PROCORE TECHNOLOGIES, INC., 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
May 01, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-40396  
Entity Registrant Name Procore Technologies, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 73-1636261  
Entity Address, Address Line One 6309 Carpinteria Avenue  
Entity Address, City or Town Carpinteria  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 93013  
City Area Code 866  
Local Phone Number 477-6267  
Title of 12(b) Security Common stock, $0.0001 par value  
Trading Symbol PCOR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   150,890,216
Amendment Flag false  
Entity Central Index Key 0001611052  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 386,035 $ 480,684
Marketable securities, current (amortized cost of [in-cell link] and [in-cell link] at [in-cell link] and [in-cell link], respectively) 205,478 287,802
Accounts receivable, net of allowance for credit losses of [in-cell link] and [in-cell link] at [in-cell link] and [in-cell link], respectively 184,692 287,805
Contract cost asset, current 57,124 55,384
Prepaid expenses and other current assets 68,043 55,157
Total current assets 901,372 1,166,832
Marketable securities, non-current (amortized cost of [in-cell link] and [in-cell link] at [in-cell link] and [in-cell link], respectively) 0 42,529
Capitalized software development costs, net 147,479 142,228
Property and equipment, net 48,314 48,624
Right of use assets - finance leases 19,169 19,619
Right of use assets - operating leases 47,900 36,024
Contract cost asset, non-current 78,652 79,004
Intangible assets, net 150,368 105,364
Goodwill 688,840 574,083
Other assets 26,354 24,758
Total assets 2,108,448 2,239,065
Current liabilities    
Accounts payable 18,444 25,168
Accrued expenses 86,421 130,280
Deferred revenue, current 655,449 687,062
Other current liabilities 46,924 42,047
Total current liabilities 807,238 884,557
Deferred revenue, non-current 5,609 6,041
Finance lease liabilities, non-current 26,112 26,557
Operating lease liabilities, non-current 58,848 45,855
Other liabilities, non-current 10,264 13,793
Total liabilities 908,071 976,803
Commitments and contingencies (Note 9)
Stockholders’ equity    
Preferred stock, $0.0001 par value, 100,000,000 shares authorized at [in-cell link] and [in-cell link]; [in-cell link] shares issued and outstanding at [in-cell link] and [in-cell link]. 0 0
Common stock, $0.0001 par value, 1,000,000,000 shares authorized at [in-cell link] and [in-cell link] ; [in-cell link] and [in-cell link] shares issued and outstanding at [in-cell link] and [in-cell link], respectively. 15 15
Additional paid-in capital 2,557,027 2,609,093
Accumulated other comprehensive loss (1,993) (1,270)
Accumulated deficit (1,354,672) (1,345,576)
Total stockholders’ equity 1,200,377 1,262,262
Total liabilities and stockholders’ equity $ 2,108,448 $ 2,239,065
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Marketable securities, current, amortized cost $ 205,487 $ 287,337
Allowance for credit losses 3,387 4,654
Marketable securities, non-current, amortized cost $ 0 $ 42,529
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 150,747,632 151,708,564
Common stock, shares outstanding (in shares) 150,747,632 151,708,564
v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Revenue $ 359,283 $ 310,632
Cost of revenue 71,493 64,926
Gross profit 287,790 245,706
Operating expenses    
Sales and marketing 149,181 138,684
Research and development 85,565 87,609
General and administrative 68,715 55,658
Total operating expenses 303,461 281,951
Loss from operations (15,671) (36,245)
Interest income 4,522 5,997
Interest expense (268) (285)
Accretion income, net 997 2,447
Other (expense) income, net (556) 391
Loss before provision for income taxes (10,976) (27,695)
(Benefit from) provision for income taxes (1,880) 5,294
Net loss $ (9,096) $ (32,989)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.06) $ (0.22)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.06) $ (0.22)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 150,950,902 149,997,899
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 150,950,902 149,997,899
Other comprehensive (loss) income    
Foreign currency translation adjustment, net of tax $ (249) $ 167
Unrealized (loss) income on available-for-sale debt and marketable securities, net of tax (474) 79
Total other comprehensive (loss) income (723) 246
Comprehensive loss $ (9,819) $ (32,743)
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024   149,853,135      
Beginning balance at Dec. 31, 2024 $ 1,288,353 $ 15 $ 2,535,868 $ (2,737) $ (1,244,793)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Exercise of stock options (in shares)   149,650      
Exercise of stock options 2,352   2,352    
Stock-based compensation 52,402   52,402    
Issuance of common stock upon settlement of restricted stock units (in shares)   882,979      
Shares withheld related to net share settlement of equity awards (in shares)   (331,056)      
