What changed in this filing

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Item 1. Business

2026-02-24 compared with 2025-02-26 · 100 added, 86 removed, 184 unchanged (50% of the section changed)

Our mission is to connect everyone in construction on a global platform.

We are the leading global provider of cloud-based construction management software, and are helping transform one of the oldest, largest, and least digitized industries in the world.

We focus exclusively on connecting and empowering the construction industry’s key stakeholders, such as owners, general contractors, and specialty contractors, to collaborate and access our capabilities from any location on any internet-connected device.

Our platform is modernizing and digitizing construction management by enabling timely access to critical project information, simplifying complex workflows, and facilitating seamless communication among relevant stakeholders, all of which we believe positions us to serve as the system of record for the construction industry.

We are also continuing to develop other programs and services to address related challenges faced by the construction industry’s key stakeholders.

Adoption of our products, services, and platform helps our customers increase productivity and efficiency, reduce rework and costly delays, improve safety and compliance, and enhance financial transparency and accountability.

We are the leading global provider of construction management software, and are helping transform one of the oldest, largest, and least digitized industries in the world.

Our platform is modernizing and digitizing construction management by enabling timely access to critical project information, simplifying complex workflows, and facilitating seamless communication among relevant stakeholders, all of which we believe positions us to serve as a critical system of record and collaboration for the construction industry.

We also continue to develop other products and services to address related challenges faced by the construction industry’s key stakeholders.

Our products, services, and platform help our customers increase productivity and efficiency, reduce rework and costly delays, improve safety and compliance, and enhance financial transparency and accountability.

In short, we build the software for the people that build the world.

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Our four integrated product categories—Preconstruction, Project Execution, Resource Management, and Financial Management—automate workflows, provide timely visibility, offer advanced analytics, and support collaboration across key stages of the construction project lifecycle.

Each of our products can be accessed from the office or the jobsite on computers, smartphones, and tablets, enabling users to work wherever the job requires.

Platform capabilities like our open application programming interfaces and our application marketplace (“App Marketplace”) allow customers to integrate our products with their internal systems.

We offer over 500 integrations, including accounting, document management, and scheduling software, which provide our users with choice and flexibility, and demonstrably increase the stickiness of our platform as we aim to become the construction industry’s system of record.

In February 2026, we began offering customers access to our products in four bundled packages—Project Execution, Cost Management, Resource Management, and Project Lifecycle Management—each of which consists of tiers that offer different levels of access to our products.

We also offer agentic AI capabilities to automate workflows across the entire construction lifecycle.

Platform capabilities like our application programming interfaces (“APIs”) and our application marketplace (“App Marketplace”) allow customers to integrate our products with their internal systems.

We offer many categories of integrations, including accounting, document management, and scheduling software, which provide our users with choice and flexibility, and increase the stickiness of our platform as a critical system of record and collaboration for the construction industry.

Our customers range from small businesses managing a few million dollars of annual construction volume to global enterprises managing billions of dollars of annual construction volume.

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We generate substantially all of our revenue from subscriptions to access our products.

To help our customers address the variable nature of their construction volume, we offer (a) annual subscription contracts with construction volume over a one-year period;

We primarily sell our products on a subscription basis for a fixed fee with pricing generally based on the number and mix of products a customer subscribes to and the fixed aggregate dollar volume of construction work contracted to run on our platform annually, which we refer to as “annual construction volume.” To help our customers address the variable nature of their construction volume, we offer (a) annual subscription contracts with construction volume over a one-year period;

(b) multi-year subscription contracts with construction volume measured over successive one-year periods;

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As our customers subscribe to additional products or increase the annual construction volume contracted to run on our platform, we generate more revenue.

We do not provide refunds for unused construction volume, or charge customers based on consumption or on a per-project basis.

Our business model is designed to encourage rapid, widespread adoption of our products by allowing for unlimited users, meaning we do not charge a per-seat or per-user fee.

Customers can invite all project participants, including owners, general contractors, specialty contractors, architects, and engineers, to engage with our platform as part of a project team without incurring additional fees.

Customers typically invite participants to join our platform, including their employees and collaborators, who are other project participants that engage with our platform but do not pay us for such use.

Collaborators have access to relevant project information and product features for the duration of their involvement in a project and are incentivized to become customers, as collaborators do not control what information they get access to, may not be able to access project information after a job is complete, and cannot run their complete portfolio of projects on our

We do not provide refunds for unused construction volume.

We generally do not charge customers based on consumption or on a per-project basis.

Our business model is designed to encourage rapid, widespread adoption of our products by allowing for unlimited users.

We typically do not charge a per-seat or per-user fee, meaning that customers can invite all project participants, including owners, general contractors, specialty contractors, architects, and engineers, to engage with our platform as part of a project team without incurring additional fees.

We offer access to our

products on a per-user basis to certain of our owner customers who have preferred to purchase access on a per-user basis.

Customers are able to invite project participants to join our platform, including their employees and collaborators, who are other project participants that engage with our platform but do not pay us for such use.

Once collaborators have used our platform, they may potentially become customers and evangelize Procore on future projects.

Although we do not charge a per-seat or per-user fee, multiple participants can be customers on the same project, which allows each of them to retain access to project information for the duration of their subscription and allows us to receive revenue from multiple customers on the same project.

Multiple participants can be customers on the same project, which allows each of them to manage their own discrete workflows for the project and retain access to project information for the duration of their subscription while allowing us to receive revenue from multiple customers on the same project independent of seat count.

We believe that the market for our platform is large, and we are highly focused on our long-term growth.

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Our total customer count is heavily influenced by the number of small- and medium-sized business (“SMB”) customers we add in a given period.

Furthermore, SMB customers represent a small portion of our total ARR, whereas Enterprise and Mid Market customers represent the vast majority of our total ARR.

As a result, we believe the better metric to assess our business performance is the growth in the number of customers that contributed more than $100,000 of ARR.

SMB customers represent a small portion of our total ARR, whereas Enterprise and Mid Market customers represent the vast majority of our total ARR.

For that reason, we do not believe our total customer count is an accurate representation of our business performance and plan to discontinue the disclosure of total customer count starting in 2026.

We believe the better metric to assess our business performance is the growth in the number of customers that contributed more than $100,000 of ARR, which has grown from 650 at the time of our IPO to more than 2,700 customers today.

We began to disclose this metric on a quarterly basis starting in the second fiscal quarter of 2024 and plan to continue sharing this metric on a quarterly basis going forward.

All aforementioned customer counts exclude customers acquired from business combinations that do not have standard Procore annual contracts.

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Our success in building our customer base, expanding usage and value for existing customers, and helping digitize the industry has allowed us to achieve significant growth.

We generated revenue of $1,151.7 million in 2024, $950.0 million in 2023, and $720.2 million in 2022, representing year-over-year growth of 21% in 2024 and 32% in 2023.

We generated revenue of $1.3 billion in 2025, $1.2 billion in 2024, and $1.0 billion in 2023, representing year-over-year growth of 15% in 2025 and 21% in 2024.

We had net losses of $100.8 million in 2025, $106.0 million in 2024, and $189.7 million in 2023.

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Key stakeholders engage in financing, budgeting, designing, building, and maintaining commercial, residential, industrial, and infrastructure projects while navigating varying responsibilities, risk profiles, and motives.

Completing a project safely, on time, and within budget requires effective collaboration between stakeholders across workstreams, sharing information in a timely and effective manner, and navigating increasing contractual and regulatory complexity.

Our customers include key stakeholders in the construction ecosystem, such as:

Owners initiate construction projects, secure financing, work with architects, engineers, and consultants on building design, hire general contractors to manage the construction process, and are the ultimate decision-makers throughout a project.

Owners include corporations, universities, government entities, and commercial and residential real estate developers.

Once a project is

completed, owners are responsible for operating, leasing, or selling the structure, or outsourcing such processes to a third party.

• General contractors.

General contractors coordinate the construction project and fulfill the demands of owners while simultaneously maintaining oversight and responsibility for specialty contractors and other vendors.

• Specialty contractors.

Specialty contractors, commonly referred to as subcontractors, are hired by general contractors for their specialized skills, such as mechanical, electrical, plumbing, roofing, or concrete trades, and perform the vast majority of construction work, including sourcing materials.

Completing a project safely, on time, and within budget requires effective collaboration between stakeholders

across workstreams, sharing information in a timely and effective manner, and navigating increasing contractual and regulatory complexity.

The construction industry has four defining characteristics:

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Construction workers often operate with out-of-date or incomplete project information and struggle to collaborate effectively with other stakeholders, leading to mistakes that may translate to costly rework and extended project timelines.

Given mistakes not only impact the progress of the project but also expose workers to safety risks, the need for mobile collaboration solutions and timely access to instructions, designs, documentation, and reporting is becoming increasingly critical for managing and optimizing a dispersed workforce.

Given mistakes not only impact the progress of the project but also expose workers to safety risks, the need for mobile collaboration solutions and timely access to instructions, designs, documentation, and reporting has become increasingly critical for managing and optimizing a dispersed workforce.

• Stakeholder dynamics are complex.

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A modification can trigger costly changes to a project’s schedule and require timely communication to teams on the ground to minimize or avoid mistakes.

Our platform is built to be modern, intuitive, and open, with a modular and extensible architecture that not only includes the breadth and depth of functionality of our own products, but also integrates with third-party applications and our customers’ own customized applications.

Our platform is built to be modern and intuitive, with a modular and extensible architecture that not only includes the breadth and depth of functionality of our own products, but also integrates with third-party applications and our customers’ own customized applications.

We offer a broad set of product solutions that we primarily monetize through subscriptions.

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These products enable collaboration, information transmission and storage, and safety regulation compliance for teams on the jobsite and in the back office.

Users have the ability to log critical information, track project progress, and escalate issues for approvals from the correct team members.

Users have the ability to log critical information, track project progress,

and escalate issues for approvals from the correct team members.

They can also identify, understand, and proactively resolve the causes of issues and risky behaviors before they result in an injury or accident.

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Our Resource Management products, including Field Productivity, Workforce Planning, Equipment Management, and Materials Management, help customers schedule, track, and forecast workforce and equipment productivity, improve time management, communicate more efficiently with their workforces, optimize procurement and movement of materials, and better manage profitability on construction projects.

By using these products, customers can create detailed productivity records that can be referenced during the bidding process.

Customers can use these products to create detailed productivity records that can be referenced during the bidding process.

• Financial Management .

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Our Procore Pay solution handles all aspects of the payment process between general contractors and subcontractors via a single system that promotes visibility and transparency for tracking payment requirements and automates the exchange of lien waivers.

Bundled Packages

In February 2026, we began offering customers access to our products in bundled packages in addition to on an à la carte basis.

These bundled packages are designed to provide integrated solutions tailored to the needs of our core customer segments.

We offer four bundled packages:

Project Execution, Cost Management, Resource Management, and Project Lifecycle Management.

Each package is offered in different tiers–Essentials, Base, and/or Enterprise–to accommodate varying customer needs and operational complexity.

Instead of picking and choosing from products within our four product solution categories, customers will choose one or more of the bundled packages and a tier within each package, and have access to the products within each selected package and tier.

This change in how we offer our products is accompanied by changes to the names of certain products, as well as changes to how we offer certain of the capabilities described below under the sub-heading below titled “Platform Capabilities.” The bundled packages are available across our primary geographic markets, with certain regional variations in product naming and feature availability that accommodate local market practices and regulatory requirements.

Platform Capabilities

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In order to create a centralized hub for construction project information, we have developed an extensible platform that connects our customers’ business applications, people, devices, and data.

In connection with the launch of our bundled package offerings, certain of the platform capabilities described below, including Artificial Intelligence, Analytics & Insights, Building Information Modeling (“BIM”), Collaboration, and Document Management, can be purchased as part of certain bundled packages and tiers in lieu of, or in addition to, on an à la carte basis.

Our platform capabilities include:

• Artificial Intelligence (“AI”).

We are developing capabilities that will allow customers to leverage AI in our platform to help increase productivity, reduce risks, and deliver projects on time and within budget.

Our AI platform capabilities include Copilot, an AI-powered assistant that acts as a central hub and conversational interface enabling users to interact with and retrieve project-specific information and status, and Insights, which analyzes industry, company, and project data within our platform in order to provide timely and contextual advice to users by identifying trends and predicting potential project risks.

We offer agentic AI capabilities designed to automate complex workflows and optimize project delivery across the entire construction lifecycle.

We also provide embedded AI features that are integrated into our existing offerings.

Following our recently announced acquisition of Toric Labs, Inc.

