Pinterest 1Q26：我们终于可以相信了吗？

Mark Shmulik+1 917 344 8508mark.shmulik@bernsteinsg.com Pinterest Inc Wenhuan Chang+1 917 344 8546wenhuan.chang@bernsteinsg.com RatingOutperform Deeksha Pandey+1 917 344 8447deeksha.pandey@bernsteinsg.com Price Target PINS 28.00 USD(20.00OLD) Pinterest 1Q26: Can we finally believe? The Bill Ready Era at Pinterest has certainly been eventful. An era perhaps so far defined asone of lofty dreams, ambitions, and untapped potential paired against the harder reality oftransforming an inspiration platform to a shopping one with a revolving door of monetizationheadwinds alongside the difficulty in convincing advertisers of the incrementality of Pinterestads alongside the Meta/Google/Amazon trifecta. It’s rare to find a quarter where the resultsoutpaced expectations, but it only goes to show how far sentiment has fallen on the name. IsPinterest finally putting it all together? There are signs. Cautiously optimist.All the key metrics delivered, revenue growth (+18% Y/Y, [15% FxN])accelerated including in the all important US & CAN market (13% vs. 9% Y/Y last quarter),revenue guidance was a touch better than expected (14-16% Y/Y), 10 straight quartersof steady user growth (+11%), re-iterating FY26 Adj. EBITDA margin targets of 29%, andshare buybacks have meaningfully reduced shares outstanding by 16% Q/Q. Managementcontinued to highlight the broadening of the advertiser base, deepening user engagement,and a barrage of AI products to drive ad design, targeting, delivery, and measurement as wellas user content recommendations against their taste graph. Some caution, but good risk/reward.Perhaps we wear our scars too clearly, US &CAN growth ex- acquisition of 12% Y/Y still lags Meta and Google Search on both anabsolute and sequential growth basis. The promise of deepening engagement and eventualmonetization is encouraging, though mirrors what we’ve heard before. The opportunity aheadof Pinterest remains tantalizing, and we hope this quarter is a first step in the right direction.The risk/reward here skews favorable, especially with our alt data pointing to a noticeableimprovement in Pinterest’s most important advertiser cohort. Investment Implications DETAILS PINS reported its 1Q26 earnings on May 4thafter the market closes. We remain Outperform, PT $28/share ($+8). We are encouraged by PINS’s improving revenue trend, and it’s nowtrading at 5-year low forward EV/EBITDA multiple and is the cheapest on FCF multiple within our coverage (Exhibit10,Exhibit 11). We believe even in the AI narrative driven market, the FCF generation capability still matters and at this level ofvaluation, the stock could offer potential upside RESULTS Q4 revenues came in a touch above expectations at +18% Y/Y with all regions contributing. Engagement once againlooked strong with the 10thquarter in a row of DD user growth and ‘deepening’ engagement per user. Roll out of AIand automation tools such as PinRec and Performance+ are encouraging, while managing stock dilution with well-timed buy-backs. The revenue guidance of 14-16% Y/Y growth aided by 1ppt of FX tailwind is encouraging thoughwe suggest reads conservative, and the broadening of the advertiser base is a much-needed reprieve from ad buyerconcentration risk. All in all, we hope this quarter is a sign of good things to come. •Better than expected revenue performance.Revenue grew +18% Y/Y (+15% FxN) to ~$1B, comfortably above theStreet and the company's previous guidance range ($958M to $978M). The macro and tariff-driven pressure on large retailadvertisers that weighed on 4Q25 carried into the quarter, but Pinterest's AI-driven ad platform improvements includingbidding optimizations helped partially offset the headwind as the quarter progressed. Encouragingly, revenue growthexcluding large retailers accelerated relative to 4Q, an early but meaningful signal that Pinterest's efforts to diversify itsadvertiser base and reduce concentration risk are beginning to gain traction. •UCAN growth acceleratesto 13% Y/Y, good for a ~400bps sequential improvement from +9% Y/Y in 4Q25 or~300bps excluding the tvScientific revenues. Strength came from retail and emerging verticals, including financialservices. On the International front, Europe grew at +27% Y/Y (+16% FxN) which was down ~200bps on a Constantcurrency basis from +18% FxN in 4Q25. ROW maintained its strong growth pace at +59% Y/Y growth, but with theregion contributing ~7% of total revenue, its high growth rate does little to move the needle at the consolidated level.Note that International comps get tougher starting in 2Q as we lap the 3P partnership deals. •Pinterest closed the tvScientific deal in 1Q.Strategically, the deal reflects Pinterest's ambition to build out a crediblefull-funnel ad offering, with CTV representing an increasingly important channel in that vision. The deal contributedabout ~100bps to US growth we believe in Q1 and expect a similar bump to 2Q revenues. The acquisition is intended tostrengthen Pint