Shares withheld related to net share settlement of equity awards (28,277)   (28,277)    
Repurchase and retirement of common stock, including transaction costs and excise tax (in shares)   (1,450,591)      
Repurchase and retirement of common stock, including transaction costs and excise tax (100,440)   (100,440)    
Other comprehensive income (loss) 246     246  
Net loss (32,989)       (32,989)
Ending balance (in shares) at Mar. 31, 2025   149,104,117      
Ending balance at Mar. 31, 2025 1,181,647 $ 15 2,461,905 (2,491) (1,277,782)
Beginning balance (in shares) at Dec. 31, 2025   151,708,564      
Beginning balance at Dec. 31, 2025 $ 1,262,262 $ 15 2,609,093 (1,270) (1,345,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Exercise of stock options (in shares) 277,900 277,900      
Exercise of stock options $ 2,503   2,503    
Stock-based compensation 61,337   61,337    
Issuance of common stock upon settlement of restricted stock units (in shares)   821,336      
Shares withheld related to net share settlement of equity awards (in shares)   (294,608)      
Shares withheld related to net share settlement of equity awards $ (15,291)   (15,291)    
Repurchase and retirement of common stock, including transaction costs and excise tax (in shares) (1,765,560) (1,765,560)      
Repurchase and retirement of common stock, including transaction costs and excise tax $ (100,615)   (100,615)    
Other comprehensive income (loss) (723)     (723)  
Net loss (9,096)       (9,096)
Ending balance (in shares) at Mar. 31, 2026   150,747,632      
Ending balance at Mar. 31, 2026 $ 1,200,377 $ 15 $ 2,557,027 $ (1,993) $ (1,354,672)
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net loss $ (9,096) $ (32,989)
Adjustments to reconcile net loss to net cash provided by operating activities    
Stock-based compensation 57,000 48,279
Depreciation and amortization 29,167 26,855
Accretion of discounts on marketable debt securities, net (997) (2,425)
Abandonment of long-lived assets 1,398 354
Noncash operating lease expense 1,675 1,555
Unrealized foreign currency loss (gain), net 2,333 (1,136)
Deferred income taxes (4,057) 2,215
Benefit from credit losses (201) (909)
(Increase) decrease in fair value of strategic investments (104) 224
Changes in operating assets and liabilities    
Accounts receivable 103,880 86,327
Deferred contract cost assets (1,325) (6,569)
Prepaid expenses and other assets (10,677) (7,454)
Accounts payable (6,884) (11,070)
Accrued expenses and other liabilities (51,204) (9,880)
Deferred revenue (33,633) (26,568)
Operating lease liabilities (519) (781)
Net cash provided by operating activities 76,756 66,028
Investing activities    
Purchases of property and equipment (2,926) (4,033)
Capitalized software development costs (17,788) (15,331)
Purchases of strategic investments (531) (550)
Purchases of marketable securities 0 (134,598)
Maturities of marketable securities 18,391 135,787
Sales of marketable securities 106,731 0
Business combinations, net of cash acquired (158,896) (41,253)
Asset acquisition, net of cash acquired 0 (3,533)
Net cash used in investing activities (55,019) (63,511)
Financing activities    
Proceeds from stock option exercises 2,503 2,314
Repurchases of common stock (100,035) (100,029)
Payment of tax withholding for net share settlement (15,291) (28,277)
Principal payments under finance lease agreements, net of proceeds from lease incentives (424) (388)
Payment of deferred asset acquisition consideration (300) 0
Net increase in funds held for customers 3,830 0
Net cash used in financing activities (109,717) (126,380)
Net decrease in cash, cash equivalents, and restricted cash (87,980) (123,863)
Effect of exchange rate changes on cash (2,872) (125)
Cash, cash equivalents, and restricted cash, beginning of period 490,246 437,722
Cash, cash equivalents, and restricted cash, end of period 399,394 313,734
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Cash and cash equivalents at end of period 386,035 313,734
Restricted cash included in prepaid expenses and other current assets at end of period 578 0
Restricted cash for funds held for customers included in prepaid expenses and other current assets at end of period 12,781 0
Total cash, cash equivalents, and restricted cash at end of period shown in the condensed consolidated statements of cash flows 399,394 313,734
Supplemental disclosure of cash flow information    
Cash paid for income taxes, net of refunds received 1,007 558
Stock-based compensation capitalized for cloud-computing arrangement costs 19 (14)
Cash received for lease incentives 1,550 200
Operating cash flows from finance leases 268 284
Operating cash flows from operating leases 4,753 1,183
Financing cash flows from finance leases 424 388
Noncash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses at period end 3,464 943
Capitalized software development costs included in accounts payable and accrued expenses at period end 3,295 3,890
Deferred asset acquisition payment included in other current and non-current liabilities and accrued expenses at period end 300 2,035
