Procore

PCOR · NYSE · Information Technology · Financials, fiscal 2019 to 2025

PCOR · Last close · November 6, 2026

$75.33

Procore's revenue rose 14.8% to $1.3 billion in fiscal 2025. Its operating margin was −9.4%, up from −11.8% a year earlier. Free cash flow was $282 million, up 59.4%. It paid out $129 million in dividends and buybacks, 46% of free cash flow. The diluted share count rose 1.9%.

Procore Technologies, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001628280-26-011055 Updated November 6, 2026

Revenue

$1.3B

14.8%

Operating margin

−9.4%

2.4 pts

Net income

−$101M

Free cash flow

$282M

59.4%

Return on equity

−7.9%

0.8 pts

Market cap

$11.3B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Procore does

Procore sells construction management software. Builders, property owners, general contractors and specialty contractors use it to share project information, manage workflows and communicate from any connected device. Its products fall into four groups: Preconstruction, Project Execution, Resource Management and Financial Management. Since February 2026 it has also sold them in four bundled packages. It also offers AI features that automate steps in a construction project.

Substantially all of its revenue comes from subscriptions. A customer pays a fixed fee, set mostly by which products it uses and by the dollar volume of construction work it plans to run on the platform each year. Customers range from small businesses to global enterprises. Procore says customer support is free to all users.

Customers in about 160 countries ran projects on the platform at the end of 2025, but customers outside the U.S. produced only 15% of 2025 revenue. Procore had 4,421 full-time employees at that date.

Its biggest risks, as it describes them

A history of losses and no assurance it will become or stay profitable.
Slowdowns in construction spending and the wider economy.
A fast-changing software industry that may not develop as it expects.
Failing to build up its sales and marketing so as to add customers and grow their use.
Relying on subscription revenue booked over time, which delays the effect of new business.

From Procore's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Procore lost money in fiscal 2025: a net loss of $101 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	586	582	678	775	768
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	−122.8x	−136.0x	−110.2x	−71.8x	−107.8x
Current ratio	1.9x	1.5x	1.5x	1.5x	1.3x
Quick ratio	1.9x	1.5x	1.5x	1.5x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Procore's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Procore's projections

What Procore says to expect

Fourth quarter 2026: revenueRevenue is expected to be in the range of $420 million to $422 million, including inorganic revenue from DroneDeploy of $19 million, representing year-over-year growth of 20.3% to 20.9%.
Fourth quarter 2026: non-GAAP operating marginNon-GAAP operating margin is expected to be in the range of 15.5% to 16.0%.
Full year 2026: revenueRevenue is expected to be in the range of $1,557.0 million to $1,559.0 million, including inorganic revenue from DroneDeploy of $24 million, representing year-over-year growth of 17.7% to 17.9%.
Full year 2026: non-GAAP operating marginNon-GAAP operating margin is expected to be in the range of 19.0% to 19.5%.
Full year 2027: non-GAAP operating marginNon-GAAP operating margin is expected to be 25%.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed November 3, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Procore shares on the open market, and 9 insiders sold $79.7 million, $34.1 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 4, 2026	Elisa SteeleDirector	Sold plan	3,337	$69.10	$230,587	Form 4
Nov 4, 2026	Benjamin C SingerChief Legal Officer; Secretary	Sold plan	2,586	$75.00	$193,950	Form 4
Nov 3, 2026	Connor Kevin J ODirector	Sold plan	7,692	$60.53	$465,576	Form 4
Nov 2, 2026	Connor Kevin J ODirector	Sold plan	7,692	$54.52	$419,406	Form 4
Sep 10, 2026	Craig F. Courtemanche Jr.Director	Sold plan	56,122	$53.48	$3.0 million	Form 4
Sep 2, 2026	Connor Kevin J ODirector	Sold plan	7,692	$59.96	$461,219	Form 4
Sep 1, 2026	Connor Kevin J ODirector	Sold plan	7,692	$62.03	$477,127	Form 4
Aug 21, 2026	Benjamin C SingerChief Legal Officer; Secretary	Sold plan	3,943	$63.35	$249,789	Form 4
Aug 19, 2026	Elisa SteeleDirector	Sold plan	1,500	$63.00	$94,500	Form 4
Aug 11, 2026	William Fred Fleming JrSVP, Corporate Controller	Sold	10,000	$58.95	$589,500	Form 4
Aug 10, 2026	Craig F. Courtemanche Jr.Director	Sold plan	56,122	$57.11	$3.2 million	Form 4
Aug 4, 2026	Connor Kevin J ODirector	Sold plan	7,692	$54.98	$422,906	Form 4

The latest 12 of 47 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	40.5%	36.6%	36.2%
Altman Z''	0.00	0.46	−0.15
Accruals ratio	−15.5%	−15.1%	−18.5%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Procore side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Procore	FY25	14.8%	−9.4%	21.3%	—	—	—
Zeta Global	FY25	29.7%	0.4%	14.2%	0.7%	−1.6x	5	Compare
Dolby	FY25	5.9%	19.6%	32.3%	11.4%	−2.0x	5	Compare
Klaviyo	FY25	31.6%	−5.5%	16.9%	—	—	—	Compare
Guidewire Software	FY26	22.7%	10.2%	25.6%	12.1%	−0.4x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	289	400	515	720	950	1,152	1,322
Revenue growth	—	38.4%	28.6%	39.9%	31.9%	21.2%	14.8%
Gross profit	236	329	416	572	776	946	1,052
Research and development	87	125	237	271	301	313	362
Operating income	−83	−58	−286	−290	−216	−136	−124
Net income	−83	−96	−265	−287	−190	−106	−101
Diluted EPS (US$)	−3.41	−3.56	−2.86	−2.10	−1.34	−0.72	−0.67
Diluted shares (millions)	24	28	93	136	142	147	150
Cash flow
Cash from operations	−7	22	37	13	92	196	300
Capital expenditure	13	7	12	16	10	19	18
Free cash flow	−20	15	24	−3	82	177	282
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	129
Acquisitions	39	14	510	0	0	26	42
Stock-based compensation	19	44	227	163	175	187	238
Balance sheet at fiscal year end
Cash and short-term investments	118	380	586	582	678	775	768
Debt incl. finance leases	—	—	—	—	—	—	—
Total assets	—	821	1,691	1,740	1,894	2,101	2,239
Total liabilities	—	365	501	624	738	813	977
Shareholders' equity	−254	−272	1,189	1,117	1,156	1,288	1,262
Margins and ratios
Gross margin	81.6%	82.1%	80.9%	79.4%	81.6%	82.2%	79.5%
Operating margin	−28.6%	−14.6%	−55.5%	−40.3%	−22.7%	−11.8%	−9.4%
Net margin	−28.7%	−24.0%	−51.5%	−39.8%	−20.0%	−9.2%	−7.6%
Free cash flow margin	−6.9%	3.7%	4.7%	−0.4%	8.6%	15.4%	21.3%
Rule of 40 (growth + FCF margin)	—	42.1%	33.3%	39.5%	40.5%	36.6%	36.2%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	−57.8%	−24.9%	−16.7%	−8.7%	−7.9%
Return on assets	—	—	−21.1%	−16.7%	−10.4%	−5.3%	−4.6%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Procore's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Procore.