Pinterest’s third quarter was marked by slower-than-expected growth, as regulatory challenges and internal restructuring impacted results. Management attributed the underperformance to sharper-than-forecast pullbacks from cross-border sellers in Europe after regulatory changes and disruptions from its international go-to-market transition. CEO Bill Ready acknowledged, “The regulatory impact was greater than we anticipated,” and emphasized that the company is not satisfied with these results but has clear plans to diversify revenue streams and strengthen its platform’s fundamentals.
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Pinterest (PINS) Q3 2026 highlights:
- Revenue $1.17 billion vs S&P analysts’ estimates of $1.21 billion (11.9% year-on-year growth, 2.7% miss)
- Adjusted EPS $0.46 vs S&P analysts’ expectations of $0.49 (5.2% miss)
- Adjusted EBITDA $339.2 million vs analyst estimates of $348 million (28.9% margin, 2.5% miss)
- Revenue guidance $1.45 billion at the midpoint for Q4 2026, below analyst estimates of $1.52 billion
- EBITDA guidance $563 million at the midpoint for Q4 2026, below analyst estimates of $611.8 million
- Operating margin 2.6%, down from 5.6% in the same quarter last year
- Monthly active users 661 million, up 61 million year on year
- Market capitalization $11.1 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our top 5 analyst questions from Pinterest’s Q3 earnings call
- Jason Helfstein (Oppenheimer) asked about the timing and impact of international go-to-market initiatives. CEO Bill Ready explained that while early improvements are visible, meaningful gains from these changes are likely to occur over multiple quarters.
- John Blackledge (TD Cowen) inquired about the effect and duration of the cross-border seller pullback in Europe. Ready reiterated that adaptation by sellers and new local strategies could take time, with no quick return expected for the holiday period.
- Colin Sebastian (Baird) questioned the role and monetization potential of Pinterest Assistant. Ready emphasized its integration into the user journey and highlighted that 80% of Assistant searches are commercial, suggesting strong alignment with monetization goals.
- Justin Patterson (KeyBanc) asked about the expansion of programmatic partnerships and expected benefits. Ready detailed that new DSP integrations are designed to fill demand gaps, but significant revenue impact will require a gradual ramp and ongoing optimization.
- Eric Sheridan (Goldman Sachs) sought clarity on bridging the ARPU gap between international and U.S. users. Ready responded that while regulatory headwinds have slowed progress, user engagement trends are positive and international monetization should improve as new sales strategies take hold.
Catalysts in upcoming quarters
In upcoming quarters, the StockStory team will be watching (1) stabilization and eventual improvement in international revenue as cross-border sellers adapt and new sales leadership matures, (2) the growth and monetization of AI-driven features like Pinterest Assistant and Visual Search Ads, and (3) results from expanded programmatic partnerships and advertiser diversification. Progress in closing the ARPU gap between international and U.S. users will also be a critical signpost for future growth.
Pinterest currently trades at $19.41, down from $20.03 just before the earnings. Is there an opportunity in the stock? See for yourself in our full research report (it’s free).
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