Gross margin has held in a narrow 79.1% to 83.1% band over ten quarters while operating margin improved from -21.9% in 2024Q4 to -1.8% in 2026Q3, though SG&A still consumes roughly 55% of revenue, suggesting operating leverage remains elusive.
Procore Technologies, Inc. (PCOR) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 1.49B | 1.32B | 1.15B | 950.01M | 720.2M | 514.82M | 400.29M | 289.19M | 186.4M | 112.25M |
| Revenue Growth % | 16.5% | 14.83% | 21.23% | 31.91% | 39.89% | 28.61% | 38.42% | 55.15% | 66.05% | - |
| Cost of Goods Sold | 297.39M | 285.16M | 205.61M | 174.46M | 148.42M | 98.31M | 71.66M | 53.17M | 37.4M | 25.35M |
| COGS % of Revenue | - | 21.56% | 17.85% | 18.36% | 20.61% | 19.1% | 17.9% | 18.38% | 20.07% | 22.59% |
| Gross Profit | 1.19B | 1.04B | 946.1M | 775.55M | 571.79M | 416.51M | 328.63M | 236.03M | 149M | 86.9M |
| Gross Margin % | 79.99% | 78.44% | 82.15% | 81.64% | 79.39% | 80.9% | 82.1% | 81.62% | 79.93% | 77.41% |
| Gross Profit Growth % | - | 9.64% | 21.99% | 35.64% | 37.28% | 26.74% | 39.23% | 58.41% | 71.46% | - |
| Operating Expenses | 1.24B | 1.16B | 1.08B | 991.23M | 862.24M | 702.44M | 387.16M | 318.65M | 204.04M | 142.03M |
| OpEx % of Revenue | - | 87.34% | 93.99% | 104.34% | 119.72% | 136.44% | 96.72% | 110.19% | 109.46% | 126.53% |
| Selling, General & Admin | 861.25M | 813.65M | 769.53M | 690.65M | 591.26M | 465.15M | 262.5M | 231.63M | 148.09M | 102.26M |
| SG&A % of Revenue | - | 61.52% | 66.82% | 72.7% | 82.1% | 90.35% | 65.58% | 80.09% | 79.45% | 91.1% |
| Research & Development | 378.64M | 356.64M | 312.99M | 300.57M | 270.98M | 237.29M | 124.66M | 87.02M | 55.95M | 39.76M |
| R&D % of Revenue | - | 26.97% | 27.18% | 31.64% | 37.63% | 46.09% | 31.14% | 30.09% | 30.02% | 35.42% |
| Other Operating Expenses | -1000K | -15.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -48.63M | -117.77M | -136.42M | -215.68M | -290.45M | -285.93M | -58.53M | -82.62M | -55.04M | -55.13M |
| Operating Margin % | -3.27% | -8.9% | -11.85% | -22.7% | -40.33% | -55.54% | -14.62% | -28.57% | -29.53% | -49.11% |
| Operating Income Growth % | - | 13.68% | 36.75% | 25.74% | -1.58% | -388.51% | 29.16% | -50.11% | 0.15% | - |
| EBITDA | 72.15M | -7.19M | -46.67M | -144.04M | -227.41M | -249.55M | -32.54M | -67.74M | -46.79M | -49.65M |
| EBITDA Margin % | 4.86% | -0.54% | -4.05% | -15.16% | -31.58% | -48.47% | -8.13% | -23.42% | -25.1% | -44.23% |
| EBITDA Growth % | 280.94% | 84.59% | 67.6% | 36.66% | 8.87% | -667% | 51.97% | -44.78% | 5.75% | - |
| D&A (Non-Cash Add-back) | 120.78M | 110.58M | 89.75M | 71.63M | 63.04M | 36.38M | 25.99M | 14.88M | 8.25M | 5.48M |
| EBIT | -47.57M | -92.83M | -102.28M | -186.46M | -284.33M | -286.6M | -94.81M | -82.11M | -55.03M | -55.15M |
| Net Interest Income | 19M | 28.05M | 21.8M | 17.82M | 3.69M | -2.15M | -2.06M | -930K | -1.39M | -157K |
| Interest Income | 24.34M | 29.21M | 23.69M | 19.78M | 5.83M | 175K | 293K | 0 | 0 | 0 |
| Interest Expense | 5.34M | 1.15M | 1.9M | 1.96M | 2.13M | 2.33M | 2.35M | 930K | 1.39M | 157K |
| Other Income/Expense | 12.97M | 23.79M | 32.24M | 27.26M | 3.99M | -3M | -38.63M | -412K | -1.38M | -174K |
| Pretax Income | -35.66M | -93.98M | -104.18M | -188.42M | -286.46M | -288.92M | -97.16M | -83.04M | -56.42M | -55.3M |
| Pretax Margin % | -2.4% | -7.11% | -9.05% | -19.83% | -39.78% | -56.12% | -24.27% | -28.71% | -30.27% | -49.27% |
| Income Tax | -1.3M | 6.8M | 1.77M | 1.27M | 466K | -23.76M | -993K | 71K | 250K | 238K |
| Effective Tax Rate % | 3.64% | -7.24% | -1.7% | -0.68% | -0.16% | 8.22% | 1.02% | -0.09% | -0.44% | -0.43% |
| Net Income | -34.37M | -100.78M | -105.96M | -189.69M | -286.93M | -265.17M | -96.17M | -83.11M | -56.67M | -55.54M |
| Net Margin % | -2.31% | -7.62% | -9.2% | -19.97% | -39.84% | -51.51% | -24.02% | -28.74% | -30.4% | -49.48% |
| Net Income Growth % | 72.61% | 4.88% | 44.14% | 33.89% | -8.21% | -175.73% | -15.71% | -46.65% | -2.04% | - |
| Net Income (Continuing) | -34.37M | -100.78M | -105.96M | -189.69M | -286.93M | -265.17M | -96.17M | -83.11M | -56.67M | -55.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.23 | -0.67 | -0.72 | -1.34 | -2.10 | -1.98 | -0.82 | -0.80 | -0.51 | -0.47 |
| EPS Growth % | 72.64% | 6.94% | 46.27% | 36.19% | -6.06% | -141.46% | -2.5% | -56.86% | -8.51% | - |
| EPS (Basic) | - | -0.67 | -0.72 | -1.34 | -2.10 | -1.98 | -0.82 | -0.80 | -0.51 | -0.47 |
