PINTEREST, INC. Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 452,315 | $ | — | $ | — | $ | 452,315 | |||||||||||||||
| Commercial paper | — | 286,879 | — | 286,879 | |||||||||||||||||||
| U.S. treasury securities | 64,934 | — | — | 64,934 | |||||||||||||||||||
| Corporate bonds | — | 4,516 | — | 4,516 | |||||||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| Corporate bonds | — | 706,288 | — | 706,288 | |||||||||||||||||||
| U.S. treasury securities | 374,844 | — | — | 374,844 | |||||||||||||||||||
| Commercial paper | — | 253,466 | — | 253,466 | |||||||||||||||||||
| Certificates of deposit | — | 163,213 | — | 163,213 | |||||||||||||||||||
| Other assets: | |||||||||||||||||||||||
| Certificates of deposit | $ | — | $ | 6,020 | $ | — | $ | 6,020 | |||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 861,824 | $ | — | $ | — | $ | 861,824 | |||||||||||||||
| Commercial paper | — | 150,456 | — | 150,456 | |||||||||||||||||||
| Corporate bonds | — | 8,304 | — | 8,304 | |||||||||||||||||||
| Certificates of deposit | — | 4,158 | — | 4,158 | |||||||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| Corporate bonds | — | 516,212 | — | 516,212 | |||||||||||||||||||
| U.S. treasury securities | 425,353 | — | — | 425,353 | |||||||||||||||||||
| Commercial paper | — | 260,385 | — | 260,385 | |||||||||||||||||||
| Certificates of deposit | — | 172,021 | — | 172,021 | |||||||||||||||||||
| Non-U.S. government and supranational bonds | — | 2,438 | — | 2,438 | |||||||||||||||||||
| Other assets: | |||||||||||||||||||||||
| Certificates of deposit | $ | — | $ | 4,761 | $ | — | $ | 4,761 | |||||||||||||||
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.