Procore Technologies (PCOR) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 15% year-over-year to $339 million, with strong operating leverage, improved non-GAAP operating margins at 17%, and a 95% gross revenue retention rate.

• Large deal activity accelerated, with six and seven-figure deals up 31% year-over-year and over 2,600 customers above $100,000 ARR.

• Ajay (Ajei) Gopal appointed as the new CEO, effective November 10, bringing extensive global technology leadership experience.

• The company surpassed $1 trillion in annual construction volume contracted on its platform.

• Despite macro headwinds in construction, the business continues to outpace the market and expand its customer base.

Financial highlights

• Q3 revenue reached $339 million, up 15% year-over-year, with 77% of growth from existing customers and 23% from new customers.

• Q3 2025 GAAP gross margin was 80%; non-GAAP gross margin was 84%.

• Non-GAAP operating income was $59 million, with a 17% non-GAAP operating margin, up from 9% in Q3 2024.

• GAAP net loss for Q3 2025 was $9.1 million, a significant improvement from $26.4 million in Q3 2024.

• Remaining performance obligations rose 31% year-over-year to $1.41 billion.

Outlook and guidance

• Q4 2025 revenue expected between $339 million and $341 million, representing 12%-13% year-over-year growth; non-GAAP operating margin expected at 14.4%.

• Full-year 2025 revenue guidance raised to $1.312-$1.314 billion, up 14% year-over-year; non-GAAP operating margin guidance raised to 14%.

• Fiscal 2026 guidance to be provided after new CEO onboarding.

• Management expects continued investment in sales, marketing, and R&D to drive long-term growth.

• The company believes its liquidity is sufficient to meet operational needs for at least the next 12 months.