Procore Technologies Reports 16% Revenue Growth to $375.2 Million in Latest Quarter

Procore Technologies, Inc. reported significant financial performance in its latest quarterly filing, with revenues reaching $375.2 million for the three months ended June 30, 2026, marking a 16% increase from $323.9 million in the same period last year. For the first half of 2026, total revenue was $734.5 million, up from $634.6 million in the prior year. The company achieved a net income of $16.9 million for the second quarter, a notable recovery from a net loss of $21.1 million in the same quarter of 2025. This shift to profitability reflects a strategic focus on customer retention and expansion, with a gross retention rate of 95% maintained across both periods.

Operationally, Procore has seen a rise in its customer base, with the number of customers contributing over $100,000 in annual recurring revenue (ARR) increasing by 14% year-over-year, from 2,517 to 2,871. This group now represents 68% of the company's total ARR. The company also reported a current remaining performance obligation (RPO) of $1.07 billion, a 22% increase from the previous year, indicating strong future revenue potential. The company’s international revenue remained stable at 15% of total revenue, reflecting ongoing efforts to expand its global footprint.

Strategically, Procore has made significant moves to enhance its product offerings and market position. In January 2026, the company acquired Datagrid for $168 million, aiming to bolster its artificial intelligence capabilities within the construction sector. Additionally, Procore announced plans to acquire DroneDeploy for approximately $845 million, further expanding its technological capabilities in cloud-control software for drones. These acquisitions are part of a broader strategy to innovate and enhance the Procore platform, which is critical for maintaining competitive advantage in the construction management software market.

The company’s workforce has also seen adjustments, with a 4% reduction in its global headcount completed in March 2026 to align resources with growth opportunities. As of June 30, 2026, Procore reported a total employee count of 2,200, reflecting a strategic focus on efficiency and operational effectiveness. The company continues to invest in its go-to-market operating model, which includes increasing sales headcount and integrating product specialists to drive customer engagement and satisfaction.

Looking ahead, Procore remains optimistic about its growth trajectory, emphasizing the importance of customer acquisition and retention in driving revenue. The company plans to continue investing in technology and product development, particularly in AI and cloud solutions, to meet the evolving needs of the construction industry. However, it acknowledges potential macroeconomic challenges, including inflation and geopolitical factors, that could impact its operations and financial performance. Procore's management believes that its current cash reserves, totaling $655.9 million, will be sufficient to support its strategic initiatives over the next 12 months.