.1) (2,150.3) (2,351.4) (2,358.2)
Accumulated Other Comprehensive Income 3.8 3.9 1.5 (0.1) 5.9 (2.0) (2.6) (1.0) (7.4) (8.7)
Total Stockholders' Equity 4,825.0 4,812.0 4,688.5 4,751.2 2,893.9 3,198.1 3,143.8 3,090.7 2,806.6 2,693.1
Total Liabilities & Equity 5,515.4 5,403.0 5,282.7 5,342.7 3,491.1 3,747.5 3,666.7 3,594.4 3,304.6 3,201.8
Debt Metrics
Total Debt 410.5 137.4 144.0 185.8 154.4 151.8 154.3 196.3 170.9 163.0
Net Debt (721.9) (1,079.5) (1,108.4) (950.7) (881.2) (1,224.9) (1,477.8) (1,165.7) (997.6) (1,016.8)
Metric 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2
Operating Activities
Net Income 92.1 38.8 8.9 1,847.5 30.6 8.9 (24.8) 201.2 6.7 (34.9)
Depreciation & Amortization (6.4) 6.1 5.8 6.1 5.4 4.9 4.9 5.3 4.9 5.1
Stock-Based Compensation 235.1 227.2 187.4 198.9 208.0 196.4 162.5 163.2 171.9 169.6
Change in Working Capital 6.1 (84.0) 188.2 (187.6) 10.9 (103.8) 223.1 (102.6) (76.9) (78.3)
Other Non-Cash Items 3.1 25.5 (4.6) (1,610.9) (6.8) 0.0 (9.5) (9.7) (8.4) 12.5
Operating Cash Flow 321.7 207.7 363.7 254.0 248.0 106.4 356.1 258.3 108.5 62.7
Investing Activities
Capital Expenditure (3.2) (11.0) (7.3) (3.8) (3.9) (4.8) (12.1) (4.3) (1.0) (0.8)
Acquisitions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (26.0) 39.3 31.8
Purchases of Investments (356.1) (463.0) (415.3) (313.5) (384.9) (475.2) (336.5) (242.6) (411.1) (322.7)
Sales/Maturities of Investments 265.3 387.9 434.6 349.0 350.2 268.8 345.5 268.6 371.8 290.9
Other Investing Activities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26.0 (39.3) (31.8)
Investing Cash Flow (94.1) (86.1) 11.9 31.8 (38.5) (211.2) (3.1) 21.7 (40.2) (32.6)
Financing Activities
Net Debt Issuance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Stock Repurchased (197.4) (158.3) (175.0) (184.9) (552.7) (153.1) (99.7) (91.1) (80.7) (502.2)
Dividends Paid 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Financing Activities (114.8) 0.0 (93.8) 1.9 1.0 2.5 16.8 3.6 1.4 0.8
Financing Cash Flow (312.2) (158.3) (260.7) (183.1) (551.7) (150.6) (83.0) (87.5) (79.3) (501.4)
Cash Position
Net Change in Cash (84.5) (35.3) 115.8 100.8 (341.4) (256.1) 269.4 193.5 (11.4) (471.4)
Cash at Beginning 1,221.7 1,257.1 1,136.5 1,040.4 1,381.8 1,637.9 1,368.5 1,175.0 1,186.4 1,657.8
Cash at End 1,137.2 1,221.7 1,252.3 1,141.2 1,040.4 1,381.8 1,637.9 1,368.5 1,175.0 1,186.4
Free Cash Flow 318.4 196.7 356.4 250.2 244.1 101.6 344.0 254.0 107.5 61.9
Key Metrics 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2
Income Statement
Revenue 1,049.2 998.2 855.0 1,154.1 898.4 853.7 740.0 981.3 763.2 708.0
Gross Profit 836.9 795.2 655.7 957.2 710.9 668.8 558.9 803.2 592.2 539.3
Operating Income 58.5 (4.3) (35.5) 261.6 (5.9) (21.4) (54.4) 196.2 (5.0) (73.2)
Net Income 92.1 38.8 8.9 1,847.5 30.6 8.9 (24.8) 201.2 6.7 (34.9)
EPS (Diluted) 0.13 0.06 0.01 2.68 0.04 0.01 -0.04 0.29 0.01 -0.05
Balance Sheet
Cash & Equivalents 1,132.4 1,216.9 1,252.3 1,136.5 1,035.6 1,377.7 1,633.8 1,361.9 1,168.4 1,179.9
Total Assets 5,515.4 5,403.0 5,282.7 5,342.7 3,491.1 3,747.5 3,666.7 3,594.4 3,304.6 3,201.8
Total Debt 410.5 137.4 144.0 185.8 154.4 151.8 154.3 196.3 170.9 163.0
Stockholders' Equity 4,825.0 4,812.0 4,688.5 4,751.2 2,893.9 3,198.1 3,143.8 3,090.7 2,806.6 2,693.1
Cash Flow
Operating Cash Flow 321.7 207.7 363.7 254.0 248.0 106.4 356.1 258.3 108.5 62.7
Capital Expenditure (3.2) (11.0) (7.3) (3.8) (3.9) (4.8) (12.1) (4.3) (1.0) (0.8)
Free Cash Flow 318.4 196.7 356.4 250.2 244.1 101.6 344.0 254.0 107.5 61.9