Procore’s second quarter results were met with a negative market reaction despite the company surpassing Wall Street’s revenue and non-GAAP profit expectations. Key drivers of the quarter included strong growth in large enterprise deals, a notable uptick in cross-selling financial suite products, and ongoing execution of its go-to-market transition. CEO Tooey Courtemanche highlighted that “our improved cross-sell mix and deeper customer partnerships are driving meaningful wins,” while CFO Howard Fu pointed to stable customer demand and increased contract durations as factors supporting recurring revenue growth. Management acknowledged the competitive landscape and macroeconomic pressures, but did not express significant caution regarding demand or pipeline trends.

Is now the time to buy PCOR? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Procore’s Q2 Earnings Call

• Dylan Becker (William Blair) asked about the adoption curve for new AI tools. CEO Tooey Courtemanche said customer demand for automation is high, and early hackathons have revealed use cases that drive tangible value.
• Saket Kalia (Barclays) probed whether future margin gains are structural or temporary. CFO Howard Fu explained that margin expansion will remain the chief lever for improved profitability, while reiterating caution on forecasting revenue acceleration.
• David Hynes (Canaccord) questioned whether the higher cross-sell mix signals successful execution or macro headwinds. Courtemanche clarified that cross-sell gains were not driven by weaker volume, but by targeted go-to-market and product initiatives.
• Daniel Jester (BMO) explored how cross-sell momentum in the financial suite might be broadened across the portfolio. Fu responded that only about half of customers currently use financials, leaving significant room for further product attach.
• Ken Wong (Oppenheimer) inquired about the impact of regulatory or stimulus tailwinds and new product packaging pilots. Fu noted that pilots are early-stage and focused on streamlining the sales process, with no meaningful financial impact yet.

Catalysts in Upcoming Quarters

In future quarters, the StockStory team will closely monitor (1) the adoption rate and customer feedback for new AI-powered tools, including Helix and Agent Builder; (2) the impact of cross-sell initiatives and new product bundles on expansion and customer retention; and (3) sustained progress in operating margin improvement. Key milestones will also include wins in the public sector and the effectiveness of Procore’s go-to-market realignment in driving larger, multi-product deals.

Procore currently trades at $62.87, down from $71.31 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).

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