10-Q · August 4, 2026
Pinterest delivered strong top-line momentum, with Q2 revenue of $1.180 billion up 18% year over year and all geographic regions growing, supported by 640 million MAUs and $1.86 global ARPU. Profitability was weaker on…
Earnings analysis · 10-Q
PINS earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Pinterest delivered solid operating growth, with revenue up 12% to $1,173.9 million, MAUs up 10% to 661 million and Adjusted EBITDA up 11% to $339.2 million. However, higher infrastructure, GPU and share-based…
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Pinterest delivered solid operating growth, with revenue up 12% to $1,173.9 million, MAUs up 10% to 661 million and Adjusted EBITDA up 11% to $339.2 million. However, higher infrastructure, GPU and share-based compensation costs compressed gross and operating margins, while GAAP net income fell 77% to $21.5 million. Cash generation remained strong at $881.9 million of nine-month free cash flow, but the company now carries $1.0 billion of convertible notes and a $3.7 billion remaining AWS purchase commitment. Overall, growth and liquidity are constructive, but profitability pressure, heavy investment commitments and expanding AI-related risks support a neutral view.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue and users continued to grow
Revenue increased 12% year over year to $1,173.9 million, or $124.7 million, supported by a 10% increase in average MAUs and a 1% increase in global ARPU to $1.80.
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North America and ROW led growth
U.S. and Canada revenue rose 14% to $894.2 million and Rest of World revenue rose 24% to $87.1 million. Global MAUs increased 10% year over year to 661 million.
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Adjusted EBITDA expanded
Adjusted EBITDA increased 11% year over year to $339.2 million from $306.1 million, despite GAAP income from operations declining to $30.3 million from $58.5 million.
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Strong cash generation with modest capex
Nine-month operating cash flow was $936.6 million and free cash flow was $881.9 million, up from $871.5 million in the prior-year period. Purchases of property and equipment were $54.8 million, representing approximately 1.6% of nine-month revenue.
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Liquidity remains substantial
Cash, cash equivalents and marketable securities totaled $1,470.0 million at September 30, 2026. The company had no amounts outstanding under its $700.0 million revolving credit facility and stated that liquidity should cover working capital and capital expenditures for at least the next 12 months.
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AI-focused restructuring completed
The restructuring plan was completed in the third quarter after generating $65.5 million of restructuring charges during the first nine months. Management said the plan reallocates resources toward AI-focused roles, AI-powered products and a transformed sales approach.
What to watch
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Infrastructure spending pressured margins
Gross margin declined to approximately 77.7% from 79.8% a year earlier because cost of revenue increased 23% to $261.6 million, while revenue increased 12%. Infrastructure costs rose $28.4 million, including investment in additional GPU capacity.
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GAAP profitability deteriorated
GAAP income from operations fell 48% year over year to $30.3 million from $58.5 million, and net income declined 77% to $21.5 million from $92.1 million. Share-based compensation increased $56.6 million to $291.7 million.
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Large long-term AWS commitment
The company is committed to purchasing at least $4,000.0 million of AWS cloud services through May 2031; the remaining commitment was $3,692.9 million at September 30, 2026. Failure to meet the commitment requires payment of the shortfall.
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Convertible debt and dilution exposure
Pinterest had $1,000.0 million of convertible senior notes outstanding, with a net carrying amount of $982.1 million. The notes mature on March 1, 2031 and could create dilution or liquidity pressure if converted or repurchased.
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Aggressive buybacks reduce liquidity
The March 2026 repurchase program authorized up to $3,500.0 million; Pinterest repurchased $551.0 million of shares in open-market purchases and used a $1,000.0 million accelerated share repurchase during the first nine months, while $1,948.0 million remained available.
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Expanded AI regulatory and liability risk
The filing highlights heightened AI-related regulatory and legal uncertainty, including potential EU AI Act penalties of up to 7% of global annual revenue, as well as risks from inaccurate, biased, harmful or infringing AI-generated content.
Management's outlook
The 10-Q does not provide quantitative quarterly or full-year guidance. Q4 2026 revenue guidance of $1,425 million to $1,475 million was disclosed in the accompanying 8-K/earnings release rather than the filing.
Earlier filings 4
10-Q · May 4, 2026
Pinterest reported strong financial results in its Q1 2026 10-Q filing, exceeding revenue and EPS estimates with total revenue of $1.007 billion, up 18% year-over-year. Despite a notable increase in average MAUs by 11%…
10-K · February 12, 2026
Pinterest reports continued multi-year revenue growth and a return to sustained operating profitability in 2025, driven by strong Q4 results (Q4 revenue $1.32B, gross margin 82.8%, operating margin 22.8%). The company…
10-Q · November 4, 2025
Pinterest reported Q3 revenue of $1,049,205 (in thousands), up $150,832 or 16.8% year-over-year from $898,373, and returned to operating profitability with income from operations of $58,516 (in thousands) versus an…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.