Procore Technologies (PCOR) investor relations material

Executive summary

• Achieved strong Q4 and FY25 results with 15% revenue growth, 14% non-GAAP operating margin, and record free cash flow, driven by customer expansion and product adoption.

• CEO emphasized leadership in AI, with the Datagrid acquisition accelerating strategy and enhancing data integration.

• Secured significant new ENR 400 customers, major international deals, and a notable customer win-back, demonstrating competitive strength.

• Positioned as a leader in construction management software, with AI and operational improvements as key growth levers.

Financial highlights

• Q4 revenue reached $349 million, up 16% year-over-year; full-year revenue was $1,323 million, up 15%.

• Q4 non-GAAP operating income was $52 million (15% margin); full-year free cash flow was $215 million, up 69% year-over-year, with a 16% margin.

• Q4 non-GAAP net income was $57.1 million (diluted EPS: $0.37); full-year non-GAAP net income was $210.2 million (diluted EPS: $1.36).

• Q4 GAAP gross margin was 80% (non-GAAP: 84%); Q4 GAAP operating margin was -12% (non-GAAP: 15%).

• $100,000+ ARR customers now exceed 2,700, with 115 customers spending over $1 million in ARR (34% year-over-year growth).

Outlook and guidance

• FY26 revenue expected between $1.489 billion and $1.494 billion, representing 13% year-over-year growth.

• Non-GAAP operating margin guidance for FY26 is 17.5%-18%, implying 340-390 basis points of margin expansion.

• Free cash flow margin for FY26 guided at 19%, a 270 basis point increase year-over-year.

• Q1 FY26 revenue expected between $351 million and $353 million (13%-14% growth), with non-GAAP operating margin of 14%-15%.