Good morning, and welcome to Pinterest, Inc.'s 2026 Annual Meeting of stockholders. I would now like to introduce Wanji Walcott, the company's Corporate Secretary.
Good morning, everyone. Welcome to our 2026 annual meeting of stockholders. It is 8:00 A.M. I now call the 2026 annual meeting of stockholders to order. I will now turn it over to Bill Ready, Pinterest's CEO.
Thank you, Wanji. Welcome to all of you, and thank you for joining our 2026 annual meeting. We are joined today by members of the Pinterest board of directors and the following members of the Pinterest team: Julia Brau Donnelly, CFO, Wanji Walcott, Chief Legal and Business Affairs Officer and Corporate Secretary, and Andrew Somberg, Vice President of Investor Relations and Treasury. Priya Kurian, representative for Ernst & Young, our independent registered public accounting firm, is also present and will be available to respond to appropriate questions later in the meeting. We are also joined by Kathy Blackwell, the Inspector of Elections. In accordance with our bylaws, Wanji Walcott will act as Chairperson and Secretary of the meeting and record the minutes. Before we proceed to the formal portion of the meeting, I will provide an update on our business and performance.
Our 2025 results reflect continued progress against our long-term strategy. Pinterest is now a visual shopping assistant and search destination at scale. With more than 80 billion monthly searches, users at record highs, and deepening engagement across our platform, it is clear that people are coming to Pinterest with purpose. We have built a positive, inspiring environment that uniquely supports users in taking real-world action, and we have paired that with a full-funnel performance ads platform that gives our advertising partners the tools to meet those users in moments of intent. We've built a strong, profitable, and highly cash-generative business, and we believe we are just getting started. As a result, we achieved strong growth in 2025. Pinterest delivered $4.2 billion in full-year revenue, up 16% year-over-year, with an all-time high of 619 million monthly active users as of the end of 2025, up 12% versus 2024.
In Q1 of this year, we continued our progress against our strategic priorities: growing users, keeping AI at the core of everything we do, and accelerating monetization through improved go-to-market and measurement capabilities. Investing in our core differentiators and delivering innovative user experiences through our industry-leading visual search capabilities has led to continued strength in our user growth. In Q1, we finished with another record number of global MAU, reaching 631 million, up 11% year-over-year, our 10th consecutive quarter of double-digit user growth. We delivered Q1 revenue over $1 billion, growing 18% year-over-year or 15% on a constant currency basis as we continue to execute on delivering performance for advertisers across the full funnel. I am grateful for our talented employees, as well as our users, advertisers, partners, and stockholders for their ongoing support and continued belief in our mission.
As AI reshapes how people discover, plan, and shop, I believe Pinterest is in a stronger and more differentiated position than ever, and I'm excited about the work ahead. I will now turn the meeting back to Wanji Walcott, who will conduct the formal portion of this meeting.
Thanks, Bill, and thanks, everyone, for joining us today. I am Wanji Walcott, Chief Legal and Business Affairs Officer of Pinterest. Today's virtual-only meeting is a live audio webcast. We believe it is important to engage with our stockholders, and we hope that this virtual meeting will maximize participation regardless of location. In addition, having a virtual meeting enables us to reach a larger audience while reducing our costs and environmental impact. Thank you very much to those who are participating in our meeting today. I'm going to cover the formal business of today's meeting, which is described in our proxy statement for this meeting. This meeting will be conducted in accordance with the rules of conduct, which are in place to ensure a fair and orderly meeting for all stockholders in attendance. You can access these rules in the meeting materials section of the virtual meeting website.
We ask that participants abide by these rules and thank you for your cooperation. The polls opened at the beginning of the meeting, and we will close the polls on all matters immediately after the presentation of today's proposals. All Pinterest stockholders entitled to vote at this meeting can do so online. If you are a stockholder entitled to vote and have not yet voted or if you want to change your previously cast vote, please do so via the website used to access this meeting. If you've already voted by proxy and do not wish to change your vote, your vote will be cast as previously instructed and no further action is necessary. After the presentation of today's proposals, we will announce the preliminary voting results and adjourn the formal part of the meeting and open it up to a general Q&A session.
