Procore Technologies, Inc., the leading global provider of construction management software, announced financial results for the fourth quarter and full year ended December 31, 2025.
“We closed out a strong year with exceptional Q4 results,” said Ajei Gopal, President and CEO of Procore. “Procore has built an incredible franchise with amazing technology. We believe AI stands to be the next meaningful catalyst for our industry and that Procore is strongly positioned to be an AI winner as we drive immense efficiency gains across our customers and the entire construction lifecycle.”
“I am proud of our Q4 performance, which delivered consistent revenue growth and the largest free cash flow quarter in the company’s history,” said Howard Fu, CFO of Procore. “We enter 2026 with strong momentum and we are committed to driving durable growth and strong per share improvements over the long-term.”
Fourth Quarter 2025 Financial Highlights:
- Revenue was $349 million, an increase of 16% year-over-year.
- GAAP gross margin was 80% and non-GAAP gross margin was 84%.
- GAAP operating margin was (12%) and non-GAAP operating margin was 15%.
- Operating cash inflow for the fourth quarter was $114 million.
- Free cash inflow for the fourth quarter was $90 million.
- Basic and diluted WASO used for GAAP net loss per share was 151,043,395, an increase of 1% year-over-year. Diluted WASO used for non-GAAP earnings per share was 154,308,919, an increase of 1% year-over-year.
- Stock-based compensation ("SBC") was 23% of revenue, inclusive of a one-time accounting charge related to the transition of our former CEO. When excluding such charge, SBC was 17% of revenue.
Full Year 2025 Financial Highlights:
- Revenue was $1,323 million, an increase of 15% year-over-year.
- GAAP gross margin was 80% and non-GAAP gross margin was 84%.
- GAAP operating margin was (9%) and non-GAAP operating margin was 14%.
- Operating cash inflow for 2025 was $299 million.
- Free cash inflow for 2025 was $215 million, an increase of 69% year-over-year.
The financial results included in this press release are preliminary and will not be final until Procore files its Annual Report on Form 10-K for the period. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Recent Business Highlights:
- Number of organic customers contributing more than $100,000 of annual recurring revenue totaled 2,710 as of December 31, 2025, an increase of 16% year-over-year.
- Number of organic customers contributing more than $1,000,000 of annual recurring revenue totaled 115 as of December 31, 2025, an increase of 34% year-over-year.
- Added 227 net new organic customers in the fourth quarter, ending with a total of 17,850 organic customers.
- Achieved a gross revenue retention rate of 95% for 2025.
- Achieved a net revenue retention rate of 106% for 2025.
- As of December 31, 2025, 78% of total annual recurring revenue was generated from customers using four or more products.
- As of December 31, 2025, 52% of total annual recurring revenue was generated from customers using six or more products.
- Ended 2025 with 4,421 full-time employees, an increase of 5% year-over-year.
- Announced acquisition of Datagrid to accelerate AI strategy and deliver enhanced data integration for customers.
- Achieved FedRAMP® Moderate Authorization, ensuring enhanced security compliance for federal customers.
- Received the 2026 TrustRadius Buyer’s Choice Award in the Construction Management category.
- Appointed seasoned executive and board leader Ron Hovsepian to Procore’s Board of Directors.
First Quarter and Full Year 2026 Outlook:
Procore is providing the following guidance for the first quarter and full year 2026:
- First Quarter 2026 Outlook:
- Revenue is expected to be in the range of $351 million to $353 million, representing year-over-year growth of 13% to 14%.
- Non-GAAP operating margin is expected to be in the range of 14% to 15%.
- Full Year 2026 Outlook:
- Revenue is expected to be in the range of $1,489 million to $1,494 million, representing year-over-year growth of 13%.
- Non-GAAP operating margin is expected to be in the range of 17.5% to 18%.
- Free cash flow margin is expected to be 19%.
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Procore’s future GAAP financial results.
Quarterly Conference Call
Procore Technologies, Inc. will hold a conference call to discuss its fourth quarter and full year results at 2:00 p.m., Pacific Time, on Thursday, February 12, 2026. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.