Excise taxes related to repurchases of common stock included in other current liabilities at period end 580 411
Stock-based compensation capitalized for software development 4,318 4,137
Operating right of use assets obtained or modified in exchange for lease liabilities 13,515 4,516
Financing lease right of use asset modified to operating lease $ 0 $ (10,305)
v3.26.1
ORGANIZATION AND DESCRIPTION OF BUSINESS
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS ORGANIZATION AND DESCRIPTION OF BUSINESS
Description of business
Procore Technologies, Inc. (together with its subsidiaries, “Procore” or the “Company”) provides a cloud-based construction management platform and related products and services that allow the construction industry’s key stakeholders, such as owners, general contractors, and specialty contractors, to collaborate on construction projects.
The Company was incorporated in California in 2002 and re-incorporated in Delaware in 2014. The Company is headquartered in Carpinteria, California, and has operations globally.
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying condensed consolidated financial statements include the interim financial statements of Procore. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP” or “U.S. GAAP”) and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025. The condensed consolidated balance sheet information as of December 31, 2025 has been derived from the Company’s audited consolidated financial statements. The condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management periodically evaluates its estimates and assumptions for continued reasonableness, primarily with respect to revenue recognition, the period of benefit of contract cost assets, the fair value of assets acquired and liabilities assumed in a business combination or asset acquisition, stock-based compensation expense, the recoverability of goodwill and long-lived assets, useful lives of long-lived assets, capitalization of software development costs, income taxes, including related reserves and allowances, provision for credit losses, incremental borrowing rates and estimation of lease terms applied in lease accounting, and self-insurance reserve estimates. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. Management bases its estimates on historical experience and on various other assumptions that management believes to be reasonable. Actual results could differ from the Company’s estimates.
Segments
The Company operates as a single operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and assess performance. The Company’s CODM is its Chief Executive Officer (“CEO”).
In recent years, the Company has completed a number of acquisitions which have allowed it to expand its platform capabilities and related products and services. The Company generates substantially all of its revenue from subscriptions to access its software products and related support. While the Company provides different products and services, including as a result of its acquisitions, its business operates as one operating segment because its CODM evaluates the Company’s revenue, expenses, and assets as reported on the condensed
consolidated income statement and balance sheet for purposes of assessing financial performance and allocating resources on a consolidated basis. The CODM uses consolidated revenue, expenses, and assets in deciding whether to invest into various parts of the Company, such as managing budgets and acquisitions. The measure of segment profit is income from operations. The CODM uses income from operations to assess financial performance and allocate resources.
Business combinations
The Company assesses whether an acquisition is a business combination or an asset acquisition. If substantially all of the gross assets acquired are concentrated in a single asset or group of similar assets, then the acquisition is accounted for as an asset acquisition where the purchase consideration is allocated on a relative fair value basis to the assets acquired. Goodwill is not recorded in an asset acquisition. If the gross assets are not concentrated in a single asset or group of similar assets, then the Company determines if the set of assets acquired represents a business. A business is an integrated set of activities and assets capable of being conducted and managed for the purpose of providing a return. Depending on the nature of the acquisition, judgment may be required to determine if the set of assets acquired is a business combination or not.
The Company applies the acquisition method of accounting for a business combination. Under this method of accounting, assets acquired and liabilities assumed are recorded at their respective fair values at the date of the acquisition. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company adjusts the provisional amounts of assets acquired and liabilities assumed with the corresponding offset to goodwill to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the Company’s condensed consolidated statements of operations and comprehensive loss.
Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to estimated level of effort and related costs of reproducing or replacing the assets acquired, future cash inflows and outflows, and discount rates, among other items. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. As a result, the Company may be required to value the acquired assets at fair value measures that do not reflect its intended use of those assets. Use of different estimates and judgments could yield different results.
Although the Company believes the assumptions and estimates it has made are reasonable and appropriate, they are based in part on historical experience and information that may be obtained from management of the acquired company and are inherently uncertain.
Marketable securities
Investments with stated maturities of greater than three months are classified as marketable securities, which consist of United States (“U.S.”) treasury securities, commercial paper, corporate notes and obligations, and time deposits. All marketable securities held as of March 31, 2026 and December 31, 2025 are classified as available-for-sale debt securities, which are recorded at fair value. The Company’s marketable securities are classified as either short-term or long-term in the accompanying condensed consolidated balance sheets based on the security’s contractual maturity at the balance sheet date. The Company re-evaluates such classifications at each balance sheet date.
The Company periodically assesses its portfolio of marketable securities for impairment. The Company evaluates each investment in an unrealized loss position to determine if any portion of the unrealized loss is related to credit losses. In determining whether a credit loss may exist, the Company considers the extent of the
unrealized loss position, any adverse conditions specifically related to the security or the issuer’s operating environment, the pay structure of the security, the issuer’s payment history, and any changes in the issuer’s credit rating. Unrealized losses on marketable securities due to expected credit losses are recognized in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss, and any excess unrealized gains and losses, net of tax, that are not due to expected credit losses are included in accumulated other comprehensive loss, a component of stockholders’ equity. During the three months ended March 31, 2026 and 2025, there were no credit losses recorded on marketable securities. Interest recorded on marketable securities is recorded in interest income, with accretion of discounts, net of amortization of premiums, recorded in accretion income, net, on the accompanying condensed consolidated statements of operations and comprehensive loss.
Self-insurance reserves
The Company has elected to partially self-fund its health insurance plan. To reduce its risk related to high-dollar claims, the Company maintains individual stop-loss insurance. The Company estimates its exposure for claims incurred at the end of each reporting period, including claims not yet reported, with the assistance of an independent third-party actuary. As of March 31, 2026 and December 31, 2025, the Company’s self-insurance accrual was $3.1 million and $3.2 million, respectively, included within other current liabilities on the accompanying condensed consolidated balance sheets.
Strategic investments
Investments in equity securities
The Company holds investments in equity securities of certain privately held companies, which do not have readily determinable fair values. The Company does not have a controlling interest or significant influence in these companies. The Company has elected to apply the measurement alternative to measure the non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable price changes in orderly transactions for the identical or similar securities of the same issuer, or in the event of any impairment. This election is reassessed each reporting period to determine whether a non-marketable equity security has a readily determinable fair value, in which case the security would no longer be eligible for this election. All gains and losses on such equity securities, realized and unrealized, are recorded in other expense, net on the accompanying condensed consolidated statements of operations and comprehensive loss. The Company evaluates its non-marketable equity securities for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. If an impairment exists, a loss is recognized in the accompanying condensed consolidated statements of operations and comprehensive loss for the amount by which the carrying value exceeds the fair value of the investment.
Investments in limited partnership funds
The Company also holds investments in certain limited partnership funds. The Company does not hold a controlling interest or significant influence in these limited partnerships. The fair value of such investments is valued using the Net Asset Value (“NAV”) provided by the fund administrator as a practical expedient.
Fair value measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
Fair value measurements are based on a fair value hierarchy using three levels of inputs, of which the first two are considered observable and the last is considered unobservable, as follows:
Level 1    Quoted prices in active markets for identical assets or liabilities.
Level 2    Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets or liabilities.
Level 3    Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

As of March 31, 2026 and December 31, 2025, the carrying value of the Company’s financial instruments included in current assets and current liabilities (including accounts receivable, accounts payable, and accrued expenses) approximate fair value due to the short-term nature of such items. The Company measures its cash held in money market funds, marketable securities, and investments in available-for-sale debt securities at fair value each reporting period. The estimation of fair value for available-for-sale debt securities in private companies requires the use of significant unobservable inputs, and as a result, the Company classifies these assets as Level 3 within the fair value hierarchy.
