Procore Technologies Inc
NYSE:PCOR
Procore Technologies Inc
Nestled in the vibrant tech hub of Carpinteria, California, Procore Technologies Inc. has carved a niche in the digital world by revolutionizing how construction projects are managed. Founded in 2002, the company emerged from a fundamental need to simplify the complex, multifaceted processes inherent in the construction industry. The CEO and vision bearer, Tooey Courtemanche, envisioned a cloud-based platform that would streamline communication and collaboration among stakeholders on a construction site—from architects and project managers to contractors and suppliers. The result was Procore's innovative suite of software solutions that provide a unified platform for project management, financial management, and quality and safety management, ensuring projects are completed on time, within budget, and with stringent adherence to safety standards.
Procore’s business model is centered on a subscription-based revenue stream, offering its platform to clients on an annual or multiyear subscription basis. The company attracts a diverse clientele, ranging from small contractors to some of the largest construction firms globally, who are drawn to its ability to integrate different facets of project management into a single, seamless system. The platform’s ability to foster efficiency, reduce costly delays, and improve collaboration and transparency in real-time translates into valuable efficiencies and cost savings for their clients. Furthermore, Procore continuously expands its ecosystem through the Procore App Marketplace, hosting integrations with other software systems, thus adding layers of usability and flexibility to its offerings, and solidifying its role as an indispensable partner in the construction industry's digital transformation.
Nestled in the vibrant tech hub of Carpinteria, California, Procore Technologies Inc. has carved a niche in the digital world by revolutionizing how construction projects are managed. Founded in 2002, the company emerged from a fundamental need to simplify the complex, multifaceted processes inherent in the construction industry. The CEO and vision bearer, Tooey Courtemanche, envisioned a cloud-based platform that would streamline communication and collaboration among stakeholders on a construction site—from architects and project managers to contractors and suppliers. The result was Procore's innovative suite of software solutions that provide a unified platform for project management, financial management, and quality and safety management, ensuring projects are completed on time, within budget, and with stringent adherence to safety standards.
Procore’s business model is centered on a subscription-based revenue stream, offering its platform to clients on an annual or multiyear subscription basis. The company attracts a diverse clientele, ranging from small contractors to some of the largest construction firms globally, who are drawn to its ability to integrate different facets of project management into a single, seamless system. The platform’s ability to foster efficiency, reduce costly delays, and improve collaboration and transparency in real-time translates into valuable efficiencies and cost savings for their clients. Furthermore, Procore continuously expands its ecosystem through the Procore App Marketplace, hosting integrations with other software systems, thus adding layers of usability and flexibility to its offerings, and solidifying its role as an indispensable partner in the construction industry's digital transformation.
Revenue Growth: Procore delivered Q4 revenue of $349 million, up 15.6% year-over-year, and achieved 15% revenue growth for the full year, exceeding the high end of guidance.
Margin Expansion: Non-GAAP operating margin grew to 14% for the year, a 400 basis point increase, and Q4 margin was 15%. Management guided for further margin expansion in 2026.
Free Cash Flow: Q4 saw record free cash flow of $90 million, bringing the full year to $215 million (up 69% YoY, 16% margin), and 19% free cash flow margin is guided for 2026.
AI Momentum: Management highlighted strong early adoption of Procore AI, with nearly 66,000 unique active AI users and 700 customer organizations, and sees meaningful future monetization opportunity.
Customer Wins: Continued success in landing large enterprise customers, including notable ENR 400 deals and expansions with international and owner customers; total $100,000+ ARR customers now over 2,700.
Positive Outlook: Q1 2026 revenue guidance is $351–353 million (13–14% YoY growth), and full-year 2026 revenue guidance is $1.489–1.494 billion (13% YoY growth), with margin expansion expected.