(d/b/a Datagrid) (“Datagrid”), we also provide standalone AI functionality powered by the Datagrid engine.

• Analytics & Insights.

Our platform gives customers the ability to generate deep insights from aggregated data across all projects, various products, and integrated accounting software.

Customers can track trends and conduct analysis using pre-built reports, all of which are customizable to suit individual customer needs.

• Building Information Modeling (“BIM”).

We also offer Insights, which analyzes industry, company, and project data

within our platform in order to provide timely and contextual advice to users by identifying trends and predicting potential project risks.

Our platform enables all users in the field to view and collaborate on 3D models, which allows project teams to more efficiently plan and construct their projects.

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These capabilities improve decision-making and reduce rework by ensuring that work is coordinated and installed correctly the first time.

• Collaborations.

• Collaboration.

Our platform allows users to connect projects across accounts and share project information with other team members.

Our Collaborations platform capabilities include Connectability,

which helps customers streamline construction projects, enhance productivity, and reduce errors by syncing the latest drawings across projects and teams and storing project information in one place.

Our Collaboration platform capabilities include Connectability, which helps customers streamline construction projects, enhance productivity, and reduce errors by syncing the latest drawings across projects and teams and storing project information in one place.

• Document Management.

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Our Ecosystem platform capabilities enable our App Marketplace, which helps customers enhance their use of our products with third-party integrations, connecting critical business workflows and processes, and allowing customers to maintain a single system of record while leveraging software solutions that provide an array of functionality.

Our App Marketplace houses over 500 integrations, including to other construction software technology companies.

Our App Marketplace houses many integrations, including to other construction software technology companies.

• Enterprise Flexibility.

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Our platform provides regional locations for our global cloud infrastructure that allow customers to store and manage their data locally, closer to their business while driving availability, observability, and reliability.

Our Core Customer Stakeholders and the Benefits Provided by Our Platform

Our Customers

We serve customers ranging from small businesses managing a few million dollars of annual construction volume to global enterprises managing billions of dollars of annual construction volume.

Our core customers are owners, general contractors, and specialty contractors operating across the residential and non-residential segments of the construction industry.

For additional information on these core customers, see “Our Industry” above.

Residential segments include single-family homes, multi-family homes, and home improvements.

Non-residential segments include all other types of construction, including public and private non-residential projects.

We believe that our ability to deliver products and platform capabilities that address our customers’ specific needs, including by enabling streamlined communication and timely access to data, is essential to driving increased productivity and efficiency, reducing rework and costly delays, improving safety and compliance, and enhancing financial transparency and accountability.

Owners need the ability to plan capital expenditures, accurately estimate project costs, source high-quality general contractors to manage construction work, and track project progress with a high degree of visibility.

Owners can include corporations, universities, government entities, and commercial and residential real estate developers.

Owners need the ability to plan capital expenditures, accurately estimate project costs, source high-quality general contractors to manage construction work, and

track project progress with a high degree of visibility.

We help owners save significant time and money by providing financial and operational visibility into their projects.

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General contractors

General contractors coordinate the construction project and fulfill the demands of owners while simultaneously maintaining oversight and responsibility for specialty contractors and other vendors.

General contractors often manage their businesses with small profit margins, with little room for error.

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General contractors are also compelled to perform duplicate data entry in disparate systems and are accustomed to dealing with invoicing errors, information silos, and disconnected point solutions.

We have developed a cloud-based platform to allow general

contractors to manage their projects from a smart device in their hand, with the goal of facilitating exceptional teamwork, reducing costly rework, mitigating risk, and improving profit margins.

Our cloud-based platform allows general contractors to manage their projects from a smart device in their hand, with the goal of facilitating exceptional teamwork, reducing costly rework, mitigating risk, and improving profit margins.

Specialty contractors

For specialty contractors to be successful, it is imperative that they are able to effectively track and manage their crews, materials, equipment, and cash flow.

In order for specialty contractors to be successful, it is imperative that they are able to effectively track and manage their crews, materials, equipment, and cash flow.

However, specialty contractors often utilize disparate point software solutions or antiquated documentation systems, such as pen and paper or physical whiteboards, which means they lack a consistent way to track labor production rates, monitor safety compliance and quality of work, ensure they are working off the latest set of plans and schedules, or document work completed as part of the invoicing process.

