- Global MAU Growth: Pinterest reached 619 million Monthly Active Users (MAUs) in Q4 2025, a 12% year-over-year increase, with 10 consecutive quarters of record-high MAUs.
- Q4 Revenue Performance: Global revenue hit $1.319 billion, up 14% YoY, with Europe growing 25% ($245M) and US/Canada up 9% ($979M), despite ad spend headwinds from top retail advertisers.
- AI and Visual Commerce Expansion: The platform processed 80 billion monthly visual searches and 1.7 billion outbound clicks, while launching Pinterest Assistant (voice modality) and Performance Plus beta, which boosted new customer conversions by 64% in testing.
- Acquisition and Monetization: Acquisition of TV Scientific (connected TV ad platform) aims to expand high-intent audience monetization beyond Pinterest’s surfaces, expected to close in Q1–Q2 2026, adding a 100-basis-point EBITDA drag.
- SMB and International Growth: SMBs contributed 15% of revenue in 2025, with a near-doubled growth rate YoY; Performance Plus users saw 12% higher monthly revenue growth, driving a multi-year focus on SMB and international monetization.
User Growth and Engagement
Pinterest ended 2025 with 619 million global Monthly Active Users (MAUs), up 12% year-over-year, with 10 consecutive quarters of record high MAUs. The company has become one of the largest search destinations in the world, with 80 billion monthly searches and 1.7 billion monthly clicks. Gen Z users represent over 50% of Pinterest's user base, indicating a strong and engaged user demographic.
Monetization and Advertising
Pinterest is focusing on broadening its revenue mix, with a particular emphasis on mid-market enterprises and SMB advertisers. The company's managed SMB business is growing rapidly, representing 15% of revenue, and the revenue growth rate nearly doubled in 2025 versus 2024. The acquisition of TV Scientific is expected to enhance Pinterest's performance advertising capabilities, particularly in connected TV.
Guidance and Outlook
For Q1 2026, Pinterest expects revenue to be in the range of $951,000,000 to $971,000,000, representing 11% to 14% growth year over year. The company expects adjusted EBITDA to be in the range of $166,000,000 to $186,000,000. Analysts estimate next year's revenue growth at 14.5%. Pinterest's guidance suggests a continued focus on growth and innovation.
Valuation
With a P/E Ratio of 6.32, P/B Ratio of 2.6, and P/S Ratio of 3.11, Pinterest's valuation appears reasonable. The company's EV/EBITDA ratio is 32.74, indicating a relatively high multiple. However, with a Free Cash Flow Yield of 8.91%, Pinterest's cash generation capabilities are attractive. As the company continues to drive growth and innovation, its valuation may be supported by improving financials.