Confirmed stockholders as of the record date may submit questions at any time during this meeting by typing in the box provided on today's virtual meeting platform. As stated in the rules of conduct, due to time constraints, we may ask you to limit yourself to one question and restrict your questions to matters of general interest to our stockholders. We will answer as many questions as time permits. Broadridge Financial Solutions, our proxy service provider, has indicated by affidavit that the notice of Internet availability of the proxy materials was mailed to all stockholders of record at the close of business on March 27, 2026, the record date for this meeting. The affidavit, together with copies of the notice of Internet availability of proxy materials, the proxy statement, and the proxy, will be filed with the minutes of the meeting.
Kathy Blackwell has been appointed as the Inspector of Election. She has signed an oath of office promising to execute faithfully the duties of the Inspector of Election. The oath of office will also be filed with the minutes of this meeting. The Inspector of Election has determined that a sufficient number of shares entitled to vote at this meeting are present, in person or by proxy, to constitute a quorum, and we may proceed with the business of the meeting. The first item of business is the election of the four directors as set forth in Proposal 1 in the proxy statement.
Chip Bergh, Gokul Rajaram, Emily Reuter, and Marc Steinberg have been nominated by our Board of Directors to serve as Class One directors until our 2029 Annual Meeting of Stockholders, or until their respective successors are duly elected and qualified for their office, or if their office is otherwise vacated. The board recommends that you vote for the election of each director nominee. Second item of business is our say on pay vote described in Proposal 2 in the proxy statement, which is an approval on a non-binding advisory basis of the compensation of our named executive officers. The board recommends for the approval of our say on pay vote.
The third item of business is the frequency of our say on pay vote described in Proposal 3 in the proxy statement, which is an approval of the frequency of a vote on a non-binding advisory basis of the compensation of our named executive officers. The board recommends one year for the frequency of our future say on pay votes. The fourth item of business is to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for our fiscal year ending December 31st, 2026. The board recommends that you vote for the appointment of Ernst & Young. I'll pause to check if there are any related questions to the company's proposals or for Ernst & Young representatives here today.
There appear to be no additional questions related to the proposals or for Ernst & Young. I will now pause for a moment in case there are any additional votes being cast. It is now 8:00 A.M., and the polls are now closed. Based on the preliminary review of the votes, the Inspector of Elections has informed me that all director nominees have been elected, each of the Proposals Two and Four have been approved, and the frequency of one year for Proposal Three has been approved, all as recommended by the board. We plan to publicly announce the official voting results in a Form 8-K after all verifications have been completed by the inspector.
This concludes the formal business of the meeting. Before we moderate the Q&A, I would like to remind you that the statements we make on this call reflect management's view as of today and may include forward-looking statements. Such statements involve a number of assumptions, risks, and uncertainties, actual results may differ materially. We disclaim any obligation to update these statements. For information about assumptions, risks, and uncertainties and other factors that could affect our results, please refer to our earnings press releases and the periodic reports we file with the SEC that are available on our investor relations website at investor.pinterest.com. Our first question: Are there any plans to use less AI in ads and content?
Thank you for the question. This is actually quite topical. As I'm sure everyone is aware, the ability to use gen AI to create content is quite a broad phenomenon. Users are able to save the content that they want to see on Pinterest, and then users can discover other forms of content. We really think about this as a content quality question. As we think about that content quality, overall, gen AI content, either ads or organic, has overall been a tailwind. Just like any other form of content, we work very hard to make sure that it is personalized and relevant and useful to our users. To aid in that, we're doing a lot to give users agency over the content that they see.
We've added gen AI labeling as of last year so that users can be more aware of it being gen AI content when we are able to detect it. We also gave our users even more control whether they want to see more or less gen AI content in their feed. We're giving users agency and making sure that we provide relevant and useful content. While no platform is perfect, we leverage industry standard tags, analyze metadata, and have developed in-house classifiers to detect gen AI content as best we can. Years ago, it was a big deal when items were photoshopped, and people found that to be uncomfortable in the early days. Over time, many of the photos that people take actually have filters on them, and people have become more accepting of that.
Different people have different opinions, we're really approaching this as a content quality and user choice issue and trying to empower our users to have good choice on these things. We've seen a lot of feedback that has been quite positive about the control that we are giving our users. Of course, there's always more work to do on these things. Thank you for the question.
It appears that at this time there are no other questions. Now I'd like to turn it back to Bill.
This concludes today's meeting. Thank you for attending and for your interest in Pinterest. On behalf of our board and our leadership team, I'd like to thank you for your continued support.
The conference has now concluded. We do thank you for attending today's presentation, and you may now disconnect your line.