PCOR · Procore Technologies, Inc.

Procore’s Q1 2026 results reflect robust top-line growth and accelerating profitability trends, with revenue rising 16% YoY to $359 million — exceeding the high end of prior guidance. Management attributed this outperformance to sustained demand for its flagship construction management platform and progress in scaling agentic AI capabilities, including the newly announced integration with NVIDIA Omniverse DSX Blueprint. Gross margin expansion — 80% GAAP and 84% Non-GAAP — reflects continued pricing power and infrastructure efficiency, while the 17% Non-GAAP operating margin signals meaningful operating leverage. The company strengthened its balance sheet discipline by generating $56 million in free cash flow (+20% YoY) and executing $100 million in share repurchases, reducing diluted share count slightly despite overall growth in weighted-average shares outstanding. Customer health metrics remain resilient: 95% gross revenue retention and 16% YoY growth in $100K+ ARR organic customers confirm durable expansion within the core customer base. Forward-looking guidance was raised across all key metrics — notably, full-year revenue now targets $1.499–$1.503 billion (13.6% growth at the high end) and free cash flow margin is expected to reach 19%, underscoring confidence in sustained execution and margin progression. The appointment of AI expert Vishal Misra to the Board further anchors Procore’s strategic commitment to AI-driven product evolution, positioning it to capture increasing value from automation in construction workflows.