📈 Price History

Ratio Health

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📊 Sector Averages

About

Procore Technologies, Inc., together with its subsidiaries, provides a cloud-based construction management platform and related products and services in the United States and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding PCOR

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Manager	Shares	Value	% of Fund	Period
Tiger Global Management Tiger Global Management LLC	2.34M	$133.4M	0.58%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2025

Confident Vague

Management expressed strong confidence in go-to-market execution and product innovation ('solid quarter', 'on track', 'excited'), but provided vague answers on revenue acceleration for 2026 and macro impact ('same as last quarter', 'too early to talk').

Q3 2025

Confident Specific

Management repeatedly highlighted strong execution with concrete metrics (14.5% revenue growth, 17% non-GAAP operating margin, 31% year-over-year growth in large deals, $1 trillion annual construction volume) and explicitly stated 'we are operating well within our base case' and 'our confidence is high.' The tone is assured about go-to-market improvements and the CEO transition, while acknowledging macro headwinds remain unchanged.

Q4 2025

Confident Specific

Language is upbeat and precise: 'exceptional quarter,' 'strong execution,' 'robust execution' with specific figures (15% revenue growth, 400bps margin expansion, 34% growth in $1M+ ARR customers). No hedging or defensive language.

Q1 2026 latest

Confident Specific

Management repeatedly used specific metrics (15.7% revenue growth, 17% non-GAAP operating margin, 650bps margin expansion) and detailed customer examples (Crest Operations: 20 minutes vs weeks). Language was forward-looking and optimistic about AI and strategic initiatives.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Revenue growth exceeded guidance, margins expanded more than expected, and the AI narrative is backed by concrete customer examples and a clear monetization path. However, revenue growth is still decelerating (from 15.7% to ~13.6% FY guide) and cRPO convergence remains a near-term overhang. Key watch items: Q3 rollout of AI agent sales, realization of internal AI efficiencies in 2027, and international traction. The new CFO/CRO bring relevant vertical software experience, reinforcing execution credibility. Overall, the call supports a durable growth story with improving profitability, but AI upside is not yet fully reflected in guidance.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED Procore Q1 revenue $359M, up 15.7%; non-GAAP operating margin 17%, up 650 bps.

Revenue & Profitability

Q1 2026 revenue was $359 million (up 15.7% YoY). Non-GAAP operating income was $61 million, representing a 17% margin (up 650 bps YoY). Free cash flow was $56 million (up 20% YoY). Current RPO grew 21% YoY, and current deferred revenue grew 17% YoY. Full-year 2026 revenue guidance was raised to $1.499-$1.503 billion.

Outlook

Management described the construction environment as stable over the last couple of quarters, with ongoing headwinds from a challenging construction environment. Data center construction is a bright spot. The company sees AI as a fundamental catalyst for long-term growth and expects AI monetization to be a tailwind to revenue.

Growth Drivers

Key growth drivers include Procore Scheduling (adopted by over 2,000 companies since February launch), specialty contractor solutions (materials management), international expansion (European CDE with BIM viewer), and AI agents with token-based monetization. Six-figure ARR wins grew 24% YoY. The company also highlighted government vertical via FedRAMP authorization.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Q1 2026 non-GAAP operating margin was 17% (650 bps YoY expansion). Q2 2026 guided margin is 17.5%-18.5%. Full-year 2026 non-GAAP operating margin guidance raised to 18%-18.5% (390-440 bps YoY expansion). Free cash flow margin guidance maintained at 19%. AI is expected to create modest gross margin headwinds but more than offset by operating expense efficiencies.

Key Risks

Management noted ongoing headwinds from a challenging construction environment. The combination of longer average contract duration and cRPO normalization may affect reported growth rates. AI compute expenses could pressure gross margins, though expected to be offset by internal efficiency gains. No other specific risks were highlighted.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 2026 saw 15.8% revenue growth, first GAAP operating profit, and strong margin expansion. The $845M DroneDeploy acquisition accelerates AI strategy, with raised guidance reflecting robust demand and execution. Data center and international segments led growth.

Q1 2026 Q1 2026 2026-05-05

Q1 FY2026 saw 15.7% revenue growth and 17% non-GAAP operating margin, exceeding guidance. AI innovation, new product launches, and strong customer adoption drove results, while FY2026 guidance was raised for both revenue and margins.

Q4 2025 Q4 2025 2026-02-12

Q4 and FY25 results exceeded expectations with 15% revenue growth and strong margin expansion, driven by robust upmarket momentum, AI innovation, and key wins in both U.S. and international markets. FY26 guidance projects continued growth and margin improvement.

Q3 2025 Q3 2025 2025-11-05

Q3 2025 saw 14.5% revenue growth, margin expansion, and strong large-deal activity despite macro headwinds. The CEO transition to Ajay Gopal is set, and guidance for both revenue and margins was raised for the full year. Customer wins and product innovation continue to drive market share.

Q2 2025 Q2 2025 2025-07-31

Q2 revenue grew 14% year-over-year to $324 million, with strong large deal activity and improved operating margins. Guidance for 2025 was raised, with profitability expected to drive Rule of 40 improvement next year. Major AI innovations and new customer wins highlight continued momentum.

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