The beat-and-raise, particularly the margin expansion and raised full-year outlook, should drive positive momentum. Watch the Q2 2026 conference call for commentary on AI monetization (NVIDIA Omniverse integration) and the trajectory of net revenue retention, which was 106% in FY2025.
Price Chart
Executive Summary
Procore reported Q1 2026 revenue of $359M (+16% YoY), exceeding the high end of its own guidance, and raised full-year revenue guidance to $1.499B-$1.503B (from $1.489B-$1.494B). Non-GAAP operating margin expanded to 17% (from 10% a year ago), and free cash flow grew 20% YoY to $56M. The beat-and-raise, combined with accelerating margin expansion, signals strong execution and durable profitable growth.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $359M, up 16% YoY, above the $351M-$353M guidance range
- Full-year 2026 revenue guidance raised to $1.499B-$1.503B (prior: $1.489B-$1.494B)
- Non-GAAP operating margin of 17% in Q1, up from 10% a year ago; FY guidance raised to 18%-18.5%
- Free cash flow of $56M, up 20% YoY; FY FCF margin guidance maintained at 19%
- Repurchased ~1.8M shares for ~$100M in Q1
- Total RPO of $1.56B, up 21% YoY, signaling strong future revenue visibility
Financial Impact
Revenue beat guidance by ~$6M-$8M; full-year guidance raised by ~$9M-$10M; non-GAAP operating margin guidance raised by 50bps
Risk Factors
- Revenue growth decelerating to 12%-13% in Q2 2026 (from 16% in Q1)
- Stock-based compensation remains elevated at 17% of revenue (non-GAAP adjustment)
- Integration risk from recent acquisitions (Datagrid, $159M in Q1 cash outflows)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-030125 |
| Document: pcor-20260505.htm | 0001628280-26-030125 |
| Document: 0001628280-26-030125-index-headers.html | 0001628280-26-030125 |
| Document: 0001628280-26-030125-index.html | 0001628280-26-030125 |
| Document: 0001628280-26-030125.txt | 0001628280-26-030125 |
| 8-K Data (Synthetic) | 0001628280-26-030125 |
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