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What factors drove the changes in Procore's revenue and profit?

Did Procore beat or miss consensus estimates last quarter?

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What does Procore do and what are its main business segments?

- **Revenue Growth**: 15.6% YoY in Q4, driven by U.S. GC wins and AI adoption. 
- **AI Success**: 66,000 active users, 700 customers creating agents, saving 27k labor hours annually. 
- **Financial Strength**: $215M free cash flow (69% YoY growth), 2026 guidance for 13% revenue and 19% free cash flow margin. 
- **Strategic Moves**: Datagrid acquisition accelerates AI, FedRAMP unlocks federal growth, and data centers position for AI-driven construction expansion.

**【CEO Summary Section】**
- Procore achieved 15.6% year-over-year revenue growth in Q4 2025, driven by strong execution across U.S. general contractors (GCs) and owners. Key wins included displacing incumbents and win-backs, such as a $100k+ ARR expansion with a Georgia-based GC. AI adoption reached 66,000 active users, with 700 customers creating thousands of agents. The Datagrid acquisition enhanced multimodal reasoning capabilities, enabling real-world efficiency gains like 27,000 labor hours saved annually.

**【CFO Financial Commentary】**
- Q4 2025 revenue was $349 million, up 15.6% YoY, with non-GAAP operating margin at 15%. Full-year free cash flow grew 69% to $215 million. Fiscal 2026 guidance includes 13% revenue growth and 17.5-18% operating margin, with free cash flow margin targeting 19%. Contract duration normalization aligns cRPO growth with revenue, expected to stabilize in H2 2026.

**【Q&A Highlights】**
- **AI Adoption**: 66,000 users and 700 customers highlight strong AI momentum, with examples like Haskell's 6-month expansion to multiple projects. **Competitive Strength**: 34% YoY growth in $1M+ ARR customers underscores win rates. **International Growth**: FedRAMP certification unlocks U.S. federal opportunities, while data centers (2% of U.S. construction) present long-term AI-driven growth. **Monetization**: AI monetization will balance ROI sharing and consumption models, with initial focus on incremental upside.

Procore Technologies, Inc. (PCOR) Q4 2025 Earnings Call Transcript

- **Revenue Resilience**: 14.5% YoY growth despite a 27-point decline in U.S. construction growth, outperforming the market by 16.5 percentage points.
- **Margin Expansion**: Non-GAAP operating margin improved 380 basis points QoQ to 17%, with plans for further profitability gains.
- **Strategic Win**: $10 billion hyperscale data center deal highlights cross-sell success and expansion into high-growth sectors.
- **Leadership Transition**: Ajei Gopal's proven track record at ANSYS positions Procore for future growth under his leadership.
- **AI Innovation**: Launch of Agentic and resource management tools (labor, equipment, materials) drives customer differentiation.

**【CEO Summary Section】**
- **Q3 2025 Performance**: Revenue grew 14.5% YoY, non-GAAP operating margin reached 17%, and large deals (> $100k ARR) increased 31% YoY. The company surpassed $1 trillion in annual construction volume on its platform.
- **Leadership Transition**: Ajei Gopal, former CEO of ANSYS, will succeed Craig Courtemanche as CEO on November 10. Courtemanche emphasized Gopal's operational expertise and alignment with Procore's mission.
- **Market Resilience**: Despite a 27-point decline in U.S. nonresidential construction growth over two years, Procore outperformed the market by 16.5 percentage points in Q3.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 revenue of $339 million, non-GAAP EPS of $1.08, and free cash flow focus with a new $300 million stock buyback program.
- **Margin Expansion**: Non-GAAP operating margin improved 380 basis points QoQ, driven by cost control and longer-term contracts.
- **Outlook**: Q4 2025 revenue guidance of $339-341 million (12-13% YoY growth), with full-year non-GAAP operating margin at 14%.

**【Q&A Key Highlights】**
- **Macro Environment**: Construction industry remains cyclical, but Procore's go-to-market model and platform differentiation enable market share gains.
- **Data Center Growth**: Procore signed a $10 billion hyperscale data center deal, reflecting strength in cross-sell and expansion.
- **Customer Retention**: 17% YoY growth in current RPO, driven by longer-term contracts and pooled models offering flexibility.
- **AI and Innovation**: Groundbreak 2025 showcased AI-driven tools like Agentic, with customers expressing excitement over Procore's data advantage.
- **Leadership Transition**: Gopal's first 100 days will focus on onboarding and strategic planning, with no immediate changes to the go-to-market strategy.

