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Investing.com -- Procore Technologies, Inc. (NYSE:PCOR) saw its shares surge 3.4% in after-hours trading Wednesday after the construction management software provider reported third-quarter earnings and revenue that exceeded analyst expectations, while also providing solid guidance.
The company reported adjusted earnings per share of $0.42 for the third quarter, significantly beating the analyst estimate of $0.32. Revenue came in at $339 million, surpassing the consensus estimate of $328.26 million and representing a 15% increase YoY. The strong performance was driven by continued customer growth and high retention rates.
"Q3 represented another strong quarter, marked by consistent revenue growth and improved operating leverage," said Howard Fu, CFO of Procore. "I am proud of the performance we delivered in the quarter and these results reinforce our ability to drive efficient growth and strong per share improvements over the long-term."
Procore’s non-GAAP operating margin reached 17% in the quarter, while free cash flow jumped 194% YoY to $68 million. The company maintained a gross revenue retention rate of 95% and added 122 net new organic customers, bringing its total to 17,623. Customers contributing more than $100,000 in annual recurring revenue increased 15% YoY to 2,602.
Looking ahead, Procore provided guidance for the fourth quarter with revenue expected between $339 million and $341 million, representing 12-13% YoY growth. The midpoint of this range ($340 million) is slightly above the analyst consensus of $339.2 million. For the full year 2025, the company forecasts revenue of $1,312-$1,314 million, above the consensus estimate of $1,302 million.
The company also announced a new $300 million stock repurchase program authorized by its Board of Directors, replacing the previous program that expired on October 29, 2025.
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