Abstract

Procore Technologies will release its fourth-quarter 2025 results on February 12, 2026 Post Market, with investors watching revenue, margins, and EPS trends supported by strong buy-side ratings across major institutions.

Market Forecast

Consensus and company-guided projections indicate fourth-quarter 2025 revenue of $340.77 million, a year-over-year increase of 14.43%, with forecast EBIT of $49.59 million and forecast EPS of $0.35; year-over-year growth rates for EBIT and EPS are projected at 3.57% and 2.05%, respectively. Specific guidance for gross profit margin, net profit or net margin, and adjusted EPS YoY comparisons are not provided beyond these forecasts; highlights point to stable margin execution amid subscription growth and disciplined operating expense management. The core construction management platform remains the growth anchor, with solid customer additions and upsell activity; the most promising segment is enterprise accounts within the platform, expected to contribute the majority of revenue growth though numerical breakdowns are unavailable.

Last Quarter Review

Procore Technologies delivered the previous quarter with revenue of $338.85 million, a gross profit margin of 79.76%, GAAP net profit attributable to the parent company of -$9.10 million, a net profit margin of -2.69%, and adjusted EPS of $0.42, showing year-over-year adjusted EPS growth of 75.00%. The quarter’s financial highlight was outperformance versus estimates, with EBIT of $58.65 million surpassing forecasts, reflecting operating leverage and efficient go-to-market execution. Main business highlights included robust demand for the construction management software suite, with revenue rising 14.52% year-over-year; detailed segment breakdowns were not disclosed.

Current Quarter Outlook

Core Platform Revenue Trajectory

The company’s core construction management platform is poised to sustain revenue momentum in the fourth quarter, supported by continued adoption across general contractors, owners, and specialty trade firms. Subscription renewals and seat expansions are expected to underpin steady dollar-based net retention, aided by improved digital collaboration across projects and regions. With forecast revenue of $340.77 million and EBIT of $49.59 million, the implied operating profile suggests disciplined expense control relative to topline growth, though management has not provided specific gross margin guidance for the quarter. The pricing architecture and modules that drive cross-sell appear to be contributing to expanding average contract values, which should improve visibility into 2026 revenue trajectories. If macro construction starts remain stable and backlog conversion persists, the platform’s growth cadence can remain near the mid-teens.

Enterprise Accounts and Upsell Opportunity

Enterprise customers with multi-project, multi-region deployments represent the largest near-term growth potential given their appetite for advanced workflows, integrations, and analytics. These accounts typically drive higher module adoption and longer contract durations, thereby improving revenue durability and cohort economics. While precise revenue allocation by segment is not provided, qualitative signals from recent quarters and analyst commentary suggest that the enterprise mix is scaling and contributing disproportionately to overall growth. As product depth improves in areas such as financials, quality and safety, and data-driven insights, enterprise expansions can maintain a mid-teens YoY pace, supporting the $340.77 million revenue forecast. Any acceleration in large-deal closures or consolidation of point solutions into the platform could push EBIT margin modestly higher than the current forecast.

Stock Price Drivers This Quarter

The stock’s performance into and after earnings will likely hinge on the interplay between revenue growth sustainability, operating margin trajectory, and net profitability normalization. A print that aligns with the $340.77 million revenue and $0.35 EPS forecast, coupled with clear commentary on mid-teens growth durability into 2026, would likely be received favorably. Conversely, any signs of deceleration in bookings or a step-up in operating expenses that compresses EBIT from the $49.59 million estimate could pressure sentiment. Investors will also monitor net profit margin trends after the last quarter’s -2.69% level; evidence of improvement toward breakeven or better would support multiple stability. Guidance tone on customer demand, retention, and upsell, alongside signals on cash efficiency and free cash flow conversion, could be pivotal for near-term valuation.

Analyst Opinions

Institutional views in the past six months have skewed bullish, with recurring Buy ratings from Berenberg Bank, Goldman Sachs, William Blair, TD Cowen, BMO Capital, and Stifel Nicolaus, while no notable bearish calls have appeared in the same period. Goldman Sachs has reiterated a Buy rating with an $87.00 price target, highlighting compelling growth prospects and expanding platform adoption. Berenberg Bank reaffirmed a Buy rating with an $88.00 price target, underscoring product innovation and enterprise scaling as key drivers. TD Cowen and BMO Capital maintained Buy ratings and emphasized durable topline growth and improving operating leverage as catalysts for 2026. Stifel Nicolaus continued with a Buy stance and an $80.00 target, pointing to healthy demand signals and favorable cohort economics. The majority bullish view centers on consistent mid-teens revenue growth, disciplined cost execution, and a path toward net income improvement, which together support constructive expectations for the fourth quarter and beyond.