Key Stats
- Price: $21 (May 5, 2026)
- Q1 2026 revenue: $1.008B, up 18% YoY
- Q1 2026 adjusted EPS: $0.27, up 17% YoY
- Q2 2026 revenue guidance: $1.133B to $1.153B (14% to 16% growth YoY)
- Q2 2026 adjusted EBITDA guidance: $256M to $276M
- Full year 2026 adjusted EBITDA margin target: ~29%
- TIKR model price target: $59
- Implied upside: ~184%
Pinterest Q1 2026 Earnings Breakdown
Pinterest stock (PINS) delivered $1.008B in Q1 2026 revenue, up 18% year-over-year and above the top end of its guidance range.
Adjusted EPS came in at $0.27, up 17% from $0.23 in Q1 2025.
Adjusted EBITDA reached $207M, a 20% margin and 40 basis points of expansion versus the prior year period, according to CFO Julia Donnelly on the Q1 earnings call.
UCAN remained the revenue anchor, generating $750M in Q1 at 13% growth, with strength in retail and emerging verticals including financial services.
Europe contributed $186M, up 27% on a reported basis and 16% in constant currency, with growth driven by retail.
Rest of World produced $72M, up 59% on a reported basis and 50% on a constant currency basis.
The standout dynamic in Q1 was the partial offset of ongoing pressure from the company’s largest retail advertisers, which continued to weigh on growth but improved versus prior expectations as AI-driven bidding optimizations took hold late in the quarter.
Revenue growth excluding those large retailers accelerated in Q1 relative to Q4, underscoring progress in diversifying the revenue base across mid-market, enterprise, managed SMB and international segments.
Monthly active users reached 631 million, up 11% year-over-year and a record high, with the UCAN region at 106 million MAUs and Rest of World at 367 million.
Pinterest Performance+, the company’s AI-powered automated ad suite, now accounts for approximately 30% of lower funnel revenue roughly one year after reaching general availability, according to CEO Bill Ready on the Q1 earnings call.
For Q2 2026, management guided revenue of $1.133B to $1.153B, representing 14% to 16% YoY growth, consistent with Q1 on a constant currency basis.
Free cash flow for Q1 reached $312M, seasonally the strongest quarter for cash conversion.
Pinterest also disclosed a $2B stock repurchase year-to-date through May 5, representing approximately 109 million shares and a 16% reduction in shares outstanding versus the prior quarter, funded by a $1B convertible note and cash on hand.
Pinterest Stock: What the Income Statement Shows
Pinterest stock’s income statement reflects a business where revenue growth has remained consistent but gross margin has compressed modestly off its peak, even as operating income returned to positive territory.
Total revenues grew from $0.74B in Q1 2024 to $0.85B in Q1 2025, with the sequential trend through 2025 showing $0.85B, $1.00B, $1.05B, and $1.32B as of Q4 2025.
Year-over-year revenue growth, which peaked at 22.8% in Q1 2024, has moderated steadily: 20.6% in Q2 2024, 17.7% in Q3 2024, 17.6% in Q4 2024, 15.5% in Q1 2025, 16.9% in Q2 2025, 16.8% in Q3 2025, and 14.3% in Q4 2025.
Meanwhile, PINS’ gross margin peaked at 82.9% in Q4 2024 before retreating to 76.7% in Q1 2025, then recovering through 2025 to 82.8% by Q4, a trajectory consistent with seasonal revenue concentration in the holiday quarter.
Operating income turned positive in Q3 2024 at $30M (3.2% margin) and expanded to $260M (22.7%) in Q4 2024, before returning to a seasonal loss in Q1 2025 at $40M, consistent with Q1 2024’s $50M loss, and recovering to $300M (22.8%) in Q4 2025.
Management guided for Q2 non-GAAP cost of revenue to grow sequentially from Q1 by mid-single digits, partially driven by the full quarter impact of tvScientific and continued GPU capacity investment.
What Does the Valuation Model Say?
The TIKR model prices Pinterest stock at $59, implying approximately 184% upside from the current price of $21 over a near 5-year horizon, with an annualized return of 25.1%.
The mid-case model assumes a revenue CAGR of around 10% from 2025 through 2035 and a net income margin of 36%, a meaningful step up from the ~25% margin posted over the trailing twelve months.
Q1’s revenue beat and stronger-than-expected adjusted EBITDA margin of 20%, compared to guidance calling for results consistent with prior-year levels, modestly reinforce confidence in the monetization trajectory underpinning those assumptions.
The investment case for Pinterest stock is incrementally stronger after Q1, though the gap between engagement strength and monetization capture remains the primary execution variable.
Pinterest stock’s Q1 report answered the user growth question convincingly, but left the monetization conversion question open: the platform continues to outgrow its revenue base, and the path to closing that gap is what the investment case now hinges on.
Growth Case
- 631 million MAUs, up 11% YoY and a record high, with 10 consecutive quarters of double-digit user growth underpinning the engagement foundation
- Over 80 billion monthly searches, approximately half commercial in nature, well above the 2% commercial intent reported by general-purpose AI chatbots
- Pinterest Performance+ reached 30% of lower funnel revenue roughly one year post-GA, with adopters growing lower funnel spend nearly twice the rate of non-adopters in Q1
- tvScientific integration showed a 27% improvement in outcomes and 65% increase in purchases when Pinterest audience data was layered onto CTV campaigns in early testing
Margin Case
- Large retail advertisers remained a headwind in Q1 despite late-quarter improvement, and management guided for deliberate international go-to-market restructuring to create near-term disruption in Q2 international revenue
- Full year 2026 adjusted EBITDA margin is targeted at approximately 29%, including roughly 100 basis points of drag from tvScientific, and the path to the stated 30% to 34% long-term target depends on monetization closing the gap with engagement
- Ad impression growth decelerated in Q1 as the prior-year reseller ramp in Rest of World lapped, and pricing declined 5% YoY, leaving revenue growth dependent on volume recovery or pricing recovery, not both
- Q2 revenue guidance at 14% to 16% growth implies a deceleration from Q1’s 18%, reflecting international go-to-market disruption and tougher comparisons from the reseller ramp in Europe and Rest of World
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