PROCORE TECHNOLOGIES, INC.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
PCOR$76.26-0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Operating activities | |||
| Net loss | $(100,783) | $(105,956) | $(189,694) |
| Adjustments to reconcile net loss to net cash provided by operating activities | |||
| Stock-based compensation | 238,425 | 186,880 | 174,835 |
| Depreciation and amortization | 110,576 | 89,753 | 71,633 |
| Accretion of discounts on marketable debt securities, net | (7,882) | (12,830) | (9,790) |
| Abandonment of long-lived assets | 3,540 | 1,428 | 1,488 |
| Noncash operating lease expense | 5,839 | 11,102 | 13,092 |
| Unrealized foreign currency (gain) loss, net | (1,862) | 2,304 | (524) |
| Deferred income taxes | (6,820) | (881) | (769) |
| (Benefit from) provision for credit losses | (514) | 591 | 8,052 |
| (Increase) decrease in fair value of strategic investments | (124) | (454) | 287 |
| Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations | |||
| Accounts receivable | (39,817) | (39,501) | (57,492) |
| Deferred contract cost assets | (51,965) | (8,993) | (9,306) |
| Prepaid expenses and other assets | (5,698) | (3,318) | (6,368) |
| Accounts payable | (8,173) | 19,729 | (938) |
| Accrued expenses and other liabilities | 64,380 | (15,501) | 4,759 |
| Deferred revenue | 100,099 | 79,091 | 106,590 |
| Operating lease liabilities | 1,049 | (7,272) | (13,840) |
| Net cash provided by operating activities | 300,270 | 196,172 | 92,015 |
| Investing activities | |||
| Purchases of property and equipment | (18,100) | (19,143) | (10,325) |
| Capitalized software development costs | (65,663) | (49,529) | (34,685) |
| Purchases of strategic investments | (2,151) | (2,367) | (764) |
| Purchases of marketable securities | (351,465) | (491,475) | (402,424) |
| Maturities of marketable securities | 409,230 | 440,537 | 372,240 |
| Sales of marketable securities | 2,698 | — | 5,452 |
| Originations of materials financing | — | — | (23,972) |
| Customer repayments of materials financing | — | 1,605 | 26,242 |
| Acquisition of businesses, net of cash acquired | (41,515) | (25,945) | — |
| Asset acquisitions, net of cash acquired | (3,533) | (3,792) | (7,825) |
| Net cash used in investing activities | $(70,499) | $(150,109) | $(76,061) |
Consolidated Statements of Cash Flows (Continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Financing activities | |||
| Proceeds from stock option exercises | $11,809 | $15,737 | $17,618 |
| Proceeds from employee stock purchase plan | 26,332 | 24,069 | 25,400 |
| Repurchases of common stock | (128,838) | — | — |
| Payment of tax withholding for net share settlement | (94,120) | — | — |
| Payment of deferred business combination consideration | — | (1,470) | — |
| Payment of deferred asset acquisition consideration | (1,400) | (81) | — |
| Principal payments under finance lease agreements, net of proceeds from lease incentives | (1,636) | (2,019) | (1,853) |
| Net increase in funds held for customers | 8,951 | — | — |
| Net cash (used in) provided by financing activities | (178,902) | 36,236 | 41,165 |
| Net increase in cash, cash equivalents and restricted cash | 50,869 | 82,299 | 57,119 |
| Effect of exchange rate changes on cash | 1,655 | (2,367) | 855 |
| Cash, cash equivalents and restricted cash, beginning of period | 437,722 | 357,790 | 299,816 |
| Cash, cash equivalents and restricted cash, end of period | $490,246 | $437,722 | $357,790 |
Consolidated Statements of Cash Flows (Continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets | |||
| Cash and cash equivalents at end of period | $480,684 | $437,722 | $357,790 |
| Restricted cash included in prepaid expenses and other current assets at end of period | 611 | — | — |
| Restricted cash for funds held for customers included in prepaid expenses and other current assets at end of period | 8,951 | — | — |
| Total cash, cash equivalents and restricted cash at end of period shown in the consolidated statements of cash flows | $490,246 | $437,722 | $357,790 |
| Supplemental disclosure of cash flow information | |||
| Cash paid for interest other than finance leases | $39 | $25 | $4 |
| Stock-based compensation capitalized for cloud-computing arrangement costs | 233 | 104 | 296 |
| Cash received for lease incentives | 10,523 | 2,620 | 789 |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from finance leases | 1,112 | 1,874 | 1,953 |
| Operating cash flows from operating leases | 12,058 | 11,871 | 15,971 |
| Financing cash flows from finance leases | 1,636 | 2,221 | 2,054 |
| Noncash investing and financing activities | |||
| Purchases of property and equipment included in accounts payable and accrued expenses at year end | 2,596 | 1,638 | 754 |
| Capitalized software development costs included in accounts payable and accrued expenses at year end | 2,968 | 3,775 | 1,905 |
| Deferred asset acquisition payment included in other current liabilities and other non-current liabilities at year end | 600 | 1,400 | 1,405 |
| Stock-based compensation capitalized for software development | 19,398 | 13,235 | 9,421 |
| Conversion of available-for-sale debt securities into equity securities | — | 350 | — |
| Right of use assets obtained in exchange for financing lease liabilities | (10,305) | — | — |
| Right of use assets obtained in exchange for operating lease liabilities | 12,954 | (3,875) | 15,385 |
| Noncash net change due to operating lease remeasurement | — | (89) | (115) |
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