Free cash flow margins have improved to 20.5% in 2026Q1, supported by a low capital intensity model with a CapEx-to-revenue ratio of only 0.8%.
| Cash from Operations | 309.6M | 298.87M | 196.17M | 92.02M | 12.61M | 36.73M | 21.85M | -7M | -21.1M | -24.66M |
| Operating CF Margin % | - | 22.6% | 17.03% | 9.69% | 1.75% | 7.13% | 5.46% | -2.42% | -11.32% | -21.97% |
| Operating CF Growth % | 384.8% | 52.35% | 113.2% | 629.81% | -65.67% | 68.08% | 412.01% | 66.81% | 14.42% | - |
| Net Income | -76.89M | -100.78M | -105.96M | -189.69M | -286.93M | -265.17M | -96.17M | -83.11M | -56.67M | -55.54M |
| Depreciation & Amortization | 83.72M | 110.58M | 89.75M | 71.63M | 63.04M | 36.38M | 25.99M | 14.88M | 8.25M | 5.48M |
| Stock-Based Compensation | 190.15M | 238.43M | 186.88M | 174.84M | 162.89M | 227.16M | 43.96M | 19.24M | 7.49M | 3.43M |
| Deferred Taxes | -9.04M | -6.82M | -881K | -769K | -283K | -24.49M | -1.31M | 684K | 182K | 1.31M |
| Other Non-Cash Items | 78.45M | -1M | 2.14M | 12.61M | 12.22M | 8.81M | 46.74M | 4.46M | 7.21M | 5.5M |
| Working Capital Changes | 34.11M | 58.48M | 24.23M | 23.41M | 61.68M | 53.95M | 2.64M | 36.84M | 12.43M | 15.15M |
| Change in Receivables | -22.26M | -39.82M | -39.5M | -57.49M | -35.82M | -34.18M | -20.07M | -19.61M | -15.37M | -11.76M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.45M | -793K | -3.74M |
| Change in Payables | -3.99M | -8.17M | 19.73M | -938K | 459K | 3.95M | 724K | 805K | 319K | 2.91M |
| Cash from Investing | -62.01M | -70.5M | -150.11M | -76.06M | -340.48M | -541.77M | -33.51M | -66.69M | -23.96M | -9.12M |
| Capital Expenditures | -14.07M | -83.76M | -19.14M | -10.32M | -49.43M | -27.63M | -18.97M | -27.99M | -21.83M | -9.12M |
| CapEx % of Revenue | 1.03% | 6.33% | 1.66% | 1.09% | 6.86% | 5.37% | 4.74% | 9.68% | 11.71% | 8.12% |
| Acquisitions | -159.16M | -45.05M | -3.79M | -7.83M | -3.87M | -509.84M | -14.54M | -38.7M | -2.13M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 53.55M | 0 | -73.87M | -32.41M | 357K | -4.3M | 0 | 0 | 0 | 0 |
| Cash from Financing | -160.84M | -177.5M | 36.24M | 41.16M | 38.65M | 711.83M | 272.12M | 92.76M | 78.15M | 715K |
| Debt Issued (Net) | -1.67M | -1.64M | -2.02M | -1.85M | -1.71M | -1.51M | -1.34M | -1.13M | 312K | -345K |
| Equity Issued (Net) | 7.02M | -90.7M | 39.81M | 43.02M | 22.09M | 708.22M | 276.01M | 96.69M | 77.99M | 1.06M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -28.81M | -128.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -166.18M | -85.17M | -1.55M | 0 | 18.26M | 5.12M | -2.56M | -2.81M | -156K | 0 |
| Net Change in Cash | 79.17M | 42.96M | 79.93M | 57.97M | -289.4M | 205.96M | 261.43M | 19.01M | 32.8M | -33.06M |
| Free Cash Flow | 274.84M | 215.11M | 177.03M | 47.01M | -36.82M | 9.1M | 2.89M | -34.99M | -42.94M | -33.78M |
| FCF Margin % | 20.04% | 16.27% | 15.37% | 4.95% | -5.11% | 1.77% | 0.72% | -12.1% | -23.03% | -30.09% |
| FCF Growth % | 108.29% | 21.51% | 276.62% | 227.65% | -504.68% | 215.17% | 108.25% | 18.5% | -27.11% | - |
| FCF per Share | 1.82 | 1.43 | 1.20 | 0.33 | -0.27 | 0.07 | 0.02 | -0.34 | -0.38 | -0.29 |
| FCF Conversion (FCF/Net Income) | -3.57x | -2.97x | -1.85x | -0.49x | -0.04x | -0.14x | -0.23x | 0.08x | 0.37x | 0.44x |
| Interest Paid | 17K | 0 | 25K | 4K | 94K | 186K | 150K | 149K | 23K | 13K |
| Taxes Paid | 3.13M | 0 | 2.67M | 859K | 700K | 419K | 32K | 310K | 137K | 8K |
Construction cycle volume sensitivity
According to recent quarterly filings, Procore consistently generates positive operating cash flow despite reporting net losses, with the company recording $76.8M in operating cash flow against a $9.1M net loss in 2026Q1, highlighting a significant divergence between GAAP accounting and actual cash generation capabilities.
The persistent gap between net income and operating cash flow suggests that non-cash expenses, particularly stock-based compensation, are playing a substantial role in reconciling the company's financial performance. Investors should monitor whether this cash-generative capacity can be sustained as the company attempts to transition toward GAAP profitability.
As reported in financial statements, Procore's free cash flow margin has demonstrated a notable upward trend, reaching 20.5% in 2026Q1 compared to 11.1% in 2023Q4, which indicates an improving ability to convert top-line revenue into discretionary cash despite the company's ongoing investment in market share.
This trajectory suggests that the underlying subscription model is becoming more efficient as the platform scales. However, the volatility in quarterly FCF margins warrants further investigation into whether this improvement is driven by sustainable operational leverage or temporary fluctuations in billing cycles.
Based on the company's reported figures, capital expenditures remain minimal relative to revenue, with the CapEx-to-revenue ratio declining from 4.5% in 2023Q4 to just 0.8% in 2026Q1, reflecting a business model that requires very little physical infrastructure to support its software-as-a-service platform.
The low capital intensity appears to be a structural advantage that allows the company to direct the vast majority of its cash flow toward sales, marketing, and product development. This lean asset profile may provide the company with greater flexibility to navigate potential downturns in the construction sector.
As disclosed in recent SEC filings, Procore's reliance on stock-based compensation remains high, with the company issuing $78.4M in equity-based awards during 2025Q4, a figure that significantly exceeds the company's net losses and complicates the assessment of true economic profitability for equity holders.
The heavy use of equity to compensate talent effectively shifts the cost of operations from the income statement to the balance sheet via dilution. Investors should consider whether this practice is sustainable in the long term or if it may eventually face pressure as the company matures.
Quick answers to the most common questions about buying PCOR stock.
Procore Technologies, Inc. (PCOR) generated $298.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Procore Technologies, Inc. (PCOR) generated $215.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Procore Technologies, Inc. (PCOR) spent $83.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Procore Technologies, Inc. (PCOR) spent $128.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.