The Company’s investments in equity securities of privately held companies are recorded at fair value on a non-recurring basis. For investments without a readily determinable fair value, the Company looks to observable transactions, such as the issuance of new equity by an investee, as indicators of investee enterprise value and uses them to estimate the fair value of the investments. The Company’s investments in limited partnerships are valued using NAV as a practical expedient and therefore excluded from the fair value hierarchy.
Funds held for customers
Funds held for customers consist of customer cash deposits held by Procore Payment Services, Inc. ("Procore Payment Services"), a subsidiary of the Company, in connection with its money transmission activities. Procore Payment Services provides money transmission services between general contractors and subcontractors by collecting funds from the general contractors for payments to be remitted to their subcontractors via the Company’s Procore Pay payment solution. These funds are deposited into the Company’s bank accounts, where the Company acts as the custodian of the funds while processing payments to subcontractors. Such funds are restricted for the purpose of satisfying general contractors’ fund obligations and are not available for general business use by the Company.
As of March 31, 2026 and December 31, 2025, the Company held $12.8 million and $9.0 million in customer funds, respectively, which are reported in prepaid expenses and other current assets, with a corresponding liability recorded in other current liabilities on the condensed consolidated balance sheets.
Cash, cash equivalents, and restricted cash
The Company classifies all investments that are readily convertible to known amounts of cash and have maturities of three months or less from the date of purchase as cash equivalents, which are carried at fair value. Cash includes cash held in checking and savings accounts. As of March 31, 2026 and December 31, 2025, cash equivalents were comprised of money market funds and highly liquid marketable securities with original maturities of three months or less that were recorded at fair value, which approximates amortized cost.
Restricted cash consists of (i) funds held for customers relating to Procore Payment Services and (ii) cash collateral required by a bank for the Company’s corporate credit card program. As of March 31, 2026, $12.8 million in restricted cash consisted of funds held for customers, and $0.6 million in restricted cash relating to corporate credit cards. As of December 31, 2025, $9.0 million in restricted cash consisted of funds held for customers, and $0.6 million in restricted cash relating to corporate credit cards. The Company records restricted cash in prepaid expenses and other current assets in the condensed consolidated balance sheets, depending on the term of restriction set in the underlying agreement.
Deferred revenue
Contract liabilities consist of revenue that is deferred when the Company has the contractual right to invoice in advance of transferring services to its customers. The Company recognized revenue of $299.4 million and $254.5 million during the three months ended March 31, 2026 and 2025, respectively, that was included in deferred revenue balances at the beginning of the respective periods.
Remaining performance obligations
The transaction price allocated to remaining performance obligations (“RPO”) represents the contracted transaction price that has not yet been recognized as revenue, which includes deferred revenue and amounts under non-cancelable contracts that will be invoiced and recognized as revenue in future periods. The Company’s current RPO represents future revenue under existing contracts that is expected to be recognized as revenue in the next 12 months. As of March 31, 2026, the aggregate amount of the transaction price allocated to RPO was $1.6 billion, of which the Company expects to recognize $1.0 billion, or approximately 65%, as revenue in the next 12 months, and substantially all of the remaining $0.6 billion between 12 and 36 months thereafter.
v3.26.1
INVESTMENTS
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Marketable securities
Marketable securities consisted of the following as of March 31, 2026 (in thousands):
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$85,645 $53 $(64)$85,634 
Corporate notes and obligations119,842 48 (46)119,844 
Total marketable securities$205,487 $101 $(110)$205,478 
Marketable securities consisted of the following as of December 31, 2025 (in thousands):
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$131,832 $205 $(1)$132,036 
Commercial paper14,308 2 — 14,310 
Corporate notes and obligations183,726 265 (6)183,985 
Total marketable securities$329,866 $472 $(7)$330,331 
The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):
March 31, 2026December 31, 2025
Due within 1 year$205,478 $287,802 
Due in 1 to 2 years— 42,529 
Total marketable securities$205,478 $330,331 
During the three months ended March 31, 2026 and 2025, there were maturities of marketable securities of $18.4 million and $135.8 million, respectively. There were $106.8 million sales of marketable securities during the three months ended March 31, 2026. There were no sales of marketable securities during the three months ended March 31, 2025. Realized gains and losses on sales of marketable securities are recorded in other
expense, net on the condensed consolidated statements of operations and comprehensive loss. Such gains and losses were immaterial during the three months ended March 31, 2026 and 2025. There were no impairments of marketable securities during the three months ended March 31, 2026 or 2025.
