PINS — what changed in the latest 10-Q
A section-by-section comparison of PINS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-08-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +18 | −18 | ~25 | 47 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Risk factors | Text added/removed | +11 | −12 | ~47 | 280 |
| Other information | Text added/removed | 0 | −2 | ~2 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
September 30,% ChangeNine Months Ended September 30,% Change
(1)On a constant currency basis, revenue for the three and nine months ended September 30, 2026 was $1,174.1 million and $3,327.8 million, respectively, due to a $0.2 million unfavorable and $33.3 million favorable impact of changes in foreign exchange rates for the respective periods.
Revenue based on our estimate of the geographic location of our users increased by 14% and 15% in U.S. and Canada to $894.2 million and $2,524.5 million, and Rest of World revenue increased by 24% and 38% to $87.1 million and $245.6 million for the three and nine months ended September 30, 2026 comp…
Cost of revenue for the three and nine months ended September 30, 2026 increased by $49.3 million and $142.9 million, respectively, compared to the three and nine months ended September 30, 2025. These increases were due to higher infrastructure costs, which increased by $28.4 million and $87.4 mill…
(1)Office space reductions were negative for the three months ended September 30, 2026 due to gains recognized in connection with early terminations of office leases abandoned in the first quarter of 2026.
Text removed vs the prior filing · source: 10-Q · 2026-08-04
(1)On a constant currency basis, revenue for the three and six months ended June 30, 2026 was $1,169.3 million and $2,153.6 million, respectively, due to a $10.4 million and $33.6 million favorable impact of changes in foreign exchange rates for the respective periods.
Revenue based on our estimate of the geographic location of our users increased by 18% and 16% in U.S. and Canada to $879.9 million and $1,630.3 million, Europe revenue increased by 12% and 18% to $212.7 million and $398.3 million, and Rest of World revenue increased by 38% and 47% to $87.0 million …
Cost of revenue for the three and six months ended June 30, 2026 increased by $54.3 million and $93.6 million, respectively, compared to the three and six months ended June 30, 2025 primarily due to increased users and engagement.
In January 2026, we initiated a global restructuring plan (the “Restructuring Plan”) to support our transformation initiatives, including but not limited to (i) reallocating resources to AI-focused roles and teams that drive AI adoption and execution, (ii) prioritizing AI‑powered products and capabi…
We expect to incur total charges of up to $69.6 million under the Restructuring Plan through the end of the third quarter of 2026. Liabilities under the Restructuring Plan are not material as of June 30, 2026.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-29
During the first quarter of 2026, we initiated the Restructuring Plan, which we completed in the third quarter of 2026, to support our transformation initiatives of reallocating resources to AI-focused roles and teams that drive AI adoption and execution, prioritizing AI powered products and capabil…
The Restructuring Plan could adversely affect our business and results of operations due to any of the following: adversely affecting our internal programs and our ability to recruit and retain skilled and motivated personnel; negatively impacting our business operations and reputation with or abili…
action. As a result, we may not be able to demonstrate and measure for our advertisers the value of engaging with a user during the early intent phase.
In addition, web and mobile browser developers, such as Apple, Microsoft or Google, have implemented and may continue to implement changes, including requiring additional user permissions, in their browser or device operating system that impair our ability to measure and improve the effectiveness of…
We currently have a flexible work model which provides for a more distributed workforce. Our work strategy, including our efforts related to employee onboarding, training and development and retention may not be successful. Further, our work strategy may continue to evolve and may not meet the needs…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
During the first quarter of 2026, we initiated a global restructuring plan (the “Plan”) to support our transformation
initiatives of reallocating resources to AI-focused roles and teams that drive AI adoption and execution, prioritizing AI powered products and capabilities, and accelerating the transformation of our sales and go-to-market approach.
The Plan could adversely affect our business and results of operations due to any of the following: requiring costs, charges and impacts to cash flows greater than anticipated; adversely affecting our internal programs and our ability to recruit and retain skilled and motivated personnel; being dist…
In addition, web and mobile browser developers, such as Apple, Microsoft or Google, have implemented and may continue to implement changes, including requiring additional user permissions, in their browser or device operating system that impair our ability to measure and improve the effectiveness of…
We currently have a flexible work model which provides for a more distributed workforce. Our work strategy, including our efforts related to employee onboarding, training and development and retention may not be successful. Further,
Other information
Text removed vs the prior filing · source: 10-Q · 2026-08-04
On May 7, 2026, Julia Brau Donnelly, our Chief Financial Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell between August 7, 2026 and June 30, 2027, (i) 29,548 shares of our Class A common stock and (ii) up to the net shares of our Class A common stock to be issued to Ms. Do…
On June 12, 2026, Matthew Madrigal, our Chief Technology Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, between September 16, 2026 and January 15, 2027, up to 121,000 shares of our Class A common stock.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice