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MAC lifts its 2028 FFO per share and provides portfolio NOI targets as leasing gains, redevelopment projects and acquisitions support its Path Forward plan.

RALEIGH, N.C.--(BUSINESS WIRE)--Vontier Corporation (NYSE: VNT), a leading global provider of critical technologies and solutions to connect, manage and scale the mobility ecosystem, has received seven British Safety Council International Safety Awards for 2026. These awards demonstrate Vontier's continued commitment to health, safety and wellbeing, while prioritizing a culture of actively caring for people across global operations. Vontier achieved the following results: Distinction Award Alto.

RALEIGH, N.C.--(BUSINESS WIRE)--Vontier Corporation (NYSE: VNT), a leading global provider of critical technologies and solutions to connect, manage and scale the mobility ecosystem, today announced the appointment of Denice Biocca as Chief People Officer to lead the company's global human resources operations. “Denice brings extensive leadership experience across large, complex industrial businesses. We are thrilled to have her join Team Vontier,” said Mark Morelli, CEO of Vontier. “Her proven.

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RALEIGH, N.C.--(BUSINESS WIRE)--Vontier Corporation (NYSE: VNT), a leading global provider of critical technologies and solutions to connect, manage and scale the mobility ecosystem, has been named one of ‘America’s Climate Leaders’ by USA TODAY and Statista Inc. for the second consecutive year. The annual list highlights U.S. companies making significant strides in reducing greenhouse gas emissions.

“We’re honored to be included as one of America’s Climate Leaders for the second year in a row. This recognition from USA TODAY and Statista reflects the meaningful progress we’ve made to reduce our environmental impact through disciplined, data-driven action and operational transformation,” said Katie Rowen, Chief Transformation and Operations Officer for Vontier.

“This achievement also reinforces our commitment to transparency as we prepare for the release of our annual sustainability report, which will outline our actions and progress over the past year in achieving sustainability and governance goals,” said Rowen.

For this ranking, USA Today and Statista partnered to examine companies headquartered in the U.S. that achieved the greatest reduction in their emissions intensity from 2022 to 2024.

Vontier also achieved the highest year-over-year emissions reduction among the select group of North Carolina-headquartered companies included on the list.

This recognition adds to the growing list of accolades, including those from CDP, EcoVadis and Newsweek. Vontier is committed to creating a brighter future for its customers, employees and communities. For more information on the company’s nationally recognized sustainability efforts, please visit www.vontier.com/responsibility.

About Vontier

Vontier (NYSE: VNT) is a global technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier powers the way the world moves - delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement and innovation worldwide. Additional information about Vontier is available on the Company’s website at www.vontier.com.

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RALEIGH, N.C.--(BUSINESS WIRE)--Vontier Reports First Quarter Results and Reaffirms Full Year 2026 Guidance.

Vontier Corporation (VNT) Q1 2026 Earnings Call Transcript

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Driivz software will optimise the Duracell E-Charge network, enabling reliable, high-performance charging at scale

RALEIGH, N.C.--(BUSINESS WIRE)--Driivz, a Vontier (NYSE: VNT) company and leading global software supplier to EV charging operators and service providers, today announced a partnership to power and scale the Duracell E-Charge ultra-fast EV charging network across the UK.

The Driivz software platform removes common points of friction for charge point operators, by providing robust session data, accurate billing and transparent settlements. With mature, reliable OCPI capabilities, The EV Network will utilize Driivz’s roaming capabilities to increase network utilization rates and drive revenue.

Operating under the globally recognised Duracell brand sets a high bar for reliability, uptime and performance. The Driivz platform supports this through real-time monitoring, remote diagnostics and proactive issue resolution, ensuring a dependable and consistent experience for drivers.

“Duracell E-Charge is being built to set a new benchmark for ultra-fast charging in the UK. That means high uptime, simple pricing and a consistently reliable experience for drivers,” said Mark Bloxham, Managing Director. “Driivz gives us the platform to scale quickly while maintaining control, performance and commercial efficiency as the network grows.”

“Charging networks that can scale, while optimizing their current operations to ensure seamless charging experiences for drivers now and in the years to come, are the networks that will lead the way in the future of mobility,” said Shiri Levi-Laor, CEO of Driivz. “We’re proud to support the rollout of the Duracell E-Charge network across the UK.”

The Duracell E-Charge network will utilise the following capabilities within Driivz’s smart EV charging software platform to provide seamless charging experiences at sites operating under the Duracell E-Charge brand.

EV Charging Operations Management: Full optimization of all EV charging operations, including charger monitoring and proactive and remote issue resolution with advanced algorithms for self-healing capabilities, maximize network uptime and utilization. Billing Management: Highly configurable billing engine to scale and monetize their network with competitive business models tailored to customer needs. Driver Experience: Driivz’s white-label charging app and web portal give drivers full control over their EV charging experience, allowing them to easily search for a charging station, navigate there, plug in, charge and make payment. The Duracell E-Charge network will offer billing transparency, including easy access to charging history, detailed invoices with full pricing information, cost breakdown, etc. Reporting and Analytics: Driivz’s data-driven platform includes detailed insights and customized reports, to make effective decisions that promote smooth operations and continued network growth. About Driivz:

Driivz, a Vontier (NYSE: VNT) company, is a leading global software supplier to EV charging operators and service providers, accelerating the plug-in EV industry’s dynamic and continuous transformation. The company’s intelligent, cloud-based platform spans EV charging operations, energy management, advanced billing capabilities, and driver self-service tools. Driivz’s team of EV experts serves customers in 36 countries, including global industry players such as EVgo, Shell, Circle K, Volvo Group, Recharge, St1, ESB, Mer, Francis Energy, Sheetz and eMobility Power. The Driivz platform currently manages over 3 million ports and hundreds of millions of events for millions of EV drivers in North America, Europe and APAC. For more information, please visit https://driivz.com/.

About Vontier:

Vontier (NYSE: VNT) is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier enables the way the world moves – delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement and innovation built upon the foundation of the Vontier Business System and embraced by colleagues worldwide. Additional information about Vontier is available on the Company’s website at www.vontier.com.

About Duracell E-Charge

Duracell E-Charge is an ultra-fast EV charging network operating under license from Duracell. The network is developed and funded by The EV Network (EVN) with more than £200 million planned in investment targeting 100+ sites and 500+ charge points across the UK by 2030. https://duracellecharge.com/

Duracell is a registered trademark of Duracell Batteries BV and Duracell U.S. Operations, Inc., used under license. All rights reserved.

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Vontier Corporation (NYSE: VNT), a leading global provider of critical technologies and solutions to connect, manage and scale the mobility ecosystem, announce

[url="]Vontier[/url] (NYSE: VNT) today released new [url="]national research[/url], surveying over 600 U.S. convenience store operators and fuel retailers, hig

RALEIGH, N.C.--(BUSINESS WIRE)--Driivz, a Vontier (NYSE: VNT) company and leading global software supplier to electric vehicle (EV) charging operators and service providers, today released its 2026 State of EV Charging Network Operators Report, based on industry data gathered from 300 senior EV charging professionals across North America and Europe. The findings reveal a decisive industry shift from rapid infrastructure build-out toward what Driivz calls ‘intelligent profitability' or the optim.

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Mobility technology company publishes 2026 Sustainability Report, reduces Scope 1 and 2 emissions by 49%, achieves best-in-class safety metrics

RALEIGH, N.C.--(BUSINESS WIRE)--Vontier (NYSE: VNT), a leading global provider of critical technologies and solutions to connect, manage and scale the mobility ecosystem, today released its 2026 Sustainability Report, highlighting the company's success in delivering on its mission to mobilize the future to create a better world.

