PINS NYSE Russell 1000 Earnings call
Pinterest (PINS) · Q2 2026 results and valuation
Share price: $19.23 · 2026-11-11
Pinterest is an AI-powered visual search and discovery platform where users find ideas, curate content, and shop for products. The platform serves a global audience of individuals and advertisers who use the service to find inspiration and promote brands through digital advertisements. Source: 10-K annual report (2026-02-12)
Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 4 May 2026
Net loss narrowed on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Outlook given
Net income -46.7M vs -73.6M
Revenue +17.1%
Why Against the same quarter last year (turned to a loss), net income fell because the cost of revenue increased by 25% year-over-year due to the full quarter impact from tvScientific and investment in additional GPU capacity, alongside a peak in stock-based compensation expense.
2 · How management spoke
Typical
More upbeat than 56% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Pinterest raised its full year 2026 adjusted EBITDA margin outlook from approximately 29% to approximately 30% following first half revenue outperformance.
Valuation
Is Pinterest undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 14.6% growth a year (3-year revenue growth), the model's fair value is $62.44 a share — the stock trades 69% below it. Today's price assumes −2.5% growth a year.
Current price
$19.23
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-2.5% for 10 yrs
Fair value / share
$62.44
Buy below
$46.83
Price vs fair value
Undervalued 69%
Price vs buy-below price
Undervalued 59%
Management expects
Revenue +14% · from the Q2 2026 report: “The company expects Q3 revenue to be between $1.190 billion and $1.210 billion, representing 13% to 15% growth year-over-year.”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
The company expects Q3 revenue to be between $1.190 billion and $1.210 billion, representing 13% to 15% growth year-over-year.
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Guidance
The company raised its full year 2026 adjusted EBITDA margin outlook from approximately 29% to approximately 30% following first half revenue outperformance.
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Figure
The company reached 640 million monthly active users and reported 18% revenue growth globally and in UCAN, representing a 5-point acceleration in its largest market.
Source quote
“We ended the quarter with 640 million monthly active users and delivered revenue growth of 18% globally and in UCAN, a 5-point acceleration in our largest market.”
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Figure
Revenue exceeded $1 billion for the fourth consecutive quarter, growing 18% year-over-year.
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Figure
PINS delivered $311 million in adjusted EBITDA with a 26% margin, up 130 basis points compared to the same period last year.
Source quote
“In Q2, we delivered $311 million in adjusted EBITDA with an adjusted EBITDA margin of 26%, up 130 basis points versus Q2 last year.”
3 more
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Key theme
Pinterest made an intelligence layer available to the vast majority of U.S. users as of the end of July to help them move from ideas to plans or purchases on the platform.
Source quote
“This intelligence layer, which we made available to the vast majority of U.S. users as of the end of July, helps our users answer those later-stage research questions, enabling them to move from an idea to a finished plan or purchase entirely on Pinterest.”
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Guidance
Pinterest expects to integrate tvScientific capabilities into Pinterest Performance+ in 2027 to turn the platform into a full funnel solution and access larger and incremental budget pools.
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Figure
Q3 non-GAAP cost of revenue expense is expected to be roughly flat versus Q2 2026 because of accelerated recognition of contractual benefits from a new multiyear infrastructure agreement.
Source quote
“We anticipate Q3 non-GAAP cost of revenue expense to be roughly flat versus Q2 2026 due to the accelerated recognition of certain contractual benefits in Q3 associated with our recently executed multiyear infrastructure agreement.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“This growth was led by strength in UCAN, our core market, where revenue growth accelerated to 18% year-over-year.”
“We ended the quarter with 640 million global monthly active users or MAUs, growing 11% and reaching another record high.”
