Pinterest, Inc. · NYSE:PINS

Pinterest — Q3 2026 Earnings Presentation

21 slides from Pinterest's earnings presentation, Oct 29, 2026

  1. Slide 1: Q3 2026 Earnings Report

    Q3 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 a

  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. Forward-l

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. Slide 14: Appendix

    Appendix © 2026 Pinterest. All rights reserved. 14

  15. 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

  16. 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

  17. 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

  18. 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

  19. 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.

  20. 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

  21. Slide 21: © 2026 Pinterest. All rights reserved.

    © 2026 Pinterest. All rights reserved.

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