Among the key findings: Vontier has reduced its absolute Scope 1 and 2 emissions by 49%, surpassing its 2030 target five years ahead of schedule. The company is now setting an accelerated target of a 65% absolute reduction by 2030.

In addition to its climate achievements, Vontier reached its 2030 waste diversion goal early by diverting 91% of manufacturing site waste from landfills. The company also generated $8.4 million in operational cost savings via internal efficiency initiatives.

Vontier serves as a connective layer across the mobility economy, helping customers in convenience retail, fleet solutions and automotive repair navigate simultaneous digital and energy transitions – removing what the company calls the ‘complexity tax’ on productivity and progress.

“Vontier sits at the intersection of mobility and technology, and we use that position to help enable a multi-energy future,” said Mark Morelli, President and CEO of Vontier. “In 2025, we achieved a major milestone of reducing our Scope 1 and 2 emissions by 49%, five years ahead of our 2030 target, demonstrating what’s possible through innovation, operational efficiency and accountability. As we look ahead, we remain focused on setting ambitious goals, maintaining transparent governance practices and continuing to shape a more sustainable future for our customers and communities.”

“Reaching our 2030 emissions targets five years ahead of schedule is another incredible testament to the ingenuity and commitment of our global team,” said Katie Rowen, EVP, Chief Transformation & Operations Officer. “This step-change in our emissions wasn't traced back to a single project; it was achieved by tapping into the collective expertise of our workforce, customers and suppliers. Vontier’s next phase of growth is about scaling what works, deepening accountability and continuing to support customers through multi-energy innovations.”

Productivity at scale: Driving efficiency through VBS

Vontier's operational results were driven by the Vontier Business System (VBS), an enterprise-wide framework rooted in kaizen (continuous improvement) that turns operational complexity into frictionless performance. VBS connected employees, processes and technology to yield more than 200 completed kaizens globally in 2025:

Greensboro campus innovations: At Vontier’s largest manufacturing facility in Greensboro, N.C., a facility maintenance team member installed timers on more than 50 exhaust fans to ensure they only operate during occupied hours. Accelerated capability: Vontier continued to scale its VBS Ignite career development program to compress three years of business experience into three months, enabling participants to drive immediate operational throughput improvements. Modern mobility infrastructure: First-of-its-kind lifecycle milestones

Vontier meets customers where they are to transition legacy systems into continuous capability, deploying intelligent hardware and cloud connectivity to future-proof operations:

Industry-first assessment: Vontier became the first company in the world to complete an end-to-end lifecycle assessment (LCA) of a fueling dispenser based on its SK700-II model. Aligned with ISO 14040/14044 standards, upgrades identified through the process will help reduce customers' Scope 1 and 2 dispenser lifecycle emissions significantly. Alternative fuel infrastructure: ANGI Energy advanced its commercial fleet positioning in compressed natural gas (CNG) and renewable natural gas (RNG), delivering fueling solutions that offer up to 80% lower fuel costs than diesel while reducing fleet carbon footprints. Scaling smart, connected systems

Vontier powers smart charging, energy management and customer engagement at scale, connecting forecourts to retail and loyalty:

Global EV charging software: Driivz, Vontier's EV charging and energy management platform, expanded its footprint to 36 countries, supporting more than 3 million charging points and 6 million drivers. In 2025, the platform enabled the avoidance of 1,014,000 metric tonnes of CO2e, delivered 1.34 TWh of energy and supported 6.7 billion kilometers of electric driving. Sheetz platform deployment: Long-standing client Sheetz integrated Driivz software across 125 EV charging stations in seven states, linking charging hardware directly to point-of-sale apps, loyalty rewards and real-time session tracking. Noteworthy workplace safety records

Vontier builds forward-looking flexibility and total operational integrity into its workforce. In 2025, the company achieved safety metrics well ahead of its corporate timelines:

Significant incident reductions: Vontier’s Total Recordable Incident Rate (TRIR) fell to 0.19, representing a 67% reduction from its 2022 baseline. Its Days Away, Restricted, or Transferred (DART) rate dropped to 0.14, a 65% reduction over the same period. Best-in-class certification record: Vontier’s global manufacturing sites achieved 100% ISO 45001 occupational health and safety certification, up from 78% in 2024, and sustained 100% ISO 14001 environmental management certification. Zero-incident operations: Multiple global business units — including operations in Argentina, Chile, EMEA and Southeast Asia, alongside Driivz, Teletrac Navman and DRB — completed the full calendar year with zero recordable incidents. Elite third-party validation

Vontier's system-level momentum was confirmed by prominent global corporate governance and responsibility rating organizations in 2025:

EcoVadis: Awarded a Gold rating, placing Vontier in the top 5% of companies assessed globally. CDP: Earned straight "A" ratings in both Climate Change and Supplier Engagement. TIME and Statista: Recognized on TIME’s World’s Most Sustainable Companies list for the second consecutive year. Newsweek: Ranked #81 on Newsweek's America's Most Responsible Companies list, rising from its initial appearance at #543 in 2023. Community giving & social impact

Vontier continues to support economic empowerment and human dignity across the local communities it serves. During 2025, approximately 1,000 employees contributed more than 4,350 volunteer hours through "Day of Caring" events. The company facilitated over $1 million in total corporate and employee charitable donations to more than a hundred organizations globally.

The full 2026 Sustainability Report, alongside complete SASB, TCFD and GRI data indices, is available at vontier.com/sustainability.

About Vontier

Vontier (NYSE: VNT) is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier powers the way the world moves — delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement and innovation built upon the foundation of the Vontier Business System and embraced by colleagues worldwide. Additional information about Vontier is available on the Company’s website at www.vontier.com.

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Procore Technologies, Inc. delivered positive Q4 2025 results, beating revenue and earnings estimates, but faces macro and industry headwinds. PCOR is integrating generative AI to defend its market position, aiming to become the system of record for construction management. Despite robust revenue growth and cash generation, elevated stock-based compensation and a premium valuation versus SaaS peers warrant caution.

Posted by Defense World Staff on Apr 9th, 2026

Cache Advisors LLC increased its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR – Free Report) by 34.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,852 shares of the company’s stock after acquiring an additional 9,166 shares during the period. Procore Technologies comprises approximately 0.3% of Cache Advisors LLC’s holdings, making the stock its 24th largest holding. Cache Advisors LLC’s holdings in Procore Technologies were worth $2,608,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Canton Hathaway LLC bought a new stake in Procore Technologies during the 4th quarter worth approximately $155,000. Robinhood Asset Management LLC bought a new stake in Procore Technologies during the 4th quarter worth about $7,136,000. Hanson & Doremus Investment Management grew its holdings in Procore Technologies by 3.2% during the 4th quarter. Hanson & Doremus Investment Management now owns 30,825 shares of the company’s stock worth $2,242,000 after acquiring an additional 952 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Procore Technologies by 6.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 662,928 shares of the company’s stock worth $46,431,000 after acquiring an additional 41,816 shares during the last quarter. Finally, First Bank & Trust grew its holdings in Procore Technologies by 5.4% during the 4th quarter. First Bank & Trust now owns 6,506 shares of the company’s stock worth $473,000 after acquiring an additional 331 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Insider Transactions at Procore Technologies In other news, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $57.23, for a total value of $3,211,804.83. Following the transaction, the chairman directly owned 927,580 shares in the company, valued at $53,085,403.40. This trade represents a 5.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Connor Kevin J. O sold 9,615 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $54.48, for a total value of $523,825.20. Following the completion of the transaction, the director owned 1,012,136 shares in the company, valued at $55,141,169.28. This represents a 0.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 93,827 shares of company stock worth $5,310,132 in the last three months. Insiders own 21.50% of the company’s stock.

Analysts Set New Price Targets A number of equities research analysts have commented on the stock. BMO Capital Markets decreased their price objective on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. DA Davidson decreased their price objective on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Wall Street Zen upgraded Procore Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, March 28th. KeyCorp decreased their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Finally, Zacks Research upgraded Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Fifteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $75.82.

Get Our Latest Stock Analysis on PCOR

Procore Technologies Stock Down 2.4% Shares of NYSE PCOR opened at $54.57 on Thursday. The firm has a market capitalization of $8.19 billion, a PE ratio of -81.45 and a beta of 0.85. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 1 year low of $46.08 and a 1 year high of $82.32. The firm’s 50-day moving average is $55.16 and its 200-day moving average is $66.70.

Procore Technologies (NYSE:PCOR – Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.01 EPS. Equities analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Procore Technologies Profile (Free Report)

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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Posted by Defense World Staff on Apr 16th, 2026

Procore Technologies, Inc. (NYSE:PCOR – Get Free Report) Chairman Craig Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $47.64, for a total value of $2,673,652.08. Following the transaction, the chairman directly owned 927,580 shares of the company’s stock, valued at approximately $44,189,911.20. The trade was a 5.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Up 5.6% Shares of PCOR stock opened at $52.40 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market cap of $7.86 billion, a price-to-earnings ratio of -78.20 and a beta of 0.85. The stock has a 50 day simple moving average of $54.68 and a 200-day simple moving average of $65.91. Procore Technologies, Inc. has a 1-year low of $46.08 and a 1-year high of $82.32.

Procore Technologies (NYSE:PCOR – Get Free Report) last announced its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The business had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.01 EPS. On average, equities research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Institutional Trading of Procore Technologies A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after acquiring an additional 804,920 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after acquiring an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP increased its stake in shares of Procore Technologies by 6.8% in the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after acquiring an additional 315,604 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Procore Technologies by 76.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after acquiring an additional 1,750,998 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Procore Technologies by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock worth $257,431,000 after acquiring an additional 137,171 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth Several research analysts recently commented on the company. Barclays reduced their price objective on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. TD Cowen increased their price objective on Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 13th. DA Davidson reduced their price objective on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Canaccord Genuity Group reduced their price objective on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Finally, Wall Street Zen raised Procore Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, March 28th. Fifteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $75.82.

Read Our Latest Research Report on PCOR

Procore Technologies Company Profile (Get Free Report)

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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Prominent Computer Science Professor and Technology Founder to Strengthen Company’s Expertise in Driving AI Innovation

CARPINTERIA, Calif.--(BUSINESS WIRE)--Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced it has appointed Vishal Misra to its Board of Directors. Misra currently serves as the RKS Family Professor of Computer Science and as Vice Dean of Computing and AI at Columbia University.

"Vishal’s deep expertise in AI and proven success as a technology founder will be a tremendous asset," said Ajei Gopal, President and CEO of Procore. "His unique perspective will be instrumental as we enter our next chapter of growth and continue to redefine construction management through intelligent innovation."

Misra is a distinguished technology leader and academic who has served as a professor of computer science at Columbia University for nearly 25 years. An accomplished entrepreneur, Misra has successfully founded several technology companies including Infinio, a storage-performance software company, and AskHereFirst, an AI-based natural language query solution. As a pioneer in digital media, he served on the Board of Directors of DB Digital and is also credited with inventing live-microblogging at Cricinfo, a company he co-founded and that was later acquired by ESPN. Misra earned a B.Tech. from IIT Bombay and an M.S. and Ph.D. from the University of Massachusetts Amherst.

"Procore is at the forefront of AI innovation in construction, driving a fundamental shift in one of the world’s most essential industries," said Misra. "The surging demand for critical infrastructure presents an unprecedented market opportunity. I am honored to join the Board at this pivotal moment and look forward to helping Procore accelerate the evolution of its AI-powered platform and strengthen its market leadership."

For additional information on Procore’s Board of Directors, visit here.

About Procore

Procore Technologies, Inc. (NYSE: PCOR) is a leading technology partner for every stage of construction. Built for the industry, Procore’s unified technology platform drives efficiency and mitigates risk through AI & data-driven insights and decision making. Over three million projects have run on Procore across 150+ countries. For more information, visit https://www.procore.com/.

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CARPINTERIA, Calif.--(BUSINESS WIRE)--Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced financial results for the first quarter ended March 31, 2026.

"We delivered strong Q1 financials," said Ajei Gopal, President and CEO of Procore. "That performance, which exceeded the high end of our guidance, gives us even more confidence in the future, enabling us to increase our full-year outlook. I am particularly pleased that we have also strengthened our flagship platform, as well as our agentic AI capabilities."

"I am thrilled to join Procore at such a transformative moment," said Rachel Pyles, CFO of Procore. "We are well positioned to deliver durable and profitable growth to ultimately compound our north star metric: free cash flow per share."

First Quarter 2026 Financial Highlights:

Revenue was $359 million, an increase of 16% year-over-year. GAAP gross margin was 80% and non-GAAP gross margin was 84%. GAAP operating margin was (4%) and non-GAAP operating margin was 17%. Operating cash inflow for the first quarter was $77 million. Free cash inflow for the first quarter was $56 million, an increase of 20% year-over-year. Basic and diluted WASO used for GAAP net loss per share was 150,950,902, an increase of 1% year-over-year. Diluted WASO used for non-GAAP earnings per share was 152,841,588, a decrease of 1% year-over-year. A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights:

Achieved a gross revenue retention rate of 95% in the first quarter. Number of organic customers contributing more than $100,000 of annual recurring revenue totaled 2,795 as of March 31, 2026, an increase of 16% year-over-year. Announced Procore Platform integration with the NVIDIA Omniverse DSX Blueprint to accelerate the building of AI factories. Recognized by G2 as a Top 100 Global Software Company for 2026. Appointed distinguished AI and academic leader Vishal Misra to Procore’s Board of Directors. Repurchased approximately 1.8 million shares of common stock for approximately $100 million in the first quarter as part of our authorized stock repurchase program. Second Quarter and Full Year Outlook:

Procore is providing the following guidance for the second quarter 2026 and the full year 2026:

Second Quarter 2026 Outlook: Revenue is expected to be in the range of $364 million to $366 million, representing year-over-year growth of 12% to 13%. Non-GAAP operating margin is expected to be in the range of 17.5% to 18.5%. Full Year 2026 Outlook: Revenue is expected to be in the range of $1,499 million to $1,503 million, representing year-over-year growth of 13.6% at the high end. Non-GAAP operating margin is expected to be in the range of 18% to 18.5%. Free cash flow margin is expected to be 19%. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Procore’s future GAAP financial results.

Quarterly Conference Call

Procore Technologies, Inc. will hold a conference call to discuss its first quarter results at 7:30 a.m., Central Time, on Tuesday, May 5, 2026. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Procore and its industry, including our outlook for second quarter 2026 and the full fiscal year 2026 and our expectations regarding artificial intelligence, that involve substantial risks and uncertainties. All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events, future financial or operating performance, or new, planned, or upgraded products, services, or features, and may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words, or other similar terms or expressions that concern Procore’s expectations, strategy, plans, or intentions.

Procore has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that Procore believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore’s current expectations, including, but not limited to, our expectations regarding our financial performance (including revenues, expenses, and margins, and our ability to achieve or maintain future profitability), our ability to effectively manage our growth, anticipated performance, trends, growth rates, and challenges in our business and in the markets in which we operate or anticipate entering into, economic and industry trends (in particular, the rate of adoption of construction management software and digitization of the construction industry, inflation, interest rates, tariffs, and challenging geopolitical or macroeconomic conditions), our ability to realize the expected benefits of our go-to-market transition, our ability to attract new customers and retain and increase sales to existing customers, our ability to expand internationally, the effects of increased competition in our markets and our ability to compete effectively, our estimated total addressable market, our ability to execute, and realize benefits from, our stock repurchase program, our ability to develop and integrate new products, platform capabilities, services, and features in an efficient and timely manner and get our customers and prospective customers to adopt such new products, platform capabilities, services, and features, and as set forth in Procore’s filings with the Securities and Exchange Commission, including in the section titled “Risk Factors” in Procore’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 24, 2026. You should not rely on Procore’s forward-looking statements. Procore assumes no obligation to update any forward-looking statements to reflect events or circumstances that exist or change after the date on which they were made, except as required by law.

Non-GAAP Financial Measures

In addition to Procore’s results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Procore believes certain non-GAAP measures, as described below, are useful in evaluating Procore’s operating performance. Procore uses this non-GAAP financial information, collectively, to evaluate its ongoing operations as well as for internal planning and forecasting purposes. Procore believes that non-GAAP financial information, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, and may assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. These non-GAAP financial measures are not prepared in accordance with GAAP, and are presented for supplemental purposes only.

Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Income from Operations, Non-GAAP Operating Margin, Non-GAAP Net Income, and Non-GAAP Net Income per Share: Procore defines these non-GAAP financial measures as the respective GAAP measures, excluding stock-based compensation expense, amortization of acquired intangible assets, employer payroll tax related to employee stock transactions, acquisition-related expenses, and impacts of income tax effects. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by total revenue. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP income from operations by total revenue. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Non-GAAP diluted earnings per share is computed by giving effect to all potential weighted average dilutive common stock equivalents outstanding for the period, including options to purchase common stock, restricted stock units, and shares to be issued pursuant to the employee stock purchase plan. The dilutive effect of outstanding awards is reflected in non-GAAP diluted earnings per share by application of the treasury stock method.

Stock-based compensation expense includes the net effects of capitalization and amortization of stock-based compensation expense related to capitalized software and cloud-computing arrangement implementation costs. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of the compensation provided to our employees. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between its operating results from period to period. The expense related to amortization of acquired intangible assets is a non-cash expense and is dependent upon estimates and assumptions, which can vary significantly and are unique to each asset acquired; therefore, Procore believes non-GAAP measures that adjust for the amortization of acquired intangible assets provide investors a consistent basis for comparison across accounting periods. The amount of employer payroll tax-related items on employee stock transactions is dependent on restricted stock unit settlements, option exercises, related stock price, and other factors that are beyond Procore’s control and that do not correlate to the operation of the business. When evaluating the performance of its business and making operating plans, Procore does not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution than the accounting charges associated with such grants). Since the amount of employer payroll tax-related items on employee stock transactions is highly variable due to factors outside our control, and unrelated to Procore’s core operations, operating results, revenue-generating activities, business strategy, industry, or regulatory environment, management does not consider employer payroll tax on employee stock transactions in the evaluation of the business or in making operating plans. Accordingly, Procore believes this adjustment in arriving at our non-GAAP measures provides investors with a better understanding of the performance of its core business in a manner that is consistent with management’s view of the business. Acquisition-related expenses include external and incremental transaction costs, such as legal and due diligence costs and retention or other compensation payments. These expenses are unpredictable and generally would not have otherwise been incurred in the periods presented as part of our continuing operations. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related expenses, may not be indicative of such future costs. Procore believes that excluding acquisition-related expenses facilitates the comparison of its financial results to its historical operating results and to other companies in its industry. In the first quarter of FY26, Procore began utilizing a non-GAAP annual effective tax rate for our computation of non-GAAP income tax effects to provide better consistency across interim reporting periods. In projecting the non-GAAP tax rate, we utilize a financial projection that excludes the impact of other non-GAAP adjustments, including the current tax structure, our existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. We periodically re-evaluate the non-GAAP effective tax rate, as necessary, for significant events based on relevant tax law changes and material changes in our geographic profile. When evaluating the transition to using a non-GAAP annual effective tax rate, Procore considered financial projections paired with the three-year history of positive non-GAAP net income results. Procore believes that it is useful to utilize a non-GAAP annual effective rate prospectively in order to better understand the long-term performance of its core business and to facilitate comparison of its results period-over-period and to those of peer companies. All of these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Procore's own operating results over different periods of time.

Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies in Procore's industry, as other companies in the industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and exclude expenses that may have a material impact on Procore's reported financial results. Unlike stock-based compensation expense, employer payroll tax related to employee stock transactions is a cash expense that we will continue to incur in the future. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Procore's business.

Free Cash Flow: Procore defines free cash flow as net cash provided by operating activities, less purchases of property and equipment and capitalized software development costs. Procore believes free cash flow is an important liquidity measure of the cash (if any) that is available, after our operating activities and capital expenditures. Procore uses free cash flow in conjunction with traditional GAAP measures to assess its liquidity and evaluate the effectiveness of its business strategies. Once Procore’s business needs and obligations are met, cash can be used to maintain a strong balance sheet, invest in future growth, and execute our stock repurchase program.

Other Metrics

Customer Count: The aforementioned customer count excludes customers acquired from business combinations that do not have standard Procore annual contracts.

Gross Revenue Retention Rate and Annual Recurring Revenue: For information on how we calculate gross revenue retention rate and annual recurring revenue, refer to our most recent Quarterly Report on Form 10-Q.

About Procore

Procore Technologies, Inc. (NYSE: PCOR) is a leading technology partner for every stage of construction. Built for the industry, Procore’s unified technology platform drives efficiency and mitigates risk through AI & data-driven insights and decision making. Over three million projects have run on Procore across 150+ countries. For more information, visit www.procore.com.

PROCORE-IR

Category: Earnings

Procore Technologies, Inc.

Condensed Consolidated Statements of Operations (unaudited)

  Three Months Ended March 31, 2026

2025

(in thousands, except share and per share amounts) Revenue $

359,283

$

310,632

Cost of revenue(1)(2)(3) 71,493

64,926

Gross profit 287,790

245,706

Operating expenses Sales and marketing(1)(2)(3)(4) 149,181

138,684

Research and development(1)(2)(3)(4) 85,565

87,609

General and administrative(1)(3)(4) 68,715

55,658

Total operating expenses 303,461

281,951

Loss from operations (15,671

)

(36,245

)

Interest income 4,522

5,997

Interest expense (268

)

(285

)

Accretion income, net 997

2,447

Other (expense) income, net (556

)

391

Loss before (benefit from) provision for income taxes (10,976

)

(27,695

)

(Benefit from) provision for income taxes (1,880

)

5,294

Net loss $

(9,096

)

$

(32,989

)

Net loss per share attributable to common stockholders, basic and diluted $

(0.06

)

$

(0.22

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 150,950,902

149,997,899

Three Months Ended March 31, 2026

2025

(in thousands) Cost of revenue $

5,942

$

5,268

Sales and marketing 20,588

14,950

Research and development 18,555

18,424

General and administrative 15,402

12,382

Total stock-based compensation expense* $

60,487

$

51,024

  *Includes amortization of capitalized stock-based compensation of $3.5 million and $2.7 million, respectively, for the three months ended March 31, 2026 and 2025 which was initially capitalized as capitalized software and cloud-computing arrangement implementation costs.

Three Months Ended March 31, 2026

2025

(in thousands) Cost of revenue $

7,708

$

7,602

Sales and marketing 1,121

3,305

Research and development 663

632

Total amortization of acquired intangible assets $

9,492

$

11,539

Three Months Ended March 31, 2026

2025

(in thousands) Cost of revenue $

174

$

261

Sales and marketing 752

1,131

Research and development 1,050

1,726

General and administrative 502

883

Total employer payroll tax on employee stock transactions $

2,478

$

4,001

Three Months Ended March 31, 2026

2025

(in thousands) Sales and marketing $

154

$

656

Research and development 2,586

1,049

General and administrative 1,245

375

Total acquisition-related expenses $

3,985

$

2,080

Procore Technologies, Inc.

