Abstract

Procore Technologies will report results on May 5, 2026 Pre-Market, with consensus pointing to revenue of 352.26 million US dollars and adjusted EPS near 0.36 as investors weigh operating-leverage progress and execution against guidance and recent share-price volatility.

Market Forecast

Consensus for this quarter centers on revenue of 352.26 million US dollars, implying 16.40% year-over-year growth, alongside an adjusted EPS forecast of 0.36, up an estimated 99.54% year over year; EBIT is expected to be 52.39 million US dollars, a projected 128.16% increase year over year. Forecasts do not explicitly include gross margin or net margin targets for the quarter, but prior margin structure and recent cost discipline suggest stability in gross margin and continued improvement in operating margin on a year-over-year basis. Management’s revenue framework for 2026, pointing to roughly 1.49 billion US dollars at the midpoint, embeds sustained mid-teens growth assumptions and a continued emphasis on expanding product adoption across the existing customer base and new accounts.

Last Quarter Review

In the prior quarter, Procore Technologies delivered revenue of 349.11 million US dollars, up 15.58% year over year, with a gross profit margin of 80.16%, a GAAP net loss attributable to shareholders of 37.60 million US dollars, a net margin of -10.77%, and adjusted EPS of 0.37. Operationally, non-GAAP profitability improved versus expectations as EBIT reached 51.89 million US dollars, exceeding the quarter’s consensus estimate by around 2.30 million US dollars, reflecting disciplined expense control and early operating leverage. The core platform continued to drive expansion with total revenue advancing to 349.11 million US dollars, up 15.58% year over year, supported by broad-based customer adoption across modules and steady upsell momentum.

Current Quarter Outlook

Main business: Core subscription platform

The central question for this print is the durability of mid-teens revenue growth atop a high-70s to low-80s gross margin profile. The latest quarterly projections call for 352.26 million US dollars of revenue, or 16.40% year-over-year growth, reflecting steady demand across the platform’s core workflows and continued attach of additional modules. With an estimated adjusted EPS of 0.36 and forecast EBIT of 52.39 million US dollars, the setup implies meaningful year-on-year operating leverage, helped by scale in sales productivity and moderation of expense growth relative to revenue. A key dynamic to watch will be net expansion from existing customers. The business historically benefits from seat growth on active projects, multi-module attach, and cross-sell into financial, preconstruction, and cost controls. If net retention remains solid, management commentary should underline bookings resilience and a backlog that supports the full-year revenue trajectory. Subscription renewal cycles and the timing of upsells may introduce intra-quarter variability, but the aggregated revenue outlook suggests consistent execution. Billings and remaining performance obligations are likely to be important context indicators. If billings growth exceeds revenue growth, investors may take that as evidence of healthy demand visibility into the back half of the year. Conversely, a billings deceleration relative to revenue could prompt debate about the timing of larger deal closures or elongation in approval processes. The planned expense cadence and hiring pace will also factor into how quickly the company can translate growth into operating-margin gains, particularly given prior-quarter gross margin of 80.16% and increasing scale benefits.

Most promising business: Financials, payments, and adjacent workflow expansion

Within the product suite, the financials ecosystem and related payment and cost-management workflows remain positioned to contribute incremental growth and deepen customer stickiness. While the company does not break out revenue for these modules, the adoption thesis is straightforward: embedding more financial and payment workflows increases data centrality, broadens usage across project stakeholders, and raises switching costs. Over time, this should support higher average revenue per account and stronger expansion dynamics. Execution checkpoints this quarter include attach rates for newer financial modules, the breadth of customer adoption across general contractors, owners, and specialty trades, and early data points on monetization from embedded payment capabilities where available. Adoption that pulls through incremental seats or volumes tends to have an outsized impact on margin mix because these features leverage the existing platform’s fixed-cost base. Management’s qualitative color around customer wins and expansion use-cases can help triangulate whether this area continues to outgrow the average. Investors will also look for signals on go-to-market efficiency for these adjacent offerings. The most supportive scenario for sentiment is a combination of mid-teens total revenue growth with an expanding contribution from higher-value financial workflows that enhances both growth and margin quality. Given consensus EBIT growth expectations of 128.16% year over year for the quarter, any indication that monetization of these modules is accelerating would enhance confidence that operating leverage is sustainable.

