Construction management software provider Procore Technologies (NYSE: PCOR) beat Wall Street’s revenue expectations in Q1 CY2026, with sales up 15.7% year on year to $359.3 million. The company expects next quarter’s revenue to be around $365 million, close to analysts’ estimates. Its non-GAAP profit of $0.34 per share was 6.1% below analysts’ consensus estimates.
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Procore Technologies (PCOR) Q1 CY2026 Highlights:
- Revenue: $359.3 million vs analyst estimates of $352.6 million (15.7% year-on-year growth, 1.9% beat)
- Adjusted EPS: $0.34 vs analyst expectations of $0.36 (6.1% miss)
- Adjusted Operating Income: $60.77 million vs analyst estimates of $51.7 million (16.9% margin, 17.6% beat)
- The company slightly lifted its revenue guidance for the full year to $1.50 billion at the midpoint from $1.49 billion
- Operating Margin: -4.4%, up from -11.7% in the same quarter last year
- Free Cash Flow Margin: 15.6%, down from 25.8% in the previous quarter
- Billings: $325.7 million at quarter end, up 14% year on year
- Market Capitalization: $9.37 billion
Company Overview
With a mission to build software for the people that build the world, Procore Technologies (NYSE: PCOR) provides cloud-based software that enables owners, contractors, and other stakeholders to collaborate and manage construction projects from any device.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can have short-term success, but a top-tier one grows for years. Luckily, Procore Technologies’s sales grew at an impressive 26.6% compounded annual growth rate over the last five years. Its growth beat the average software company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within software, a half-decade historical view may miss recent innovations or disruptive industry trends. Procore Technologies’s annualized revenue growth of 16.8% over the last two years is below its five-year trend, but we still think the results were respectable. 
This quarter, Procore Technologies reported year-on-year revenue growth of 15.7%, and its $359.3 million of revenue exceeded Wall Street’s estimates by 1.9%. Company management is currently guiding for a 12.7% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 12.4% over the next 12 months, a deceleration versus the last two years. This projection doesn't excite us and suggests its products and services will face some demand challenges.
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Billings
Billings is a non-GAAP metric that is often called “cash revenue” because it shows how much money the company has collected from customers in a certain period. This is different from revenue, which must be recognized in pieces over the length of a contract.
Procore Technologies’s billings punched in at $325.7 million in Q1, and over the last four quarters, its growth slightly outpaced the sector as it averaged 15.6% year-on-year increases. This performance aligned with its total sales growth and shows the company is successfully converting sales into cash. Its growth also enhances liquidity and provides a solid foundation for future investments. 
Customer Acquisition Efficiency
The customer acquisition cost (CAC) payback period measures the months a company needs to recoup the money spent on acquiring a new customer. This metric helps assess how quickly a business can break even on its sales and marketing investments.
Procore Technologies does a decent job acquiring new customers, and its CAC payback period checked in at 46 months this quarter. The company’s relatively fast recovery of its customer acquisition costs gives it the option to accelerate growth by increasing its sales and marketing investments. 
Key Takeaways from Procore Technologies’s Q1 Results
It was encouraging to see Procore Technologies beat analysts’ revenue expectations this quarter. On the other hand, its revenue guidance for next quarter was in line and its billings fell slightly short of Wall Street’s estimates. Overall, this quarter could have been better. The stock traded down 9.8% to $56.01 immediately after reporting.
So do we think Procore Technologies is an attractive buy at the current price? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
