Objective: This study aimed to examine the link between friendship instability during emerging adulthood and depressive symptoms. The moderating role of gender and the pursuit (or not) of postsecondary education was also tested. Participants: A total of 268 participants (60.7% women) was interviewed annually between the ages of 22 and 26. Methods: Friendship instability was measured by asking the participants to name their three best friends each year and depressive symptoms were assessed at ages 22 and 26. Results: A multiple hierarchical regression analysis predicting depressive symptoms at age 26 (while controlling for symptoms at age 22) revealed a triple interaction between friendship instability, gender and the pursuit of postsecondary education. Specifically, friendship instability predicted depressive symptoms at age 26, but only among women pursuing postsecondary education. Conclusions: These results highlight the importance of maintaining friendships for these individuals.