Procore Technologies, Inc. (PCOR) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 14% YoY to $324M, driven by 21% YoY large deal growth and 70-30 cross-sell/volume split. 
- **AI Innovation**: Procore Helix with Assist, Agent Builder, and Developer Studio launched, with agents reducing manual tasks by hours. 
- **Customer Wins**: Key wins with Clayco (full platform adoption), Hit Contracting (AI-driven expansion), and a Fortune 150 utility. 
- **Financial Performance**: Non-GAAP margin 13% (300bps QoQ improvement), FY25 revenue raised to $1.299-1.302B. 
- **Strategy**: FedRAMP expansion, 25% free cash flow margin target, and flexible pricing models for owners. 
- **Q3 Guidance**: $326-328M (10-11% YoY), with Rule of 40 improvement driven by profitability.

**【CEO Summary Section】**
- Q2 revenue grew 14% YoY to $324 million, driven by strong large deal activity (6- and 7-figure deals up 21% YoY) and cross-sell expansion (70-30 split vs historical 80-20). 
- Introduced Procore Helix AI platform with features like Assist (formerly CoPilot), Agent Builder for custom workflows, and Developer Studio for cross-platform integrations. 
- Highlighted customer wins including Clayco (replaced incumbent with full platform adoption), Hit Contracting (expanded ACV due to AI-driven efficiency), and a Fortune 150 utility company (replaced legacy system). 
- Emphasized go-to-market transition progress, with sellers focused on long-term partnerships rather than transactions. 
- Announced FedRAMP in-process designation, expanding federal market access. 

**【CFO Financial Commentary】**
- Q2 non-GAAP operating margin improved 300bps QoQ to 13%, with full-year guidance maintained at 13-13.5%. 
- Current RPO grew 21% YoY, driven by longer contract durations (mid-teens normalized growth). 
- Cross-sell contribution increased due to financial suite adoption, with technical specialists driving 30% of expansion. 
- Q3 revenue guidance: $326-328 million (10-11% YoY), with FY25 revenue raised to $1.299-1.302 billion (13% YoY). 
- Free cash flow margin expected to align with operating margin, with medium-term target of 25% and long-term 40%. 

**【Q&A Key Highlights】**
- **AI Adoption**: Customers prioritizing Procore as system of record for AI-driven workflows, with agents reducing manual tasks by hours. 
- **Go-to-Market Transition**: Stable seller productivity, low deal attrition, and technical specialists driving cross-sell efficiency. 
- **Rule of 40**: 2026 improvement driven by profitability, with focus on margin expansion rather than revenue acceleration. 
- **Macro Environment**: Customers resilient to tariffs, focusing on internal efficiency improvements. 
- **Pricing Models**: Flexibility for owner segment (e.g., per-seat licensing), while ACV remains core for general contractors. 
- **CRPO Dynamics**: Longer contract durations benefiting CRPO growth, expected to normalize by Q4.

Procore Technologies, Inc. (PCOR) Q2 2025 Earnings Call Transcript

- **15% Revenue Growth**: Q1 revenue up 15% YoY, with 20% international growth on constant currency.
- **AI-Driven Efficiency**: Early AI agents automate project management tasks, helping customers navigate tariffs.
- **Strong Customer Expansion**: Won deals with semiconductor, real estate, and healthcare clients, doubling ARR from existing customers.
- **Profitability Targets**: Aiming for 25% free cash flow margin in medium term, 40% long-term.
- **Resilient Guidance**: Maintained FY25 guidance despite tariff uncertainty, with $1.29B revenue target.


**【CEO Summary Section】**
- **Revenue Growth and Market Resilience**: Q1 revenue increased 15% YoY, driven by North American recovery and strong international growth (20% on constant currency). Over 2,400 customers now contribute >$100k ARR.
- **AI-Driven Productivity**: Early-stage AI agents in development aim to automate project scheduling, cost management, and risk mitigation. For example, agents monitor tariffs to optimize material procurement and change orders.
- **Customer Expansion Wins**: Won deals with a semiconductor manufacturer, European commercial real estate firm, and U.S. healthcare system, highlighting platform adoption across owners, GCs, and specialty contractors.
- **Go-to-Market Transition**: Shifted to GM model, reducing disruption while enhancing customer engagement. Q1 pipeline remained stable despite tariff uncertainties.

**【CFO Financial Commentary】**
- **Q1 Financials**: GAAP revenue $311M (+15% YoY), non-GAAP operating margin 10%, CRPO +20% YoY (mid-teens normalized growth). Repurchased $100M shares, maintaining $250M buyback authorization.
- **Profitability Outlook**: Target 25% free cash flow margin in medium term, 40% long-term. FY25 guidance unchanged: $1.286B-$1.29B revenue (+12%), 13%-13.5% non-GAAP margin.
- **Tariff Strategy**: Positioned to balance growth and margin via cost control, with AI tools helping customers absorb tariff-related costs.

