Procore Technologies Inc (PCOR)

NYSEInformation TechnologySoftware - ApplicationSnapshot 2026-10-23

$63.00+1.14%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Procore Technologies Inc’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.0%

+10% or more+5%0%−5%−10% or less

2.46 → 2.46 EPS · FY ending Dec 31, 2027 · 10 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 10 to 10; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q3
Revenue	$382M–$384M	—
Operating margin	19%–19.5%non-GAAP	—
FY 2026 · Q4
Revenue	—	396.22M
EPS	—	0.428
FY 2026 · Annual
Revenue	—	1.51B
EPS	—	1.681
Operating margin	18.5%–19%non-GAAP	—
FY 2027 · Annual
Revenue	—	1.73B
EPS	—	2.458
Operating margin	25%non-GAAP	—

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain free cash flow margin at 19% in 2026	Free cash flow margin goal is 19%.	Improving	Free cash flow margin falls below 15% in FY26	Free cash flow: $64.527M FY2026-Q2; GAAP. Published target: >=19% free cash flow margin. Target and observation units differ. Source published Jul 31, 202664,527,000 USD · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Free cash inflow rose sharply from approximately $11 million in 2025-Q2 to $65 million in 2026-Q2, a 507% increase. Full year 2026 free cash flow margin guidance is 19.5%. The trajectory shows strong delivery and growth in cash generation. Delivery assessment Oct 24, 2026
Successful product launches and leadership stability	New product launches support growth.	Improving	Failure to launch key products or leadership disruptions	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Improve non-GAAP operating margin to 18.5% in 2026	A primary condition in Procore Technologies Inc's published investment case. The stated target is >=18.5% operating margin.	Improving	Operating margin falls below 14% in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Non-GAAP operating margin improved from 17% in 2026-Q1 to 21% in 2026-Q2. Full year 2026 guidance targets 18.5% to 19.0%. The trajectory shows improvement and delivery above prior guidance ranges. Delivery assessment Oct 24, 2026
Achieve 13.6% revenue growth in 2026	A primary condition in Procore Technologies Inc's published investment case. The stated target is >=13.6% YoY growth, revenue ~$1.5B.	Intact	YoY revenue growth falls below ~13.6% in FY26	Revenue growth: 15.83% FY2026-Q2; GAAP. Published target: >=13.6% YoY growth, revenue ~$1.5B. Target and observation currencies differ. Source published Jul 31, 202615.833588 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: fa285027-adb4-4cf2-97a6-0fc79c7c36a9. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Revenue grew from $310.6 million in 2025-Q1 to $375.2 million in 2026-Q2, a 16% increase year-over-year. Full year 2026 revenue guidance expects 14.5% growth at the high end. The trajectory is delivering consistent double-digit revenue growth. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$2.46

