Slide 1: Second Quarter Fiscal 2026 Earnings Investor Presentation
SECOND QUARTER | FISCAL 2026 EARNINGS Investor Presentation
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements about Procore Technologies, Inc. (“Procore”), which include, but are not limited to, statements about Procoreʼs financial and operating results and guidance (including, but are not limited to, expected GAAP and non-GAAP financial and
Slide 3: Q2 FY26 Highlights
Q2 FY26 Highlights $375M 1% 21% $88M GAAP Non-GAAP Q2 Revenue Operating Margin Operating Margin Operating Cash Flow +16% YoY +186% YoY +1,080 bps YoY +800 bps YoY $65M 153M 2,871 95% Free Cash Flow Diluted Shares Outstanding $100k+ ARR Customers Gross Revenue Retention +507% YoY +0% YoY +14% YoY +0
Slide 4: Revenue
Revenue In Millions, except percentages International Constant Currency YoY % Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 16% 15% 15% 15% 19%
Slide 5: ARR Composition
ARR Composition $100K+ ARR Customers Stakeholder ARR Mix Note: Stakeholder ARR mix excludes customers acquired from business combinations that do not have standard Procore annual contracts.
Slide 6: Revenue Backlog
Revenue Backlog Remaining Performance Obligations Deferred Revenue Note: Reported cRPO continues to benefit from longer average contract duration, which increased slightly in Q2ʼ26. However, the primary driver of Q2ʼ26 acceleration was stronger underlying bookings performance. When normalizing for t
Slide 7: Retention Rates
Retention Rates Gross Retention Rate Net Retention Rate Note: Refer to the Appendix for definitions of gross retention rate and net retention rate.
Slide 8: Margins
Margins Gross Margins Operating Margins
Slide 9: Cash Flow
Cash Flow Operating Cash Flow Free Cash Flow
Slide 10: Share Count & Stock Based Compensation
Share Count & Stock Based Compensation Diluted Weighted Shares Outstanding (QTD) SBC as % of Revenue Shares in Millions $ʼs in Millions Note: Our Q4ʼ25 SBC was impacted by a one-time charge of unvested equity related to our former CEO, who transitioned to the role of Chairman of the Board of Directo
Slide 11: Guidance Summary
Guidance Summary Q3‘26 FY26 Total Revenue $382M - $384M $1,510M - $1,514M Revenue Growth % 13.3% YoY 14.5% YoY Non-GAAP Operating Margin % 19% - 19.5% 18.5% - 19% FCF Margin % N/A 19.5% Initiating FY27 Non-GAAP Operating Margin % guidance of 25%
Slide 12: Procore & DroneDeploy: Strategic Rationale
Procore & DroneDeploy Strategic Rationale System of Intelligence Procoreʼs AI strategy revolves around moving from the system of collaboration and record to the system of intelligence for construction. Visual Intelligence As a leader in reality capture and robotic automation – what we are calling vi
Slide 13: Procore & DroneDeploy: Transaction Overview
Procore & DroneDeploy Transaction Overview Consideration & Timing Financing Financial Impact ● $845 million in cash, subject to ● Committed bridge facility in ● TTM revenue of ~$78 million, customary purchase price place gross margins 80%+ and cash adjustments ● Arranged committed bridge flow breake
Slide 14: Appendix
Appendix PROGCORE
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation In addition to Procoreʼs GAAP results, Procore believes certain non-GAAP measures are useful in evaluating Procoreʼs operating performance. Procore uses this non-GAAP financial information, collectively, to evaluate its ongoing operations as well as for internal planning and
Slide 16: Definitions
Definitions CUSTOMER COUNT Customer count excludes customers acquired from business combinations that do not have standard Procore annual contracts. FREE CASH FLOW FCF Procore defines free cash flow as net cash provided by operating activities, less purchases of property and equipment and capitali
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (dollars in thousands) FY'23 FY'24 FY'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue $ 950,010 $ 1,151,708 $ 1,322,509 $ 323,919 $ 338,841 $ 349,107 $ 359,283 $ 375,207 Reconciliation of gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin: GAAP
Slide 18: GAAP to Non-GAAP Reconciliation (Cont.)
GAAP to Non-GAAP Reconciliation (Cont.) (dollars in thousands) FY'23 FY'24 FY'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Reconciliation of operating expenses to non-GAAP operating expenses: $ $ $ $ $ GAAP sales and marketing $ 494,908 $ 552,019 $ 580,680 141,897 144,290 155,809 149,181 145,785 Stock-based com
Slide 19: GAAP to Non-GAAP Reconciliation (Cont.)
GAAP to Non-GAAP Reconciliation (Cont.) (dollars in thousands) FY'23 FY'24 FY'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 GAAP research and development $ 300,571 $ 312,987 $ 362,373 $ 88,902 $ 88,049 $ 97,813 $ 85,565 $ 93,349 Stock-based compensation expense (68,275) (67,961) (89,606) (21,237) (20,969) (28,97
Slide 20: GAAP to Non-GAAP Reconciliation (Cont.)
GAAP to Non-GAAP Reconciliation (Cont.) (dollars in thousands) FY'23 FY'24 FY'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 GAAP general and administrative $ 195,746 $ 217,513 $ 232,967 $ 55,655 $ 52,780 $ 68,874 $ 68,715 $ 56,335 Stock-based compensation expense (44,406) (53,336) (62,962) (13,718) (15,491) (21,
Slide 21: GAAP to Non-GAAP Reconciliation (Cont.)
GAAP to Non-GAAP Reconciliation (Cont.) (dollars in thousands) FY'23 FY'24 FY'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Reconciliation of income (loss) from operations and operating margin to non-GAAP loss from operations and non-GAAP operating margin: $ $ $ $ $ $ $ GAAP Income (loss) from operations (215,67
Slide 22: Free Cash Flow Bridge
Free Cash Flow Bridge (dollars in thousands) FY'23 FY'24 FY'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 $ $ $ $ $ $ $ Revenue $ 950,010 1,151,708 1,322,509 323,919 338,841 349,107 359,283 375,207 Computation of free cash flow and free cash flow margin: $ Net cash provided by operating activities $ 92,015 $ 196