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Procore’s $1.5 Billion Guide: Can AI Agents Lift The Construction Cloud?

Procore Technologies, Inc. reported solid performance for the first quarter of fiscal 2026, with total revenue reaching $359 million, marking a 15.7% year-over-year increase. The company achieved a non-GAAP operating margin of 17%, representing a substantial 650 basis point improvement compared to the previous year, alongside a 20% year-over-year increase in free cash flow to $56 million. Current remaining performance obligations (cRPO) and deferred revenue expanded by 21% and 17%, respectively, reflecting longer contract durations and growth in contracted sales. The outlook for the second quarter anticipates revenue between $364 million and $366 million, equating to approximately 13% year-over-year growth at the high end. Full-year fiscal 2026 revenue guidance was raised to a range of $1.499 billion to $1.503 billion, lifted by 13.6% at the upper bound. Non-GAAP operating margin guidance was also increased by 50 basis points to a range of 18% to 18.