$2.11 → $2.46 · observed estimates

FY2027 revenue$1.73B

$1.70B → $1.73B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$2.11	$1,698,821,970	20 / 20
2026-07-25	$2.10	$1,698,932,070	21 / 20
2026-07-26	$2.10	$1,698,932,070	21 / 20
2026-07-27	$2.10	$1,698,932,070	21 / 20
2026-07-28	$2.10	$1,698,932,070	21 / 20
2026-07-29	$2.10	$1,698,811,490	21 / 21
2026-07-30	$2.10	$1,698,811,490	21 / 21
2026-07-31	$2.29	$1,713,262,206	9 / 16
2026-08-01	$2.29	$1,713,262,206	9 / 16
2026-08-02	$2.35	$1,712,282,840	18 / 20
2026-08-03	$2.44	$1,723,649,192	10 / 16
2026-08-04	$2.35	$1,712,282,840	18 / 20
2026-08-05	$2.37	$1,713,463,140	18 / 20
2026-08-06	$2.44	$1,723,649,192	10 / 16
2026-08-07	$2.44	$1,723,649,192	10 / 16
2026-08-08	$2.44	$1,723,649,192	10 / 16
2026-08-09	$2.44	$1,723,649,192	10 / 16
2026-08-10	$2.37	$1,713,463,140	18 / 20
2026-08-12	$2.44	$1,723,649,192	10 / 16
2026-08-13	$2.44	$1,723,649,192	10 / 16
2026-08-14	$2.44	$1,723,649,192	10 / 16
2026-08-15	$2.44	$1,723,649,192	10 / 16
2026-08-16	$2.44	$1,723,649,192	10 / 15
2026-08-17	$2.44	$1,723,649,192	10 / 15
2026-08-18	$2.44	$1,723,649,192	10 / 15
2026-08-19	$2.44	$1,723,649,192	10 / 15
2026-08-20	$2.46	$1,723,358,555	10 / 15
2026-08-21	$2.46	$1,723,358,555	10 / 15
2026-08-22	$2.46	$1,723,358,555	10 / 15
2026-08-23	$2.46	$1,723,358,555	10 / 15
2026-08-24	$2.46	$1,723,358,555	10 / 15
2026-08-25	$2.46	$1,723,358,555	10 / 15
2026-08-26	$2.46	$1,723,358,555	10 / 15
2026-08-27	$2.46	$1,723,358,555	10 / 15
2026-08-28	$2.46	$1,723,358,555	10 / 15
2026-08-29	$2.46	$1,723,358,555	10 / 15
2026-08-30	$2.46	$1,723,358,555	10 / 15
2026-08-31	$2.46	$1,723,358,555	10 / 15
2026-09-01	$2.46	$1,723,358,555	10 / 15
2026-09-02	$2.46	$1,723,358,555	10 / 15
2026-09-03	$2.46	$1,723,358,555	10 / 15
2026-09-04	$2.46	$1,723,358,555	10 / 15
2026-09-05	$2.46	$1,723,358,555	10 / 15
2026-09-06	$2.46	$1,723,358,555	10 / 15
2026-09-07	$2.46	$1,723,358,555	10 / 15
2026-09-08	$2.46	$1,723,358,555	10 / 15
2026-09-09	$2.46	$1,723,358,555	10 / 15
2026-09-10	$2.46	$1,723,358,555	10 / 15
2026-09-11	$2.46	$1,723,358,555	10 / 15
2026-09-12	$2.46	$1,723,358,555	10 / 15
2026-09-13	$2.46	$1,723,358,555	10 / 15
2026-09-14	$2.46	$1,723,358,555	10 / 15
2026-09-15	$2.46	$1,723,358,555	10 / 15
2026-09-16	$2.46	$1,725,508,183	10 / 16
2026-09-17	$2.46	$1,725,508,183	10 / 16
2026-09-18	$2.46	$1,725,508,183	10 / 16
2026-09-19	$2.46	$1,725,508,183	10 / 16
2026-09-20	$2.46	$1,725,508,183	10 / 16
2026-09-21	$2.46	$1,725,508,183	10 / 16
2026-09-22	$2.46	$1,725,508,183	10 / 16
2026-09-23	$2.46	$1,725,508,183	10 / 16
2026-09-24	$2.46	$1,725,508,183	10 / 16
2026-09-25	$2.46	$1,725,508,183	10 / 16
2026-09-26	$2.46	$1,725,508,183	10 / 16
2026-09-27	$2.46	$1,725,508,183	10 / 16
2026-09-28	$2.46	$1,725,508,183	10 / 16
2026-09-29	$2.46	$1,725,508,183	10 / 16
2026-09-30	$2.46	$1,725,508,183	10 / 16
2026-10-01	$2.46	$1,725,508,183	10 / 16
2026-10-02	$2.46	$1,725,508,183	10 / 16
2026-10-03	$2.46	$1,725,493,436	10 / 16
2026-10-04	$2.46	$1,725,493,436	10 / 16
2026-10-05	$2.46	$1,725,493,436	10 / 16
2026-10-06	$2.46	$1,725,493,436	10 / 16
2026-10-07	$2.46	$1,725,493,436	10 / 16
2026-10-08	$2.46	$1,725,493,436	10 / 16
2026-10-09	$2.46	$1,725,493,436	10 / 16
2026-10-10	$2.46	$1,725,493,436	10 / 16
2026-10-11	$2.46	$1,725,493,436	10 / 16
2026-10-12	$2.46	$1,725,493,436	10 / 16
2026-10-13	$2.46	$1,725,493,436	10 / 16
2026-10-14	$2.46	$1,725,493,436	10 / 16
2026-10-15	$2.46	$1,725,493,436	10 / 16
2026-10-16	$2.46	$1,725,493,436	10 / 16
2026-10-17	$2.46	$1,725,493,436	10 / 16
2026-10-18	$2.46	$1,725,492,058	10 / 16
2026-10-19	$2.46	$1,725,492,058	10 / 16
2026-10-20	$2.46	$1,725,492,058	10 / 16
2026-10-21	$2.46	$1,725,491,993	10 / 16
2026-10-22	$2.46	$1,725,491,993	10 / 16
2026-10-23	$2.46	$1,725,491,993	10 / 16
2026-10-24	$2.46	$1,725,491,993	10 / 16

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	16	6
2026-06-01	16	6
2026-07-01	17	6
2026-08-01	17	6
2026-09-01	18	6
2026-10-01	18	6

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 18 Buy / Strong Buy · 6 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades3 maintains

Recent actions · Sep 25–Oct 24 · 3 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Cantor FitzgeraldOct 16 · prior Sep 14

$65.00 → $70.00+7.7%

BarclaysOct 12 · prior Aug 3

$60.00 → $62.00+3.3%

D.A. DavidsonSep 28 · prior Jul 31

$60.00 → $56.00-6.7%

$0$38.50$77.00

2 raises · 1 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain free cash flow margin at 19% in 2026Free cash flow: $64.527M
Successful product launches and leadership stabilityQualitative condition
Improve non-GAAP operating margin to 18.5% in 2026Direct metric needs a verified mapping
Achieve 13.6% revenue growth in 2026Revenue growth: 15.83%

Next proof point

Nov 3, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.7%Typical daily move · historical

Downside history

-51.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Procore Technologies Inc outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a growth business with improving operating performance, but it is not yet a consistently profitable business. The long-term thesis is still developing: revenue and cash generation are advancing, while management execution is described as volatile and overall risk remains elevated.

What's priced into Procore Technologies Inc

PCOR is tagged as stretched, with a durable premium to peers and an expectations gap of 0.21; model confidence is low. This suggests the market already assumes sustained business quality and growth, leaving less room for weaker execution to be absorbed.

What the fundamentals likely do

Near term, recent results are mixed against the industry cohort, and the evidence notes a run of earnings misses despite a July earnings beat. Over the multi-year view, revenue has grown at a double-digit pace, second-quarter non-GAAP operating margin reached 21%, and free cash flow generation improved sharply; guidance calls for continued revenue growth and roughly 19% free cash flow margin in 2026.

What Procore Technologies Inc hinges on

The thesis depends on PCOR maintaining revenue growth while converting it into durable margins and cash flow, without cutting guidance on the next call. Near-term conditions may also be shaped by interest-rate changes and results from large software peers, though these are sector signals rather than proof of PCOR’s own execution.