Pinterest (NYSE: PINS) Q2 2026: 18% Revenue Growth, Record 640M Users, EPS Beats at $0.43

Pinterest (NYSE: PINS) reported Q2 2026 adjusted EPS of $0.43, beating the $0.36 consensus estimate by 19.4%, as revenue climbed 18.2% year over year to $1,179.7 million. Global monthly active users reached 640 million, the company's 11th consecutive quarter of double-digit user growth. Shares fell -8.68% on Wednesday, August 5, while the S&P 500 declined 0.20%.

Q2 2026 Results

• Revenue: $1,179.7 million, up 18.2% year over year (17% on a constant-currency basis), from $998.2 million in Q2 2025
• Adjusted EPS: $0.43 vs. the $0.36 consensus estimate; GAAP net loss was $46.7 million, compared to GAAP net income of $38.8 million in Q2 2025
• Adjusted EBITDA: $311.3 million, up 24% year over year, with margin expanding to 26% from 25% in Q2 2025
• Global MAUs: 640 million, up 11% year over year; U.S. and Canada MAUs reached 106 million, up 4%
• Free cash flow: $269.9 million, up 37% year over year; operating cash flow of $292.9 million, up 41%

What Drove the Results

Adjusted EPS of $0.43 beat the $0.36 consensus by $0.07. Revenue of $1,179.7 million represented 18.2% year-over-year growth, led by a 38% jump in Rest of World revenue to $87 million and 18% growth in U.S. and Canada revenue to $880 million. Global average revenue per user rose 7% year over year to $1.86, while U.S. and Canada ARPU increased 14% to $8.30.

The GAAP net loss of $46.7 million contrasts with non-GAAP net income of $249.5 million, a divergence driven by non-cash items including stock-based compensation. Adjusted EBITDA margin expanded one percentage point to 26%, consistent with the company generating operating leverage on its revenue base. Capital expenditure doubled year over year to $23.0 million from $11.0 million, though free cash flow of $269.9 million remained substantial.

CEO Bill Ready attributed the quarter's performance to AI integration across the platform, stating the technology is trained on Pinterest's human-curated content to improve personalization for users and ad performance for advertisers. The company also completed over $2 billion in share repurchases year-to-date at an average price of $18.17 per share.

Q3 2026 Guidance

For Q3 2026, Pinterest guided revenue to $1,190 million to $1,210 million, representing 13% to 15% year-over-year growth, a deceleration from the 18.2% growth posted in Q2. The company guided Q3 Adjusted EBITDA to $335 million to $355 million. Management noted the guidance assumes a modest foreign exchange headwind based on current spot rates.

Wall Street View

UBS analyst Stephen Ju maintained a Buy rating on Pinterest and raised his price target from $30 to $33, citing the quarter's results. Citigroup analyst Ronald Josey maintained a Neutral rating and raised his price target from $25 to $27. The divergence in analyst views reflects the tension between Pinterest's consistent execution on profitability and user growth against a Q3 revenue growth outlook that implies a meaningful step-down from Q2's pace.

Investor Takeaway

Pinterest delivered an EPS beat and record user numbers in Q2, with Adjusted EBITDA margin expansion and robust free cash flow of $269.9 million underscoring the platform's monetization progress. The forward question centers on whether the Q3 guidance range of 13%-15% revenue growth represents a temporary moderation or a structural shift, particularly given the relatively modest 4% MAU growth in the high-value U.S. and Canada market. The $2 billion-plus share repurchase program executed at an average of $18.17, well below current trading levels, adds a capital return dimension that longer-term holders may weigh against near-term growth concerns.