Strategic investments
Strategic investment activity during the three months ended March 31, 2026 is summarized as follows (in thousands):
Equity SecuritiesLimited PartnershipsTotal
Balance as of December 31, 2025$8,216 $8,413 $16,629 
Purchases of strategic investments— 531 531 
Unrealized gain on strategic investments— 104 104 
Balance as of March 31, 2026$8,216 $9,048 $17,264 
Strategic investment activity during the three months ended March 31, 2025 is summarized as follows (in thousands):
Equity SecuritiesLimited PartnershipsTotal
Balance as of December 31, 2024$8,685 $5,669 $14,354 
Purchases of strategic investments— 550 550 
Unrealized gain on strategic investments— 228 228 
Impairment losses(452)— (452)
Balance as of March 31, 2025$8,233 $6,447 $14,680 
Strategic investments are recorded in other assets on the accompanying condensed consolidated balance sheets. As of March 31, 2026, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $6.1 million at the option of the investees.
v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
Financial assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows (in thousands):
March 31, 2026
Level 1Level 2Total
Cash equivalents:
Money market funds$305,713 $— $305,713 
Marketable securities:
U.S. treasury securities85,634 — 85,634 
Corporate notes and obligations— 119,844 119,844 
Total$391,347 $119,844 $511,191 
December 31, 2025
Level 1Level 2Total
Cash equivalents:
Money market funds$403,979 $— $403,979 
Marketable securities:
U.S. treasury securities132,036 — 132,036 
Commercial paper— 14,310 14,310 
Corporate notes and obligations— 183,985 183,985 
Total$536,015 $198,295 $734,310 
v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES LEASES
The Company has primarily entered into lease arrangements for office space, in addition to other miscellaneous equipment. The Company’s leases have initial non-cancelable lease terms ranging from one to 14 years. Some of the Company’s leases include an option for it to extend the term of the lease for up to 14 years.
Supplemental information related to leases is as follows (in thousands):
March 31, 2026December 31, 2025
Operating Leases
Operating right of use assets$47,900 $36,024 
Amount included within other current liabilities
6,232 5,019 
Operating lease liabilities, non-current58,848 45,855 
Total operating lease liabilities$65,080 $50,874 
Finance Leases
Finance right of use assets$19,169 $19,619 
Amount included within other current liabilities
1,792 1,771 
Finance lease liabilities, non-current26,112 26,557 
Total finance lease liabilities$27,904 $28,328 

March 31, 2026December 31, 2025
Weighted-average remaining lease term (in years)
Finance leases11.011.2
Operating leases10.310.2
Weighted-average discount rate
Finance leases3.80 %3.80 %
Operating leases6.01 %6.04 %
Maturities of lease payments, net of tenant improvement reimbursement, for leases where the lease commencement date commenced on or prior to March 31, 2026 are as follows (in thousands):
Period Ended December 31,
Operating
Finance
Total
2026(1)
$3,473 $2,126 $5,599 
20274,647 2,804 7,451 
202810,008 2,870 12,878 
20298,337 2,956 11,293 
20309,094 3,045 12,139 
20316,916 3,136 10,052 
Thereafter51,270 17,560 68,830 
Total lease payments, net of tenant improvement reimbursement$93,745 $34,497 $128,242 
Less imputed interest(28,665)(6,593)(35,258)
Total$65,080 $27,904 $92,984 
(1) For the nine months from April 1, 2026 through December 31, 2026.
v3.26.1
BUSINESS COMBINATIONS
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
Datagrid
On January 16, 2026, the Company completed the acquisition of all outstanding equity of Toric Labs, Inc. (d/b/a Datagrid) (“Datagrid”), a leader in agentic artificial intelligence (“AI”) solutions for the construction industry, to accelerate the Company’s AI strategy and deliver advanced reasoning and data connectivity capabilities for its customers. The purchase consideration was $168.0 million in cash.
