Procore reported Q4 2025 results, beating expectations with an adjusted EPS of $0.37 versus consensus $0.35, and revenue of $349.1 million versus a $340.2 million estimate. The beat reflects strong demand across its core construction‑management platform and disciplined cost control.
Revenue grew 16% year‑over‑year to $349.1 million, up from $302 million in Q4 2024. The increase was driven by higher subscription sales and expansion within existing enterprise customers, offsetting modest growth in the smaller‑customer segment.
Non‑GAAP operating margin expanded to 15% for the quarter, up from 14% for the full year 2025 and from a negative margin in Q4 2024. The improvement is attributed to a higher mix of high‑margin subscription services and operational leverage as the user base scales.
Management guided for Q1 2026 revenue of $351–$353 million and full‑year 2026 revenue of $1.489–$1.494 billion, representing a 13% increase from the $1.323 billion reported for 2025. CFO Howard Fu highlighted that the company will continue to focus on profitability, targeting a non‑GAAP operating margin of 17.5%–18% for the full year.
The results were supported by a record free‑cash‑flow quarter, the largest in Procore’s history, and a net revenue retention rate of 106% for 2025, underscoring strong customer loyalty and expansion. CEO Ajei Gopal emphasized that AI integration will be a key driver of future growth, positioning Procore as an “AI winner” in the construction‑software market.
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