Research Reports

Q4 total revenue $349M, up 15.6% YoY (prepared); full-year revenue growth 15% (CEO)
Q4 non-GAAP operating income $52M, margin 15% (CFO); full-year non-GAAP operating margin 14%, up 400 bps YoY (CEO)
Q4 international revenue grew 14% YoY; constant-currency growth 15% (CFO)
Current RPO grew 22% YoY; current deferred revenue grew 18% YoY (CFO)
Free cash flow Q4 $90M (record quarter); full-year FCF $215M, 16% margin, 69% YoY growth (CFO)
Customers >$100k ARR totaled >2,700; >115 customers >$1M ARR, up 34% YoY (CFO)
Procore Pay ended with ~450 customers, >70% YoY growth (CFO)
Number of 6- and 7-figure deals grew 20% YoY (CFO)
Share count: weighted average diluted shares grew <1% in Q4; SBC 23% of revenue (incl. one-time charge tied to former CEO transition; ex-charge SBC would have been 16.6% of revenue, in line with Q3) (CFO)
Official guidance – Q1 2026: revenue $351M–$353M (13%–14% YoY growth); non-GAAP operating margin 14%–15% (CFO)
Official guidance – Full-year 2026: revenue $1.489B–$1.494B (13% YoY growth); non-GAAP operating margin 17.5%–18% (340–390 bps expansion YoY); free cash flow margin ~19% (270 bps expansion YoY) (CFO)

(CEO) “We believe AI stands to be an even more meaningful catalyst than any that we've seen before.”
(CEO) “The agent concluded that the column has been incorrectly coded, determined the required rework, automatically created the work order and notified the relevant stakeholders.”
(CEO) “This is not just a hypothetic possibility. This is a real-world example of Procore AI, turning a standard job site walk through into an autonomous resolution.”
(CFO) “Our Q4 and full year results demonstrate that we remain focused on delivering durable growth, margin expansion and modest share count growth in order to compound free cash flow per share.”
(CFO) “We are now formally guiding free cash flow margin on an annual basis. We expect free cash flow margin for the year to be 19%.”

Metric	Value	Speaker/Context
Q4 total revenue	$349M, +15.6% YoY	CFO
Full-year revenue growth	15%	CEO
Q4 non-GAAP operating income	$52M	CFO
Q4 non-GAAP operating margin	15%	CFO
Full-year non-GAAP operating margin	14% (400 bps expansion YoY)	CEO
Q4 international revenue growth	14% YoY (15% constant currency)	CFO
Current RPO growth	22% YoY	CFO
Current deferred revenue growth	18% YoY	CFO
Q4 free cash flow	$90M (record quarter)	CFO
Full-year free cash flow	$215M, 16% margin, 69% YoY growth	CFO
Customers >$100k ARR	>2,700	CFO
Customers >$1M ARR	>115, +34% YoY	CFO
Procore Pay customers	~450, >70% YoY growth	CFO
6- and 7-figure deal count growth	+20% YoY	CFO
SBC as % of revenue	23% (incl. one-time CEO transition charge; ex-charge would be 16.6%)	CFO
Q1 2026 revenue guidance	$351M–$353M, +13%–14% YoY	CFO
Full-year 2026 revenue guidance	$1.489B–$1.494B, +13% YoY	CFO
Full-year 2026 non-GAAP op. margin guidance	17.5%–18% (340–390 bps expansion)	CFO
Full-year 2026 FCF margin guidance	~19% (270 bps expansion)	CFO

Topic: AI客户采用、国际扩张、数据网格收购、ACV承诺趋势
Key points:
- AI方面：66,000名独立活跃用户使用Procore AI；约700个客户创建了数千个代理；客户偏向上市场。
- 国际业务：仍面临宏观挑战，但团队模式正确，技术专家等举措已见成效；长期机会不变。
- ACV承诺：上季度突破1万亿美元后，Q4继续增长，体现份额提升。
- 数据网格：帮助将Procore以外的数据（其他点方案、其他系统）接入，以增强AI能力。
Mgmt stance: 乐观（AI采用势头强劲，国际长期有信心，ACV增长验证份额提升）

Topic: AI变现策略、2026年资源配置与利润率扩张
Key points:
- AI变现：先建立客户ROI（如节省工时、应对劳动力短缺）；计划将AI纳入新套餐/捆绑销售，部分采用消耗计费模式；将试验并迭代。
- 2026年资源：已具备足够销售能力（2025年为投资年），新增研发主要投向低成本地区；AI内部应用将进一步带来运营杠杆。
- 利润率扩张：2026年指引约400个基点利润率改善，尽管头寸增长约5%（研发为主）。
Mgmt stance: 乐观（AI变现路径清晰，资源充足，杠杆可持续）

Topic: 2026年指引哲学与增长/利润关系
Key points:
- 指引哲学无变化：与2025财年的节奏和风格一致。
- 未对增长与利润率关系做根本性调整（管理层未给出具体数字对比或趋势反转）。
Mgmt stance: 中性（重申既有指引框架，无额外细节）

Topic: 业主细分市场趋势、网络效应、FedRAMP认证影响
Key points:
- 业主跨多个垂直领域，如数据中心建设支出大增；业主价值主张包括投资组合管理和跨GC协调。
- 网络效应：业主强制采用Procore，带动GC和分包商采用，形成深度用户粘性。
- FedRAMP认证：解锁联邦政府增量机会，此前无法触及。
Mgmt stance: 乐观（业主需求多样化，网络效应强化，FedRAMP打开新市场）