The report exists. Most operators do not read it well.
Performance Max has had a search terms report since 2023, but it was sparse and delayed. Google has steadily expanded it through 2025 and into 2026. The current version shows more terms, updates faster, and includes network segmentation so you can separate Search from Search Partners 1.
The problem is not access. The problem is that operators either ignore the report because they assume pMax handles everything, or they read it with the same lens they used for standard Search campaigns, which leads to the wrong conclusions.
Here is how to read it in 2026.
Where to find it and what changed
Navigate to your pMax campaign, click Insights, then Search Terms. Google now shows terms that triggered your ads across both the Google Search Network and Search Partner placements. The Search Partner column is new as of early 2026: you can see which third-party search engines and partner properties served your ads 2.
The report still does not show every query. Google groups low-volume terms and excludes some for privacy. But the coverage has improved: in most accounts, the visible terms now represent 60 to 80% of total Search impressions within pMax, up from roughly 40% two years ago.
What to look for first: intent mismatch
The most common problem in a pMax search terms report is intent mismatch. Because pMax matches broadly, it will trigger on queries that are semantically related to your product or service but carry the wrong intent.
Example: a B2B SaaS company selling project management software might see pMax triggering on "free project management template" or "project management certification." Those queries are related to the topic but not to buying the product. The user wants a template or a cert, not a $200 per month subscription.
Scan the report for queries where the intent does not match your offer. Group them into categories. If you see a pattern (educational queries, job-seeking queries, DIY queries), add those categories as negative keywords.
What to look for second: branded versus non-branded split
pMax loves branded traffic. Branded queries convert at high rates, which makes the campaign's ROAS look strong, but those conversions were likely going to happen without the pMax ad. The search terms report lets you see how much of your pMax Search volume is branded.
If branded terms account for more than 30% of the search volume in your pMax campaign, the campaign is cannibalizing your branded Search campaigns or your organic branded traffic. The fix is to add your brand terms as negatives in pMax (Google now allows this) so that branded traffic routes to your standard branded Search campaign where you have more control over the ad copy and landing page.
What to look for third: Search Partner quality
The new Search Partner placements column is worth checking at least monthly. pMax serves ads on partner sites that often have lower-quality traffic than Google Search proper. If you see high impression volume and low conversion rates from Search Partners, that is a signal to monitor.
You cannot exclude Search Partners from pMax entirely (unlike standard Search campaigns), but you can flag the data and factor it into your overall performance evaluation. If your pMax ROAS looks weak and a large share of impressions comes from Search Partners with a 0.1% conversion rate, the campaign may be performing better on Google Search than the blended number suggests.
What to look for fourth: query length and complexity
AI Mode and conversational search are pushing query length upward. Queries like "best CRM for a 10-person sales team that integrates with HubSpot" are showing up more frequently in search terms reports. These long-tail queries often convert well because the intent is specific.
Watch for them. If you see long, specific queries converting at high rates, consider creating dedicated landing pages that match those queries precisely. The system already found the demand; your job is to give it a better destination than a generic homepage.
What the report cannot tell you
The search terms report shows what queries triggered your ad. It does not show which asset group the system used, which creative the user saw, or which landing page they arrived at. You have to cross-reference with the asset group report and the landing page report to get the full picture.
It also does not break out performance by channel. A query that appears in the search terms report was served on Search or Search Partners, but if the same user later saw a YouTube ad from the same pMax campaign, that interaction does not appear here. The search terms report is one window into a multi-channel campaign.
The practical routine
Set a bi-weekly calendar event to review your pMax search terms report. Here is the routine:
Sort by impressions descending. Review the top 50 terms. Flag any that carry the wrong intent. Add negatives.
Sort by conversions descending. Identify your top-converting terms. Check whether those terms have dedicated landing pages. If they do not, build them.
Filter for branded terms. Calculate the branded share of total volume. If it exceeds 30%, add brand negatives and route that traffic to a dedicated branded campaign.
Check Search Partner performance. If conversion rates from partners are less than half the rate from Google Search, note it and factor it into your ROAS expectations.
This routine takes 20 to 30 minutes every two weeks. The alternative is trusting pMax to allocate perfectly with no oversight, and it does not. The search terms report is the closest thing you have to a steering wheel in a campaign type that does not give you one. Use it.