Procore Technologies Q2 2026 Earnings: What to Watch

NEW YORK, July 29 —

Procore Technologies, Inc. (PCOR) reports second-quarter 2026 results on July 29, with Wall Street expecting earnings per share of $0.41 on revenue of $366 million. The construction software company has grown trailing 12-month revenue to $1.4 billion at a 15.7% annual pace, while still operating at a thin loss. The quarter arrives after Procore posted its first EPS miss in recent periods, a reset that investors and analysts will weigh carefully against the new consensus target.

A Software Business Scaling Toward Profitability

Procore's trailing 12-month revenue reached $1.4 billion, up 15.7% from a year earlier. The company's gross margin of 79.9% reflects the economics of cloud-based construction management software, where revenue scales with limited incremental cost. The friction point for investors remains the operating margin, which sits at -1.5%, meaning total operating expenses still exceed gross profit. Investors will be tracking whether revenue growth is beginning to outpace expense growth, and whether the company is making measurable progress toward operating breakeven as the revenue base expands.

Two Big Beats, Then a Miss: The Earnings Pattern

Procore has run a mixed recent record against analyst estimates. In the two quarters four and three periods ago, the company beat EPS forecasts by 34.3% and 30.9%, posting $0.35 against a $0.26 estimate and $0.42 against a $0.32 estimate. The beat rate compressed sharply two quarters ago, when actual EPS of $0.37 exceeded the $0.36 estimate by just 2.8%. Last quarter, the streak broke: actual EPS of $0.34 came in 5.5% below the $0.36 consensus. Analysts have set the Q2 2026 bar at $0.41, a higher target than the most recent actual results, making the print particularly consequential.

3 Things to Watch

• Margin trajectory: The operating margin of -1.5% against a gross margin of 79.9% is the central tension in the Procore story. Investors will watch whether the gap between gross profit and operating income is narrowing or widening this quarter.
• Guidance language: After last quarter's miss, management commentary on the back half of 2026 will carry extra weight. Any tightening or loosening of full-year revenue or earnings targets will drive the immediate stock reaction.
• Segment or geographic breakdown: Investors will focus on which product lines or markets are fueling the 15.7% annual revenue growth and whether that momentum is broadening across the business or concentrated in a single area.

Stock Sits Near the Low End of Its 52-Week Range

PCOR shares are trading at $48.84, well below the 52-week high of $82.315 and within striking distance of the 52-week low of $38.03. The forward price-to-earnings multiple of 23.2 times reflects a market expectation that Procore will grow into profitability over coming quarters, making the operating margin trend a key variable in how investors price the stock. The proximity to year-long lows could amplify the reaction in either direction: a strong print and encouraging guidance offers real recovery room, while a second consecutive miss would likely test support near the 52-week trough.

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