Pinterest, Inc (PINS) Cash Flow Statement
Where PINS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.28B +33.1% vs 2024
- Capital expenditures
- $32.4M 0.8% of revenue
- Free cash flow
- $1.25B 29.7% margin
- Returned to shareholders
- $927.0M 74% of free cash flow
- Change in cash
- −$165.9M cash at year-end $975.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PINS operating cash flow, capex and free cash flow
PINS cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$102.9M2017 | $1.28B2025 | — | |
| Capital expenditures | $41.2M2017 | $32.4M2025 | −3.0%/yr | |
| Free cash flow | −$144.1M2017 | $1.25B2025 | — | |
| Free cash flow margin | −30.5%2017 | 29.7%2025 | +60.1 pts | |
| Operating cash flow / net income | 2.382021 | 3.082025 | +0.70 | |
| Stock-based compensation | $28.8M2017 | $880.5M2025 | +53.3%/yr | |
| Share buybacks (net) | $02017 | $927.0M2025 | — | |
| Capex / revenue | 8.7%2017 | 0.8%2025 | −7.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PINS cash flow by activity
PINS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PINS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | $416.9M | $1.86B | −$35.6M | −$96.0M | $316.4M | −$128.3M | −$1.36B | −$63.0M | −$130.0M |
| Depreciation & amortization | $7.1M | $21.3M | $21.5M | $46.5M | $27.5M | $37.0M | $27.8M | $20.9M | $16.1M |
| Stock-based compensation | $880.5M | $765.8M | $647.9M | $497.1M | $415.4M | $321.0M | $1.38B | $14.9M | $28.8M |
| Change in working capital | −$51.9M | −$57.4M | −$126.7M | $35.5M | −$61.3M | −$211.9M | −$39.6M | −$34.1M | −$18.5M |
| Other non-cash items | $31.8M | −$1.63B | $105.9M | −$13.9M | $54.9M | $11.1M | −$4.0M | $1.0M | $653,000 |
| Cash from operating activities | $1.28B | $964.6M | $613.0M | $469.2M | $752.9M | $28.8M | $657,000 | −$60.4M | −$102.9M |
| Investing activities | |||||||||
| Capital expenditures | −$32.4M | −$24.6M | −$8.1M | −$29.0M | −$9.0M | −$17.4M | −$33.8M | −$22.2M | −$41.2M |
| Investments (net) | −$102.1M | −$221.0M | −$124.8M | −$13.2M | $20.1M | −$30.5M | −$552.7M | $136.8M | −$17.1M |
| Acquisitions & other investing | $0 | $24.6M | $95.9M | −$86.1M | −$36.9M | $316,000 | $0 | −$500,000 | $995,000 |
| Cash from investing activities | −$134.5M | −$221.0M | −$37.0M | −$128.2M | −$25.9M | −$47.6M | −$586.5M | $114.1M | −$57.2M |
| Financing activities | |||||||||
| Share repurchases & issuance (net) | −$927.0M | −$990.5M | −$835.0M | −$161.8M | $23.9M | −$56.9M | −$475.0M | $671,000 | $0 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $1.57B | $0 | $0 |
| Other financing | −$390.9M | $22.1M | $8.3M | $12.9M | −$1.8M | $76.5M | $30.0M | −$2.9M | $150.3M |
| Cash from financing activities | −$1.32B | −$968.3M | −$826.8M | −$148.9M | $22.2M | $19.6M | $1.13B | −$2.2M | $150.3M |
| Summary | |||||||||
| Net change in cash | −$165.9M | −$227.3M | −$249.1M | $190.6M | $748.2M | $1.2M | $542.5M | $51.3M | −$9.8M |
| Cash at end of period | $975.4M | $1.14B | $1.37B | $1.62B | $1.43B | $678.9M | $677.7M | $135.3M | $84.0M |
| Free cash flow | $1.25B | $940.0M | $604.9M | $440.2M | $743.9M | $11.4M | −$33.1M | −$82.6M | −$144.1M |
| Free cash flow margin | 29.7% | 25.8% | 19.8% | 15.7% | 28.9% | 0.7% | −2.9% | −10.9% | −30.5% |
| Capex / revenue | 0.8% | 0.7% | 0.3% | 1.0% | 0.4% | 1.0% | 3.0% | 2.9% | 8.7% |
| Operating cash flow / net income | 3.08 | 0.52 | — | — | 2.38 | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$120.3M | −$73.6M | $277.1M | $92.1M | $38.8M | $8.9M | $1.85B | $30.6M | $8.9M | −$24.8M | $201.2M | $6.7M |
| Depreciation & amortization | $20.6M | $8.8M | $1.6M | −$6.4M | $6.1M | $5.8M | $6.1M | $5.4M | $4.9M | $4.9M | $5.3M | $4.9M |