**【Q&A Highlights】**
- **Customer Adoption**: 43% of ARR on multi-year contracts, driven by flexible pooled models. Technical resources in accounts boosted customer success.
- **International Momentum**: Europe division of global CRE firm adopted full platform, showcasing cross-sell potential. CRPO growth to benefit Q2 from longer contract durations.
- **Tariff Impact**: No material demand shift yet, but long-term could drive U.S. reindustrialization and nonresidential construction growth.
- **Share Buybacks**: Will repurchase shares opportunistically, prioritizing free cash flow per share growth.


Procore (PCOR)-1 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: Q4 up 16% YoY to $302M, driven by 130+ large deals and 39% YoY growth in $1M+ ARR customers.
- **AI & Platform**: Launching connected drawings, RFIs, and Resource Management; AI Agents to automate workflows.
- **Margin Expansion**: FY24 operating margin 10.5%, guided to 13%-13.5% in FY25 (+300-350bps).
- **Go-to-Market**: Ahead of schedule on new sales model, with Q1-Q2 disruption but 2026+ upside.
- **Free Cash Flow**: $128M in FY24, targeting sustained generation in FY25.


**【CEO Key Highlights】**
- **Revenue Growth**: Q4 revenue of $302M (+16% YoY), driven by 130+ 6- and 7-figure transactions and 39% YoY growth in $1M+ ARR customers. Notable wins include a Mag 7 ARR deal and a 10x expansion with Abergeldie in Australia.
- **AI & Platform Innovation**: Accelerating AI investments with Copilot, Agents, and Agent Studio to automate workflows. Connected drawings and RFIs are now live, with Procore Maps and Resource Management enhancing cross-stakeholder collaboration.
- **Go-to-Market Transition**: Ahead of schedule on hiring for the new sales model, with sellers ramping up pipeline. Q1-Q2 may see short-term disruption, but 2026+ momentum expected.

**【CFO Financial Summary】**
- **Top Line**: FY24 revenue $1.16B (+25% YoY), Q4 cRPO +19% YoY (mid-teens ex-early renewals). FY25 guided at $1.285B-$1.29B (+12% YoY).
- **Profitability**: Q4 non-GAAP operating margin -1% (vs. +13.5% FY24). FY25 margin guided at 13%-13.5% (vs. 10.5% FY24), with 300-350bps expansion.
- **Cash Flow**: FY24 free cash flow $128M (+171% YoY). FY25 targeting continued cash flow generation.

**【Q&A Key Takeaways】**
- **Owner Segment Momentum**: Owners now 25% of ARR vs. 2% logo penetration, with Q4 wins in data centers and infrastructure. Early renewals and cross-sell drive cRPO resilience.
- **AI Adoption**: Internal AI use (e.g., Copilot in dev) boosts efficiency, while customer Agents reduce manual work. Q4 bookings strength suggests minimal pipeline depletion.
- **FX & Macro**: Minimal FX impact. Construction sentiment-driven, but Procore's platform appeal mitigates cyclical risks.


Actual	-0.0832	-0.05	-0.15	-0.15	-0.19	-0.09	-0.08	0.01	0.02	0.09	0.17	0.3	0.39	0.24	0.01	0.23	0.35	0.42	0.37
Forecast	-0.143	-0.075	-0.1515	-0.1754	-0.1748	-0.1722	-0.1401	-0.1233	-0.0936	-0.0544	0.0722	0.1558	0.2469	0.221	0.1165	0.1834	0.2625	0.3229	0.3564
Surprise	+41.82%	+33.33%	+0.99%	+14.48%	-8.70%	+47.74%	+42.90%	+108.11%	+121.37%	+265.44%	+135.46%	+92.55%	+57.96%	+8.60%	-91.42%	+25.41%	+33.33%	+30.07%	+3.82%

PCOR

PCOR fundamentals

PCOR Q4 2025 Earnings

Earnings Call

You can ask Aime

PCOR

PCOR fundamentals

PCOR Q4 2025 Earnings

Earnings Call

PCOR Earnings Call Summary for Q4/20255:00 PM on Feb 12, 2026

PCOR Earnings Call Summary for Q3/20255:00 PM on Nov 5, 2025

PCOR Earnings Call Summary for Q2/20255:00 PM on Jul 31, 2025

PCOR Earnings Call Summary for Q1/20255:00 PM on May 1, 2025

PCOR Earnings Call Summary for Q4/20245:00 PM on Feb 13, 2025

You can ask Aime