Condensed Consolidated Balance Sheets (unaudited)

  March 31,
2026 December 31,
2025 (in thousands) Assets Current assets Cash and cash equivalents $

386,035

$

480,684

Marketable securities, current 205,478

287,802

Accounts receivable, net 184,692

287,805

Contract cost asset, current 57,124

55,384

Prepaid expenses and other current assets 68,043

55,157

Total current assets 901,372

1,166,832

Marketable securities, non-current —

42,529

Capitalized software development costs, net 147,479

142,228

Property and equipment, net 48,314

48,624

Right of use assets - finance leases 19,169

19,619

Right of use assets - operating leases 47,900

36,024

Contract cost asset, non-current 78,652

79,004

Intangible assets, net 150,368

105,364

Goodwill 688,840

574,083

Other assets 26,354

24,758

Total assets $

2,108,448

$

2,239,065

Liabilities and Stockholders’ Equity Current liabilities Accounts payable $

18,444

$

25,168

Accrued expenses 86,421

130,280

Deferred revenue, current 655,449

687,062

Other current liabilities 46,924

42,047

Total current liabilities 807,238

884,557

Deferred revenue, non-current 5,609

6,041

Finance lease liabilities, non-current 26,112

26,557

Operating lease liabilities, non-current 58,848

45,855

Other liabilities, non-current 10,264

13,793

Total liabilities 908,071

976,803

Stockholders’ equity Common stock 15

15

Additional paid-in capital 2,557,027

2,609,093

Accumulated other comprehensive loss (1,993

)

(1,270

)

Accumulated deficit (1,354,672

)

(1,345,576

)

Total stockholders’ equity 1,200,377

1,262,262

Total liabilities and stockholders’ equity $

2,108,448

$

2,239,065

Remaining performance obligation:

  The following table presents our current and non-current RPO at the end of each period:

  March 31, Change 2026

2025

Dollar

Percent (dollars in thousands) Remaining performance obligations Current $

1,019,454

$

842,558

$

176,896

21

%

Non-current 542,139

447,707

94,432

21

%

Total remaining performance obligations $

1,561,593

$

1,290,265

$

271,328

21

%

Procore Technologies, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

  Three Months Ended March 31, 2026

2025

(in thousands) Operating activities Net loss $

(9,096

)

$

(32,989

)

Adjustments to reconcile net loss to net cash provided by operating activities Stock-based compensation 57,000

48,279

Depreciation and amortization 29,167

26,855

Accretion of discounts on marketable debt securities, net (997

)

(2,425

)

Abandonment of long-lived assets 1,398

354

Noncash operating lease expense 1,675

1,555

Unrealized foreign currency loss (gain), net 2,333

(1,136

)

Deferred income taxes (4,057

)

2,215

Benefit from credit losses (201

)

(909

)

(Increase) decrease in fair value of strategic investments (104

)

224

Changes in operating assets and liabilities Accounts receivable 103,880

86,327

Deferred contract cost assets (1,325

)

(6,569

)

Prepaid expenses and other assets (10,677

)

(7,454

)

Accounts payable (6,884

)

(11,070

)

Accrued expenses and other liabilities (51,204

)

(9,880

)

Deferred revenue (33,633

)

(26,568

)

Operating lease liabilities (519

)

(781

)

Net cash provided by operating activities 76,756

66,028

Investing activities Purchases of property and equipment (2,926

)

(4,033

)

Capitalized software development costs (17,788

)

(15,331

)

Purchases of strategic investments (531

)

(550

)

Purchases of marketable securities —

(134,598

)

Maturities of marketable securities 18,391

135,787

Sales of marketable securities 106,731

—

Business combinations, net of cash acquired (158,896

)

(41,253

)

Asset acquisition, net of cash acquired —

(3,533

)

Net cash used in investing activities (55,019

)

(63,511

)

Financing activities Proceeds from stock option exercises 2,503

2,314

Repurchases of common stock (100,035

)

(100,029

)

Payment of tax withholding for net share settlement (15,291

)

(28,277

)

Principal payments under finance lease agreements, net of proceeds from lease incentives (424

)

(388

)

Payment of deferred asset acquisition consideration (300

)

—

Net increase in funds held for customers 3,830

—

Net cash used in financing activities (109,717

)

(126,380

)

Net decrease in cash, cash equivalents, and restricted cash (87,980

)

(123,863

)

Effect of exchange rate changes on cash (2,872

)

(125

)

Cash, cash equivalents, and restricted cash, beginning of period 490,246

437,722

Cash, cash equivalents, and restricted cash, end of period $

399,394

$

313,734

Procore Technologies, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)

  Reconciliation of gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin:

  Three Months Ended March 31, 2026

2025

(dollars in thousands) Revenue $

359,283

$

310,632

Gross profit 287,790

245,706

Stock-based compensation expense 5,942

5,268

Amortization of acquired technology intangible assets 7,708

7,602

Employer payroll tax on employee stock transactions 174

261

Non-GAAP gross profit $

301,614

$

258,837

Gross margin 80

%

79

%

Non-GAAP gross margin 84

%

83

%

Reconciliation of operating expenses to non-GAAP operating expenses:

  Three Months Ended March 31, 2026

2025

(dollars in thousands) Revenue $

359,283

$

310,632

GAAP sales and marketing 149,181

138,684

Stock-based compensation expense (20,588

)

(14,950

)

Amortization of acquired intangible assets (1,121

)

(3,305

)

Employer payroll tax on employee stock transactions (752

)

(1,131

)

Acquisition-related expenses (154

)

(656

)

Non-GAAP sales and marketing $

126,566

$

118,642

GAAP sales and marketing as a percentage of revenue 42

%

45

%

Non-GAAP sales and marketing as a percentage of revenue 35

%

38

%

  GAAP research and development $

85,565

$

87,609

Stock-based compensation expense (18,555

)

(18,424

)

Amortization of acquired intangible assets (663

)

(632

)

Employer payroll tax on employee stock transactions (1,050

)

(1,726

)

Acquisition-related expenses (2,586

)

(1,049

)

Non-GAAP research and development $

62,711

$

65,778

GAAP research and development as a percentage of revenue 24

%

28

%

Non-GAAP research and development as a percentage of revenue 17

%

21

%

  GAAP general and administrative $

68,715

$

55,658

Stock-based compensation expense (15,402

)

(12,382

)

Employer payroll tax on employee stock transactions (502

)

(883

)

Acquisition-related expenses (1,245

)

(375

)

Non-GAAP general and administrative $

51,566

$

42,018

GAAP general and administrative as a percentage of revenue 19

%

18

%

Non-GAAP general and administrative as a percentage of revenue 14

%

14

%

Reconciliation of loss from operations and operating margin to non-GAAP income (loss) from operations and non-GAAP operating margin:

  Three Months Ended March 31, 2026

2025

(dollars in thousands) Revenue $

359,283

$

310,632

Loss from operations (15,671

)

(36,245

)

Stock-based compensation expense 60,487

51,024

Amortization of acquired intangible assets 9,492

11,539

Employer payroll tax on employee stock transactions 2,478

4,001

Acquisition-related expenses 3,985

2,080

Non-GAAP income from operations $

60,771

$

32,399

Operating margin (4

%)

(12

%)

Non-GAAP operating margin 17

%

10

%

Reconciliation of net loss and net loss per share to non-GAAP net income and non-GAAP net income per share:

  Three Months Ended March 31, 2026

2025

(in thousands, except share and per share amounts) Revenue $

359,283

$

310,632

Net loss (9,096

)

(32,989

)

Stock-based compensation expense 60,487

51,024

Amortization of acquired intangible assets 9,492

11,539

Employer payroll tax on employee stock transactions 2,478

4,001

Acquisition-related expenses 3,985

2,080

Provision for income taxes* (15,628

)

—

Non-GAAP net income $

51,718

$

35,655

  Numerator: Non-GAAP net income $

51,718

$

35,655

  Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic 150,950,902

149,997,899

Effect of dilutive securities: Employee stock awards 1,890,686

4,222,118

Weighted-average shares used in computing net income per share attributable to common stockholders, diluted 152,841,588

154,220,017

  GAAP net loss per share, basic $

(0.06

)

$

(0.22

)

GAAP net loss per share, diluted $

(0.06

)

$

(0.22

)

Non-GAAP net income per share, basic $

0.34

$

0.24

Non-GAAP net income per share, diluted $

0.34

$

0.23

  *For the three months ended March 31, 2026, management has used an estimated annual effective non-GAAP tax rate of 21%.

