Pinterest, Inc. · NYSE:PINS
Pinterest — Q3 2026 Earnings Presentation
21 slides from Pinterest's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Report
Q3 2026 Earnings Report © 2026 Pinterest. All rights reserved.
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 a
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. Forward-l
Slide 4: Q3'26: Pinterest is an AI-powered visual search and shopping destination
Q3’26: Pinterest is an AI-powered visual search and shopping destination Continuing to win shopping demand with users: 12th consecutive quarter of double-digit user growth Q3’26 highlights • 661 million global monthly active users (MAU), up 10% Y/Y; 13th consecutive quarter of record users Gen Z rep
Slide 5: Pinterest Intelligence
Pinterest Intelligence Foundation powering more personalized discovery for users and better performance for advertisers PinCLIP Multimodal representation model Taste Graph 80B+ PinFM Monthly Visual Foundation OmniSage Taste Graph-based understanding searches ranking model representation model techno
Slide 6: Visual Search Ads
Visual Search Ads New performance format, currently in beta, which reaches users in high-intent moments: search results and Pin closeups Note: Illustrative mockups only. Certain designs and features are in testing and subject to change. © 2026 Pinterest. All rights reserved. 6
Slide 7: Revenue
Revenue Q3 2026 (in millions) 17% 14% 18% 18% 12% +12% Global Y/Y $1,319 $96 $1,180 $1,174 +14% $87 $87 $1,049 $1,008 $70 $245 $72 $213 $193 US & Canada Y/Y $193 $186 $786 $979 $750 $880 $894 (0%) Europe Y/Y Q325 Q425 Q126 Q226 Q326 US & Canada Europe Rest of World Y/Y growth rate +24% Rest of World
Slide 8: Monthly active users
Monthly active users Q3 2026 (in millions) 12% 12% 11% 11% 10% +10% Global Y/Y 631 640 661 619 600 367 377 394 +4% US & Canada Y/Y 347 356 150 158 159 157 161 +7%Europe Y/Y 103 105 106 106 107 +13% Q325 Q425 Q126 Q226 Q326 US & Canada Europe Rest of World Y/Y growth rate Rest of World Y/Y Note: We d
Slide 9: Average revenue per user
Average revenue per user Q3 2026 Global US & Canada $7.64 $9.41 $8.30 $8.38 +1% Global Y/Y $7.12 +10% $2.16 $1.78 $1.61 $1.86 $1.80 US & Canada Y/Y Q325 Q425 Q126 Q226 Q326 Q325 Q425 Q126 Q226 Q326 (7%) Europe Rest of World Europe Y/Y $1.59 $1.17 $1.35 $1.31 $1.21 $0.21 $0.27 $0.20 $0.23 $0.23 Q325
Slide 10: Non-GAAP costs and expenses
Non-GAAP costs and expenses Q3 2026 (in millions) Cost of Revenue 20% 17% 23% 21% % of revenue 21% R&D* 21% 23% 20% % of revenue 20% +21% COR Y/Y 16% +9% $232 $245 $250 $206 $221 $215 $213 $233 $232 $234 R&D Y/Y Q325 Q425 Q126 Q226 Q326 Q325 Q425 Q126 Q226 Q326 +12% S&M* % of revenue G&A* % of reven
Slide 11: Adjusted EBITDA
Adjusted EBITDA Q3 2026 (in millions) 41% 29% 26% 29% 20% +11% $542 Adj. EBITDA Y/Y $339 $306 $311 $207 (30bps) Margin contraction Y/Y Q325 Q425 Q126 Q226 Q326 Adjusted EBITDA Adjusted EBITDA margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortizat
Slide 12: Twelve months ended Adjusted EBITDA
Twelve months ended Adjusted EBITDA (in millions) 30% 30% 30% 30% 30% $1,365 $1,399 $1,305 $1,270 $1,199 Q325 Q425 Q126 Q226 Q326 Adjusted EBITDA Adjusted EBITDA margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compe
Slide 13: Twelve months ended free cash flow
Twelve months ended free cash flow (in millions) 99% 94% 93% 94% 90% $1,252 $1,280 $1,262 $1,207 $1,122 Q325 Q425 Q126 Q226 Q326 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 fin
Slide 14: Appendix
Appendix © 2026 Pinterest. All rights reserved. 14
Slide 15: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended September 30, 2026 % of Revenue Share-based Payroll tax GAAP Amortization Other expense1 Non-GAAP GAAP Non-GAAP compensation expense on SBC Cost of revenue $261.6 $7.6 $0.1 $3.7 $0.0 $250.2 22% 21% Research and developmen
Slide 16: 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 GAAP Amortization Other expense1 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 development* 3
Slide 17: 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 development
Slide 18: Adjusted EBITDA reconciliation: net income (loss) to Adjusted EBITDA
Adjusted EBITDA reconciliation: Reconciliation of net income (loss) to Adjusted EBITDA (in millions) Three months ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Net income (loss) $92.1 $277.1 ($73.6) ($46.7) $21.5 Depreciation and amortization 7.2 6.0 7.5
Slide 19: Adjusted EBITDA reconciliation: net income to Adjusted EBITDA
Adjusted EBITDA reconciliation: Reconciliation of net income to Adjusted EBITDA (in millions) Twelve months ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Net income $1,987.3 $416.9 $334.3 $248.9 $178.3 Depreciation and amortization 25.2 25.2 26.8 30.9 34.
Slide 20: Free cash flow conversion
Free cash flow conversion (in millions) Three months ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Net cash provided by operating activities $321.7 $391.2 $328.0 $292.9 $315.7 Less: Purchases of property and equipment (3.2) (10.8) (16.3) (23.0) (15.5) Fre
Slide 21: © 2026 Pinterest. All rights reserved.
© 2026 Pinterest. All rights reserved.