Pinterest, Inc. · NYSE:PINS

Pinterest — Q2 2026 Earnings Presentation

23 slides from Pinterest's earnings presentation, Aug 4, 2026

  1. Slide 1: Q2 2026 Earnings Presentation

    Q2 2026 Earnings Presentation © 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: Q2'26: Pinterest is turning AI-powered engagement into more durable monetization

    Q2’26: Pinterest is turning AI -powered engagement into more durable monetization Revenue and Adjusted EBITDA exceed guidance, 11th consecutive quarter of double -digit user growth Q2’26 highlights • Revenue of $1,180 million, up 18% Y/Y (17% constant currency) • UCAN revenue growth accelerated five

  5. Slide 5: Since 2023, Pinterest has delivered consistent user and revenue growth

    Since 2023, Pinterest has delivered consistent user and revenue growth while expanding profitability Global MAU and Revenue growth Twelve months ended Adjusted EBITDA Margin 29% 30% 30% 30% 30% 28% 29% 26% 27% 25% 23% 18% 23% 15% 15% 21% 18% 18% 16% 17% 17% 18% 18% 12% 14% 11% 5% 6% 11% 12% 12% 11%

  6. Slide 6: Scaling Pinterest's visual-first, taste-driven AI conversational layer

    Scaling Pinterest’s visual -first, taste -driven AI conversational layer Advancing actionability with broader Pinterest Assistant capabilities to help users move from inspiration to decision Now available to the vast majority of US users © 2026 Pinterest. All rights reserved. 6

  7. Slide 7: Driving automation and performance for advertisers with Pinterest Performance+

    Driving automation and performance for advertisers with Pinterest Performance+ over a multi-year product cycle Workflow & buying Bidding & optimization Future of Targeting & audiences Pinterest Performance+ Creative Campaigns Reporting & measurement Target ROAS bidding Pinterest Performance+ New Cus

  8. Slide 8: Revenue

    Revenue Q2 2026 (in millions) 17% 17% 14% 18% 18% +18%Global Y/Y $1,319 $96 $1,180 +18% $1,049 $87 $998 $1,008 $70 $245 $63 $72 $213 US & Canada Y/Y $193 $191 $186 $745 $786 $979 $750 $880 +12% Europe Y/Y Q225 Q325 Q425 Q126 Q226 US & Canada Europe Rest of World Y/Y growth rate +38% Rest of World Y/

  9. Slide 9: Monthly active users

    Monthly active users Q2 2026 (in millions) 11% 12% 12% 11% 11% +11%Global Y/Y 631 640 619 600 578 367 377 +4% US & Canada Y/Y 347 356 329 146 150 158 159 157 +8%Europe Y/Y 102 103 105 106 106 Q225 Q325 Q425 Q126 Q226 US & Canada Europe Rest of World Y/Y growth rate +15% Rest of World Y/Y Note: We de

  10. Slide 10: Average revenue per user

    Average revenue per user Q2 2026 Global US & Canada $7.64 $9.41 $8.30 +7% Global Y/Y $7.29 $7.12 $2.16 +14% $1.74 $1.78 $1.86 $1.61 US & Canada Y/Y Q225 Q325 Q425 Q126 Q226 Q225 Q325 Q425 Q126 Q226 Europe Rest of World +4%Europe Y/Y $1.31 $1.59 $1.17 $1.35 $1.30 $0.19 $0.21 $0.27 $0.20 $0.23 Q225 Q3

  11. Slide 11: Non-GAAP costs and expenses

    Non -GAAP costs and expenses Q2 2026 (in millions) Cost of Revenue 20% 20% 17% 23% % of revenue 21% R&D* 21% 21% 23% % of revenue 20% +25 % COR Y/Y 16% $245 +11% $206 $221 $232 $197 $209 $215 $213 $233 $232 R&D Y/Y Q225 Q325 Q425 Q126 Q226 Q225 Q325 Q425 Q126 Q226 S&M* % of revenue G&A* % of revenue

  12. Slide 12: Adjusted EBITDA

    Adjusted EBITDA Q2 2026 (in millions) 41% 25% 29% 26% 20% $542 +24 % Adj. EBITDA Y/Y $306 $311 $251 $207 +130 bps of Margin Expansion Y/Y Q225 Q325 Q425 Q126 Q226 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amorti

  13. Slide 13: Twelve months ended Adjusted EBITDA

    Twelve months ended Adjusted EBITDA (in millions) 30% 30% 30% 30% 29% $1,305 $1,365 $1,270 $1,199 $1,140 Q225 Q325 Q425 Q126 Q226 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share -based comp

  14. Slide 14: Twelve months ended free cash flow

    Twelve months ended free cash flow (in millions) 99% 94% 93% 94% 92% $1,280 $1,252 $1,207 $1,122 $1,047 Q225 Q325 Q425 Q126 Q226 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 fi

  15. Slide 15: Appendix

    Appendix © 2026 Pinterest. All rights reserved. 15

  16. Slide 16: Illustrative table of potential dilutive impact of Convertible Senior Notes due 2031 and Capped Calls

    Illustrative table of potential dilutive impact of Convertible Senior Notes due 2031 and Capped Calls ($ and shares in millions) In March 2026, Pinterest, Inc. (the “Company”) issued 1 billion in aggregate principal amount Hypothetical Total Expected Total Value at Net Shares from Net Shares from Qu

  17. Slide 17: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non -GAAP costs and expenses reconciliation (in millions) Quarter ended June 30, 2026 % of Revenue Share -based Payroll tax 1 GAAP Amortization Other expense Non -GAAP GAAP Non -GAAP compensation expense on SBC Cost of revenue 257.4 8.5 0.2 3.7 0.0 245.0 22% 21% Research and development* 451

  18. Slide 18: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non -GAAP costs and expenses reconciliation (in millions) Quarter ended December 31, 2025 % of Revenue Share -based Payroll tax GAAP Amortization Other expense Non -GAAP GAAP Non -GAAP compensation expense on SBC Cost of revenue 226.9 5.3 0.1 0.8 0.0 220.7 17% 17% Research and development* 3

  19. Slide 19: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non -GAAP costs and expenses reconciliation (in millions) Quarter ended June 30, 2025 % of Revenue Share -based Payroll tax 1 GAAP Amortization Other expense Non -GAAP GAAP Non -GAAP compensation expense on SBC Cost of revenue 203.0 5.0 0.1 1.3 0.0 196.5 20% 20% Research and development* 359

  20. Slide 20: 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 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Net income (loss) 38.8 92.1 277.1 (73.6) (46.7) Depreciation and amortization 6.1 7.2 6.0 7.5 10.2 S

  21. Slide 21: Adjusted EBITDA reconciliation: net income to Adjusted EBITDA

    Adjusted EBITDA reconciliation: Reconciliation of net income to Adjusted EBITDA (in millions) Twelve months ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Net income 1,925.7 1,987.3 416.9 334.3 248.9 Depreciation and amortization 23.4 25.2 25.2 26.8 30.9 Share

  22. Slide 22: Free cash flow conversion

    Free cash flow conversion (in millions) Three months ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Net cash provided by operating activities 207.7 321.7 391.2 328.0 292.9 Less: Purchases of property and equipment (11.0) (3.2) (10.8) (16.3) (23.0) Free cash flo

  23. Slide 23: © 2026 Pinterest. All rights reserved.

    © 2026 Pinterest. All rights reserved.

Pinterest — Q2 2026 Earnings Presentation on 6ix