Computation of free cash flow:

  Three Months Ended March 31, 2026

2025

(in thousands) Net cash provided by operating activities $

76,756

$

66,028

Purchases of property, plant, and equipment (2,926

)

(4,033

)

Capitalized software development costs (17,788

)

(15,331

)

Non-GAAP free cash flow $

56,042

$

46,664

More News From Procore Technologies Inc.

Procore Technologies, Inc. (PCOR) Q1 2026 Earnings Call Transcript

CARPINTERIA, Calif.--(BUSINESS WIRE)--Procore Technologies, Inc. (NYSE: PCOR): Key highlights Procore AI moves beyond traditional chatbots to agentic AI coworkers that use Actions and Triggers to execute complex construction workflows in real time New native agents including Deep Search, Submittals, RFI, Daily Log, and Contract Review handle high-volume tasks directly in Procore Powered by Datagrid's multimodal index, agents reason across drawings, specs, and photos while maintaining Procore's.

-

CDE unifies project data, workflows, BIM models, and asset information in one trusted environment—creating the foundation for AI agents to amplify the reach of construction teams

Procore is the solution to fragmented data, helping ensure information integrity from approved design to handover Connects the full project lifecycle in one trusted environment with a single source of truth across BIM, Documents, Quality, and Assets Transforms BIM into a live execution workspace via BIM Model Manager, streaming models of any size directly to mobile devices to connect real-time project data with 3D coordination Leverages Procore AI with embedded Datagrid capabilities to turn project data into an actionable foundation, powering agentic AI coworkers that can help automate construction workflows and execute work directly within the platform LONDON & CARPINTERIA, Calif.--(BUSINESS WIRE)--Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced the launch of its connected Common Data Environment (CDE)—a purpose-built CDE from the ground up on a single platform to unify and verify project data from approved design to handover, capturing evidence in the flow of work to help keep the digital record aligned with site reality. This trusted data foundation allows agentic AI to act across the full construction lifecycle.

In an industry where fragmented information continues to slow decision-making and contribute to costly delays, connected data is increasingly defining top-performing organizations. New research from Dodge Construction Network* found firms with optimized data practices achieve up to 23% higher productivity, manage 27.8% greater construction volume using the same resources, and reduce project delays by more than six days. Those firms also report up to 40% stronger overall performance, highlighting why a trusted data foundation is becoming essential for AI adoption, operational efficiency, and ultimately, better project execution.

Procore's connected CDE directly addresses this challenge—transforming document storage into an active governance environment that connects the approved design to site execution across the full project lifecycle—all powered by AI. For European teams operating under ISO 19650 and the Building Safety Act, this connected record helps provide the defensible audit trail required to meet compliance obligations at every stage.

“While construction has made significant progress in digitizing workflows, many organizations still operate across disconnected systems and siloed project data,” said Lee Miles, General Manager, Europe, Middle East and Africa (EMEA) at Procore. “The challenge is no longer simply moving from paper to digital, but ensuring information flows consistently across teams, processes and the full project lifecycle. As regulatory expectations rise, projects become more complex, and firms adopt AI, connected data is becoming a competitive advantage. Organizations are moving beyond simple document storage and toward trusted and connected information environments that help improve performance today and enable agentic AI to operate with confidence.”

Creating the Trusted Environment Required for Agentic AI

Procore’s CDE creates the foundation for AI to move beyond surfacing information and toward executing work.

The expanded Procore AI experience embeds Datagrid directly into Procore, introducing agentic AI coworkers designed to automate construction workflows and take action within the platform. Built to help eliminate administrative friction rather than replace professional judgment, this approach accelerates execution while project teams retain control, accountability, and final decision-making authority. These AI capabilities can reason across project context, understand relationships between workflows and data, and support execution in complex construction environments.

“We’re on track to reduce construction administration work with respect to RFI creation, response, and submittal review by 50%,” said Alain Waha, Chief Technology Officer of Buro Happold. “By embedding AI directly into project workflows, teams can spend less time navigating information and more time advancing the work.”

By connecting AI to structured project datasets—including BIM models, drawings, specifications, RFIs, submittals, and field activity—Procore AI gains a deeper understanding of both spatial and operational context. This enables teams to turn fragmented project information into immediate, actionable insights.

The Procore AI experience with Datagrid intelligence embedded directly into the platform can surface answers already contained within project records before new RFIs are created, identify discrepancies between approved designs and field execution, and accelerate issue resolution by connecting related workflows, documents, and historical project context. Tasks that previously required hours of manual searching and coordination can be completed in minutes, with transparent source attribution.

Unlike horizontal AI tools, Procore AI is purpose-built for construction and grounded in verified project data. When teams encounter coordination challenges, project risks, or emerging safety concerns, Procore AI does more than retrieve information—it helps identify root causes earlier, recommend next actions, and reduce the downstream impacts that drive delays, rework, and cost overruns.

Procore will be showcasing its new CDE and Procore AI offering at Digital Construction Week (stand D200) in London, June 3-4.

Market Availability

Developed specifically for European market requirements, Procore’s CDE will initially launch in the UK and Ireland before expanding across EMEA.

Procore has established a localized UK Data Zone, with a dedicated EU Data Zone planned for launch in fall 2026. The platform supports key industry standards, including ISO 19650 and the Building Safety Act–with Cyber Essentials certification targeted for year end.

*Dodge-Procore Research Methodology

The ‘Quantifying The Value Of Construction Management Software’ study was conducted in 2025 to investigate the return on investment that clients and contractors experience from their use of construction management software. An online survey was used to gather the responses of contractors and clients on whether they experienced 62 specific benefits from their use of the software. Nearly half (45%) of the 62 benefits included a follow-up question on quantifiable outcomes or more detailed findings.

The survey was fielded by Dodge Construction Network. Procore also invited its users to participate. The findings include users of 11 different brands of construction management software. 688 responses were received from construction management software users in the United Kingdom and Ireland.

About Procore

Procore Technologies, Inc. (NYSE: PCOR) is a leading technology partner for every stage of construction. Built for the industry, Procore’s unified technology platform drives efficiency and mitigates risk through AI & data-driven insights and decision making. Over three million projects have run on Procore across 150+ countries. For more information, visit https://www.procore.com/.

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Key Takeaways Vertiv is expanding AI data center capabilities through liquid-cooling and thermal management acquisitions. APH saw IT datacom sales jump 81% organically in Q1 2026 on rising AI infrastructure demand. VRT shares surged 133.2% YTD, while APH fell 4.4% amid macro and debt-related pressures. Vertiv (VRT - Free Report) and Amphenol (APH - Free Report) are major players in the AI and data center infrastructure market, supplying critical power, cooling and connectivity solutions used in hyperscale and enterprise data centers. While Vertiv delivers critical power and cooling solutions for data centers fueling the AI boom, Amphenol provides the high-performance connectors and interconnect systems critical to data center operations.

