Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________ FORM 10-K _____________________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of Registrant as specified in its Charter) _____________________________________________________________ For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUA ...

Core Insights - Procore Technologies Inc. reported Q4 2025 revenue of $349 million, reflecting a 15.6% year-over-year increase, driven by strong performance in high-value customer segments [1][5] - The company is experiencing rapid adoption of its AI initiatives, with 66,000 unique active users and nearly 700 customers utilizing the platform for custom agent creation [2] - Procore's revenue guidance for 2026 is set between $1.489 billion and $1.494 billion, indicating a moderated growth rate of 13% [3] Financial Performance - Q4 2025 revenue reached $349 million, marking a 15.6% increase compared to the previous year [1][5] - The company has expanded its customer base to over 2,700 clients with at least $100,000 in annual recurring revenue (ARR) [1] AI Initiatives - Procore's AI initiatives have gained traction, with 66,000 unique active users and nearly 700 customers creating thousands of custom agents [2] - The acquisition of Datarid aims to enhance Procore's advanced reasoning and integration capabilities [2] Market Challenges - The company is navigating a challenging construction environment, noting negative growth in the US non-residential and multi-family sectors, along with macroeconomic pressures affecting international expansion [2] Future Outlook - Procore plans to evolve its AI monetization strategy through new product bundles and consumption-based components to address labor shortages and productivity challenges in the construction industry [3]

We recently published 10 Market Beasts Leaving Wall Street in the Dust. Procore Technologies Inc. (NYSE:PCOR) was one of the best performers on Friday. Procore Technologies bounced back on Friday, jumping 9.31 percent to close at $52.34 apiece after a stellar earnings performance last year and posting a double-digit growth outlook for 2026. In an updated report, Procore Technologies Inc. (NYSE:PCOR) narrowed its full-year net loss by 4.9 percent to $100.78 million from $105.96 million in 2024, while reve ...

Core Insights - Ten stocks showed strong gains, outperforming a lackluster performance on Wall Street, driven by corporate earnings and positive outlooks [1] Group 1: Procore Technologies Inc. (NYSE:PCOR) - Procore Technologies rebounded by 9.31 percent to close at $52.34 after a strong earnings performance and a double-digit growth outlook for 2026 [4] - The company narrowed its full-year net loss by 4.9 percent to $100.78 million from $105.96 million in 2024, while revenues increased by 13 percent to $1.3 billion from $1.15 billion year-on-year [4] - In Q4, net loss declined by 40 percent to $37.6 million from $62.29 million, and revenues rose by 15.56 percent to $349 million from $302 million [5] - The net revenue retention rate was 106 percent, with total organic customers reaching 17,850, adding 227 customers [5] - Procore's CEO highlighted the potential of AI as a significant catalyst for the industry, positioning the company as a potential AI leader [6] - For 2026, Procore targets revenue growth of 13 percent year-on-year to a range of $1.489 billion to $1.494 billion, with Q1 revenues expected to be between $351 million and $353 million [7] Group 2: H&R Block Inc. (NYSE:HRB) - H&R Block rebounded by 9.56 percent to close at $31.05, as investors sought bargains after nine consecutive days of losses [9] - The company announced a dividend payment of $0.42 per share on April 6, 2026, for common shareholders as of March 4 [9] - Since 2016, H&R Block has increased its dividends by 110 percent, returning over $5 billion to shareholders through dividends and share buybacks [9] - In Q2 of fiscal year 2026, H&R Block narrowed its net loss to $242 million from $243 million year-on-year, with a six-month net loss down by 2 percent to $407.98 million from $416 million [10] - Total revenues for the three-month period reached $198.86 million, an 11 percent increase from $179.07 million in the same quarter last year, with a six-month total up by 8 percent to $402.4 million from $372.88 million [11] - For the current year, H&R Block targets revenues between $3.875 billion and $3.895 billion, reflecting a growth of 3 to 3.5 percent from $3.76 billion in 2025 [11]

In the U.S. general contractor (GC) segment, Gopal highlighted activity with large contractors, noting Procore added three new ENR 400 logos in the quarter and expanded run rate with more than 70 ENR 400 customers. He cited one ENR 400 addition as the company’s largest new logo win of the quarter, describing it as a displacement of an incumbent vendor that also adopted Procore Pay and Procore Resource Management.Gopal said the company ended the year with “an exceptional Q4” after four consecutive quarters o ...