| Diluted Shares Outstanding | 150.38M | 150.25M | 147.44M | 141.96M | 136.53M | 134.05M | 117.73M | 104.33M | 111.65M | 117.73M |
| Basic Shares Outstanding | 150.38M | 150.25M | 147.44M | 141.96M | 136.53M | 134.05M | 117.73M | 104.33M | 111.65M | 117.73M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PCOR stock.
For fiscal year 2025, Procore Technologies, Inc. (PCOR) reported total revenue of $1.32B. This represents a 1078.2% increase compared to $112.3M in 2017.
Procore Technologies, Inc. (PCOR) reported a net loss of $100.8M for the fiscal year ending 2025.
Procore Technologies, Inc. (PCOR) reported an operating income of $-117.8M, resulting in an operating profit margin of -8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Procore Technologies, Inc. (PCOR) generated $1.04B in gross profit for the year, representing a gross profit margin of 78.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent GAAP losses and dilution
Metrics are mathematically derived from official filings.
Revenue Growth Moderating from Peak
As reported in the quarterly income statements, Procore's revenue growth slowed from 24.4% in Q2 2024 to 15.8% in Q2 2026, with Q3 2026 revenue of $402.3M reflecting continued top-line expansion despite the deceleration trend.
The steady compression in year-over-year growth suggests the company is maturing within its core General Contractor base, where land-and-expand dynamics are becoming harder to sustain at earlier rates. The mid-teens growth rate appears durable, but it is insufficient to drive rapid operating leverage given the current cost base. Investors should monitor whether the sequential revenue increments hold up as Gross Construction Volume growth in commercial markets remains sensitive to financing conditions.
Operating Leverage Remains Elusive
Based on Procore's reported figures, operating income swung from a $66.2M loss in Q4 2024 to a $7.2M loss in Q3 2026, with SG&A consuming roughly 55% of revenue in the latest quarter.
The narrowing of operating losses indicates some progress in cost discipline, yet SG&A intensity remains high relative to gross profit, which limits the conversion of gross margin into operating profit. Operating income is improving, but not clearly scaling faster than gross profit on a sustained basis. This pattern suggests that margin expansion depends heavily on continued sales efficiency rather than automatic scale benefits.
Net Income Shaped by Stock Compensation
According to the reported income statements, stock-based compensation of $58.6M in Q3 2026 exceeded the operating loss of $7.2M, indicating that equity compensation materially shapes the gap between GAAP and operating performance.
The recurring magnitude of stock-based compensation relative to operating results suggests that reported earnings quality depends on how much equity-based pay is treated as an economic cost. Net income has swung between profit and loss across the period, and EPS volatility appears partly tied to these non-cash charges. Investors should model dilution alongside reported EPS to assess the true cost of the compensation structure.
Gross Margin Stable Near 80 Percent
Per the reported quarterly data, Procore's gross margin has held in a narrow band between 79.1% and 83.1% over the ten quarters, with the latest reading of 80.4% in Q3 2026 supporting a subscription-style cost structure.
The stability of gross margin suggests limited pricing pressure and a low marginal cost of serving additional users under the unlimited seat model. The gradual drift downward from the 2024 peak may reflect rising hosting or support costs as the platform scales. Sustained margins near 80% are consistent with enterprise software economics, but the trend warrants monitoring for signs of compression.
Persistent Losses and Dilution Risk
Based on reported figures, Procore has recorded GAAP operating losses in most quarters, with stock-based compensation remaining near or above $50M per quarter, which may suggest that growth is partially funded through equity dilution.
The bear case centers on whether the company can reach durable GAAP profitability before equity-based compensation erodes per-share value. Revenue growth in the mid-teens combined with SBC equal to a large share of revenue may indicate that the business model has not yet demonstrated self-sustaining economics. Investors should weigh whether the current growth rate justifies the dilution profile, particularly if construction volumes soften.