Procore Technologies (PCOR) Q4 Loss Per Share Narrows And Tests Profitability Narratives

Latest FY 2025 results snapshot

Procore Technologies (PCOR) has wrapped up FY 2025 with Q4 revenue of US$349.1 million, a basic EPS loss of US$0.25 per share and net income loss excluding extra items of US$37.6 million. These figures help shape how investors assess its path toward profitability. The company reported quarterly revenue of US$302.0 million in Q4 2024 and US$349.1 million in Q4 2025, while basic EPS shifted from a loss of US$0.42 to a loss of US$0.25 over the same period. This puts the spotlight on how efficiently the higher top line is feeding through to margins.

See our full analysis for Procore Technologies.

With the latest numbers on the table, the next step is to line them up against the prevailing market narratives around growth, profitability and risk to see which views hold up and which might need a rethink.

See what the community is saying about Procore Technologies

Trailing US$1.3b revenue, still loss making

• On a trailing 12 month basis, Procore booked US$1.3b in revenue and a net income loss excluding extra items of US$100.8 million, with basic EPS over that period at a loss of US$0.67 per share.
• Analysts' narrative focuses on AI driven products and global expansion supporting growth, and that view is tested by the data:
  • Revenue growth of 12.1% per year over the trailing period is above the 10.3% US market benchmark, which is consistent with a platform that is gaining traction rather than stalling.
  • At the same time, the company is still unprofitable on a trailing basis with a US$100.8 million loss, so the positive view assumes that newer products and AI usage eventually push that loss toward profit rather than simply locking in higher operating costs.

Procore’s revenue scale and growth rate are already meaningful, so both optimistic and skeptical investors are watching how quickly that starts to reshape the bottom line in practice. 🐂 Procore Technologies Bull Case

Losses shrinking over 5 years, but still a risk

• Over the last five years, Procore has reduced its losses at about 13.3% per year, yet the latest trailing 12 month figures still show a net loss excluding extra items of US$100.8 million and basic EPS at a loss of US$0.67.
• Bearish views suggest that slower adoption of new modules and uneven construction activity could keep earnings weak, and the current numbers give that concern some footing:
  • Even with trailing revenue growth of 12.1% per year, the business has not yet reached profitability, so any slowdown in customers expanding into areas like Pay or Resource Management would leave less room to absorb fixed costs.
  • Analysts expecting Procore to become profitable within three years are effectively assuming that this gradual 13.3% yearly improvement in losses can continue or accelerate, whereas more cautious views assume that longer sales cycles and careful software budgets could keep losses closer to current levels for longer.

Skeptics note that, while the direction of losses is encouraging, the absolute US$100.8 million loss means there is still considerable execution risk around turning growth into profit. 🐻 Procore Technologies Bear Case

DCF fair value and P/S send mixed pricing signals

• With the share price at US$52.34, Procore sits about 16.6% below a DCF fair value estimate of US$62.79, while its P/S ratio of 6.2x is above the US Software industry average of 3.5x but below a peer group average of 9.6x.
• The view that the stock is building a long term growth story is partly supported and partly challenged by these valuation markers:
  • The gap between the current price and the DCF fair value indicates that the market is not fully aligning with the 12.1% trailing revenue growth and the modelled path toward profitability, which aligns with investors who see room for upside in the estimates.
  • However, paying a P/S of 6.2x when the broader software group is closer to 3.5x assumes that Procore’s revenue trajectory and margin profile justify a premium, so any changes from recent trends or setbacks on the path to profit would weigh more heavily on that thesis.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Procore Technologies on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers differently? Take a couple of minutes to weigh the data against your own view and turn that into a clear thesis: Do it your way.

A great starting point for your Procore Technologies research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.

See What Else Is Out There

Procore is still loss making with a trailing net income loss of US$100.8 million and basic EPS at a loss of US$0.67, so profitability remains uncertain.

If you are uneasy about backing a business that has not yet turned its revenue scale into consistent earnings, take a few minutes to look through 85 resilient stocks with low risk scores that focus on companies with more resilient profiles and potentially steadier return potential.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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