Pinterest Q4 2025 Earnings Review

Pinterest reported record user growth in Q4 2025, but revenue was weighed down by macro retail headwinds and tariffs. Goldman Sachs maintained its Buy rating while lowering its price target to $23 to account for revised 2026 EBITDA margins due to increased AI infrastructure investments.

Key Takeaways

• 1.Revenue performance is being pressured by macroeconomic headwinds including tariffs and shifting consumer spending among retail advertisers.
• 2.User growth remains exceptionally strong, reaching a record high for the 10th consecutive quarter with significant momentum in Gen-Z engagement.
• 3.Management is prioritizing investments in AI initiatives (GPU capacity and talent) which will result in a near-term step-down in incremental margins.

Table of Contents

• Q4'25 Earnings Review
• Key Data
• GS Forecast
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement ($ mn)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• Q4'25 Positives & Negatives:
• Q1'26 & FY2026 Estimate Changes:
• Valuation: Maintain Buy Rating; Lower PT to $23 (from $32)
• Disclosure Appendix

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