Social commerce platform Pinterest (NYSE: PINS) reported Q2 CY2026 results topping the market’s revenue expectations, with sales up 18.2% year on year to $1.18 billion. The company expects next quarter’s revenue to be around $1.2 billion, close to analysts’ estimates. Its non-GAAP profit of $0.43 per share was 20.4% above analysts’ consensus estimates.
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Pinterest (PINS) Q2 CY2026 Highlights:
- Revenue: $1.18 billion vs analyst estimates of $1.15 billion (18.2% year-on-year growth, 2.8% beat)
- Adjusted EPS: $0.43 vs analyst estimates of $0.36 (20.4% beat)
- Adjusted EBITDA: $311.3 million vs analyst estimates of $269.6 million (26.4% margin, 15.5% beat)
- Revenue Guidance for Q3 CY2026 is $1.2 billion at the midpoint, roughly in line with what analysts were expecting
- EBITDA guidance for Q3 CY2026 is $345 million at the midpoint, above analyst estimates of $334.8 million
- Operating Margin: -4.7%, down from -0.4% in the same quarter last year
- Free Cash Flow Margin: 22.9%, down from 30.9% in the previous quarter
- Monthly Active Users: 640 million, up 62 million year on year
- Market Capitalization: $13.53 billion
Company Overview
Created with the idea of virtually replacing paper catalogues, Pinterest (NYSE: PINS) is an online image and social discovery platform.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Luckily, Pinterest’s sales grew at a solid 16.6% compounded annual growth rate over the last three years. Its growth surpassed the average consumer internet company and shows its offerings resonate with customers, a great starting point for our analysis.
This quarter, Pinterest reported year-on-year revenue growth of 18.2%, and its $1.18 billion of revenue exceeded Wall Street’s estimates by 2.8%. Company management is currently guiding for a 14.4% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 12.9% over the next 12 months, a deceleration versus the last three years. Despite the slowdown, this projection is above the sector average and indicates the market is forecasting some success for its newer products and services.
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Monthly Active Users
User Growth
As a social network, Pinterest generates revenue growth by increasing its user base and charging advertisers more for the ads each user is shown.
Over the last two years, Pinterest’s monthly active users, a key performance metric for the company, increased by 11% annually to 640 million in the latest quarter. This growth rate is strong for a consumer internet business and indicates people love using its offerings. 
In Q2, Pinterest added 62 million monthly active users, leading to 10.7% year-on-year growth. The quarterly print isn’t too different from its two-year result, suggesting its new initiatives aren’t accelerating user growth just yet.
Revenue Per User
Average revenue per user (ARPU) is a critical metric to track because it measures how much the company earns from the ads shown to its users. ARPU can also be a proxy for how valuable advertisers find Pinterest’s audience and its ad-targeting capabilities.
Pinterest’s ARPU growth has been decent over the last two years, averaging 5.4%. Its ability to increase monetization while effectively growing its monthly active users demonstrates the value of its platform. 
This quarter, Pinterest’s ARPU clocked in at $1.86. It grew by 6.9% year on year, slower than its user growth.
Key Takeaways from Pinterest’s Q2 Results
We were impressed by how significantly Pinterest blew past analysts’ EBITDA expectations this quarter. We were also glad its EBITDA guidance for next quarter exceeded Wall Street’s estimates. Overall, we think this was a decent quarter with some key metrics above expectations. The market seemed to be hoping for more, and the stock traded down 9% to $23.28 immediately following the results.
So do we think Pinterest is an attractive buy at the current price? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
