The filings show that profit is lagging sales: net income fell 91.0% while revenue rose 15.4%, meaning costs are taking a larger share of each dollar of revenue.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 19.3% | 4.9% | 25.8% |
| FY25 Q1 | 17.8% | 5.3% | 25.3% |
| FY25 Q2 | 17.0% | 5.5% | 26.8% |
| FY25 Q3 | 16.8% | 6.9% | 27.7% |
| FY25 Q4 | 15.8% | 7.6% | 29.7% |
| FY26 Q1 | 16.3% | 6.3% | 27.6% |
| FY26 Q2 | 16.6% | 4.9% | 28.1% |
| FY26 Q3 | 15.4% | 4.2% | 27.0% |
Profit is lagging sales
Costs are eating into profits faster than sales are growing. Net income over the twelve months was $178.3 million, which fell 91.0% on the year before. Revenue for the same period was $4.7 billion, rising 15.4%. The operating margin narrowed to 4.2%, down 2.7 percentage points from a year earlier.
Investment is absorbing more of the company’s cash. Capital spending rose 159.1% while operating cash flow rose 15.8%. Operating cash flow over the twelve months was $1.3 billion.
Growth has slowed compared to the previous quarter. Revenue growth of 15.4% was 1.3 percentage points less than the rate a quarter earlier. This deceleration aligns with reports that Pinterest’s Q4 outlook points to growth deceleration.
Reported profit and cash flow are moving at different speeds. Net income fell 91.0% over the year, but free cash flow rose 12.5%. Free cash flow was $1.3 billion, or 27.0% of revenue. The free-cash-flow margin fell 0.7 percentage points from a year earlier, even as absolute cash generation increased.
Where Pinterest's figures sit in its own record
Today’s free-cash-flow margin of 27.0% is higher than 81% of the company’s own past quarterly readings. Those historical readings have ranged from −10.9% to 29.7%.
Today’s operating margin of 4.2% is higher than 61% of past readings. Historical operating margins have ranged from −128.5% to 14.4%. The current margin is in the upper half of that range, reflecting a period of profitability relative to previous years.
Today’s twelve-month revenue growth rate of 15.4% is higher than 26% of past readings. Historical growth rates have ranged from 5.6% to 83.5%.
What Pinterest's share price implies against our model
Our model shows that value is highly sensitive to changes in growth. If growth is 5 percentage points lower, the value falls by 23.9%. If growth is 5 percentage points higher, the value rises by 30.8%.
The model also shows sensitivity to cash margins. A free-cash-flow margin 1 percentage point lower would lower the value by 3.7%. Given that the current margin is 27.0%, even small declines in this metric have a measurable impact on the calculated value.
What the filings cannot tell you at Pinterest
Our figures run to Q3 2026 from the company’s own filings; they cannot confirm, explain or rule out anything in the reports.