Procore Beats as Q3 Revenue Climbs 18.7% to $402M, Guides Q4 Above Consensus and Adds $300M Buyback
Fourth-quarter non-GAAP operating margin is guided to 15.5%-16.0%, and the company kept its 25% operating margin target for fiscal 2027.
Procore Technologies (PCOR) reported third-quarter 2026 non-GAAP earnings of $0.51 per share, $0.05 above the FactSet consensus of $0.46, on revenue of $402.31 million, up 18.7% from a year earlier and above the $384.39 million consensus. The construction software company guided fourth-quarter revenue to $420 million to $422 million, well above the $396.15 million consensus, and authorized a new repurchase program of up to $300 million on Oct. 30. Shares closed at $63.17, up $0.60, before the report.
Third-quarter results
| Metric | Actual | Consensus | Difference |
|---|---|---|---|
| Non-GAAP EPS | $0.51 | $0.46 | +$0.05 |
| Revenue | $402.31M | $384.39M | +$17.92M; +18.7% year over year |
By our calculation, EPS beat by about 10.9% and revenue by about 4.7%. Procore's own third-quarter guide in July was $382 million to $384 million, so revenue came in about $18 million, or 4.8%, above the top of that range.
Outlook
| Item | Guidance | Comparison |
|---|---|---|
| Q4 revenue | $420M to $422M | Consensus $396.15M |
| Q4 non-GAAP operating margin | 15.5% to 16.0% | Q3 guide was 19% to 19.5% |
| Fiscal 2027 non-GAAP operating margin | About 25% | Same target as in July |
By our calculation, the Q4 revenue midpoint of $421 million is about 6.3% above consensus and about 4.6% above Q3's revenue. The Q4 margin guide is below the 19% to 19.5% Procore targeted for Q3, which suggests higher spending in the quarter, while the fiscal 2027 target of 25% is unchanged.
New $300 million buyback
Procore's board authorized the program on Oct. 30. The company had repurchased $100 million of stock through June 30 and held about $656 million of cash and marketable securities at that date, according to its second-quarter report.
What to watch
- Conference call. Management commentary on the drivers of the upside, customer growth and the reason for the lower Q4 margin guide.
- Fiscal 2027. Progress toward the 25% non-GAAP operating margin target.
- Buyback pace. How quickly Procore uses the $300 million authorization.
- Stock reaction. How shares trade after the release, following a $0.60 gain on the day.
- Related coverage. See our reports on Palantir, Upwork and Ibotta.
Sources: Procore's investor relations site and its second-quarter 2026 report on SEC EDGAR. Third-quarter figures and consensus estimates come from FactSet and published data and may differ by source. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.
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