Pinterest (PINS) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $1.18 billion, up 18% year-over-year, with 640 million global monthly active users, an 11% increase year-over-year, marking the 12th consecutive quarter of record users and double-digit user growth.

• Adjusted EBITDA was $311 million with a 26% margin, up 24% year-over-year and 130 basis points from Q2 2025.

• AI-driven personalization, performance ads, and Gen Z engagement are fueling user growth and monetization.

• Over $2 billion in share repurchases completed year-to-date, reducing net dilution and outstanding shares.

• Net loss for Q2 2026 was $46.7 million, compared to net income of $38.8 million in Q2 2025, due to higher expenses and restructuring.

Financial highlights

• Q2 global revenue: $1.18 billion, up 18% year-over-year (17% constant currency).

• Adjusted EBITDA: $311 million, with a 26% margin, up 130 basis points year-over-year.

• Free cash flow: $270 million in Q2; trailing 12-month free cash flow of $1.3 billion (94% conversion).

• Cost of revenue rose 27% year-over-year to $257.4 million, driven by user growth and engagement.

• Stock repurchases exceeded $2 billion year-to-date, retiring nearly 111 million shares.

Outlook and guidance

• Q3 2026 revenue guidance: $1.19–$1.21 billion, representing 13–15% year-over-year growth, with modest FX headwinds.

• Q3 adjusted EBITDA expected between $335–$355 million.

• Full-year 2026 adjusted EBITDA margin outlook raised to ~30% from prior 29%.

• Management expects up to $69.6 million in total restructuring charges through Q3 2026.

• Foreign exchange, Prime Day timing, and World Cup spend are expected to be headwinds in Q3.