分组1 - Procore Technologies reported quarterly earnings of $0.37 per share, exceeding the Zacks Consensus Estimate of $0.35 per share, and showing significant growth from $0.01 per share a year ago, resulting in an earnings surprise of +5.71% [1] - The company achieved revenues of $349.11 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.62% and increasing from $302.05 million year-over-year [2] - Procore Technologies has consistently outperformed consensus EPS and revenue estimates over the last four quarters, achieving this feat four times [2] 分组2 - The stock has underperformed the market, losing approximately 33.1% since the beginning of the year, while the S&P 500 has gained 1.4% [3] - The current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $348.29 million, and for the current fiscal year, it is $1.70 on revenues of $1.47 billion [7] - The Zacks Industry Rank indicates that the Internet - Software sector is in the bottom 44% of over 250 Zacks industries, suggesting potential challenges for stocks in this category [8]

Financial Data and Key Metrics Changes - Total revenue in Q4 was $349 million, up 15.6% year-over-year, with full-year revenue growth of 15% [24][8] - Q4 non-GAAP operating income was $52 million, representing a non-GAAP operating margin of 15%, with a full-year non-GAAP operating margin of 14%, reflecting a year-over-year expansion of 400 basis points [24][8] - Free cash flow for Q4 was $90 million, bringing full-year free cash flow to $215 million, representing 69% year-over-year growth and a 16% free cash flow margin [29][30] Business Line Data and Key Metrics Changes - The U.S. general contractors segment remains a cornerstone of growth, with three new ENR 400 logos added in Q4 and over 70 ENR 400 customers expanding their run rate [8][9] - Procore Pay saw strong momentum, ending the year with nearly 450 customers, representing over 70% year-over-year growth [26] - The total number of $100,000+ ARR customers now exceeds 2,700, with 115 customers spending more than $1 million in ARR, reflecting 34% year-over-year growth [26][27] Market Data and Key Metrics Changes - International revenue grew 14% year-over-year in Q4, impacted by currency headwinds, but grew 15% on a constant currency basis [24] - The owners segment continues to scale, with plans to launch specialized products for portfolio management, planning, funding, and asset management [12] - Data centers currently represent 2% of total U.S. construction activity, with significant growth expected due to AI infrastructure investments [12][13] Company Strategy and Development Direction - The company aims to lead in the AI era, focusing on driving efficiency gains across the construction lifecycle [6][7] - Procore's strategy includes leveraging its position as a system of record and collaboration to enhance AI capabilities, with the recent acquisition of Datagrid to accelerate this strategy [15][66] - The company plans to monetize AI offerings through new bundles and consumption-based models, emphasizing the ROI for customers [73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Procore's future, highlighting strong customer relationships and the potential for durable growth and margin expansion [5][22] - The company anticipates revenue growth of 13% for fiscal 2026, with non-GAAP operating margin guidance of 17.5%-18% [32] - Management noted that the construction environment remains challenging, but they are focused on delivering durable growth and improving operational efficiency [30][31] Other Important Information - Procore for Government achieved FedRAMP Moderate authorization, expanding opportunities with U.S. federal and state government customers [12] - The company is focused on limiting share count dilution, with a weighted average diluted share count growth of less than 1% in Q4 [29] Q&A Session Summary Question: Customer Conversations on AI - Management noted that customers are focused on construction and do not have the inclination to become AI experts, preferring that their tech vendor leverage AI effectively [38][39] Question: Trends in Volume Commitments During Q4 Renewal Cycle - Management indicated continued strength in ACV commitments, which have grown beyond $1 trillion, reflecting market share gains [63] Question: Datagrid's Role in AI Strategy - Management explained that Datagrid will help integrate data from various systems, enhancing Procore's AI capabilities and overall platform [66] Question: Monetization Strategy for AI - Management discussed plans to establish compelling ROI for AI offerings, with potential inclusion in new bundles and consumption-based pricing models [73] Question: Capacity and Resource Planning for Go-to-Market - Management confirmed sufficient capacity for fiscal 2026, focusing on productivity increases and resource allocation primarily in R&D [75]

