Revenue growth has decelerated from 28.7% in 2023Q4 to 15.7% in 2026Q1, even as the company maintains a consistent gross margin profile near 80%.
| Sales/Revenue | 1.37B | 1.32B | 1.15B | 950.01M | 720.2M | 514.82M | 400.29M | 289.19M | 186.4M | 112.25M |
| Revenue Growth % | 14.94% | 14.83% | 21.23% | 31.91% | 39.89% | 28.61% | 38.42% | 55.15% | 66.05% | - |
| Cost of Goods Sold | 279.78M | 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 | 1.09B | 1.04B | 946.1M | 775.55M | 571.79M | 416.51M | 328.63M | 236.03M | 149M | 86.9M |
| Gross Margin % | 79.6% | 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 | 1.19B | 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 | 837.2M | 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 | 358.98M | 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 | -97.36M | -117.77M | -136.42M | -215.68M | -290.45M | -285.93M | -58.53M | -82.62M | -55.04M | -55.13M |
| Operating Margin % | -7.1% | -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 | 15.53M | -7.19M | -46.67M | -144.04M | -227.41M | -249.55M | -32.54M | -67.74M | -46.79M | -49.65M |
| EBITDA Margin % | 1.13% | -0.54% | -4.05% | -15.16% | -31.58% | -48.47% | -8.13% | -23.42% | -25.1% | -44.23% |
| EBITDA Growth % | 127.15% | 84.59% | 67.6% | 36.66% | 8.87% | -667% | 51.97% | -44.78% | 5.75% | - |
| D&A (Non-Cash Add-back) | 112.89M | 110.58M | 89.75M | 71.63M | 63.04M | 36.38M | 25.99M | 14.88M | 8.25M | 5.48M |
| EBIT | -75.94M | -92.83M | -102.28M | -186.46M | -284.33M | -286.6M | -94.81M | -82.11M | -55.03M | -55.15M |
| Net Interest Income | 20.15M | 28.05M | 21.8M | 17.82M | 3.69M | -2.15M | -2.06M | -930K | -1.39M | -157K |
| Interest Income | 22.19M | 29.21M | 23.69M | 19.78M | 5.83M | 175K | 293K | 0 | 0 | 0 |
| Interest Expense | 1.77M | 1.15M | 1.9M | 1.96M | 2.13M | 2.33M | 2.35M | 930K | 1.39M | 157K |
| Other Income/Expense | 24.08M | 23.79M | 32.24M | 27.26M | 3.99M | -3M | -38.63M | -412K | -1.38M | -174K |
| Pretax Income | -77.26M | -93.98M | -104.18M | -188.42M | -286.46M | -288.92M | -97.16M | -83.04M | -56.42M | -55.3M |
| Pretax Margin % | -5.63% | -7.11% | -9.05% | -19.83% | -39.78% | -56.12% | -24.27% | -28.71% | -30.27% | -49.27% |
| Income Tax | -372K | 6.8M | 1.77M | 1.27M | 466K | -23.76M | -993K | 71K | 250K | 238K |
| Effective Tax Rate % | 0.48% | -7.24% | -1.7% | -0.68% | -0.16% | 8.22% | 1.02% | -0.09% | -0.44% | -0.43% |
| Net Income | -76.89M | -100.78M | -105.96M | -189.69M | -286.93M | -265.17M | -96.17M | -83.11M | -56.67M | -55.54M |
| Net Margin % | -5.61% | -7.62% | -9.2% | -19.97% | -39.84% | -51.51% | -24.02% | -28.74% | -30.4% | -49.48% |
| Net Income Growth % | 39.92% | 4.88% | 44.14% | 33.89% | -8.21% | -175.73% | -15.71% | -46.65% | -2.04% | - |
| Net Income (Continuing) | -76.89M | -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) | -0.51 | -0.67 | -0.72 | -1.34 | -2.10 | -1.98 | -0.82 | -0.80 | -0.51 | -0.47 |
| EPS Growth % | 40.83% | 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 | 150.95M | 150.25M | 147.44M | 141.96M | 136.53M | 134.05M | 117.73M | 104.33M | 111.65M | 117.73M |
| Basic Shares Outstanding | 150.95M | 150.25M | 147.44M | 141.96M | 136.53M | 134.05M | 117.73M | 104.33M | 111.65M | 117.73M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Construction cycle volume sensitivity
As indicated by the company's recent financial disclosures, Procore's year-over-year revenue growth has decelerated from 28.7% in 2023Q4 to 15.7% by 2026Q1, suggesting that the initial rapid market penetration phase is maturing as the firm faces broader headwinds in the commercial construction sector.
The consistent decline in quarterly growth rates implies that the company is finding it increasingly difficult to maintain its historical expansion pace within its core General Contractor segment. Investors should monitor whether this deceleration reflects a saturation of the primary market or a cyclical sensitivity to project starts that may persist in the current interest rate environment.
Based on the provided income statement data, Procore has maintained a robust gross margin profile, consistently hovering near 80% over the last ten quarters, which suggests that the underlying software-as-a-service delivery model remains highly efficient despite the company's aggressive pursuit of new user acquisition.
This structural margin strength indicates that the platform's cloud-based architecture is successfully absorbing increased user volume without a proportional rise in marginal costs. However, the slight compression from 83.1% in 2024Q2 to 80.1% in 2026Q1 warrants investigation into whether increased customer support requirements or cloud hosting expenses are beginning to exert downward pressure on profitability.
According to the reported financial figures, Procore's operating income remains negative, with the company spending heavily on SG&A, which reached $217.9M in 2026Q1, indicating that the firm has yet to achieve the necessary scale to decouple top-line growth from its substantial operating expense base.
The lack of clear operating leverage suggests that management continues to prioritize market share capture over immediate GAAP profitability. While the operating margin improved to -3.3% in the most recent quarter, the persistent reliance on high SG&A spending implies that the path to sustainable profitability may be longer than some market participants anticipate.
As reported in the quarterly filings, Procore's reliance on stock-based compensation, which reached $78.4M in 2025Q4, significantly obscures the true economic cost of operations and creates a persistent headwind for shareholders through ongoing equity dilution that complicates the path to GAAP break-even.
The substantial gap between GAAP net income and the company's non-GAAP narratives suggests that investors should be cautious regarding the quality of earnings. The periodic spikes in SBC expenses appear to be a primary tool for talent retention, which may continue to suppress EPS growth even if the company achieves its operational targets.
Based on recent strategic shifts, the company's move into Procore Pay introduces transactional revenue streams that carry inherent credit and operational risks, potentially challenging the market's perception of Procore as a low-risk, high-margin software entity if these new products fail to scale efficiently.
While these initiatives aim to expand the total addressable market, they represent a departure from the predictable subscription-based model that has historically supported the company's valuation. Investors should monitor whether these fintech-adjacent ventures introduce unexpected volatility into the income statement that could undermine the stability of the core software business.
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.