The Q2 beat is positive, but the Q3 guidance deceleration to 13-15% growth from 18% is a cautionary signal. Monitor the earnings call for commentary on advertiser demand trends and whether the deceleration is FX-driven or organic. The aggressive buyback ($2B YTD at $18.17 avg) provides a floor, but the stock may trade range-bound until the growth trajectory clarifies.
Price Chart
Executive Summary
Pinterest reported Q2 2026 revenue of $1.18B (+18% YoY), in line with consensus, and non-GAAP EPS of $0.43, a 20.4% beat vs the $0.36 estimate. User growth remained strong at 640M MAUs (+11% YoY), and the company raised its full-year buyback to over $2B at an average price of $18.17. However, Q3 revenue guidance of $1.19B-$1.21B (13-15% growth) implies a deceleration from Q2's 18% pace, which may temper enthusiasm. The stock has historically reacted positively to similar neutral-to-bullish reports (86% win rate T+20), but the guidance deceleration introduces uncertainty.
Key Financial Metrics
Key Facts
- Q2 revenue $1.18B, +18% YoY (consensus $1.15B, beat)
- Non-GAAP EPS $0.43 vs consensus $0.36 (20.4% beat)
- GAAP net loss $(46.7M) vs $38.8M profit YoY
- Global MAUs 640M, +11% YoY (record high)
- Q3 revenue guidance $1.19B-$1.21B (13-15% growth, deceleration from Q2's 18%)
- Adjusted EBITDA $311M, +24% YoY, margin 26%
- Operating cash flow $293M, FCF $270M, +37% YoY
- Year-to-date share repurchases over $2B at avg price $18.17
- U.S./Canada revenue $880M, +18% YoY; Rest of World revenue $87M, +38% YoY
Financial Impact
Q2 revenue beat consensus by ~$30M (2.6%); non-GAAP EPS beat by $0.07 (20.4%); Q3 guidance midpoint $1.20B implies ~14% growth, below Q2's 18% pace
Risk Factors
- Q3 revenue guidance implies deceleration to 13-15% growth from Q2's 18%, which could disappoint growth-oriented investors
- GAAP net loss widened to $(46.7M) from a $38.8M profit YoY, driven by higher SBC and restructuring charges
- Restructuring charges of $14.3M in Q2 and $61.4M YTD signal ongoing cost realignment
- Convertible notes of $981M on the balance sheet add leverage and interest expense risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001506293-26-000102 |
| Document: pins-20260804.htm | 0001506293-26-000102 |
| Document: 0001506293-26-000102-index-headers.html | 0001506293-26-000102 |
| Document: 0001506293-26-000102-index.html | 0001506293-26-000102 |
| Document: 0001506293-26-000102.txt | 0001506293-26-000102 |
| 8-K Data (Synthetic) | 0001506293-26-000102 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | Insider Cluster | $22.88 $18.88 | ▼ −17.48% | ▼ −17.38% | $19.23 (−15.95%) |
Aug 20, 2026 6w ago | Insider Cluster | $23.23 $18.60 | ▼ −19.93% | ▼ −19.93% | $19.23 (−17.22%) |
Aug 20, 2026 6w ago | Insider Cluster | $23.23 $18.31 | ▲ +21.18% | ▲ +21.18% | $19.23 (+17.22%) |
Aug 12, 2026 7w ago | Insider Cluster | $23.32 $19.05 | ▲ +18.31% | ▲ +16.56% | $19.23 (+17.54%) |
Aug 12, 2026 7w ago | 144 | $23.32 $19.05 | ▼ −18.31% | ▼ −16.56% | $19.23 (−17.54%) |
Aug 7, 2026 8w ago | 8-K | $23.68 $20.40 | ▼ −13.85% | ▼ −13.45% | $19.23 (−18.79%) |
Aug 4, 2026 8w ago | 8-K | $23.36 $21.22 | ▼ −9.16% | ▼ −8.56% | $19.23 (−17.68%) |
Jul 24, 2026 10w ago | Institutional Cluster | $22.13 $23.40 | ▲ +5.74% | ▲ +2.11% | $19.23 (−13.10%) |
Jul 15, 2026 11w ago | Insider Cluster | $23.09 $23.32 | ▲ +1.00% | ▼ −2.62% | $19.23 (−16.72%) |
Jul 15, 2026 11w ago | Insider Cluster | $23.09 $23.32 | ▲ +1.00% | ▼ −2.62% | $19.23 (−16.72%) |
US Market Status
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