Pinterest (PINS) Earnings Date & Reports

Key Takeaways

• Revenue reached $1.17 billion, up 12% year over year, but fell short of analyst consensus estimates of roughly $1.21 billion.
• Adjusted EPS (earnings per share) came in at $0.46, below the $0.49 Wall Street expected, while GAAP net income was $22 million.
• Pinterest hit a record 661 million monthly active users (MAUs), up 10% year over year and 61 million higher than a year ago.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) totaled $339 million, a 29% margin, slightly below the roughly $348 million expected.
• Fourth-quarter revenue guidance of $1.45 billion at the midpoint landed below consensus estimates of about $1.52 billion.
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Earnings Context and Why It Matters

Pinterest's third quarter is a key test of its shift toward a "performance-plus" advertising model and AI-driven visual search and shopping. The company has spent recent quarters prioritizing engagement and monetization, and investors closely track whether record user growth translates into durable revenue. Heading into this report, the stock had already declined from its August earnings release, reflecting investor caution about the pace of ad revenue growth. With digital advertising budgets remaining sensitive to broader economic conditions, Pinterest's results and forward guidance offer a read on advertiser demand, the competitive social commerce landscape, and the company's ability to convert its expanding audience into higher revenue per user.

Reported Results

Pinterest reported third-quarter 2026 revenue of $1.17 billion, up 11.9% year over year from $1.05 billion, but below consensus estimates of approximately $1.21 billion. Adjusted EPS was $0.46, missing the $0.49 analysts anticipated, while GAAP (Generally Accepted Accounting Principles) net income was $22 million and diluted GAAP EPS was $0.04. Adjusted EBITDA was $339 million, a 29% margin, slightly below the roughly $348 million expected.

User growth was a bright spot. Monthly active users reached an all-time high of 661 million, up 10% year over year, while average revenue per user (ARPU) rose modestly to $1.80 from $1.78 a year earlier. By region, U.S. and Canada revenue grew 14% to $894 million, Europe was roughly flat at $193 million, and Rest of World rose 24% to $87 million. Operating margin declined to 2.6% from 5.6% a year ago, while free cash flow was $300 million, down 6% from $318 million.

For the fourth quarter, management guided to revenue of $1.425 billion to $1.475 billion, representing 8% to 12% growth, with adjusted EBITDA of $538 million to $588 million. Both midpoints came in below consensus expectations.

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Market Reaction and Investor Sentiment

Investors responded negatively to the mixed report, with shares dropping sharply in after-hours trading following the release. The stock fell roughly 14% to about $17.19 immediately after the results, according to market data, driven by the revenue miss, the earnings-per-share shortfall, and fourth-quarter guidance that came in below Wall Street's expectations. Sentiment was further pressured by the decline in operating margin and the modest ARPU growth relative to user gains. While the record MAU figure underscored Pinterest's ability to attract and retain users, the market focused on the softer-than-expected monetization trajectory and the cautious holiday-quarter outlook, which weighed on investor confidence in the near term.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors will be watching whether Pinterest can translate its record audience into stronger revenue per user. The company's performance-advertising push and AI-driven shopping features remain central to its strategy, and the fourth quarter will test whether advertiser demand holds up through the holiday season.

Guidance execution will be a key focus. Management's fourth-quarter revenue midpoint of $1.45 billion implies 8% to 12% year-over-year growth, a slower pace than recent quarters, and includes a modest foreign-exchange headwind. Investors will monitor whether actual results land within that range and how the adjusted EBITDA guidance of $538 million to $588 million plays out.

Other factors to watch include regional performance, particularly Europe, where revenue was flat, and whether Rest of World can sustain its stronger growth. Cost and margin trends also matter, given the year-over-year decline in operating margin. Finally, any commentary on the competitive digital advertising environment and the scaling of AI-driven shopping tools will help shape expectations for Pinterest's path back toward stronger monetization.

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