Pinterest Q2 growth holds at 18% as FY margin outlook rises

Transcript intelligence

What changed

Management reported Q2 revenue growth of 18% year over year, with UCAN growth accelerating to 18%. It highlighted Pinterest Assistant, Smart Assembly and Business Assistant as improving engagement and advertiser performance. The outlook now includes FY 2026 EBITDA margin of about 30% and Q3 revenue of $1.190–$1.210 billion, representing 13–15% year-over-year growth. Management also described international growth as moderate amid regional and regulatory headwinds.

Guidance delta

Management projected Q3 revenue of $1.190–$1.210 billion, or 13–15% year-over-year growth, and FY 2026 EBITDA margin of about 30%. It cited foreign-exchange headwinds, shifted Prime Day timing and reduced non-recurring World Cup spend as Q3 factors.

Key takeaways

• Q2 revenue was $1.18 billion, up 18% year over year.
• UCAN revenue growth accelerated to 18% year over year; international growth moderated.
• Management tied AI-powered user and advertiser features to engagement and ROAS improvement.
• Q3 revenue guidance implies 13–15% year-over-year growth; FY 2026 EBITDA margin is projected at about 30%.
• GPU capacity expansion and tvScientific integration are contributing to higher cost of revenue.

Management priorities

• Expand Pinterest Assistant and Business Assistant.
• Integrate AI bidding with third-party measurement and improve lower-funnel campaign tools.
• Continue GPU capacity and AI infrastructure investment.
• Integrate tvScientific into Pinterest Performance+ and expand CTV.
• Restructure and expand international sales execution, including third-party demand in Europe.