Stock price swing factors this quarter

Two factors are likely to drive near-term share reaction: the cadence of operating leverage relative to the adjusted EPS forecast, and qualitative commentary around bookings, pipeline, and demand visibility. With adjusted EPS expected to nearly double year over year, investors will scrutinize whether sales and marketing and R&D growth stay below revenue growth, helping translate top-line expansion into higher margins. If the EBIT outcome exceeds the 52.39 million US dollars expectation while revenue aligns with 352.26 million US dollars, shares could respond constructively on confidence that operating discipline remains intact. The second swing factor is qualitative demand commentary. Management’s tone around customer budget cycles, project activity, and conversion rates is closely watched for directional cues. If the company indicates healthy new business activity and consistent upsell, that should validate the full-year revenue framework near 1.49 billion US dollars, which the market reads as a mid-teens baseline. Conversely, if commentary points to slower deal signatures or elongated purchasing decisions, investors may recalibrate growth assumptions even if the quarter meets headline numbers. Finally, the stock has experienced notable day-to-day volatility in recent weeks, making guidance the decisive element for post-print trading. The depth of the full-year 2026 revenue outlook and any refinement of margin targets will likely matter more than intra-quarter fluctuations. Clear articulation of how expense growth will track against revenue and how gross margin is expected to trend can help anchor expectations, particularly after a quarter that delivered an 80.16% gross margin and visible improvement in operating income relative to forecasts.

Analyst Opinions

The prevailing view among covering institutions this year is bullish, with recent ratings within the January 1, 2026 to April 28, 2026 window skewing overwhelmingly positive; across the opinions collected in this period, the ratio of bullish to bearish views is 4:0. Several well-followed firms have reaffirmed constructive stances and updated price targets while emphasizing durable mid-teens growth, improving profitability, and supportive valuation dynamics. One major investment bank maintained a Buy rating while adjusting its price target to 74 US dollars from 87 US dollars during early February 2026, characterizing the move as a recalibration of multiples rather than a change in the company’s long-term trajectory. The note underscored that sustained subscription growth, product attach, and operating leverage can still yield attractive risk-adjusted returns even under a more conservative multiple framework. The recalibration reflects broader software-market valuation shifts, not a negative reassessment of the company’s execution. Another widely followed broker reaffirmed a Buy rating with a 71 US dollars price target in early February 2026, highlighting improving efficiency in customer acquisition and a clearer path to profitability. The analyst’s thesis emphasized that the platform’s scale and high gross margin structure create strong incremental margins as revenue grows, aligning with the consensus expectation for quarter-on-year EBIT growth above 100%. In this framework, even moderate outperformance on the expense line could translate into outsized EPS upside. A large U.S. broker reiterated a Buy rating with an 85 US dollars price target during the first quarter of 2026, pointing to what it described as durable growth with limited sensitivity to short-term AI displacement risk. The core argument rests on the embedded nature of the workflows in the customer base and the breadth of modules that address planning, cost control, and financials. In their view, this breadth supports consistent multi-module attach and net expansion as customers standardize on a common data model across projects. A separate research house maintained a Buy rating in the spring with a 63 US dollars price target and framed the investment case around a combination of predictable subscription growth and a measured path to margin expansion. The report noted that operating leverage remains the key catalyst for shares in 2026: if revenue grows in the mid-teens and gross margins remain around the low-80s, adjusted EPS can compound faster than revenue as fixed costs are absorbed over a larger base. This aligns with the current quarter’s consensus posture: revenue growth of 16.40% paired with a near-100% year-over-year increase in adjusted EPS. Across these bullish perspectives, three themes recur. First, mid-teens revenue growth appears attainable given consistent customer renewals and cross-sell activity, which are supported by the platform’s breadth. Second, the path to stronger profitability seems credible as operating expenses grow more slowly than revenue, which is implicitly embedded in the projected EBIT growth of 128.16% year over year this quarter. Third, valuation support can be built if the company reiterates a full-year revenue outlook near 1.49 billion US dollars and demonstrates a cadence of margin expansion that narrows the gap between GAAP and non-GAAP profitability. Taken together, the majority view expects this quarter to reinforce a familiar pattern: revenue in line to slightly ahead of expectations, non-GAAP profitability that benefits from incremental scale, and guidance that maintains a mid-teens full-year growth framework. The principal debate is less about near-term demand and more about the magnitude and pace of margin expansion. If management’s May 5, 2026 Pre-Market update pairs the 352.26 million US dollars revenue profile with upside in EBIT and a constructive read on bookings, the bullish case gains momentum; should bookings or commentary on deal timing soften, the discussion may shift to second-half weighting and expense cadence. The institutional consensus, however, remains that the balance of probabilities favors continued execution on both growth and profitability in 2026.