Procore Technologies Q1 revenue rises 16%, beats estimates

Procore Technologies

05/05/2026 12:40

Overview

US construction software firm's Q1 revenue rose 16% yr/yr, beating analyst expectations

Company posted GAAP net loss of $9.1 mln, with positive non-GAAP net income

Repurchased 1.8 mln shares for $100 mln in Q1 as part of buyback program

Outlook

Procore expects Q2 2026 revenue between $364 mln and $366 mln

Company sees Q2 2026 non-GAAP operating margin of 17.5% to 18.5%

Procore expects full-year 2026 revenue between $1,499 mln and $1,503 mln

Result Drivers

CUSTOMER RETENTION - Achieved 95% gross revenue retention rate in Q1, supporting recurring revenue base

LARGE CUSTOMER GROWTH - Number of organic customers contributing more than $100,000 of annual recurring revenue rose 16% yr/yr to 2,795

PLATFORM AND AI ENHANCEMENTS - Strengthened flagship platform and agentic AI capabilities, according to CEO Ajei Gopal

Company press release: ID:nBw2p7CkSa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$359.28 mln
$352.26 mln (21 Analysts)
Q1 EPS
-$0.06
Q1 Net Income
-$9.10 mln
Q1 Gross Margin
80.00%
Q1 Adjusted Gross Margin
84.00%
Q1 Gross Profit
$287.79 mln
Q1 Operating Expenses
$303.46 mln
Q1 Operating Income
-$15.67 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the software peer group is "buy"

Wall Street's median 12-month price target for Procore Technologies Inc is $72.00, about 15.9% above its May 4 closing price of $62.10

The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 32 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)