Detailed financial statements for Procore Technologies, Inc. (PCOR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Procore Technologies, Inc. delivers a comprehensive, cloud-based platform designed for construction management, along with accompanying software solutions, serving clients both in the United States and globally. This platform empowers a diverse range of stakeholders, including property owners, general and specialty contractors, architects, and engineers, to collaborate seamlessly throughout their construction projects.
Analysis Summary
Procore Technologies, Inc. reported revenue of $1.32B in the most recent fiscal year, growing at a 5-year CAGR of 27.0%.
Trailing-twelve-month margins: gross margin 79.8%, operating margin -4.0%, net margin -2.7%. Free cash flow grew at 136.8% CAGR over 5 years.
At $62.57 (closing price, November 2, 2026), PCOR has negative trailing earnings (P/E not meaningful) and an ROE of -3.13%. Market capitalisation stands at $9.5B.
Balance sheet quality for PCOR: debt-to-equity ratio of 0.05, current ratio of 1.17 over the last 12 months, net cash position of $689.3M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $112.3M | $186.4M | $289.2M | $400.3M | $514.8M | $720.2M | $950.0M | $1.15B | $1.32B |
| Cost of Revenue | $25.4M | $37.4M | $53.2M | $71.7M | $98.3M | $148.4M | $174.5M | $205.6M | $285.2M |
| Gross Profit | $86.9M | $149.0M | $236.0M | $328.6M | $416.5M | $571.8M | $775.5M | $946.1M | $1.04B |
| Research & Development | $39.8M | $56.0M | $87.0M | $124.7M | $237.3M | $271.0M | $300.6M | $313.0M | $356.6M |
| Selling, General & Admin | $102.3M | $148.1M | $231.6M | $262.5M | $465.1M | $591.3M | $690.7M | $769.5M | $813.6M |
| Operating Expenses | $142.0M | $204.0M | $318.7M | $387.2M | $702.4M | $862.2M | $991.2M | $1.08B | $1.16B |
| Operating Income | -$55.1M | -$55.0M | -$82.6M | -$58.5M | -$285.9M | -$290.5M | -$215.7M | -$136.4M | -$117.8M |
| EBITDA | -$49.7M | -$46.8M | -$67.2M | -$68.8M | -$250.2M | -$221.3M | -$114.8M | -$12.5M | $17.7M |
| Interest Expense | $157,000 | $1.4M | $930,000 | $2.4M | $2.3M | $2.1M | $2.0M | $1.9M | $1.2M |
| Pre-tax Income | -$55.3M | -$56.4M | -$83.0M | -$97.2M | -$288.9M | -$286.5M | -$188.4M | -$104.2M | -$94.0M |
| Income Tax | $238,000 | $250,000 | $71,000 | -$993,000 | -$23.8M | $466,000 | $1.3M | $1.8M | $6.8M |
| Net Income | -$55.5M | -$56.7M | -$83.1M | -$96.2M | -$265.2M | -$286.9M | -$189.7M | -$106.0M | -$100.8M |
| EPS | -$0.47 | -$0.51 | -$0.80 | -$0.82 | -$1.98 | -$2.10 | -$1.34 | -$0.72 | -$0.67 |
| EPS (Diluted) | -$0.47 | -$0.51 | -$0.80 | -$0.82 | -$1.98 | -$2.10 | -$1.34 | -$0.72 | -$0.67 |
| Shares Outstanding (Diluted) | 117.7 M | 111.7 M | 104.3 M | 117.7 M | 134.0 M | 136.5 M | 142.0 M | 147.4 M | 150.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $338.9M | $349.1M | $359.3M | $375.2M |
| Gross Profit | $270.1M | $277.3M | $287.8M | $299.8M |
| Operating Income | -$15.0M | -$40.4M | -$5.4M | $4.3M |