The preliminary purchase consideration was allocated to the following assets and liabilities at the acquisition date (in thousands):
Fair ValueUseful Life
Assets acquired
Cash and cash equivalents$9,073 
Accounts receivable832 
Prepaid expenses and other current assets1,039 
Developed technology intangible asset50,500 7 years
Customer relationships intangible asset4,000 10 years
Goodwill114,926 
Total assets acquired$180,370 
Liabilities assumed
Accounts payable(343)
Accrued expenses(58)
Deferred revenue, current(2,073)
Other current liabilities(5,798)
Net deferred tax liabilities(4,128)
Total liabilities assumed$(12,400)
Net assets acquired$167,970 
Developed technology intangible asset represents the fair value of Datagrid’s technology, which was valued considering the cost to rebuild method. Key assumptions under the cost to rebuild method include the estimated level of effort and related costs of reproducing or replacing the acquired technology. Developed technology is amortized on a straight-line basis, which approximates the pattern in which the economic benefits of the technology are consumed, over its estimated useful life of seven years. The amortization expense is recorded in cost of revenue in the accompanying condensed consolidated statements of operations and comprehensive loss.
Customer relationships represent the fair value of the underlying relationships with Datagrid’s existing customers, which were valued using the excess earnings method. Key assumptions under the excess earnings method include estimated future revenues, costs, cash flows, and a discount rate. The customer relationship intangible asset is amortized on a straight-line basis, which approximates the pattern in which the economic benefits of the customer relationships are consumed, over its estimated useful life of 10 years. The amortization expense is recorded in sales and marketing expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.
The $114.9 million goodwill balance is primarily attributable to synergies and expanded market opportunities that are expected to be achieved from the integration of Datagrid with the Company’s offerings and assembled workforce. Goodwill is not deductible for income taxes purposes.
The measurement period for the valuation of assets acquired and liabilities assumed ends as soon as information on the facts and circumstances that existed as of the acquisition date becomes available, but does
not exceed 12 months. The purchase price allocation is subject to future adjustments, including as a result of finalizing the closing net working capital.
The Company issued 59,492 performance based restricted stock units ("PSUs") and 344,729 service-based restricted stock units (“RSUs”), at a grant date fair value of $70.90 per share, in order to retain certain employees of Datagrid. The PSUs issued to Datagrid employees vest upon the achievement of certain milestones. The total grant date fair value of the PSUs and RSUs was excluded from purchase consideration and is recognized as post-combination expense. See Note 10 to these condensed consolidated financial statements for details on how the Company expenses stock-based compensation.
To retain certain Datagrid employees, the Company also held back $25.7 million of the cash purchase price, which will be released in equal installments every six months after the acquisition date based on continued employment over a two- or three-year period, as applicable, The cash holdback amount is excluded from the purchase consideration and will be recorded as post-combination compensation expense over the service period on a straight-line basis.
The Company has not separately presented pro forma results reflecting the acquisition of Datagrid or revenue and operating losses of Datagrid for the period from the acquisition date through March 31, 2026, as the impacts were not material to the condensed consolidated financial statements. The acquisition-related transaction costs incurred by the Company of $2.1 million were expensed as incurred in the condensed consolidated statements of operations and comprehensive loss.
Novorender
On January 28, 2025, the Company completed the acquisition of all outstanding equity of Novorender AS (“Novorender”), a Norway-based leader in advanced building information modeling rendering technology, to enhance Procore’s capabilities for large-scale construction projects. The purchase price was $44.3 million in total cash consideration. Of the consideration transferred, $43.2 million was considered purchase consideration. $1.1 million of the cash consideration relates to the acceleration of options vesting for certain Novorender option holders, and was excluded from purchase consideration and recorded to compensation expense in the accompanying condensed consolidated statements of operations and comprehensive loss on the acquisition date. On the acquisition date, $5.0 million in cash was placed in an escrow account held by a third-party escrow agent for potential breaches of representations, warranties, and covenants, and satisfaction of indemnity obligations and is scheduled to be released from escrow to Novorender’s stockholders 24 months after the acquisition date (subject to any indemnification claims).
