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Call sheet · Q2'26

Pinterest (PINS)

Q2'26 earnings call · held August 4, 2026 · compared with the Q1'26 call · management-credibility review
8/12
Disclosure score
1 medium, 2 low flags
Financial quality
Bottom line
Pinterest exceeded revenue and adjusted EBITDA guidance, while constant-currency revenue growth accelerated from 15% to 17%. The next test is growth after the disclosed Prime Day reversal and World Cup nonrepeat, alongside the raised annual adjusted margin outlook. Performance Plus needs a current adoption reading. A dated statistic cannot establish a plateau, and company event effects should not be mislabeled as a regional growth bridge.

The 30-second version

  • Revenue and adjusted EBITDA exceeded guidance
  • Q3 needs to be judged after event and timing benefits
  • Performance Plus needs a fresh adoption reading

What changed this quarter

MetricQ1'26Q2'26Change
Total Revenue$1,008M, +18% YoY (+15% cc)$1,180M, +18% YoY (+17% cc)Reported growth unchanged; constant-currency growth accelerated 2 percentage points
UCAN Revenue$750M, +13% YoY$880M, +18% YoYYoY growth accelerated 5 percentage points; event effects were not quantified on a UCAN-only basis
Europe Revenue$186M, +27%/+16% cc$213M, +12%/+7% ccSharp deceleration, new regulatory headwind on Asia cross-border retailers
Rest of World Revenue$72M, +59%/+50% cc$87M, +38%/+32% ccDeceleration continues as expected comp lapping
Global MAUs631M, +11%640M, +11%Up 9M sequentially using rounded totals; YoY growth remained 11%
UCAN MAUs106M, +4%106M, +4%Rounded total and YoY growth unchanged
Adjusted EBITDA$207M, 20% margin$311M, 26% margin, +130bps YoYUp approximately 50% sequentially; above prior guidance
Cost of Revenue (YoY growth)$232M, +20% YoY$245M, +25% YoYAccelerating cost growth outpacing 18% revenue growth
Non-GAAP Opex (YoY growth)+16% YoY+13% YoYGrowth slowed 3 percentage points; reconcile the full adjusted margin bridge
Free Cash Flow$312M (seasonally strongest Q1)$270MDown $42M sequentially; compare seasonally matching periods

Accountability tracked

5 new promises made3 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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