So, VRT or APH — Which of these AI Infrastructure stocks has the greater upside potential? Let’s find out.

The Case for VRTVertiv is a leading provider of thermal and power management solutions for data centers that consume immense amounts of power. The increasing complexity of AI hardware and edge computing further increases the demand for power. Vertiv’s energy-efficient power and cooling solutions play a critical role in this aspect.

Acquisitions have played an important role in further expanding Vertiv’s footprint. The company recently announced the acquisition of Strategic Thermal Labs, a specialist in advanced liquid-cooling technologies, to strengthen its capabilities in high-density data center environments.

The deal enhances Vertiv’s engineering expertise in cold-plate design, server-side liquid cooling and thermal validation, enabling better system performance, reliability and lifecycle outcomes. It also supports Vertiv’s broader thermal-chain strategy by improving the integration between server-level cooling and infrastructure, which is increasingly critical for AI and high-performance computing workloads. The acquisition reinforces Vertiv’s position in addressing rising heat challenges, driven by growing compute demands.

Vertiv is benefiting from strong international expansion, which is increasingly becoming a key driver of its growth and a signal for further upside potential. In the first quarter of 2026, Vertiv reported robust organic sales growth across multiple regions, with the Americas leading at 44% organic growth, APAC up 12% and EMEA expected to rebound in the second half of the year.

The Case for APH StockAmphenol is benefiting from the surge in demand for AI infrastructure, which has become a transformative force for the company’s growth and market positioning. The company’s high-speed and power interconnect products are increasingly tied to AI data-center buildouts.

In the first quarter of 2026, IT datacom represented about 41% of sales and grew 81% organically year over year. This robust performance was driven by accelerating investments in AI data centers and the company’s ability to capture a significant share of this unique interconnect opportunity. Management expects further sequential growth in the second quarter, with IT datacom sales increasing in the low teens as customers expand demand for both AI and traditional datacom.

Amphenol's recent acquisition of CommScope has further expanded its portfolio to include the industry's broadest range of high-speed copper, power, and fiber optics interconnect products. This enables Amphenol to serve customers across the entire AI ecosystem, from data center operators and system manufacturers to chip makers, supporting both current and next-generation architectures.

APH continues to benefit from accelerating AI infrastructure spending, supported by a diversified business model and an expanding portfolio strengthened through multiple acquisitions. The company exited first-quarter 2026 with record orders of $9.4 billion and a book-to-bill ratio of 1.24x.

Price Performance and Valuation of VRT and APHIn the year-to-date period, Vertiv’s shares have skyrocketed 133.2%, while Amphenol’s shares have lost 4.4%. The outperformance of VRT stock can be attributed to its extensive product portfolio, which spans thermal systems, liquid cooling, UPS, switchgear, busbars, and modular solutions. Vertiv remains leveraged to rising data center power and thermal needs as AI deployments drive higher infrastructure density and faster build cycles.

The decline in APH stock can be attributed to a challenging macroeconomic backdrop, rising geopolitical risks, and elevated debt levels.

VRT and APH Stock Performance
Image Source: Zacks Investment Research

Valuation-wise, Vertiv and Amphenol shares are currently overvalued as suggested by a Value Score of D.

In terms of trailing 12-month Price/Book, Vertiv shares are trading at 34.04X, higher than Amphenol’s 11.29X.

VRT and APH Valuation
Image Source: Zacks Investment Research

How Do Earnings Estimates Compare for VRT & APH?The Zacks Consensus Estimate for Vertiv’s 2026 earnings is currently pegged at $6.42 per share, which has increased 3.8% over the past 30 days. This represents a 52.86% year-over-year rise.

The Zacks Consensus Estimate for Amphenol’s 2026 earnings is currently pegged at $4.76 per share, which has increased 11.4% over the past 30 days. This represents a 42.51% year-over-year rise.

Vertiv earnings beat the Zacks Consensus Estimate in all the trailing four quarters, delivering an average surprise of 14.65%. APH earnings beat the Zacks Consensus Estimate in all the trailing four quarters, delivering an average surprise of 14.08%. The average surprise of Vertiv is higher than that of Amphenol.

ConclusionWhile both Vertiv and Amphenol stand to benefit from the AI infrastructure boom, Vertiv’s stronger earnings momentum, diversified growth drivers, and consistent performance suggest it may offer greater upside potential in the near term.

Despite APH's expanding portfolio, a challenging macroeconomic environment, and rising debt levels remain a concern.

Both Vertiv and Amphenol carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

On May 22, 2026, Amphenol Corp (APH) shares rose 5.8% today, bringing the current price to $132.06. The stock has experienced a 52-week range of $83.44 to $167.

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Stock to Watch: Amphenol (APH - Free Report) Amphenol designs, manufactures and markets electrical, electronic and fiber optic connectors, interconnect systems, antennas, sensors and sensor-based products, and coaxial, high-speed, fiber optic and specialty cable. The company is headquartered in Wallingford, Connecticut.

APH is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. APH has a Growth Style Score of B, forecasting year-over-year earnings growth of 42.5% for the current fiscal year.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.49 to $4.76 per share. APH boasts an average earnings surprise of +14.1%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, APH should be on investors' short list.

Key Takeaways RF Industries is diversifying beyond telecom into aerospace, medical and edge data centers.APH is seeing strong AI data center demand for high-speed copper, power and fiber products.Amphenol's broad market reach and scale position it for sustained connectivity growth. The connectivity infrastructure market is witnessing strong demand growth, fueled by expanding data center investments, rising network upgrades and increasing adoption of high-speed communication technologies. Against this backdrop, RF Industries, Ltd. (RFIL - Free Report) and Amphenol Corporation (APH - Free Report) have emerged as notable players in the connectivity space, serving industries ranging from telecommunications and industrial automation to aerospace and defense.

While RF Industries is benefiting from improving operational execution and niche market exposure, Amphenol continues to leverage its scale, diversified portfolio and strong global presence. With both companies positioned to capitalize on long-term connectivity trends, investors may wonder which stock currently offers the stronger investment opportunity.

The Case for RFILOne of the biggest positives for RF Industries is its growing diversification across products, customers and end markets. Management highlighted that the business is no longer heavily dependent on a few telecom projects, as it is now generating opportunities across aerospace, industrial, medical, government, cable and edge data center markets. This broader exposure is helping RF Industries reduce cyclicality and build a more stable revenue base. The company also noted that strong demand in custom cable solutions helped offset delays in other segments during the quarter, showcasing the benefits of its diversified strategy.

Another encouraging factor is RF Industries’ improving profitability and operating leverage. Despite relatively flat sales, the company delivered meaningful margin expansion in the first quarter through pricing discipline, product mix improvements and operational efficiencies. Gross margin improved significantly year over year, while adjusted EBITDA also increased sharply. Management believes the company can sustain margins above the 30% level as higher-value products and stronger execution continue supporting profitability. The company’s capital-light manufacturing model and improved supply-chain flexibility are also helping boost efficiency without requiring major spending increases.

RF Industries is also benefiting from rising traction in its thermal cooling and small-cell solutions. Management emphasized growing customer interest in its DAC thermal cooling systems, particularly for edge data center and industrial applications. The company believes these solutions address a major unmet need at the edge of networks by lowering energy consumption and reducing maintenance requirements. RF Industries is already seeing installations, customer trials and repeat orders from blue-chip clients, which could support long-term growth opportunities in newer markets. In addition, backlog expanded strongly during the quarter, reflecting improving demand visibility heading into the rest of fiscal 2026.