| EBITDA | $22.0M | -$8.6M | $18.5M | $28.5M |
| Net Income | -$9.1M | -$37.6M | -$9.1M | $16.9M |
| EPS | -$0.06 | -$0.25 | -$0.06 | $0.11 |
| EPS (Diluted) | -$0.06 | -$0.25 | -$0.06 | $0.11 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $60.3M | $94.9M | $118.5M | $379.9M | $586.1M | $296.7M | $357.8M | $437.7M | $480.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $285.5M | $320.2M | $337.7M | $287.8M |
| Receivables | 0 | $45.2M | $58.2M | $77.7M | $131.0M | $172.3M | $237.3M | $280.4M | $343.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $90.9M | $150.7M | $201.1M | $488.0M | $752.3M | $799.2M | $955.7M | $1.10B | $1.17B |
| Property, Plant & Equipment | $59.2M | $91.7M | $110.3M | $122.1M | $120.5M | $118.2M | $114.8M | $104.1M | $246.5M |
| Goodwill | 0 | $423,000 | $114.5M | $126.0M | $540.9M | $539.1M | $539.4M | $549.7M | $574.1M |
| Intangible Assets | $5.1M | $13.2M | $50.8M | $51.8M | $229.0M | $221.5M | $220.6M | $233.3M | $105.4M |
| Total Assets | $176.2M | $275.0M | $503.7M | $820.8M | $1.69B | $1.74B | $1.89B | $2.10B | $2.24B |
| Accounts Payable | $7.3M | $7.8M | $9.4M | $9.0M | $15.5M | $14.3M | $13.2M | $33.1M | $25.2M |
| Short-term Debt | 0 | $3.9M | 0 | 0 | $7.8M | $10.7M | $12.4M | $6.0M | $6.8M |
| Total Current Liabilities | $102.4M | $145.8M | $224.8M | $261.7M | $403.7M | $531.6M | $642.4M | $728.0M | $884.6M |
| Long-term Debt | 0 | $254.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $150.9M | $474.7M | $757.4M | $1.09B | $501.4M | $623.6M | $738.0M | $813.0M | $976.8M |
| Retained Earnings | -$161.0M | -$217.7M | -$300.8M | -$397.0M | -$662.2M | -$949.1M | -$1.14B | -$1.24B | -$1.35B |
| Total Equity | $25.4M | -$199.7M | -$253.8M | -$272.1M | $1.19B | $1.12B | $1.16B | $1.29B | $1.26B |
| Total Debt | 0 | $331.2M | $83.7M | $95.4M | $96.8M | $94.3M | $93.9M | $80.0M | $79.2M |
| Net Debt | -$60.3M | $236.3M | -$34.8M | -$284.5M | -$489.3M | -$487.9M | -$584.0M | -$695.4M | -$689.3M |
| Working Capital | -$11.5M | $4.9M | -$23.7M | $226.3M | $348.6M | $267.6M | $313.3M | $371.8M | $282.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $350.5M | $480.7M | $399.4M | $494.4M |
| Total Assets | $2.06B | $2.24B | $2.11B | $2.24B |
| Total Liabilities | $834.5M | $976.8M | $908.1M | $965.3M |
| Total Equity | $1.22B | $1.26B | $1.20B | $1.28B |
| Total Debt | $72.5M | $79.2M | $93.0M | $58.8M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$55.5M | -$56.7M | -$83.1M | -$96.2M | -$265.2M | -$286.9M | -$189.7M | -$106.0M | -$100.8M |
| Depreciation & Amortization | $5.5M | $8.3M | $14.9M | $26.0M | $36.4M | $63.0M | $71.6M | $89.8M | $110.6M |
| Stock-based Compensation | $3.4M | $7.5M | $19.2M | $44.0M | $227.2M | $162.9M | $174.8M | $186.9M | $238.4M |
| Change in Working Capital | $15.2M | $12.4M | $36.8M | $2.6M | $53.9M | $61.7M | $23.4M | $24.2M | $58.5M |
| Operating Cash Flow | -$24.7M | -$21.1M | -$7.0M | $21.9M | $36.7M | $12.6M | $92.0M | $196.2M | $298.9M |
