Net income (loss) per share

We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.

We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock. We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):


	Year Ended December 31,
		2025	2024				2023
			Class A		Class B		Class A		Class B		Class A		Class B
Basic net income (loss) per share:
Numerator:
Net income (loss)			$	366,667	$	50,188	$	1,633,901	$	228,205	$	(30,937)	$	(4,673)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic			593,473		81,233		595,639		83,192		586,109		88,532
Basic net income (loss) per share			$	0.62	$	0.62	$	2.74	$	2.74	$	(0.05)	$	(0.05)











Diluted net income (loss) per share:
Numerator:
Net income (loss)	$	366,667	$	50,188	$	1,633,901	$	228,205	$	(30,937)	$	(4,673)
Reallocation of net income as a result of conversion of Class B to Class A common stock	50,188		—		228,205		—		—		—
Reallocation of net income to Class B common stock	—		(953)		—		(6,387)		—		—
Diluted net income (loss)	$	416,855	$	49,235	$	1,862,106	$	221,818	$	(30,937)	$	(4,673)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic	593,473		81,233		595,639		83,192		586,109		88,532
Conversion of Class B to Class A common stock	81,233		—		83,192		—		—		—
Weighted average effect of dilutive potential common stock	13,065		—		19,545		—		—		—
Weighted-average shares used in computing net income (loss) per share, diluted	687,771		81,233		698,376		83,192		586,109		88,532
Diluted net income (loss) per share	$	0.61	$	0.61	$	2.67	$	2.67	$	(0.05)	$	(0.05)

Basic net income (loss) per share is the same as diluted net income (loss) per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):


	Year Ended December 31,
		2025	2024	2023

Outstanding stock options		—	—	14,463
Unvested restricted stock units and restricted stock awards		13,391	7,980	53,228



Total		13,391	7,980	67,691

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

PINTEREST, INC. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures