Pinterest, Inc. · NYSE:PINS

Pinterest — Q1 2026 Earnings Presentation

19 slides from Pinterest's earnings presentation, May 4, 2026

1. Slide 1: Q1 2026 Earnings Report

   Q1 2026 Earnings Report © 2026 Pinterest. All rights reserved.

2. Slide 2: About non-GAAP financial measures and Limitation of key metrics

   About non -GAAP Limitation of key metrics financial measures and other data To supplement our condensed consolidated financial statements, which are The numbers for our key metrics, which include our monthly active users (MAUs) prepared and presented in accordance with generally accepted accounting

3. Slide 3: Forward-looking statements

   Forward -looking statements This presentation contains forward -looking statements within the meaning of Section 27A of the Securities Act of 1933 , as amended, and Section 21E of the Exchange Act of 1934 , as amended, about us and our industry that involve substantial risks and uncertainties . Forw

4. Slide 4: Pinterest is a visual search and discovery platform

   Q1’26: Pinterest is a visual search and discovery platform where inspiration leads to real -world action Strong start to the year: Revenue and Adjusted EBITDA exceeded guidance, tenth consecutive quarter of double -digit user growth Q1’26 highlights • Revenue of $1,008 million, growing 18% Y/Y (15%

5. Slide 5: Revenue

   Revenue Q1 2026 (in millions) 16% 17% 17% 14% 18% +18%Global Y/Y $1,319 $96 $855 $998 $63 $1,049 $70 $245 $1,008 $72 +13% US & Canada Y/Y $45 $193 $191 $186 $147 $663 $745 $786 $979 $750 +27% Europe Y/Y Q125 Q225 Q325 Q425 Q126 US & Canada Europe Rest of World Y/Y growth rate +59 % Rest of World Y/Y

6. Slide 6: Monthly active users

   Monthly active users Q1 2026 (in millions) 10% 11% 12% 12% 11% +11%Global Y/Y 619 631 600 570 578 367 +4% US & Canada Y/Y 347 356 320 329 148 146 150 158 159 +7%Europe Y/Y 102 102 103 105 106 Q125 Q225 Q325 Q425 Q126 US & Canada Europe Rest of World Y/Y growth rate +15% Rest of World Y/Y Note: We de

7. Slide 7: Average revenue per user

   Average revenue per user Q1 2026 Global US & Canada $7.64 $9.41 +6% Global Y/Y $7.29 $7.12 $6.54 $2.16 +9% $1.74 $1.78 $1.61 $1.52 US & Canada Y/Y Q125 Q225 Q325 Q425 Q126 Q125 Q225 Q325 Q425 Q126 Europe Rest of World +17% Europe Y/Y $1.30 $1.31 $1.59 $1.00 $1.17 $0.14 $0.19 $0.21 $0.27 $0.20 Q125 Q

8. Slide 8: Non-GAAP costs and expenses

   Non -GAAP costs and expenses Q1 2026 (in millions) Cost of Revenue 23% 20% 20% 17% % of revenue 23% R&D* 24% 21% 21% % of revenue 23% +20 % COR Y/Y 16% +15% $206 $221 $232 $193 $197 $209 $215 $213 $233 $203 R&D Y/Y Q125 Q225 Q325 Q425 Q126 Q125 Q225 Q325 Q425 Q126 S&M* % of revenue G&A* % of revenue

9. Slide 9: Adjusted EBITDA

   Adjusted EBITDA Q1 2026 (in millions) 41% 25% 29% 20% 20% $542 +20 % Adj. EBITDA Y/Y $306 $251 $172 $207 +4 0 bps of Margin Expansion Y/Y Q125 Q225 Q325 Q425 Q126 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amorti

10. Slide 10: Twelve months ended Adjusted EBITDA

    Twelve months ended Adjusted EBITDA (in millions) 30% 30% 30% 29% 29% $1,305 $1,270 $1,199 $1,140 $1,078 Q125 Q225 Q325 Q425 Q126 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share -based comp

11. Slide 11: Twelve months ended free cash flow

    Twelve months ended free cash flow (in millions) 99% 92% 94% 93% 88% $1,252 $1,207 $1,122 $1,047 $952 Q125 Q225 Q325 Q425 Q126 Free cash flow Free cash flow conversion Note: We define Free cash flow conversion as free cash flow divided by Adjusted EBITDA. For a reconciliation of these non -GAAP fina

12. Slide 12: Appendix

    Appendix © 2026 Pinterest. All rights reserved. 12

13. Slide 13: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non -GAAP costs and expenses reconciliation (in millions) Quarter ended March 31, 2026 % of Revenue Share -based Payroll tax 1 GAAP Amortization Other expense Non -GAAP GAAP Non -GAAP compensation expense on SBC Cost of revenue $238.6 $4.6 $0.2 $1.7 $0.0 $232.1 24% 23% Research and developme

14. Slide 14: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non -GAAP costs and expenses reconciliation (in millions) Quarter ended September 30, 2025 % of Revenue Share -based Payroll tax GAAP Amortization Other expense Non -GAAP GAAP Non -GAAP compensation expense on SBC Cost of revenue $212.3 $5.2 $0.1 $0.8 $0.0 $206.3 20% 20% Research and develop

15. Slide 15: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non -GAAP costs and expenses reconciliation (in millions) Quarter ended March 31, 2025 % of Revenue Share -based Payroll tax GAAP Amortization Other expense Non -GAAP GAAP Non -GAAP compensation expense on SBC Cost of revenue $199.3 $4.1 $0.3 $1.5 $0.0 $193.4 23% 23% Research and development

16. Slide 16: Adjusted EBITDA reconciliation

    Adjusted EBITDA reconciliation: Reconciliation of net income to Adjusted EBITDA (in millions) Three months ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Net income (loss) $8.9 $38.8 $92.1 $277.1 ($73.6) Depreciation and amortization 5.8 6.1 7.2 6.0 7.5 Share

17. Slide 17: Adjusted EBITDA reconciliation

    Adjusted EBITDA reconciliation: Reconciliation of net income to Adjusted EBITDA (in millions) Twelve months ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Net income $1,895.8 $1,925.7 $1,987.3 $416.9 $334.3 Depreciation and amortization 22.3 23.4 25.2 25.2 26.

18. Slide 18: Free cash flow conversion

    Free cash flow conversion (in millions) Three months ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Net cash provided by operating activities $363.7 $207.7 $321.7 $391.2 $328.0 Less: Purchases of property and equipment (7.3) (11.0) (3.2) (10.8) (16.3) Free cas

19. Slide 19: © 2026 Pinterest. All rights reserved.

    © 2026 Pinterest. All rights reserved.

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