Pinterest (PINS) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $1,173.9M, up 12% YoY on reported and constant-currency bases, but below the expected range as European cross-border sellers pulled back more than anticipated; Adjusted EBITDA was $339.2M.

• Global MAUs reached a record 661M, up 10% YoY; UCAN revenue grew 14%.

• Priorities include AI-driven visual search and shopping, improving advertiser performance, and strengthening international go-to-market to support a return to historical mid-to-high-teens revenue growth over time.

Financial highlights

• Adjusted EBITDA was $339.2M, up 11% YoY, with a 29% margin, down 30 bps; FY26 margin outlook remained ~30%.

• Q3 GAAP net income was $21.5M versus $92.1M a year earlier; diluted GAAP EPS was $0.04 versus $0.13.

• Q3 non-GAAP costs included cost of revenue of $250.2M (+21% YoY), R&D of $233.7M (+9%), sales and marketing of $285.7M (+12%), and G&A of $71.3M (-2%).

• Ad impressions grew 17% YoY while ad pricing declined 4%; Q3 operating cash flow was $316M and free cash flow was $300M.

• Nine-month revenue was $3,361.1M, up 16% reported and 15% constant currency; Adjusted EBITDA was $857.0M, up 18%.

Outlook and guidance

• Q4 revenue guidance is $1,425M-$1,475M, representing 8%-12% YoY growth and incorporating a modest FX headwind.

• Q4 Adjusted EBITDA guidance is $538M-$588M; a GAAP reconciliation was unavailable without unreasonable effort due to uncertainty in reconciling items.

• Guidance assumes continued strong UCAN growth and ongoing international pressure from cross-border sellers; benefits from international go-to-market changes are expected to build gradually.

• Q4 non-GAAP cost of revenue is expected to grow sequentially at a low-teens rate, partly reflecting GPU investment; sales and marketing and R&D are the primary YoY operating expense investments.