On the downside, RF Industries still operates on a much smaller scale than larger peers, making earnings growth somewhat sensitive to project timing and customer spending patterns. Management acknowledged that backlog can fluctuate materially between quarters depending on when orders are received or fulfilled. The company also remains exposed to macroeconomic uncertainty, evolving tariff conditions and delays in customer projects, particularly in telecom-related markets. While diversification is improving stability, the business is still in the process of scaling its newer growth initiatives.

The Case for APHAmphenol’s biggest advantage in the connectivity space is its unmatched scale and diversification across end markets. The company continues to generate strong growth across IT datacom, industrial, defense, automotive and communications networks, reducing dependence on any single market cycle. Management emphasized that this broad exposure allows Amphenol to benefit from multiple long-term technology trends simultaneously, including artificial intelligence infrastructure, next-generation defense systems and industrial automation. The company’s balanced portfolio also provides stability and flexibility that smaller competitors often struggle to match.

Another major strength for Amphenol is its dominant position in AI-driven connectivity solutions. The company reported exceptional momentum in its IT datacom business, fueled by rising demand for high-speed copper, power and fiber-optic interconnect products used in AI data centers. Management noted that customers continue demanding more capacity as AI architectures become increasingly complex. Following the CommScope acquisition, Amphenol now offers one of the industry’s broadest connectivity portfolios, enabling it to participate across multiple layers of AI infrastructure. This positions the company to benefit from long-term data center expansion and rising networking complexity.

Amphenol also stands out for its strong execution capabilities and profitability profile. The company delivered record sales, robust order growth and impressive margin expansion during the quarter, reflecting operational discipline and pricing strength. Management repeatedly highlighted Amphenol’s ability to rapidly scale production, support customers during heavy-demand cycles and reinvest cash flows into new technologies and capacity expansion. This execution track record has helped the company gain market share across several connectivity markets while strengthening relationships with hyperscalers, telecom providers and industrial customers.

RFIL vs. APH: Whose Earnings Forecast Looks Better?The Zacks Consensus Estimate for RFIL’s fiscal 2026 sales implies a 7.5% year-over-year increase. The consensus estimate for 2026 earnings per share is 58 cents, compared with 40 cents reported in 2025. Earnings estimates for the current year have remained stable in the past 30 days.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for APH’s 2026 sales and EPS implies year-over-year growth of 44.4% and 42.5%, respectively. Earnings estimates for 2026 have increased in the past 30 days.

Image Source: Zacks Investment Research

Price Performance & ValuationRFIL stock has surged 344.5% in the past year compared with the S&P 500’s growth of 31.9%. Conversely, APH's shares have risen 59.2% in the same time frame.

Price Performance
Image Source: Zacks Investment Research

RFIL is trading at a forward 12-month price-to-earnings ratio of 39.43X, above its median of 32.59X over the last year. APH’s forward earnings multiple sits at 27.46X, below its median of 34.22X over the same time frame.

P/E (F12M)
Image Source: Zacks Investment Research

Wrapping UpBoth companies are benefiting from rising demand for connectivity infrastructure, but Amphenol appears to hold the stronger overall position at this stage. The company combines large-scale operations, broad end-market diversification and a dominant presence in fast-growing AI data center connectivity solutions, giving it multiple growth drivers beyond traditional telecom spending.

Amphenol’s stronger execution capabilities, deeper customer relationships and ability to rapidly scale production also provide a competitive edge in capturing next-generation networking and AI infrastructure opportunities. While RF Industries is making meaningful progress through diversification and improving profitability, it remains a smaller player that is still scaling its newer growth initiatives and remains more vulnerable to project timing fluctuations. Overall, Amphenol currently looks better positioned for sustained long-term growth and stability in the evolving connectivity market.

RFIL currently carries a Zacks Rank #3 (Hold), whereas APH has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

It has been about a month since the last earnings report for Amphenol (APH - Free Report) . Shares have added about 0.3% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Amphenol due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Amphenol Corporation before we dive into how investors and analysts have reacted as of late.

Amphenol’s Q1 Earnings Beat Estimates, Revenues Up Y/YAmphenol delivered record first-quarter 2026 results, with adjusted earnings of $1.06 per share, up 68.3% from the year-ago quarter and beating the Zacks Consensus Estimate by 11.6%.

Revenues surged 58.4% year over year to $7.62 billion and topped the consensus mark by 7.2%. Strength in the IT datacom market and contributions from acquisitions helped lift performance, while quarterly orders reached $9.4 billion, translating to a book-to-bill of 1.24:1.

APH Posts Broad-Based Organic GrowthA key feature of the reported quarter was the pace of underlying demand. On a non-GAAP basis, Amphenol reported organic net sales growth of 33% year over year, with constant-currency (cc) net sales growth of 57%. Acquisitions added a meaningful layer of expansion, with acquisition impact quantified at 23% of net sales growth.

The company also highlighted the completion of the acquisition of CommScope’s Connectivity and Cable Solutions business during the quarter. Management tied its strategy to expanding its range of high-technology interconnect products through both innovation and acquisitions, positioning the company to benefit as electronics content rises across multiple end markets.

Amphenol Sees IT Datacom Lead Segment UpsideCommunications Solutions remained the largest contributor, generating net sales of $4.53 billion in the quarter. The segment also produced an operating margin of 30.6%, pointing to strong mix and execution as demand accelerated in high-technology connectivity applications.

Harsh Environment Solutions posted sales of $1.69 billion and an operating margin of 28.0%. Interconnect and Sensor Systems delivered $1.39 billion of sales with a 20.2% operating margin, reflecting steady contributions from a broad portfolio that spans sensors, specialty cable and interconnect systems.

APH Margins Expand as Profitability StrengthensProfitability improved alongside scale, with gross margin, on a GAAP basis, expanding 260 basis points (bps) year over year to 36.7%. Selling, general and administrative expenses were $851.5 million, up 48% year over year.

GAAP operating income rising to $1.83 billion and operating margin expanding to 24%, up 270 bps. On an adjusted basis, operating margin increased to 27.3%, as the company absorbed costs tied to its acquisition program while sustaining strong segment-level profitability.

Amphenol’s Balance Sheet & Cash Flow DetailsAmphenol ended the quarter with $4.13 billion of cash and cash equivalents and $4.58 billion of cash, cash equivalents and short-term investments. As of Dec. 31, 2025, Amphenol had cash and cash equivalents worth $11.43 billion.

Amphenol generated $1.12 billion of operating cash flow in the reported quarter, and free cash flow totaled $831 million after $292 million of capital spending, underscoring solid cash generation even as the company executed a large acquisition. Management continues to highlight operating and free cash flow as key sources of financial flexibility.

Capital allocation remained active. During the reported quarter, Amphenol repurchased 1.3 million shares for $178 million and paid $307 million in dividends, returning nearly $485 million to shareholders.

APH Outlines Higher Q2 Sales and Earnings RangeFor the second quarter of 2026, APH expects sales of $8.1-$8.2 billion, assuming the continuation of current market conditions and constant exchange rates. Management framed the outlook around accelerating electronics innovation and an expanded product set following the CommScope transaction, with demand opportunities spanning the company’s diversified end markets.

Adjusted earnings are projected at $1.14-$1.16 per share for the second quarter. Amphenol also emphasized its ability to dynamically adjust to changing market conditions while continuing to invest in growth and pursue long-term value creation.

How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended upward during the past month.

The consensus estimate has shifted 10.1% due to these changes.

VGM ScoresCurrently, Amphenol has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Amphenol has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

APH trades near 30X earnings, but AI demand, record orders and rising estimates continue to support its premium valuation.