Free cash flow remains resilient at $311.7 million in 2026Q1, though this is partially offset by aggressive capital deployment, including a $1.9 billion share repurchase program.
| Cash from Operations | 1.25B | 1.28B | 964.59M | 612.96M | 469.2M | 752.91M | 28.83M | 657K | -60.37M | -102.91M |
| Operating CF Margin % | - | 30.42% | 26.46% | 20.06% | 16.74% | 29.2% | 1.7% | 0.06% | -7.99% | -21.76% |
| Operating CF Growth % | 169.05% | 33.14% | 57.37% | 30.64% | -37.68% | 2511.9% | 4287.52% | 101.09% | 41.34% | - |
| Net Income | 334.35M | 416.86M | 1.86B | -35.61M | -96.05M | 316.44M | -128.32M | -1.36B | -62.97M | -130.04M |
| Depreciation & Amortization | 10.04M | 7.06M | 21.27M | 21.51M | 46.49M | 27.5M | 36.99M | 27.79M | 20.86M | 16.14M |
| Stock-Based Compensation | 693.04M | 880.46M | 765.79M | 647.86M | 497.12M | 415.38M | 321.02M | 1.38B | 14.86M | 28.8M |
| Deferred Taxes | 37.88M | 10.47M | -1.6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 247.32M | 21.34M | -26.7M | 105.87M | -13.89M | 54.91M | 11.08M | -3.99M | 1.03M | 653K |
| Working Capital Changes | -74.04M | -51.92M | -57.44M | -126.67M | 35.53M | -61.32M | -211.94M | -39.55M | -34.14M | -18.46M |
| Change in Receivables | -94.47M | -104.4M | -128.95M | -80.78M | -28.86M | -88.86M | -253.17M | -94.22M | -86.09M | -47.83M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.66M | 26.93M | 8.79M |
| Change in Payables | -53.7M | 42.9M | 3.83M | -9.26M | 70.78M | -33.45M | 15.72M | 11.64M | 6.53M | 11.97M |
| Cash from Investing | -33.55M | -134.48M | -221.02M | -36.99M | -128.25M | -25.86M | -47.62M | -586.5M | 114.06M | -57.25M |
| Capital Expenditures | -41.43M | -32.38M | -24.61M | -8.06M | -28.98M | -9.03M | -17.4M | -33.78M | -22.19M | -41.19M |
| CapEx % of Revenue | 0.95% | 0.77% | 0.67% | 0.26% | 1.03% | 0.35% | 1.03% | 2.96% | 2.94% | 8.71% |
| Acquisitions | -446.95M | 0 | 0 | 0 | -86.06M | -36.91M | 0 | 552.72M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 316K | -552.72M | -500K | 995K |
| Cash from Financing | -2.09B | -1.32B | -968.32M | -826.76M | -148.93M | 22.16M | 19.64M | 1.13B | -2.22M | 150.26M |
| Debt Issued (Net) | 984.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -2.89B | -918.96M | -990.45M | -835.02M | 12.88M | 23.91M | -56.89M | 1.1B | 671K | 149.78M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.89B | -927.01M | -990.45M | -835.02M | -161.81M | 0 | -56.89M | -475.01M | 0 | 0 |
| Other Financing | -185.58M | -398.98M | 22.13M | 8.26M | -161.81M | -1.75M | 76.53M | 30.01M | -2.89M | 480K |
| Net Change in Cash | -872.98M | -165.86M | -227.31M | -249.13M | 190.6M | 748.15M | 1.17M | 542.45M | 51.32M | -9.75M |
| Free Cash Flow | 1.21B | 1.25B | 939.99M | 604.9M | 440.22M | 743.88M | 11.43M | -33.13M | -82.56M | -144.1M |
| FCF Margin % | 27.6% | 29.65% | 25.78% | 19.8% | 15.71% | 28.85% | 0.68% | -2.9% | -10.92% | -30.48% |
| FCF Growth % | 26.75% | 33.18% | 55.4% | 37.41% | -40.82% | 6410.95% | 134.49% | 59.88% | 42.71% | - |
| FCF per Share | 1.90 | 1.82 | 1.35 | 0.90 | 0.66 | 0.96 | 0.02 | -0.08 | -0.16 | -0.32 |
| FCF Conversion (FCF/Net Income) | 3.61x | 3.08x | 0.52x | -17.21x | -4.89x | 2.38x | -0.22x | -0.00x | 0.96x | 0.79x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 13.58M | 22.38M | 25.02M | 19.17M | 10.01M | 1.49M | 0 | 0 | 0 | 0 |
SBC dilution and competition
As reported in recent SEC filings, the significant divergence between net income and operating cash flow, exemplified by the 2026Q1 net loss of $73.6M against $328.0M in operating cash, suggests that reported earnings are heavily influenced by non-cash charges and working capital fluctuations.
The persistent gap between net income and operating cash flow indicates that traditional earnings metrics may not accurately reflect the company's underlying cash-generative capacity. Investors should monitor whether this disconnect is driven by sustainable operational efficiencies or merely temporary shifts in accrual accounting.
Based on quarterly financial statements, Pinterest has maintained a positive free cash flow trajectory, peaking at $356.4M in 2025Q1, which suggests that the platform's core advertising model remains cash-generative despite the inherent volatility in quarterly net income and heavy investment in product development.
The ability to generate consistent free cash flow despite fluctuating net income highlights the platform's low capital intensity. However, the variability in FCF margins warrants further investigation into whether this cash generation is sustainable or dependent on aggressive cost management during periods of lower ad-spend.
According to historical data, working capital movements have been highly erratic, with a notable $166.1M inflow in 2026Q1 following a $162.2M outflow in 2025Q4, indicating that the company's cash flow is sensitive to the timing of advertiser payments and seasonal billing cycles.
These sharp fluctuations in working capital suggest that the company's cash position is susceptible to the timing of large-scale advertising contracts. Analysts should interpret these swings as a reflection of the platform's reliance on cyclical retail and holiday-driven ad budgets.
As disclosed in recent financial statements, Pinterest has prioritized share repurchases, including a $1.9B buyback in 2026Q1, which appears to be a primary use of cash that may signal management's confidence in the long-term value of the platform despite ongoing operational investments.
The scale of these repurchases relative to operating cash flow suggests a aggressive capital allocation strategy that may limit the company's flexibility for future strategic acquisitions. Investors should monitor whether this focus on buybacks is sustainable given the competitive need for continued R&D spending.
Analysis of quarterly filings reveals that stock-based compensation consistently exceeds $200M per quarter, which, when adjusted for, suggests that the company's true cash-burn profile is significantly higher than the headline operating cash flow figures might otherwise imply to an unadjusted observer.
The reliance on stock-based compensation as a primary component of employee remuneration effectively shifts the cost of talent from cash to equity dilution. This practice warrants further investigation into the long-term impact on shareholder value and the true economic cost of maintaining the company's engineering and sales talent.
Quick answers to the most common questions about buying PINS stock.
Pinterest, Inc. (PINS) generated $1.28B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pinterest, Inc. (PINS) generated $1.25B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Pinterest, Inc. (PINS) spent $32.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Pinterest, Inc. (PINS) spent $927.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.