| Stock-based compensation | $556.0M | $231.4M | $230.7M | $235.1M | $227.2M | $187.4M | $198.9M | $208.0M | $196.4M | $162.5M | $163.2M | $171.9M |
| Change in working capital | $73.2M | $166.1M | −$162.2M | $6.1M | −$84.0M | $188.2M | −$187.6M | $10.9M | −$103.8M | $223.1M | −$102.6M | −$76.9M |
| Other non-cash items | −$236.6M | −$4.8M | $44.1M | −$5.2M | $19.6M | −$26.7M | −$1.61B | −$6.8M | $20,000 | −$9.5M | −$8.9M | $1.9M |
| Cash from operating activities | $292.9M | $328.0M | $391.2M | $321.7M | $207.7M | $363.7M | $254.0M | $248.0M | $106.4M | $356.1M | $258.3M | $108.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$23.0M | −$16.3M | −$10.8M | −$3.2M | −$11.0M | −$7.3M | −$3.8M | −$3.9M | −$4.8M | −$12.1M | −$4.3M | −$980,000 |
| Investments (net) | $68.8M | $576.2M | $44.6M | −$94.1M | −$86.1M | $11.9M | $31.8M | −$38.5M | −$211.2M | −$3.1M | $21.7M | −$40.2M |
| Acquisitions & other investing | $112.9M | −$447.0M | $0 | $3.2M | $11.0M | $7.3M | $3.8M | $3.9M | $4.8M | $12.1M | $4.3M | $980,000 |
| Cash from investing activities | $158.8M | $112.9M | $33.7M | −$94.1M | −$86.1M | $11.9M | $31.8M | −$38.5M | −$211.2M | −$3.1M | $21.7M | −$40.2M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$2.02B | −$1.95B | −$502.0M | −$197.4M | −$52.6M | −$175.0M | −$184.9M | −$552.7M | −$153.1M | −$99.7M | −$91.1M | −$80.7M |
| Net borrowing (repayment) | −$5.1M | $985.0M | — | — | $0 | $0 | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $703.4M | −$70.8M | −$84.7M | −$114.8M | −$105.7M | −$85.7M | $1.9M | $1.0M | $2.5M | $16.8M | $3.6M | $1.4M |
| Cash from financing activities | −$1.33B | −$1.03B | −$586.7M | −$312.2M | −$158.3M | −$260.7M | −$183.1M | −$551.7M | −$150.6M | −$83.0M | −$87.5M | −$79.3M |
| Summary | ||||||||||||
| Net change in cash | −$546.9M | −$591.3M | −$161.8M | −$84.5M | −$35.3M | $115.8M | $100.8M | −$341.4M | −$256.1M | $269.4M | $193.5M | −$11.4M |
| Cash at end of period | $428.5M | $378.1M | $975.4M | $1.14B | $1.22B | $1.25B | $1.14B | $1.04B | $1.38B | $1.64B | $1.37B | $1.18B |
| Free cash flow | $581.6M | $311.7M | $380.4M | $318.4M | $196.7M | $356.4M | $250.2M | $244.1M | $101.6M | $344.0M | $254.0M | $107.5M |
| Free cash flow margin | 49.3% | 30.9% | 28.8% | 30.3% | 19.7% | 41.7% | 21.7% | 27.2% | 11.9% | 46.5% | 25.9% | 14.1% |
| Capex / revenue | 1.9% | 1.6% | 0.8% | 0.3% | 1.1% | 0.9% | 0.3% | 0.4% | 0.6% | 1.6% | 0.4% | 0.1% |
| Operating cash flow / net income | — | — | 1.41 | 3.49 | 5.36 | 40.77 | 0.14 | 8.12 | 11.98 | — | 1.28 | 16.12 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PINS cash generation
In fiscal 2025 (ended December 31, 2025), Pinterest generated $1.3 billion of cash from operations (up 33.1%) and spent $32.4 million on capital expenditures, leaving free cash flow of $1.3 billion, 29.7% of revenue. It returned $927.0 million to shareholders through dividends ($0) and net share buybacks ($927.0 million). Cash and equivalents fell by $165.9 million over the year.
Related: PINS income statement, PINS balance sheet. See the PINS stock overview for the latest quote and news.
PINS cash flow FAQ
What is Pinterest's free cash flow?
Pinterest's free cash flow was $1.3 billion in fiscal 2025: $1.3 billion of operating cash flow minus $32.4 million of capital expenditures It was $940.0 million a year earlier..
How much cash does Pinterest generate from operations?
Pinterest generated $1.3 billion of cash from operating activities in fiscal 2025, 3.08 times its net income of $416.9 million.
How much does Pinterest spend on capital expenditures?
Pinterest spent $32.4 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with $24.6 million the year before.
How much stock does Pinterest buy back?
Pinterest spent $927.0 million on net share repurchases in fiscal 2025.