$PINS · PINTEREST, INC.
Pinterest reported Q3 2026 results with revenue of $1.174B (+12% YoY) and GAAP net income of $21.5M, down 77% from $92.1M a year ago. Adjusted EBITDA was $339M with margin flat at 29%. Global MAUs reached a record 661M (+10% YoY). Q4 revenue guidance of $1.425B–$1.475B implies 8%–12% growth.
- Q3 revenue $1.174B, +12% YoY on reported and constant currency basis
- GAAP net income $21.5M, down 77% from $92.1M in Q3 2025
- Global MAUs hit all-time high of 661M, +10% YoY
- Adjusted EBITDA $339M, margin flat at 29%
- Q4 revenue guidance $1.425B–$1.475B, implying 8%–12% YoY growth
Extended-hours last trade at $18.75, down 5.83% vs regular close of $19.91. The sharp GAAP net income decline (77% YoY) and flat Adjusted EBITDA margin are driving the negative reaction despite the MAU milestone and in-line revenue growth.
The 77% GAAP net income plunge despite record users and double-digit revenue growth signals severe cost pressure from share-based compensation and restructuring that is eroding profitability.
Pinterest's 12% revenue growth trails digital-ad peers benefiting more directly from AI-driven ad tools. Flat ARPU growth globally (+1%) and declining Europe ARPU (-7%) contrast with U.S. & Canada ARPU gains (+10%), highlighting geographic monetization divergence.
Share-based compensation surged to $291.7M in Q3 (vs $235.1M YoY), consuming a large portion of revenue. Restructuring charges of $4.1M in Q3 and $65.5M YTD signal ongoing cost realignment. Interest income dropped sharply to $6.0M from $28.5M YoY, compressing pre-tax income.