Pinterest Surpasses Q1 2026 Expectations with Record User Growth and Strong Guidance

User Growth and Advertising Momentum

Global monthly active users surged 11% to a record 631 million, underscoring Pinterest’s expanding reach. CEO Bill Ready highlighted the company’s momentum, driven by its visual search and discovery tools. "As we continue building an AI-powered ads platform that delivers performance for advertisers, we remain focused on ensuring monetization more fully reflects the strength of our engagement," he said.

Advertising dynamics showed improvement, with U.S. and Canada revenue growth excluding TVScientific accelerating to 12%, up from 9% in the prior quarter. Jefferies analysts noted "less-than-expected weakness from large retailers" and early signs of ad model improvements late in the quarter.

Cautious Optimism from Analysts

Jefferies described the quarter as a "better print, same debate," acknowledging strong results but maintaining a cautious outlook. The firm raised its price target to $21 from $17 while reiterating a "Hold" rating. Analysts pointed to revenue growth of 15% on a constant currency basis, which exceeded guidance, and second-quarter revenue projections roughly 2% above consensus at the midpoint.

Looking ahead, Pinterest guided second-quarter revenue between $1.13 billion and $1.15 billion, with adjusted EBITDA expected to range from $256 million to $276 million. Jefferies projects fiscal year 2027 EBITDA at approximately $1.6 billion, valuing the company at 7.5 times that estimate.

Pinterest’s stock closed just shy of $23, reflecting investor optimism amid a mixed but largely positive earnings report.