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We primarily sell our products on a subscription basis for a fixed fee with pricing generally based on the number and mix of products and the annual construction volume contracted to run on our platform.

As we grow, we believe that the value of our business will increase across three key dimensions:

Our business model is designed to encourage rapid, widespread adoption by allowing for unlimited users, meaning that we do not charge a per-seat or per-user fee.

As we continue to grow, we believe that the value of our business will continue to increase across three key dimensions:

Our business model is designed to encourage rapid, widespread adoption by allowing for unlimited users, meaning that we generally do not charge a per-seat or per-user fee.

Customers can invite all project participants to engage with our platform as part of a project team, including customers’ employees and collaborators, who are other project participants who engage with our platform but do not pay us for such use.

Thereafter, collaborators have an incentive to become customers so that they can manage their complete portfolio of projects on our platform, use our products to improve their business processes, and maintain ownership of project data.

For example, Connectability for Drawings enables customers to share drawings across all of their associated accounts, allowing for drawings for a downstream project to sync to an upstream project.

For example, Procore Connect enables customers to share project information across different accounts, allowing for project information to remain in sync.

We believe our expertise in construction and close relationship with our customers and collaborators enable us to deliver easy-to-use and feature-rich products, specifically tailored to solve the problems of the industry’s key stakeholders and help them manage their businesses more effectively.

Our products are offered à la carte and are integrated into our cloud-based platform.

We pursue product innovation, including via acquisitions and expansion of our partner ecosystem, to enhance the value that our platform provides to our customers.

Our products were previously offered à la carte, but we now also offer customers the option to purchase bundled

packages at the stakeholder and geographical level.

Refer to the sub-heading titled “Bundled Packages” under the heading “Our Platform” for more information about our bundled packages.

Our customer support team provides live support to all users at no additional cost, as well as numerous online resources.

We also provide optional professional services at an extra cost to support customers who are implementing new product solutions or who need ongoing guidance with their product subscriptions.

Our platform captures extensive data across stakeholders and each stage of a project, which enables us to create a system of record for all stakeholders and to analyze project and industry trends.

Our platform captures extensive data across stakeholders and each stage of a project, which enables us to create a system of record and collaboration for all stakeholders and to analyze project and industry trends.

Our platform captures data encompassing bidding, safety, cost, quality, scheduling, materials, supplier information, and other types of data.

Our platform’s robust construction dataset supports our AI strategy by allowing users to generate insights from their data using our AI solutions.

We believe our unique access to data through our platform will allow our team to assess construction risk faster and more accurately than traditional methods, and our goal is to use such data to scale and automate our product offerings.

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• Maintain and advance our technology leadership.

We believe that the investments we have made in research and development to build our technology have been core differentiators of our products and platform.

We plan to continue to invest in technology innovation, product development, and platform capabilities.

We believe we have a compelling opportunity to drive growth through our AI strategy, including through our agentic AI solutions.

• Acquire new customers.

We believe the market for construction technology and collaboration tools is in its early phases of adoption.

We plan to continue to expand our sales and marketing efforts to drive awareness of our products, services, and platform, and grow our customer base, focusing on owners, general contractors, and specialty contractors.

We believe the market for construction technology and collaboration tools is still in its early phases of adoption.

We plan to continue our sales and marketing efforts to drive awareness of our products, services, and platform, and grow our customer base, focusing on owners, general contractors, and specialty contractors.

The portion of our current user base made up of collaborators invited to participate in our customers’ projects represents a significant opportunity to increase our revenue.

These users are incentivized to become customers in order to gain visibility and control across their projects with actionable insights from a single system.

In the future, we have the potential to monetize additional adjacent stakeholders, including a broad set of industry participants who are potential customers of our existing products and services and those whom we plan to address with targeted new products and services over time.

We have the potential to monetize additional adjacent stakeholders, including a broad set of industry participants who are potential customers of our existing products and services and those whom we may address with targeted new products and services over time.

Such new products and services may allow us to attract new customers as well as expand existing customer relationships.

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• Expand internationally.

We believe there is a global need for construction management software and that the global market is currently underpenetrated, representing a significant opportunity.

We plan to hire sales and customer experience teams and expand our presence in certain countries where we already operate, as well as pursue a presence in new geographies.