Financial Data and Key Metrics Changes - Total revenue in Q4 was $349 million, up 15.6% year-over-year [24] - Q4 non-GAAP operating income was $52 million, representing a non-GAAP operating margin of 15% [24] - Full year revenue growth was 15% with a non-GAAP operating margin expansion of 400 basis points [8][24] - Free cash flow for Q4 was $90 million, bringing full-year free cash flow to $215 million, representing 69% year-over-year growth [29] Business Line Data and Key Metrics Changes - The U.S. general contractors segment remains a cornerstone of growth, with 3 new ENR 400 logos added in Q4 [8] - Procore Pay saw strong momentum, ending the year with nearly 450 customers, representing over 70% year-over-year growth [27] - The number of customers spending more than $1 million in ARR grew by 34% year-over-year, totaling 115 customers [26] Market Data and Key Metrics Changes - International revenue grew 14% year-over-year, impacted by currency headwinds, but grew 15% on a constant currency basis [24] - Current RPO grew 22% year-over-year, and current deferred revenue grew 18% year-over-year [24] Company Strategy and Development Direction - The company aims to lead in the AI era, focusing on driving efficiency across the construction lifecycle [6][22] - Plans to launch a suite of specialized products for owners, including portfolio management and asset management, to meet evolving needs [12] - The acquisition of Datagrid is expected to enhance Procore's AI capabilities and product synergies [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Procore's future, emphasizing the importance of customer relationships and operational efficiency [5][7] - The company is well-positioned for durable growth and margin expansion, with a focus on innovation and execution [22][23] - Management acknowledged ongoing headwinds in the construction environment but highlighted strong operational performance [8][30] Other Important Information - Procore for Government achieved FedRAMP Moderate authorization, opening opportunities with U.S. federal and state government customers [12] - The company is focused on limiting share count dilution, with a weighted average diluted share count growth of less than 1% in Q4 [29] Q&A Session Summary Question: Customer conversations regarding AI and competition - Management noted that customers are focused on construction and expect their tech vendor to leverage AI effectively, with clear adoption of Procore AI among customers [38][39] Question: Trends in volume commitments during the Q4 renewal cycle - Management indicated continued strength in ACV commitments, reflecting ongoing share gain and growth from a strong Q4 bookings quarter [62] Question: Monetization strategy for Procore AI - Management stated that establishing a compelling ROI is crucial, with plans to include AI offerings in upcoming bundles and explore consumption-based models [73] Question: Capacity and resource adequacy for future growth - Management confirmed sufficient capacity for fiscal 26, focusing on productivity increases and leveraging AI for operational improvements [75][76]

Financial Data and Key Metrics Changes - Total revenue in Q4 was $349 million, up 15.6% year-over-year [26] - Full year revenue growth was 15%, with a non-GAAP operating margin of 14%, representing a year-over-year expansion of 400 basis points [7][30] - Q4 non-GAAP operating income was $52 million, with a non-GAAP operating margin of 15% [26] - Free cash flow for Q4 was $90 million, bringing full-year free cash flow to $215 million, representing 69% year-over-year growth [30] Business Line Data and Key Metrics Changes - The U.S. general contractors segment remains a cornerstone of growth, with 3 new ENR 400 logos added in Q4 and over 70 ENR 400 customers expanding their run rate [8][10] - Procore Pay saw strong momentum, ending the year with nearly 450 customers, representing over 70% year-over-year growth [28] - The total number of customers spending over $100K in ARR exceeded 2,700, with 115 customers spending more than $1 million in ARR, reflecting 34% year-over-year growth [27] Market Data and Key Metrics Changes - International revenue grew 14% year-over-year, impacted by currency headwinds, but grew 15% on a constant currency basis [26] - The owners segment continues to scale, with plans to launch specialized products to meet evolving needs [12] Company Strategy and Development Direction - The company aims to lead in the AI era, focusing on driving efficiency gains across the construction lifecycle [6][14] - Procore's strategy includes leveraging its position as a system of record and collaboration to enhance AI capabilities [19][20] - The acquisition of Datagrid is expected to accelerate Procore's AI strategy, enhancing product synergies [16][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Procore's future, emphasizing the importance of customer relationships and the potential for durable growth and margin expansion [5][25] - The company anticipates continued strength in free cash flow per share and plans to maintain a focus on productivity increases [30][77] - Management acknowledged ongoing headwinds in the construction environment but remains optimistic about the company's ability to navigate these challenges [7][32] Other Important Information - Procore for Government achieved FedRAMP Moderate authorization, expanding opportunities with U.S. federal and state government customers [12] - The company is focused on limiting share count dilution, with a weighted average diluted share count growing less than 1% in Q4 [30] Q&A Session Summary Question: Customer conversations regarding AI - Management noted that customers are not inclined to become AI experts and prefer their tech vendor to leverage the latest technologies, including AI [39][40] Question: Glide path for CRPO growth - Management indicated that CRPO growth will normalize with revenue growth as contract duration stabilizes, expected towards the latter part of fiscal 2026 [46][47] Question: Competitive landscape and Procore's position - Management highlighted strong competitive win rates and positive customer relationships, reflecting confidence in Procore's technology and platform [50][57] Question: International growth opportunities - Management acknowledged macroeconomic challenges but remains optimistic about the long-term potential for international growth [60][61] Question: Monetization strategy for AI - Management discussed establishing a compelling ROI for AI and indicated plans to include AI offerings in upcoming bundles and explore consumption-based models [75][76]

