Pinterest Q3 2026 Revenue Forecast
Pinterest forecasts Q3 2026 revenue of $1.19B to $1.21B, a 13-15% yearly rise, surrounding Wall Street's $1.20B estimate.
Pinterest, Inc. (NYSE:PINS) has projected its third-quarter 2026 revenue to fall between $1.19 billion and $1.21 billion. This guided range surrounds the Wall Street consensus estimate of $1.20 billion. According to the source, it represents a year-over-year top-line growth of 13% to 15%, assuming a modest foreign exchange headwind. The company also expects Q3 Adjusted EBITDA to be between $335 million and $355 million.
These figures follow the company's second-quarter 2026 results. Pinterest posted Q2 revenue of $1.18 billion, an 18% increase year-over-year. Growth was 17% in constant currency. The driver was a record 640 million global monthly active users (MAUs), marking an 11% rise. This was the 11th consecutive quarter of double-digit user growth.
Global average revenue per user (ARPU) increased 7% to $1.86. The U.S. and Canada region led with an ARPU of $8.30, a 14% increase. Adjusted EBITDA for the quarter reached $311.3 million, representing a 26% margin. However, the GAAP net loss was $46.7 million. Free cash flow surged 37% to $269.9 million. This supported over $2 billion in year-to-date share repurchases at an average price of $18.17.
Analyst Reactions
Wall Street analysts adjusted their price targets following the earnings call. On August 5, Baird's Colin Sebastian raised the firm's price target on PINS to $26 from $24. He maintained a Neutral rating while highlighting solid Q2 results and progress across AI, product, and go-to-market initiatives.
On August 6, Wells Fargo boosted its price target to $31 from $30 with an Overweight rating. The firm noted that while Q2 revenue met expectations, it benefited from temporary drivers. As these fade, the Q3 outlook is slightly below buy-side expectations, according to the source.
Bull and Bear Cases
The source presents competing views on the stock's outlook. Proponents of the bull case point to sustained double-digit MAU growth, AI-driven personalizations, and exceptional cash generation. They argue that AI models trained on human curation enhance user actionability while lowering serving costs and optimizing ad performance. The high free cash flow, $270 million in Q2, funds balance sheet flexibility and continuous share repurchases without external financing.
Bears emphasize volatile GAAP profitability and uneven earnings durability. While global user scale continues expanding, international ARPU remains low. The source specifies ARPU of $1.35 in Europe and $0.23 in the Rest of World region. This disparity requires a multi-quarter monetization transformation. Furthermore, higher infrastructure investments and debt obligations could compress operating leverage if top-line momentum cools off faster than expected.