We plan to continue to hire sales and customer experience teams and expand our presence in certain countries where we already operate, as well as pursue a presence in new geographies.

• Extend our industry connectivity and our position as a trusted brand.

We believe there are powerful network effects to our business, and to capitalize on these effects we intend to focus on driving higher engagement with customers, collaborators, and the broader construction community.

We believe there are powerful network effects to our business.

We will continue to invest in expanding our ecosystem, developing new partnerships, and supporting more integrations.

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• Pursue targeted acquisitions.

Our acquisition strategy primarily focuses on accelerating our product roadmap through tuck-in acquisitions of smaller companies, some of which are from our App Marketplace and already integrated with the Procore platform.

We have made, and may in the future make, select acquisitions to add innovative features and functionality to our platform, accelerate our end-to-end cloud-based platform strategy, and bring talent to our team.

Our acquisition strategy primarily focuses on accelerating our product roadmap through tuck-in acquisitions of smaller companies, many of which are from our App Marketplace and already integrated with the Procore platform.

Our App Marketplace provides us with visibility into our customers’ interactions with many third-party integrations and provides a pipeline for potential future acquisitions.

For example, we acquired Intelliwave Technologies Inc.

For example, we acquired Datagrid, a leader in agentic AI solutions for the construction industry, in 2026, Flypaper Technologies, Inc., a company that developed a BIM coordination tool for the construction industry, in 2025, Intelliwave Technologies Inc.

(“Intelliwave”), a construction materials management company, in 2024, and Unearth Technologies, Inc.

(“Unearth”), a geographic information systems asset management platform, in 2023, both of which were existing App Marketplace partners.

Our existing integrations with App Marketplace partners like these streamline the integration of their solutions into our platform post-acquisition and allow us to quickly deliver a seamless customer experience across our platform.

(“Unearth”), a geographic information systems asset management platform, in 2023, all of which were existing App Marketplace partners.

Our existing relationships with such App Marketplace partners help streamline

the integration of their solutions into our platform post-acquisition and allow us to quickly deliver a seamless customer experience across our platform.

We have also acquired companies that were not previously part of our App Marketplace.

For example, in January 2025, we acquired Novorender AS (“Novorender”), a leader in advanced BIM rendering technology.

Sales and Marketing

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As a result of our international efforts, we support multiple languages and currencies.

In July 2024 we began to evolve our GTM operating model by, among other things, transitioning to a general manager model, with general managers for our North America, Europe, Asia-Pacific, and Middle East

regions and our public sector business, each of whom is empowered to assess and deploy the appropriate strategies and tactics for customers within their respective regions.

We are also adding new product and technical specialists to our GTM teams, who we believe can add value for our customers by matching the evolving needs of our customers’ diverse buyer personas with our products and services, and helping our customers understand and implement the full potential of our platform.

We believe that these investments will allow us to build stronger and deeper customer relationships and improve our operating efficiency over time which, in turn, will result in better customer experiences and provide additional value to our customers, some of whom continue to face macroeconomic and other pressures that have negatively impacted their spending decisions.

Our construction volume-based pricing model and number of product offerings create multiple opportunities for expansion.

In July 2024 we began to evolve our GTM operating model by, among other things, transitioning to a general manager model.

We added new product and technical specialists to our GTM teams to match the evolving needs of our customers’ diverse buyer personas with our products and services and to help our customers understand and implement the full potential of our platform.

Evolving our GTM operating model required new investment as we increased our sales headcount, ramped and invested in additional enablement for our sales teams, and added new specialists to our teams.

We believe that these investments have allowed, and will continue to allow, us to build stronger and deeper customer relationships and provide additional value to our customers.

We focus our marketing efforts on product innovation and value, domain expertise, and community-building.

Our construction volume-based pricing model and number of product offerings create multiple opportunities for expansion.

We reach potential customers and generate leads for our sales team through a combination of content marketing, public relations, advertising, sponsorships, digital marketing, partner marketing, social media, community initiatives, and events.

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Marketing activities are connected to our sales pipeline, resulting in product demonstration requests and sales opportunities.

As a key part of our brand-building efforts, we host industry events.

Our engagement with these leading industry events affords us the ability to connect directly with our customers, collaborators, and the broader construction industry.

As a key part of our brand-building efforts, we host industry and customer events, including Groundbreak, our annual construction technology conference.