Revenue Performance - Revenue for Q4 2025 was $349 million, representing a 16% year-over-year increase[6] - Full year 2025 revenue reached $1,323 million, an increase of 15% year-over-year[6] - Procore expects Q1 2026 revenue to be between $351 million and $353 million, indicating year-over-year growth of 13% to 14%[11] - Full year 2026 revenue is projected to be between $1,489 million and $1,494 million, representing a 13% year-over-year growth[11] - Revenue for Q4 2025 was $349,107,000, a 15.6% increase from $302,048,000 in Q4 2024[22] - Total revenue for the year ended December 31, 2025, was $1.32 billion, up from $1.15 billion in 2024, marking a 14.8% year-over-year growth[36] Cash Flow and Profitability - Operating cash inflow for Q4 2025 was $114 million, while free cash inflow was $90 million[6] - Free cash inflow for the full year 2025 was $215 million, marking a 69% year-over-year increase[6] - Cash provided by operating activities for the year ended 2025 was $298,870 thousand, compared to $196,172 thousand for the year ended 2024, an increase of 52.2%[31] - Free cash flow for Q4 2025 was $90.1 million, a substantial increase from $347,000 in Q4 2024[38] - Operating cash flow margin for Q4 2025 was 33%, compared to 10% in Q4 2024[38] Customer Metrics - The number of organic customers contributing over $100,000 in annual recurring revenue increased by 16% year-over-year to 2,710[6] - As of December 31, 2025, 78% of total annual recurring revenue was generated from customers using four or more products[6] - The company achieved a gross revenue retention rate of 95% and a net revenue retention rate of 106% for 2025[6] Expenses and Losses - Total operating expenses for Q4 2025 were $322,496,000, compared to $311,458,000 in Q4 2024, marking a 3.3% increase[22] - Net loss for Q4 2025 was $37,604,000, an improvement from a net loss of $62,291,000 in Q4 2024[22] - Research and development expenses for the year ended December 31, 2025, were $362,373,000, up from $312,987,000 in 2024, representing a 15.8% increase[22] - Stock-based compensation expense for the year ended 2025 was $238,425 thousand, up from $186,880 thousand in 2024, an increase of 27.5%[31] - The company incurred stock-based compensation expenses of $250.3 million for the year ended December 31, 2025, up from $194.8 million in 2024[37] Balance Sheet and Financial Position - Cash and cash equivalents increased to $480,684,000 in 2025 from $437,722,000 in 2024[28] - Current liabilities rose to $884,557,000 in 2025 from $728,032,000 in 2024, indicating a 21.5% increase[28] - Total stockholders' equity decreased to $1,262,262,000 in 2025 from $1,288,353,000 in 2024[28] - The company reported a total remaining performance obligation of $1,590,863,000, which is a 24% increase from $1,286,467,000 in 2024[29] Acquisition and Strategic Initiatives - Procore announced the acquisition of Datagrid to enhance its AI strategy and improve data integration for customers[6]