Pinterest Inc-A 2025年度报告

?Pinterest Our mission Ourmissionistobringeveryonetheinspirationtocreatealifetheylove Ourcorevalues OurcorevaluesbringPinteresttolife Becauseweaimtoachieveourambitiousgoalof inspiringtheworld,oureverydayworkisgroundedincorevaluesthatreflectthebeliefsandprincipleswecherishmost.This includes doingright by ourusers,makingbigbets andtakingsmartrisks,maintainingahighstandardofexcellenceandinnovation,collaboratingclosely,andcreatingacultureofbelonging. Letter from the CEO Dearfellow stockholders: We have continuedto transform Pinterest over thelastfewyears,andour 2025 results showtheprogress we'vemade and the scale oftheopportunityahead.In2025,we deliveredarecord $4.2billion in revenue,up 16%year-over-year.We alsoreached 619milion monthlyactive users,up12%year over year.Users are at alltime highs and overallengagementcontinuestogrow.We'vebeenabletoachievetheseresultsthroughstrongproductinnovation withourunique and best-in-class Al-poweredvisual searchcapabilities. Most importantly,people cometoPinterestwith commercial intent,even when theydon't yetknow the exact words, brands or products they want, and we help them move from inspirationto action.As we've scaled, we've also become a profitable company,ending 2025 with anetincome marginof 10%,an Adjusted EBITDAmargin of approximately 30%,net cashprovidedby operating activities of $1.28 billion and free cash flow of $1.25 billion(1), "Ina world where muchoftheinternetisincreasinglydivisive,Pinterestcontinuestostand out asapositivedestination wherepeoplecometodiscover,shop,andtakeactionontheirideastomake their real livesbetter." WithAlatthe coreofeverything wedo,Pinteresthas becomean Al-poweredvisual searchandshoppingdestination.We'velaunchednewexperiencessuchas PinterestAssistant,ourvisual-firstcollaborator,and we'vemade significant advancements to our performanceadvertising platform, helping brands reach customers and drive measurable results. At the center of our progress is our mission: to bring everyone the inspiration to create a lifethey love. In a world where much of the internet is increasingly divisive, Pinterest continues tostand outas a positivedestination wherepeople cometo discover,shop andtake action ontheir ideas to maketheir real lives better.We believethisfocus on positivity is a differentiatorfor users,advertisers and partners. Weremainfocusedon protectingthesafetyand wellbeingofourusers,particularlyyoungpeople,and have made deliberate choices to make Pinterest a positive online place.That's whywe'vemade Pinterestprivate-onlyforusers under16and turnedoff most social features forthis group.In addition,we were among thefirst to support app-storelevel age verification andhavespokenout in favorof phone-free schools. Through the Pinterest Impact Fund, we've invested nearly $10 million in 2025 to organizationsaround the world that are workingto advance youth mental health,emotional wellbeing andcommunity resilience. Throughour partnership with theYouth Mental Health Corps, we'vehelped expand peer mental health support programs in the U.S. Lookingahead,thisisamomentofextraordinaryinnovationatPinterestandacrossourindustry,one we havebeen building towardfor several years.Our user and engagement trendsreinforce that our product direction is working. We are confident that we'llcontinueto createpositive,inspirational experiencesfor users,and an Al-powered performance advertisingplatformforadvertisers. Iamproudof the progress we have made in 2025 andexcited about what comes next.lamgratefulto our employeesusers,advertisers,partners and stockholdersfortheircontinuedsupport. Sincerely, Bill ReadyChief Executive Officer Performance highlihts Ourmissionistobringeveryonetheinspirationtocreatea lifetheylove. Pinterest is a visual search and discoveryplatform that helps peopleturn inspiration into action.People come to Pinterest to explore ideastailored to their tastes, and to decide what to shop, make,wear, cook,anddonext. Over time,Pinterest has evolved into an Al-powered personalizedshoppingassistant.PeopleusePinteresttoanswereverydayquestionsand pursue their ambitions,starting their discoveryjourneyand movingseamlesslyto action.Whether theyare planning dinner,refreshing aroom,defining theirpersonal styleor starting a newproject,ourusersturn to Pinterest with intent and to take action.Advertisers increasinglyrely on Pinterest to drive performance advertising outcomes with one-clickseamlesshandoffs. We'reproud to helpmore than600million people,who cometotheplatform every month to search and shop according to their tastes - allinamorepositiveplaceonline. Business and strategic highlights Overview of2025 results Ourkeyfinancialandoperatingresults as of and for the yearended December31,2025,areas follows: Revenue$4,222M Global Monthly active users("MAUs")(1)619M Average revenueper user("ARPU")(2)$7.21 Netincome$417M Adjusted EBITDA(3)$1,270M ()wedefineamonthlyactiveuserasanauthenticatedPinterestuserwhovisitsourwebsiteopensourmobile appli