Pinterest (PINS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $1,008 million, up 18% year-over-year, with global monthly active users at an all-time high of 631 million, an 11% increase year-over-year, and Adjusted EBITDA of $207 million with a 20% margin.

• Record user engagement and deepening global engagement, especially among Gen Z and in the US & Canada, with over 80 billion monthly searches and more than 72% of impressions across search surfaces.

• AI-driven improvements in personalization, search, and ad performance are deepening user engagement and driving better advertiser outcomes.

• Strategic focus on expanding the advertiser base, improving measurement, scaling performance solutions globally, and investing in AI and CTV.

• Closed acquisition of tvScientific and repurchased ~$2 billion of stock, reducing shares outstanding by 16% quarter-over-quarter.

Financial highlights

• Q1 global revenue was $1,008 million, up 18% year-over-year (15% constant currency), with U.S. and Canada revenue at $750 million (+13%), Europe at $186 million (+27%), and Rest of World at $72 million (+59%).

• Adjusted EBITDA reached $207 million, with a 20% margin, up 40 basis points year-over-year.

• Free cash flow for Q1 was $312 million; cash, equivalents, and marketable securities totaled $1.3 billion at quarter end.

• Non-GAAP operating expenses were $574 million (+16% YoY), with cost of revenue at $232 million (+20% YoY), and share-based compensation expense at $231.4 million.

• Global ARPU rose 6% year-over-year, with U.S. and Canada up 9%, Europe up 17%, and Rest of World up 38%.

Outlook and guidance

• Q2 2026 revenue expected between $1,133 million and $1,153 million, representing 14%-16% year-over-year growth, with a 1-point FX tailwind.

• Q2 adjusted EBITDA guidance is $256 million-$276 million; full-year 2026 adjusted EBITDA margin expected around 29%, including a 100 basis point drag from tvScientific.

• Expect to incur total restructuring charges of $59.6–$69.6 million, with $12.5–$22.5 million additional charges anticipated through Q3 2026.

• Management believes existing liquidity and credit facilities are sufficient for at least the next 12 months.