Procore Technologies (PCOR) Q4 2025 earnings summary

Executive summary

• Achieved 15% revenue growth and 14% non-GAAP operating margin for FY25, with Q4 results exceeding guidance despite a challenging construction environment.

• CEO emphasized a unique position to lead in AI-driven construction software, highlighting strong customer relationships and operational efficiency.

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

• FedRAMP Moderate authorization achieved, unlocking new opportunities in the government sector.

• Acquisition of Datagrid accelerates AI strategy, enabling advanced reasoning and integration with third-party systems.

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

• 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).

• Remaining performance obligations at year-end: $1.59 billion, up 24% year-over-year.

Outlook and guidance

• FY26 revenue guidance: $1.489–$1.494 billion (13% year-over-year growth).

• FY26 non-GAAP operating margin expected at 17.5%–18% (340–390 bps expansion); free cash flow margin guided at 19% (270 bps expansion).

• Q1 FY26 revenue expected between $351–$353 million (13–14% growth); non-GAAP operating margin 14–15%.