Microsoft Ads Expands Search Terms Reporting for Performance Max

Microsoft Advertising has expanded access to search terms for Performance Max campaigns. They can now be viewed not only through Search Term Insights but also in the standard Search Terms report.

How Reporting Worked Before

Performance Max automatically distributes advertising across multiple Microsoft Advertising channels. The campaign does not use keywords in the same way as a regular Search campaign: search demand is determined by algorithms based on goals, ads, landing pages, and Search Themes.

However, PMax search terms were already available in Search Term Insights. The problem was not a complete lack of data but the inconvenience of accessing it through a separate report.

What Changed in 2026

In April, Microsoft announced an expansion of reporting; in May, it began rolling out Search Terms Reporting; and in August, it confirmed the availability of queries in the standard Search Terms report.

It is now easier for specialists to include PMax data in regular reporting, including when analyzing multiple advertising accounts. Search Term Insights remains available.

What Advertisers Should Do

Review actual PMax search queries and determine what search demand the campaign is attracting.
Identify irrelevant queries and use available exclusions when necessary.
Refine Search Themes based on users' actual search intent.
Adapt ad copy and other creative assets to the demand identified.
Compare search queries with Search campaign results and evaluate potential overlap.

Important Considerations

Search Terms Reporting makes PMax more transparent, but it does not turn it into a regular Search campaign. Search Themes remain signals for the algorithm, not keywords with traditional match types.

The update changes data availability, not the mechanism for automated bidding and ad placement.

Source: Microsoft Advertising, April–August 2026.