Pinterest, Inc. closed out 2025 with record revenue and a clear message to advertisers: commercial intent still matters.

The social discovery platform reported $4.22 billion in full-year revenue, up 16% year over year, alongside 619 million global monthly active users (MAUs)—a 12% jump from 2024. Q4 revenue reached $1.32 billion, up 14% year over year. Adjusted EBITDA rose 23% for the year to $1.27 billion, while free cash flow climbed 33% to $1.25 billion.

In an ad market that’s been anything but predictable, Pinterest’s results point to a company gaining efficiency—and sharpening its pitch around AI-powered discovery and high-intent shopping behavior.

AI Search Is Driving Engagement—and Ad Dollars

CEO Bill Ready highlighted more than 80 billion monthly searches on the platform, crediting ongoing investments in AI-driven visual search and recommendation systems. Pinterest has been positioning itself less as a social network and more as a “visual discovery engine”—a distinction that’s increasingly important as generative AI reshapes search and commerce.

Unlike passive scrolling platforms, Pinterest’s use case often begins with planning: outfits, home renovations, travel, events. That intent translates into higher-value ad inventory, particularly as retailers and performance marketers push for measurable ROI.

In a digital ad ecosystem dominated by players like Meta Platforms and Google, Pinterest’s edge isn’t scale—it’s context. Users arrive with purpose. The company’s challenge has been monetizing that intent at scale, particularly outside North America.

The 2025 numbers suggest progress.

International Growth Is the Real Story

While U.S. and Canada revenue grew 10% year over year to $3.17 billion, the breakout gains came overseas.

• Europe revenue surged 31% to $775 million.

• Rest of World revenue jumped 62% to $274 million.

ARPU trends reinforce the shift. Global ARPU for 2025 reached $7.21 (up 4%), but Europe climbed 21% to $5.12, and Rest of World rose 40% to $0.83.

Those figures still trail U.S. and Canada ARPU, which hit $30.84 for the year, but the gap represents opportunity. Pinterest’s monetization runway outside North America remains substantial—particularly as it builds out localized ad sales and measurement tools.

By comparison, many social and commerce platforms are wrestling with saturated domestic ad markets and regulatory friction in Europe. Pinterest appears to be threading the needle: expanding internationally while improving monetization efficiency.

Profitability Looks Healthier—With a Caveat

On a GAAP basis, net income dropped sharply year over year—to $417 million in 2025 from $1.86 billion in 2024. That decline reflects prior-year accounting impacts rather than core operating weakness.

Non-GAAP net income rose 22% to $1.10 billion, and adjusted EBITDA margins improved to 30% for the year (up from 28% in 2024). Q4 adjusted EBITDA margin held steady at 41%.

Cash flow trends were particularly strong:

• Operating cash flow: $1.28 billion (+33%)

• Free cash flow: $1.25 billion (+33%)

For B2B marketers and MarTech vendors, cash flow stability matters. It signals Pinterest has room to continue investing in AI tooling, ad products, and international expansion without sacrificing profitability.

619 Million MAUs—and Still Climbing

Global MAUs reached 619 million, up from 553 million in 2024.

Regional breakdown:

• U.S. & Canada: 105 million (+4%)

• Europe: 158 million (+9%)

• Rest of World: 356 million (+16%)

The fastest user growth is happening in emerging markets, reinforcing the revenue upside internationally. The company’s ability to convert that audience into ad dollars—without undermining user experience—will determine whether ARPU acceleration continues in 2026.

Engagement metrics also remain strong. With 80+ billion monthly searches, Pinterest is increasingly functioning as a hybrid of search engine and commerce platform—a space that’s heating up as generative AI reshapes traditional search paradigms.

Q1 2026 Outlook: Solid, Not Spectacular

For Q1 2026, Pinterest expects revenue between $951 million and $971 million, representing 11%–14% year-over-year growth. The company projects a roughly three-point foreign exchange tailwind.

Adjusted EBITDA is forecast between $166 million and $186 million.

The guidance suggests steady momentum but not acceleration—consistent with a broader digital ad market that remains cautious amid macroeconomic volatility and shifting performance marketing budgets.

The Bigger Picture: Pinterest’s Monetization Pivot

Pinterest’s 2025 performance underscores a strategic shift underway.

The company has been restructuring its sales and go-to-market approach to better align monetization with commercial intent. In practical terms, that means:

• Smarter AI-driven ad placement

• Stronger performance measurement tools

• Closer integration with retailers and commerce partners

• International sales expansion

In a landscape where ad dollars increasingly flow toward measurable outcomes, Pinterest’s pitch is simple: users come to plan, not just to scroll.

If it can continue translating visual search engagement into performance-driven ad revenue—especially overseas—Pinterest could carve out a durable position between social discovery and commerce enablement.

For marketers, that makes it more than a lifestyle platform. It’s becoming infrastructure for intent-driven advertising.

Key Takeaways for MarTech Leaders

• AI-powered visual search is becoming central to Pinterest’s differentiation.

• International monetization is accelerating, with Europe and Rest of World driving outsized growth.

• Cash flow strength supports continued investment in AI and ad tooling.

• ARPU expansion outside North America remains a major upside lever.

• The platform’s positioning around “commercial intent” aligns with performance marketing trends.

Pinterest may not command the scale of the largest ad platforms—but its mix of intent, AI, and international growth suggests it’s evolving into a more formidable player in the MarTech stack.

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