Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
• restrictions placed on, or the relevance of, ads outside of the United States;
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SEC EDGAR
/CIK 0001506293
/10-K filed Feb 12, 2026, compared with Feb 6, 2025
/Numbers from the XBRL of the 10-Ks
NYSE
Technology · Internet & Software Services
Pinterest, Inc. PINS
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 6, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
13 paragraphs in Risk Factors of the 10-K filed Feb 12, 2026 with nothing like them in the 10-K filed Feb 6, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Our advertising revenue could be harmed by many other factors, including, but not limited to:
engagement during the peak of the COVID-19 pandemic in 2020, we experienced declines in the number of users and lower levels of user engagement as the COVID-19 pandemic subsided.
•there is not a sufficient number of consumer products discoverable or actionable through our platform;
We may not successfully execute or achieve the expected benefits of our restructuring plan, which could adversely affect our business.
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 distracting to employees and management; negatively impacting our business operations and reputation with or ability to serve customers; not generating the intended benefits to the extent or as quickly as anticipated; and not being able to exit or reduce office space as anticipated.
Uncertainty around new and emerging AI technologies, such as generative AI, may require additional investment in the development of appropriate protections and safeguards for handling the use of data with AI technologies, which may be
Show the other 6
Traditional search engines compete with new methods of search, particularly those powered by AI, and as a result traditional search engines may provide less traffic to our platform, which could negatively impact our business and results of operations.
We may also experience statutory or regulatory scrutiny for our policies governing content and advertising on our platform. Responding to such scrutiny could require significant resources, and any required changes to our operations may result in retention issues of our users.
rules to our platform, we could be required to expend significant resources to try to comply with the new rules or incur liability.
location. If our metrics provide us with incorrect or incomplete information about users and their behavior, we may make inaccurate conclusions about our business.
•announcements by advertisers on our platform regarding their advertising strategy and results of operations, and the public's reaction to those announcements;
•macroeconomic events that are beyond our control, including tariffs and related retaliatory actions and other trade protection measures; and
Paragraphs in the 10-Q filed Oct 29, 2026 that were not in the one before
New in the latest 10-Q
3 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like them in the 10-Q filed Aug 4, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
• our ability to attract, retain, and manage advertisers, advertising agencies, and vertical concentration risk, and scale our revenue model;
Read in the 10-Q
Financial statements and notes
(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.
Read in the 10-Q
(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.
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 12, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
to offer content and products that are customized and relevant to local users and advertisers, which requires significant investment of time and resources.
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
We use machine learning and AI technologies in our products and services, and we are making investments in expanding our AI capabilities, including ongoing deployment and improvement of existing machine learning and AI technologies, as well as developing new product features using AI technologies. There are significant risks involved in
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
the events described above occur, our information or personnel's, users', creators', publishers' or advertisers' information could be accessed or disclosed improperly. If a third party gains unauthorized access to our platform, they may, among other things, post malicious spam and other content on our platform using a user’s, creator's, publishers' or advertiser’s account, which could negatively affect our platform, reputation, and business.
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
The application and interpretation of these laws and regulations are often uncertain, particularly in the new and rapidly evolving industry in which we operate, and as the focus on data privacy and data protection increases globally, we are, and will continue to be, subject to varied and evolving data privacy and data protection laws. We are subject to GDPR which expands the rights of individuals to control how their personal data is processed, includes restrictions on the use of personal data of minors (including teens), creates new regulatory and operational requirements for processing personal data (particularly in the case of a data breach), increases requirements for security and confidentiality, restricts transfers of data outside of the European Economic Area ("EEA") and provides for significant penalties for non-compliance, including fines of up to 4% of global annual turnover for the preceding financial year or
Show the other 20
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
qualified personnel or the financial resources required to do so increase, we may not be able to meet our business objectives.
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
outage, then we may lose and be unable to recover users previously using this function, and our user growth or engagement could decline.
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
The indenture governing the Notes includes customary "events of default," which may result in the acceleration of the maturity of the Notes under such indenture. Additionally, upon certain events, holders of the Notes may elect to convert their Notes. In such an event, the Company will pay cash up to the aggregate principal amount of the Notes being converted and deliver shares of Class A common stock for any conversion value in excess of the principal amount. In addition, even if holders of the Notes do not elect to convert, we may be required under applicable accounting standards to reclassify the carrying value of the Notes as current, rather than long-term, if any of the conditions to the convertibility of the Notes are satisfied. This reclassification could materially reduce our reported working capital. Holders of the Notes also have the right to require us to repurchase all or a portion of their Notes upon the occurrence of a Fundamental Change (as defined in the indenture governing the Notes) at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest. In addition, in connection with a Make-Whole Fundamental Change (as defined in the indenture governing the Notes) or the company's optional redemption of the Notes, the conversion rate may be required to be increased, as applicable, as more fully set forth in the indenture governing the Notes.
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
We may be required to use a substantial portion of our cash flows from operations to pay interest and principal on our indebtedness. Such payments will reduce the funds available to us for working capital, capital expenditures and other corporate purposes and may limit our ability to obtain additional financing.
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
We may also enter into derivative share repurchase agreements from time to time that impose potential liabilities on the company.
