Procore Technologies Inc. is a leading provider of cloud-based construction management software, serving over 10,000 customers globally since its founding in 2002. The company’s revenue is generated through subscription-based fees and professional services offered via its flagship platform, which includes project management, quality and safety, and construction financials modules. Led by CEO Toohey, Procore leverages its integrated cloud solution to compete effectively in a dynamic market. Strategic investments in AI, data analytics, and global expansion are set to drive its continued growth.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
1,322,510
1,151,710
950,010
720,203
Cost of Sales
270,832
205,612
174,462
148,416
Gross Profit
1,051,680
946,096
775,548
571,787
Selling, General & Administrative Expenses
813,647
769,532
690,654
591,259
Research & Development Expenses
362,373
312,987
300,571
270,982
Operating Profit
(124,343)
(136,423)
(215,677)
(290,454)
Interest and Investment Income
20,941
23,694
19,779
5,826
Interest Expense
(1,153)
(1,899)
(1,957)
(2,135)
Non-Operating Income
10,574
10,447
9,434
298
Total Non-Operating Income
30,362
32,242
27,256
3,989
Income Before Provision for Income Taxes
(93,981)
(104,181)
(188,421)
(286,465)
Provision for Income Taxes
6,802
1,775
1,273
466
Consolidated Net Income
(100,783)
(105,956)
(189,694)
(286,931)
Net Income Attributable to Common Shareholders
(100,783)
(105,956)
(189,694)
(286,931)
Basic EPS
-0.67
-0.72
-1.34
-2.10
Diluted EPS
-0.67
-0.72
-1.34
-2.10
Basic Weighted Average Shares Outstanding
150,247
147,445
141,961
136,526
Diluted Weighted Average Shares Outstanding
150,247
147,445
141,961
136,526
Shares Outstanding
151,709
149,853
144,806
139,160
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
480,684
437,722
357,790
296,712
Short-Term Investments
287,802
337,673
320,161
285,493
Total Cash and Cash Equivalents
768,486
775,395
677,951
582,205
Accounts Receivable
287,805
246,472
206,644
148,683
Total Trade Receivables
287,805
246,472
206,644
148,683
Other Current Assets
110,541
78,012
71,139
68,331
Total Current Assets
1,166,830
1,099,880
955,734
799,219
Net Property, Plant & Equipment
104,267
104,109
114,774
118,153
Net Intangible Assets
247,592
233,267
220,591
221,530
Goodwill
574,083
549,651
539,354
539,128
Long-Term Investments
42,529
46,042
—
—
Other Long-Term Assets
103,762
68,423
63,115
62,380
Total Assets
2,239,070
2,101,370
1,893,570
1,740,410
Accounts Payable
—
—
13,177
14,282
Accrued Expenses
—
—
100,075
99,182
Unearned Revenue
—
—
501,903
396,535
Other Current Liabilities
—
—
27,275
21,639
Total Current Liabilities
—
—
642,430
531,638
Leases
—
—
81,504
83,665
Other Long-Term Liabilities
—
—
14,024
8,327
Total Long-Term Liabilities
—
—
95,528
91,992
Total Liabilities
—
—
737,958
623,630
Common Stock
15
15
15
14
Additional Paid-in Capital
—
—
2,295,810
2,068,230
Accumulated Other Comprehensive Income
(1,270)
(2,737)
(1,375)
(2,316)
Retained Earnings
—
—
(1,138,840)
(949,143)
Total Common Shareholders' Equity
(1,255)
(2,722)
1,155,610
1,116,780
Total Shareholders' Equity
(1,255)
(2,722)
1,155,610
1,116,780
Total Liabilities and Shareholders' Equity
(1,255)
(2,722)
1,893,570
1,740,410
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
(100,783)
(105,956)
(189,694)
(286,931)
Depreciation & Amortization
110,576
89,753
71,633
63,039
Share-Based Compensation Expense
238,425
186,880
174,835
162,886
Other Adjustments
(7,823)
1,260
11,836
11,938
Changes in Trade Receivables
(39,817)
(39,501)
(57,492)
(35,817)
Changes in Accounts Payable
(8,173)
19,729
(938)
459
Changes in Accrued Expenses
64,380
(15,501)
4,759
34,623
Changes in Unearned Revenue
100,099
79,091
106,590
97,029
Changes in Other Operating Activities
(56,614)
(19,583)
(29,514)
(34,618)
Cash from Operating Activities
300,270
196,172
92,015
12,608
Capital Expenditure
(18,100)
(19,143)
(10,325)
(15,782)
Purchases of Intangible Assets
(65,663)
(49,529)
(34,685)
(33,648)
Purchases of Investments
(353,616)
(493,842)
(403,188)
(373,165)
Proceeds from Sale of Investments
411,928
440,537
377,692
85,632
Payments for Business Acquisitions
(45,048)
(29,737)
(7,825)
—
Other Investing Activities
—
1,605
2,270
(3,513)
Cash from Investing Activities
(70,499)
(150,109)
(76,061)
(340,476)
Issuance of Common Shares
38,141
39,806
43,018
44,497
Repurchases of Common Shares
(222,958)
—
—
—
Net Issuance / (Repurchases) of Common Shares
(184,817)
39,806
43,018
44,497
Other Financing Activities
5,915
(3,570)
(1,853)
(5,845)
Cash from Financing Activities
(178,902)
36,236
41,165
38,652
Effect of Exchange Rate Changes on Cash and Cash Equivalents
1,655
(2,367)
855
(180)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash