Procore Technologies Earnings Call Highlights Robust Growth

Procore Technologies Inc ((PCOR)) has held its Q3 earnings call. Read on for the main highlights of the call.

Procore Technologies Inc. showcased a robust performance in its latest earnings call, underscoring strong revenue growth and improved operating margins. Despite facing macroeconomic challenges in the construction sector, the company reported significant market share gains. The announcement of a new CEO with a proven track record further enhances Procore’s future outlook.

Strong Revenue Growth

Procore reported a remarkable 14.5% year-over-year revenue growth for Q3 2025, maintaining the momentum from the previous quarter. This consistent growth underscores the company’s resilience and ability to thrive even amid challenging market conditions.

Operating Margin Improvement

The company achieved a notable increase in non-GAAP operating margins, reaching 17%. This improvement reflects Procore’s ongoing commitment to enhancing operational efficiency and delivering value to its stakeholders.

Large Deal Acceleration

Procore experienced a 31% year-over-year growth in the number of 6- and 7-figure deals, with over 2,600 customers now having $100,000-plus ARR. This acceleration in large deals highlights the company’s successful go-to-market strategies and its appeal to major clients.

New CEO Announcement

Ajei Gopal, a seasoned executive with over 35 years of experience, was announced as the next CEO, effective November 10. His appointment is expected to drive Procore’s strategic initiatives and further strengthen its market position.

Significant Market Share

Procore surpassed a milestone of $1 trillion in annual construction volume contracted to its platform, demonstrating its significant market presence and the trust it has garnered from the industry.

Customer Wins and Expansions

The company secured new customers, including a large defense contractor and Valvoline Inc., and saw expansions from existing clients like Brasfield & Gorrie. These wins and expansions signify Procore’s growing influence and customer satisfaction.

AI and Innovation

Procore announced advancements in its platform, including an AI roadmap, to maintain its competitive edge. These innovations are set to enhance the platform’s capabilities and offer more value to its users.

Stock Repurchase Program

The implementation of a new $300 million stock repurchase program for an additional year, following a $129 million repurchase year-to-date, reflects Procore’s confidence in its financial health and commitment to returning value to shareholders.

Construction Macro Headwinds

The U.S. nonresidential and multifamily construction sectors reported a negative 2% growth, posing challenges for Procore. Despite these headwinds, the company continues to demonstrate resilience and adaptability.

CFO Absence

CFO Howard Fu was unexpectedly absent from the earnings call due to a family emergency, which was noted but did not detract from the overall positive tone of the call.

Forward-Looking Guidance

Looking ahead, Procore forecasted Q4 revenue between $339 million and $341 million, with an expected non-GAAP operating margin of 14.4%. For the full fiscal year 2025, the company raised its revenue guidance to a range of $1.312 billion to $1.314 billion and increased its non-GAAP operating margin forecast to 14%. These projections reflect Procore’s strong business momentum and strategic positioning for continued growth.

In summary, Procore Technologies Inc.’s earnings call painted a positive picture of the company’s current performance and future prospects. With strong revenue growth, improved operating margins, and strategic leadership changes, Procore is well-positioned to navigate the challenges of the construction sector and capitalize on new opportunities.