Pinterest's Revenue Growth Slows to 12% After Two 18% Quarters

The Tip Desk · October 31, 2026 · 2 min read

Third-quarter revenue was $1,174 million as global monthly active users hit a record 661 million.

Pinterest, Inc. (PINS) reported third-quarter revenue of $1,174 million, up 12% year over year on both a reported and constant-currency basis, a slower pace than the 18% growth recorded in each of the prior two quarters.

The social discovery platform said global monthly active users reached an all-time high of 661 million, up 10% from a year earlier, after 11% growth in both the second and first quarters. Chief executive Bill Ready said the company’s AI-driven visual search and shopping experiences were making Pinterest more valuable to users and advertisers, and that the company is focused on sharpening execution, scaling performance advertising, and converting high-intent discovery into long-term growth.

GAAP net income was $22 million, or $0.04 a share, compared with $92 million, or $0.13 a share, a year earlier. The net income margin was 2%. The company recorded $4.1 million of restructuring charges in the quarter, a line item that was absent from the prior quarter’s results. Adjusted EBITDA was $339 million, up 11% from $306 million a year earlier, with the Adjusted EBITDA margin holding at 29%. Non-GAAP net income was $270 million, or $0.46 a share.

U.S. and Canada revenue was $894 million, up 14% year over year after 18% growth in the second quarter. Average revenue per user in that region was $8.38, up 10%. Europe revenue was $193 million, unchanged from a year earlier after 12% growth in the second quarter. Europe ARPU fell 7% to $1.21. Rest of World revenue was $87 million, up 24% year over year after 38% growth in the second quarter. Global ARPU was $1.80, up 1% from a year earlier after 7% growth in the second quarter.

Monthly active users in the U.S. and Canada were 107 million, up 4%; in Europe, 161 million, up 7%; and in the rest of the world, 394 million, up 13%.

Net cash provided by operating activities was $316 million. Free cash flow was $300 million, down 6% from $318 million a year earlier. Purchases of property and equipment were $15 million.

For the fourth quarter of 2026, Pinterest expects revenue of $1,425 million to $1,475 million, representing 8% to 12% year-over-year growth, which assumes a modest headwind from foreign exchange based on current spot rates. That range sits below the 13% to 15% growth the company had assumed for the third quarter. Fourth-quarter Adjusted EBITDA is expected at $538 million to $588 million.

The company said it intends to provide further details on its outlook during the conference call.