Our engagement with these leading events affords us the ability to connect directly with our customers, collaborators, and the broader construction industry.

Research and Development

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We leverage our broad customer base, our engaged user communities, and our focus on user-driven innovation to aggregate feedback on features and functionality and consistently improve our products and platform.

Our teams partner with our customers and collaborators to understand their needs through focus groups at our innovation labs, trade shows, and conferences, and with customers and collaborators on the jobsite.

Our teams partner with our customers and collaborators to understand their needs through focus groups at our innovation labs, trade shows, and conferences (including Groundbreak), and with customers and collaborators on the jobsite.

Our Competition

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Our Employees and Human Capital Resources

People are our most vital asset in building and growing our business.

We are also proud to have been able to maintain our culture as our business has grown, which is based on three core values:

openness, ownership, and optimism.

We believe that these three core values are foundational to building a high-performing, engaged organization where our employees feel empowered to deliver exceptional results while growing their careers.

We believe that having a strong culture is integral to our ability to attract and retain exceptionally talented and motivated employees.

We invest in our employees and provide a broad range of benefits and well-being and development offerings to help them grow and thrive.

Our compensation and benefits offerings are competitively designed to attract, reward, and retain talented individuals to drive our business forward.

We evaluate these offerings on a regular basis, adjusting as needed.

At Procore, people are our most vital asset in building and growing our business.

We believe a strong culture is integral to our ability to attract, retain, and motivate talented individuals, and we’re proud to have maintained our culture as we’ve grown.

Grounded in our three core values — openness, ownership, and optimism — our culture empowers our teams with the tools to grow and thrive while making a real impact for our customers and communities.

It is the foundation of a high-performing, engaged organization, where employees can deliver exceptional results while building impactful careers.

We invest in our employees with a broad range of benefits, well-being, and development programs to help them thrive.

Our offerings are competitively designed to attract, reward, and retain the talented individuals who power our business forward.

As of December 31, 2025, we had 4,421 full-time employees, with 3,075 based in the U.S.

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We also have registered domain names for websites that we use in our business.

We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost-effective.

Despite our efforts to protect our intellectual property rights, they may not be respected in the future or may be invalidated, circumvented, or challenged.

For additional information, see the section titled “Risk Factors—Risks Related to Our Intellectual Property—Our failure to protect our intellectual property rights and proprietary information could diminish our brand and other intangible assets and otherwise materially adversely affect our business, financial condition, results of operations, and prospects.”

For additional information, see the risk factor titled “Risk Factors—Risks Related to Our Intellectual Property—Our failure to protect our intellectual property rights and proprietary information could diminish our brand and other intangible assets and otherwise materially adversely affect our business, financial condition, results of operations, and prospects.”

Government Regulations

We are, and may become, subject to a number of U.S.

federal and state, as well as numerous foreign, laws and regulations that involve matters important to our business, including in connection with our pursuit of Federal Risk and Authorization Management Program (“FedRAMP”) authorization.

federal and state, as well as numerous foreign, laws and regulations that involve matters important to our business.

Compliance with these laws and regulations has not had, and is currently not expected to have, a material effect on our capital expenditures, results of operations, and competitive position as compared to prior periods.

Nevertheless, because global laws and regulations have continued to develop and evolve rapidly, it is possible that we may not be, or may not have been, compliant with each such applicable law or regulation, and any noncompliance could have a material impact on our business in subsequent periods.

For a discussion of risks related to these various areas of government regulation, see “Risk Factors—Our business is subject to a wide range of laws and regulations, many of which are evolving, and our failure to comply with such laws and regulations could materially adversely affect our business, financial condition, results of operations, and prospects” and “Risk Factors—Increased government scrutiny of the technology industry generally, or our operations specifically, could negatively affect our business."

For a discussion of risks related to these various areas of government regulation, see “Risk Factors—Sales to governmental entities, customers reliant on government funding, and other government contractors are subject to a number of additional challenges and risks,” “Risk Factors—Our business is subject to a wide range of laws and regulations, many of which are evolving, and our failure to comply with such laws and regulations could materially adversely affect our business, financial condition, results of operations, and prospects,” and “Risk Factors—Increased government scrutiny of the technology industry generally, or our operations specifically, could negatively affect our business.”

Corporate Information

11 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business