Highlights

  • Q3 2026 Revenue reached $1.17 billion, up 12% year over year
  • Global monthly active users hit a record 661 million, up 10% year over year
  • Adjusted EBITDA of $339.2 million, representing a 29% margin
  • Q4 2026 revenue guided to $1.425–$1.475 billion, representing 8–12% growth

Pinterest (NYSE:PINS) reported third-quarter 2026 revenue of $1.17 billion, a 12% year-over-year increase, with global monthly active users reaching a record 661 million, up 10% year over year. The quarter marked Pinterest's thirteenth consecutive period of record user growth, a testament to the platform's sustained relevance as a visual discovery and planning destination. However, revenue came in below the $1.19 billion to $1.21 billion guidance range, primarily due to an unexpected impact from regulatory changes in Europe that disrupted cross-border selling activity. CEO Bill Ready acknowledged the miss directly, citing it as a key area for revenue Diversification efforts going forward.

User Growth Remains Strong Across Demographics

Pinterest's user growth performance was broadly positive, with 661 million MAUs adding 21 million users over the prior quarter. Generation Z now represents 57% of the platform's total user base, underscoring Pinterest's resonance with younger audiences drawn to its visual and aspirational content. North America, the platform's highest-monetisation region, contributed revenue growth of 14% year over year, with UCAN average revenue per user of $8.38, up 10% year over year. The Rest of World region added 17 million users, the largest cohort, as Pinterest's international expansion continues to build audience scale ahead of full monetisation.

European Regulatory Disruption Creates Near-Term Headwind

The primary revenue shortfall relative to guidance stemmed from European cross-border sellers pulling back more than anticipated following regulatory changes. The CEO quantified the impact at approximately 11 percentage points of European revenue growth in the quarter, or roughly $21 million. Additionally, the timing shift of Prime Day and World Cup-related advertiser spend contributed approximately two points to the growth deceleration from Q2's 18% rate to Q3's 12%.

AI-Powered Ad Products Expand Monetisation Capability

Pinterest has been investing heavily in AI-powered Advertising tools to improve ad relevance and targeting precision. The company launched its AI assistant in the United States during the quarter and introduced a programmatic buying solution across all regions, expanding access for performance-focused advertisers. Visual Search Ads, a new format allowing advertisers to place promotions within Pinterest search results and Pin close-ups, represents a natural extension of the platform's visual discovery use case.

Q4 Guidance Implies Sequential Recovery

Pinterest guided Q4 2026 revenue to $1.425 billion to $1.475 billion, representing 8% to 12% year-over-year growth, incorporating a modest foreign exchange headwind. The guidance range is wider than usual, reflecting some uncertainty around the trajectory of European cross-border seller activity and broader advertiser Demand through the holiday season. Management maintained the full-year adjusted EBITDA Margin outlook at approximately 30%, with nine-month revenue of $3.361 billion up 16% year over year.