Pinterest, Inc.

Q2 revenue was $1.180 billion, up 18% year over year, or up 17% on a constant-currency basis. Global monthly active users were 640 million, up 11%; U.S. and Canada MAUs were 106 million, up 4%; Europe MAUs were 157 million, up 8%; and Rest of World MAUs were 377 million, up 15%. Adjusted EBITDA was $311 million with a 26% margin, up 130 basis points year over year, and free cash flow was $270 million. Cost of revenue was $245 million, up 25%, and non-GAAP operating expense was $629 million, up 13%. For Q3, management guided revenue to $1.190 billion to $1.210 billion, implying 13% to 15% growth, and adjusted EBITDA to $335 million to $355 million. Full-year 2026 adjusted EBITDA margin was raised to approximately 30% from approximately 29%.

Bill Ready framed Pinterest as an AI-powered visual search and shopping platform that is increasingly helping users move from inspiration to action without leaving the app. He emphasized that AI is being woven into the user experience and the ad stack, while the company also leans on its human-curated Taste Graph to make recommendations more relevant. His tone was confident but measured: he said the company is still early in many initiatives, but the initial results suggest it is on the right path.

Julia Donnelly highlighted broad financial strength, including fourth straight quarter above $1 billion in revenue, 18% growth overall, and especially strong UCAN growth at 18%. She said adjusted EBITDA came in at $311 million with a 26% margin, free cash flow was $270 million, and trailing-12-month free cash flow was nearly $1.3 billion, representing 94% conversion. She also noted $58 million of share repurchases in Q2, over $2 billion repurchased year-to-date, cash and marketable securities of $1.3 billion, and a Q3 cost structure that will include continuing GPU investment and tvScientific, while full-year margin guidance was lifted.

Analysts focused on the durability of UCAN acceleration, the slowing in Europe, monetization of Pinterest Assistant, open-source AI economics, and how much more growth can come from SMBs and better measurement. Management said UCAN strength came from ad platform improvements, stronger retailer spend, cross-border spend, Performance+, and timing benefits from Prime Day and World Cup, while Europe and Rest of World were affected by tougher comps, leadership changes, and some regulatory pressure that could continue into Q3. On measurement and bidding pilots, Bill Ready said initial results were encouraging and are being expanded to more advertisers, while on Assistant monetization he said it is already woven into the app and not being treated as a separate later-stage monetization product.