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Software - Application · Technology · Fiscal year ends Dec 31
Procore Technologies reported revenue of $1.3B in the fiscal year ended Dec 2025, up 14.8% from the year before. Operating income was −$124M, an operating margin of −9.4%, and net income was −$101M. Operating cash flow of $300M less capital expenditure of $18M left free cash flow of $282M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 515 | 720 | 950 | 1,152 | 1,323 |
| Cost of revenue | 98.3 | 148 | 174 | 206 | 271 |
| Gross profit | 417 | 572 | 776 | 946 | 1,052 |
| Research & development | 237 | 271 | 301 | 313 | 362 |
| Selling, general & admin | 465 | 591 | 691 | 770 | 814 |
| Operating income | −286 | −290 | −216 | −136 | −124 |
| Interest expense | 2.3 | 2.1 | 2.0 | 1.9 | 1.2 |
| Pre-tax income | −289 | −286 | −188 | −104 | −94.0 |
| Income tax | −23.8 | 0.5 | 1.3 | 1.8 | 6.8 |
| Net income | −265 | −287 | −190 | −106 | −101 |
| Diluted EPS | −2.86 | −2.10 | −1.34 | −0.72 | −0.67 |
| Diluted shares | 92.7 | 137 | 142 | 147 | 150 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 586 | 297 | 358 | 438 | 481 |
| Receivables | 114 | 149 | 207 | 246 | 288 |
| Current assets | 752 | 799 | 956 | 1,100 | 1,167 |
| Net PP&E | 36.8 | 39.2 | 36.3 | 43.6 | 48.6 |
| Goodwill | 541 | 539 | 539 | 550 | 574 |
| Total assets | 1,691 | 1,740 | 1,894 | 2,101 | 2,239 |
| Payables | 15.5 | 14.3 | 13.2 | 33.1 | 25.2 |
| Deferred revenue | 302 | 397 | 502 | 585 | 687 |
| Current liabilities | 404 | 532 | 642 | 728 | 885 |
| Total liabilities | 501 | 624 | 738 | 813 | 977 |
| Shareholders' equity | 1,189 | 1,117 | 1,156 | 1,288 | 1,262 |
| Backlog (remaining obligations) | 603 | 798 | 1,000 | 1,300 | 1,600 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 36.7 | 12.6 | 92.0 | 196 | 300 |
| Capital expenditure | 12.4 | 15.8 | 10.3 | 19.1 | 18.1 |
| Free cash flow | 24.3 | −3.2 | 81.7 | 177 | 282 |
| Depreciation & amortisation | 36.4 | 63.0 | 71.6 | 89.8 | 111 |
| Stock-based compensation | 227 | 163 | 175 | 187 | 238 |
| Acquisitions | 510 | 0.0 | 0.0 | 25.9 | 41.5 |
| Share buybacks | – | – | 0.0 | 0.0 | 129 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 39.9% | 31.9% | 21.2% | 14.8% |
| Gross margin | 80.9% | 79.4% | 81.6% | 82.1% | 79.5% |
| Operating margin | −55.5% | −40.3% | −22.7% | −11.8% | −9.4% |
| Net margin | −51.5% | −39.8% | −20.0% | −9.2% | −7.6% |
| Return on equityBlank when equity is negative | −22.3% | −25.7% | −16.4% | −8.2% | −8.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −22.2% | −24.0% | −17.2% | −9.9% | −9.2% |
| Free cash flow margin | 4.7% | −0.4% | 8.6% | 15.4% | 21.3% |
| Cash conversion (CFO ÷ net income) | −0.14x | −0.04x | −0.49x | −1.85x | −2.98x |
| Receivable days | 81 | 75 | 79 | 78 | 79 |
| Payable days | 58 | 35 | 28 | 59 | 34 |
| Interest cover | −123x | −136x | −110x | −71.8x | −108x |
| Current ratio | 1.86x | 1.50x | 1.49x | 1.51x | 1.32x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.