“In addition, we faced incremental pressure mid-quarter from Asia-based cross-border retailers impacted by regulatory actions, particularly in Europe, and that pressure is continuing in the third quarter.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.18B | 1.01B | +17.1% | 998.2M | +18.2% |
| Gross profit | 922.3M | 769.0M | +19.9% | 795.2M | +16.0% |
| Operating income | -55.2M | -80.3M | Loss narrowed | -4.3M | Loss widened |
| Net income | -46.7M | -73.6M | Loss narrowed | 38.8M | Turned loss |
| EPS | -0.08 | -0.12 | Loss narrowed | 0.06 | Turned loss |
| P/E today 79.0 | 61.9 | 38.2 | +23.7 | 13.0 | +48.9 |
Topics
Most discussed now
- All growth rates discussed today are on a year-over-year basis unless otherwise specified.
- The increase was primarily driven by sales and marketing due to Pinterest's brand campaign and sales headcount...
- This growth was led by strength in UCAN, Pinterest's core market, where revenue growth accelerated to 18% year-over-year.
- Pinterest's ongoing ad platform enhancements to improve...
- It's the combination of Pinterest's in-house compact models and leveraging open source really effectively.
Faded since Q1 2026
- Fading Together, they allow us to solve a problem that text-based general purpose search was never built for.
- Fading Pinterest talked about measurement and the things it is doing around getting more technical sales capabilities and the right measurement...
- Fading There are different things required for a very large enterprise versus a mid-market advertiser versus an SMB.
- Fading You are seeing specialization versus generalization play out among the AI models on enterprise versus consumer, but consumer search has...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
Pinterest appointed James Dibbo as Chief Financial Officer on October 1, 2026, with an annual base salary of $650,000 and restricted stock unit awards with an aggregate initial value of $19,980,000.
- Director or officer change · SEC 8-K
Pinterest, Inc. amended and restated its Severance and Change in Control Plan for Level 21 employees, effective September 30, 2026, including revised bonus terms and a 10% reduction threshold for good reason.
- Director or officer change · SEC 8-K
Julia Brau Donnelly resigned as Chief Financial Officer, and Vikram Naidu was appointed as the interim Principal Financial Officer effective October 30, 2026.
- Director or officer change · SEC 8-K
Pinterest appointed Renee Jewell as Chief Accounting Officer effective August 26, 2026, with an initial annual base salary of $450,000 and a cash sign-on bonus of $225,000.
- Results of operations · SEC 8-K
Pinterest, Inc. announced its financial results for the quarter ended June 30, 2026, and scheduled a conference call on August 4, 2026, to discuss results and outlook.
- Shareholder vote results · SEC 8-K · routine
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-13.
Cash & runway
Cash & equivalents
$422.5M
2026-06-30
Short-term investments
$852.4M
total $1.27B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: -16.8% YoY, -11.6% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 678.5M |
| Q1 2025 | 676.5M |
| Q2 2025 | 676.9M |
| Q3 2025 | 677.8M |
| Q1 2026 | 636.6M |
| Q2 2026 | 562.9M |
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 89 filings; 50 filings parsed.
Sold by insiders
1.8M shares
$37.4M · 47 transactions
Bought by insiders
0 shares
0 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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over the course of the third quarter
expanding testing to a small number of additional advertisers
Source quote
“We are now expanding testing to a small number of additional advertisers over the course of the third quarter.”
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In 2027
fully integrate tvScientific capabilities directly into Pinterest Performance+
Source quote
“In 2027, we expect to fully integrate tvScientific capabilities directly into Pinterest Performance+, turning Pinterest into a full funnel search, social and CTV platform performance solution and opening access to larger and incremental budget pools.”
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Q3
revenue
Source quote
“We expect Q3 revenue to be in the range of $1.190 billion to $1.210 billion, representing 13% to 15% growth year-over-year.”
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Q3
adjusted EBITDA
Source quote
“We expect Q3 adjusted EBITDA to be in the range of $335 million to $355 million.”
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Q3
non-GAAP cost of revenue expense
Source quote
“We anticipate Q3 non-GAAP cost of revenue expense to be roughly flat versus Q2 2026 due to the accelerated recognition of certain contractual benefits in Q3 associated with our recently executed multiyear infrastructure agreement.”