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
As a result, for the foreseeable future, holders of our Class B common stock could have significant influence over the management and affairs of our company and over the outcome of all matters submitted to our stockholders for
Added10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
• rumors and market speculation involving us or other companies in our industry;
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
These new laws may result have resulted in restrictions on the use of certain of our products or services by teens, the inability to offer certain products teens; and services to teens, decrease users or user engagement in those jurisdictions, require have required changes to our products and services to achieve compliance, decrease our advertising and subscription revenue, and increase legal risk, compliance costs and potential fines for us and our third-party partners. compliance.
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
If any remedies the Notes were converted or required to be repurchased, or if the obligations under the Notes or under the revolving credit facility were exercised, accelerated, we may not have sufficient cash on hand or be able to borrow sufficient funds to refinance the debt or sell sufficient assets to repay or refinance the debt, revolving credit facility or Notes, as applicable, which could immediately materially and adversely affect our business, cash flows, operations and financial condition.
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
The Restructuring 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 distracting to employees and management; negatively impacting our business operations and reputation with or ability to serve customers; and not generating the intended benefits to the extent or as quickly as anticipated; and not being able to exit or reduce office space as anticipated.
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
The GDPR, U.S. state privacy laws, youth social media and privacy laws, and other such laws and regulations impose new and burdensome obligations, and include substantial uncertainty as to their interpretation, and we are subject to challenges in addressing their requirements, which could result in fines or penalties, lead us to change our data privacy policies and practices, how our product currently operates, and limit our ability to deliver personalized advertising by, for example, requiring users to opt-in to personalized advertising.
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
If the rules, doctrines or currently available defenses change, if international jurisdictions refuse to apply similar protections that are currently available in the United States or the European Union or if a court were to disagree with our application of those rules to our platform, we could be required to expend significant resources to try to comply with the new rules or incur liability.
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
During the first quarter of 2026, we initiated a global restructuring plan (the “Plan”) 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 AI powered products and capabilities, and accelerating the transformation of our sales and go-to-market approach.
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
Further, the Russmedia decision recent decisions by the Court of Justice of the European Union has have created uncertainty regarding the status of longstanding intermediary liability provisions under EU law, which may result in additional obligations for online platforms, as well as increased litigation and liability.
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
If security on those platforms that platform is compromised, if users are locked out from their accounts on those platforms that platform or if those platforms experience that platform experiences an outage or otherwise institute institutes policies that prevent users from accessing their accounts on our platform through those logins, users may be unable to access our platform.
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
If we cannot continue to develop and improve our advertising tools in a timely fashion, measurement tools provided by third parties increase in cost and expense, those tools are not reliable, or the measurement results are inconsistent with advertiser goals, our advertising revenue and financial results could be adversely affected.
Reworded10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
Additionally, in June 2025, the Brazilian Supreme Court partially invalidated the country's limitation on platform liability for third-party content. content, imposing more stringent requirements on platforms and increasing litigation and regulatory risk.
Quiet changes10-Q Oct 29, 2026 vs 10-K Feb 12, 2026
These decisions may not be consistent with the expectations of third parties and may subject us to investor, political, or legal or regulatory scrutiny.
The first 25 of 58 are shown (at most 12 of each type).
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 12, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 6, 2025
retaliatory actions ×4trade protection ×4protection measures ×4institutional investors ×3consumer products ×2investor political ×2political legal ×2ongoing situations ×2restructuring plan ×2moderation practices ×2government administration ×2policy positions ×2new methods ×2impact assessments ×2public scrutiny ×2scrutiny investigations ×2
Where each one is used
- retaliatory actions: •the macroeconomic conditions and the status of the advertising industry, such as fear of recession, inflation, the impact of tariffs and related retaliatory actions and other trade protection measures, supply chain issues and inventory and labor shortages, which could cause businesses to spend less on advertising...
- trade protection: •the macroeconomic conditions and the status of the advertising industry, such as fear of recession, inflation, the impact of tariffs and related retaliatory actions and other trade protection measures, supply chain issues and inventory and labor shortages, which could cause businesses to spend less on advertising...
- protection measures: •the macroeconomic conditions and the status of the advertising industry, such as fear of recession, inflation, the impact of tariffs and related retaliatory actions and other trade protection measures, supply chain issues and inventory and labor shortages, which could cause businesses to spend less on advertising...
- institutional investors: We cannot predict whether our dual class structure will result in a lower or more volatile market price of our Class A common stock or in adverse publicity or other adverse consequences. For example, certain index providers have restrictions on including companies with multiple-class share structures in certain of...
- consumer products: •there is not a sufficient number of consumer products discoverable or actionable through our platform;
- investor political: Some of the actions that we may take to make our platform more positive and inspiring and make our content more useful and relevant may reduce traffic that we drive from our platform to the websites of third parties, which may reduce their willingness to contribute or continue availability of their content on our...
- political legal: Some of the actions that we may take to make our platform more positive and inspiring and make our content more useful and relevant may reduce traffic that we drive from our platform to the websites of third parties, which may reduce their willingness to contribute or continue availability of their content on our...
- ongoing situations: •political, social and economic instability, including armed conflict or hostilities, such as the ongoing situations in Ukraine and the Middle East;
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
8 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/PINS/export.csv") into a cell.