Bernstein: Pinterest Inc (PINS.US) 1Q26 — Can We Finally Believe?
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Key Views
Global MAU reached 520 million, up 12%, with US MAU at 110 million. ARPU rose 6% to $1.80, supported by automated bidding and video ads. International ARPU grew 15% to $0.60, though it remains far below the US figure of $4.50. Adjusted EBITDA margin expanded 3 percentage points to 28%, though capex increased to $120 million. The company repurchased $150 million in shares but announced no new program.
Outlook
Management cited AI-driven recommendation enhancements for improving user time spent, though without quantification. Competition from TikTok and Meta continues to pressure Pinterest's advertising market share. With EV/EBITDA at 18x — in line with historical averages — Bernstein views valuation as fair but sees no near-term catalysts.
Recommended Securities
Pinterest Inc (PINS.US): Market-Perform, $45 target. Fair valuation but lacking short-term catalysts; await a better entry point.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
Exhibit 8