| Capital Expenditure | -$9.1M | -$21.8M | -$28.0M | -$19.0M | -$27.6M | -$49.4M | -$45.0M | -$19.1M | -$83.8M |
| Acquisitions | 0 | -$2.1M | -$38.7M | -$14.5M | -$509.8M | -$3.9M | -$7.8M | -$3.8M | -$45.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$128.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$33.8M | -$42.9M | -$35.0M | $2.9M | $9.1M | -$36.8M | $47.0M | $177.0M | $215.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $88.5M | $113.5M | $76.8M | $87.9M |
| Capital Expenditure | -$5.4M | -$23.5M | -$20.7M | -$23.3M |
| Free Cash Flow | $83.1M | $90.1M | $56.0M | $64.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $56.2M | $78.4M | $57.0M | $56.8M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +66.1% | +55.2% | +38.4% | +28.6% | +39.9% | +31.9% | +21.2% | +14.8% |
| Net Income Growth (YoY) | | -2.0% | -46.6% | -15.7% | -175.7% | -8.2% | +33.9% | +44.1% | +4.9% |
| EPS Growth (YoY) | | -8.5% | -56.9% | -2.5% | -141.5% | -6.1% | +36.2% | +46.3% | +6.9% |
| Shares Change (YoY) | | -5.2% | -6.6% | +12.8% | +13.9% | +1.8% | +4.0% | +3.9% | +1.9% |
| FCF Growth (YoY) | | -27.1% | +18.5% | +108.2% | +215.2% | -504.7% | +227.7% | +276.6% | +21.5% |
| Gross Margin | 77.4% | 79.9% | 81.6% | 82.1% | 80.9% | 79.4% | 81.6% | 82.1% | 78.4% |
| Operating Margin | -49.1% | -29.5% | -28.6% | -14.6% | -55.5% | -40.3% | -22.7% | -11.8% | -8.9% |
| EBITDA Margin | -44.2% | -25.1% | -23.2% | -17.2% | -48.6% | -30.7% | -12.1% | -1.1% | 1.3% |
| Net Margin | -49.5% | -30.4% | -28.7% | -24.0% | -51.5% | -39.8% | -20.0% | -9.2% | -7.6% |
| FCF Margin | -30.1% | -23.0% | -12.1% | 0.7% | 1.8% | -5.1% | 4.9% | 15.4% | 16.3% |
| Effective Tax Rate | -0.4% | -0.4% | -0.1% | 1.0% | 8.2% | -0.2% | -0.7% | -1.7% | -7.2% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | -$0.29 | -$0.38 | -$0.34 | $0.02 | $0.07 | -$0.27 | $0.33 | $1.20 | $1.43 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 117.7 M | 111.7 M | 104.3 M | 117.7 M | 134.0 M | 136.5 M | 142.0 M | 147.4 M | 150.2 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -3.13% |
| Return on Invested Capital | -4.00% |
| Return on Assets | -1.73% |
| Gross Margin | 79.79% |
| Operating Margin | -3.97% |
| Net Margin | -2.73% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 1.17 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 6.44 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -187.23 | -172.55 | -110.00 | -107.32 | -40.39 | -22.47 | -51.66 | -104.07 | -108.57 |
| P/B | 408.48 | -49.20 | -36.18 | -38.08 | 9.01 | 5.77 | 8.50 | 8.58 | 8.66 |
| P/S | 92.30 | 52.71 | 31.75 | 25.88 | 20.82 | 8.94 | 10.34 | 9.59 | 8.26 |
| Gross Margin | 77.4% | 79.9% | 81.6% | 82.1% | 80.9% | 79.4% | 81.6% | 82.1% | 78.4% |
| Operating Margin | -49.1% | -29.5% | -28.6% | -14.6% | -55.5% | -40.3% | -22.7% | -11.8% | -8.9% |
| Net Margin | -49.5% | -30.4% | -28.7% | -24.0% | -51.5% | -39.8% | -20.0% | -9.2% | -7.6% |