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Procore Technologies Inc · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineGrowing fast: revenue compounds ~26.6%/yr (FY21→FY25), net margin −7.6%. Worth your attention in FY25: Share count (+62.1%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲14.8%
1,322.5
FY21→FY25CAGR +26.6%/yr
Net income ($M)▲4.9%
−100.8
one-off year: see footnoteCAGR —
Free cash flow ($M)▲72.2%
213.0
FY21→FY25CAGR +120.0%/yr
Diluted EPS▲6.9%
−0.67
FY21→FY25CAGR —
What the receipts whisper · what a headline number hides
Share count
+62.1%
92.7mn → 150.2mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$87.3M
+20.5% YoY in FY25 · 6.6% of revenue.
Returns vs FCF
60%
$128.8M returned vs $213.0M of FCF in FY25. Buybacks + dividends covered by cash flow.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
-8¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 80.9% → 79.5%. Net margin -7.6% is below the sector median.
The receipt · income statement · FY21–FY25 USD thousands except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 1,422,448.0 | 1,322,509.0 | 1,151,708.0 | 950,010.0 | 720,203.0 | 514,821.0 | ▲14.8% | +26.6% |
Cost of revenue | 285,078.0 | 270,832.0 | 205,612.0 | 174,462.0 | 148,416.0 | 98,312.0 | ▲31.7% | +28.8% |
Gross profit | 1,137,370.0 | 1,051,677.0 | 946,096.0 | 775,548.0 | 571,787.0 | 416,509.0 | ▲11.2% | +26.1% |
Research & development | 364,776.0 | 362,373.0 | 312,987.0 | 300,571.0 | 270,982.0 | 237,290.0 | ▲15.8% | +11.2% |
Selling, general & admin | 246,704.0 | 232,967.0 | 217,513.0 | 195,746.0 | 166,283.0 | 156,635.0 | ▲7.1% | +10.4% |
Total operating expenses | 1,206,545.0 | 1,176,020.0 | 1,082,519.0 | 991,225.0 | 862,241.0 | 702,436.0 | ▲8.6% | +13.8% |
Operating incomefeeds ROC rank | −69,175.0 | −124,343.0 | −136,423.0 | −215,677.0 | −290,454.0 | −285,927.0 | ▲8.9% | — |
Other income, net | 28,576.0 | 30,362.0 | 32,242.0 | 27,256.0 | 3,989.0 | −2,996.0 | — | — |
Pretax income | −40,599.0 | −93,981.0 | −104,181.0 | −188,421.0 | −286,465.0 | −288,923.0 | ▲9.8% | — |
Income tax | −1,720.0 | 6,802.0 | 1,775.0 | 1,273.0 | 466.0 | −23,758.0 | ▲283.2% | — |
Net incomePiotroski ROA ✕feeds Buffett Quality owner earnings | −38,879.0 | −100,783.0 | −105,956.0 | −189,694.0 | −286,931.0 | −265,165.0 | ▲4.9% | — |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | −0.26 | −0.67 | −0.72 | −1.34 | −2.10 | −2.86 | ▲6.9% | — |
Diluted shares (mn) | 152.79 | 150.25 | 147.44 | 141.96 | 136.53 | 92.67 | ▲1.9% | +12.8% |
| Margins | ||||||||
Gross margin84th pct in Technology | 80.0% | 79.5% | 82.1% | 81.6% | 79.4% | 80.9% | ▼2.6pp | −1.4pp |
Operating margin | −4.9% | −9.4% | −11.8% | −22.7% | −40.3% | −55.5% | ▲2.4pp | +46.1pp |
Net margin22nd pct in Technology | −2.7% | −7.6% | −9.2% | −20.0% | −39.8% | −51.5% | ▲1.6pp | +43.9pp |
† TTM = trailing four quarters through 2026-06-30.FY21 effective tax rate was 8% vs a −1% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-24 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.