Comments made on this call include forward-looking statements regarding, among other things, our financial outlook, platform and products, customer demand, operations, and macroeconomic and geopolitical conditions. As this is my first earnings call as CEO, I want to start by expressing my strong conviction in Procore's future. These initial months have reinforced my belief that Procore possesses the hallmarks of a best-in-class vertical software leader and is building one of the most mission-critical vertical software platforms. As a crucial system of record for the built world, our ability to drive collaboration across all construction stakeholders creates a powerful network effect.
Building on four consecutive quarters of strong business momentum, we ended the year with an exceptional Q4 that exceeded the high end of our guidance. For the full year, we delivered 15% revenue growth and 14% non-GAAP operating margin, which represents year-over-year expansion of 400 basis points. From new logos to volume expansion and product cross-sell, I believe this cohort of our business remains a cornerstone of our growth. They partnered with Procore because of our unified enterprise-grade platform and their strong internal demand for our products.
They also adopted Procore Pay to automate their manual processes and Procore Resource Management for their growing fleet of capital assets for their self-performed work. We have a track record of displacing incumbent vendors, and we believe this is yet another example of the construction industry realizing that Procore is the gold standard. With Procore, they expect to enhance efficiency, support growth, and anticipate savings of more than 27,000 labor hours per year, the equivalent of adding roughly 13 full-time employees. We see these products as notable expansion opportunities for our global GC customers to drive incremental growth.
| Metric | Period | Current guidance |
|---|---|---|
| Revenue | Q1 2026 | $351 million-$353 million (13%-14% YoY growth) (new) |
| Non-GAAP operating margin | Q1 2026 | 14%-15% (new) |
| Revenue | Full-year 2026 | $1.489 billion-$1.494 billion (13% YoY growth) (new) |
| Non-GAAP operating margin | Full-year 2026 | 17.5%-18% (340-390 bps expansion) (new) |
| Free cash flow margin | Full-year 2026 | 19% (270 bps expansion) (new (first formal FCF margin guide)) |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +15.6% to $349 million | Robust execution across multiple areas, broad-based momentum upmarket, higher pipeline conversion, and improving renewal and churn rates attributed to the go-to-market operating model. |
| International revenue | +14% (+15% constant currency) | Impacted by currency headwinds; still facing macroeconomic challenges. |
| Free cash flow | +69% to $215 million full year | Strong bookings translating into higher billings and collections, plus continued margin expansion. |
| Current RPO | +22% | Very strong Q4 bookings (largest bookings quarter ever) plus an uptick in average contract duration. |
| $1 million+ ARR customers | +34% to 115 | Ability to scale to the largest customers around the world. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Procore AI / Datagrid acquisition | AI strategy unveiled at Groundbreak | Tuck-in acquisition of Datagrid combined with Helix to form Procore AI; demonstrated construction-aware multimodal reasoning; ~66,000 unique active users and nearly 700 customers creating thousands of agents | Accelerating |
| Construction macro environment | Challenging / down cycle | Still a challenging environment with negative non-residential and multifamily growth per U.S. Census | Stable but challenged |
| cRPO vs revenue convergence | Benefiting from longer contract duration | Saw another uptick in contract duration in Q4; normalized cRPO consistent with revenue and ARR growth; convergence likely toward the latter part of fiscal 2026 if duration stabilizes | Normalizing |
| Upmarket / enterprise momentum | Growing focus on larger customers | Six- and seven-figure deals up 20%; 115 customers over $1M ARR; final quarter disclosing total customer count, shifting to $100,000+ ARR customer count | Strengthening |
| AI monetization | Not yet monetized | Plan to include AI offerings in upcoming bundles plus consumption-based components; first establishing compelling ROI; expect to experiment and evolve | Emerging |