The purchase consideration was allocated to the following assets and liabilities at the acquisition date (in thousands):
Fair ValueUseful Life
Assets acquired
Cash and cash equivalents$1,931 
Accounts receivable272 
Prepaid expenses and other current assets379 
Other non-current assets2 
Developed technology intangible asset19,100 7 years
Customer relationships intangible asset4,900 10 years
Goodwill23,706 
Total assets acquired$50,290 
Liabilities assumed
Accounts payable(250)
Deferred revenue, current(590)
Other current liabilities(214)
Accrued expenses(1,687)
Net deferred tax liabilities(4,366)
Total liabilities assumed$(7,107)
Net assets acquired$43,183 
Developed technology intangible asset represents the fair value of Novorender’s technology, which was valued considering both the cost to rebuild and relief from royalty methods. Key assumptions under the cost to rebuild method include the estimated level of effort and related costs of reproducing or replacing the acquired technology. Key assumptions under the relief from royalty method include forecasted revenue to be generated from the developed technology, an estimated royalty rate applicable to the technology, and a discount rate. Developed technology is amortized on a straight-line basis, which approximates the pattern in which the economic benefits of the technology are consumed, over its estimated useful life of seven years. The amortization expense is recorded in cost of revenue in the accompanying condensed consolidated statements of operations and comprehensive loss.
Customer relationships represent the fair value of the underlying relationships with Novorender’s existing customers, which were valued using the excess earnings method. Key assumptions under the excess earnings method include estimated future revenues, costs, cash flows, and a discount rate. The customer relationship intangible asset is amortized on a straight-line basis, which approximates the pattern in which the economic benefits of the customer relationships are consumed, over its estimated useful life of 10 years. The amortization expense is recorded in sales and marketing expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.
The $23.7 million goodwill balance is primarily attributable to synergies and expanded market opportunities that are expected to be achieved from the integration of Novorender with the Company’s offerings and assembled workforce. Goodwill is not deductible for income tax purposes.
The measurement period for the valuation of assets acquired and liabilities assumed ends as soon as information on the facts and circumstances that existed as of the acquisition date becomes available, but does not exceed 12 months. The purchase price allocation is final.
The Company issued 55,956 service-based RSUs at a grant date fair value of $76.30 per share in order to retain certain employees of Novorender. The total grant date fair value of the RSUs was excluded from purchase consideration and is recognized as post-combination expense. See Note 10 to these condensed consolidated financial statements for details on how the Company expenses stock-based compensation.
To retain certain Novorender employees, the Company held back $6.7 million of the cash purchase price, which will vest based on continued employment over a two-year period. $1.9 million was paid in January 2026, and the remaining $4.8 million will be paid in January 2027. The cash holdback amount is excluded from the purchase consideration and is recorded as post-combination compensation expense over the service period on a straight-line basis.
The Company has not separately presented pro forma results reflecting the acquisition of Novorender or revenue and operating losses of Novorender for the period from the acquisition date through March 31, 2026, as the impacts were not material to the condensed consolidated financial statements. The acquisition-related transaction costs were not material and were expensed as incurred in the accompanying condensed consolidated statements of operations and comprehensive loss.
v3.26.1
INTANGIBLE ASSETS AND GOODWILL
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL
Intangible assets
During the three months ended March 31, 2026, the Company completed the acquisition of Datagrid, which was accounted for as a business combination, as described above in Note 6.
The Company’s intangible assets are summarized as follows (in thousands):
March 31, 2026
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)
Developed technology$262,959 $(136,126)$126,833 6.0
Customer relationships79,950 (56,415)23,535 6.3
Total intangible assets$342,909 $(192,541)$150,368 6.1

December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)
Developed technology$212,463 $(127,638)$84,825 3.8
Customer relationships75,950 (55,411)20,539 6.4
Total intangible assets$288,413 $(183,049)$105,364 4.3
Certain of the Company’s intangible assets related to previous acquisitions were fully amortized in 2025. The Company estimates that there is no significant residual value related to its intangible assets. Amortization expense recorded on the Company’s intangible assets is summarized as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$7,708 $7,602 
Sales and marketing1,121 3,305 
Research and development663 632 
Total amortization of acquired intangible assets$9,492 $11,539 
Goodwill
The following table presents the changes in carrying amount of goodwill during the three months ended March 31, 2026 (in thousands):
Beginning balance$574,083 
Additions114,926 
Other adjustments, net(1)
(169)
Ending balance$688,840 
(1) Includes the effect of foreign currency translation.

The addition to goodwill was due to the acquisition of Datagrid as disclosed in Note 6 to these condensed consolidated financial statements. There was no impairment of goodwill during the periods presented.
v3.26.1
ACCRUED EXPENSES
 3 Months Ended
Mar. 31, 2026
Accrued Liabilities, Current [Abstract]  
ACCRUED EXPENSES ACCRUED EXPENSES
The following represents the components of accrued expenses contained within the Company’s condensed consolidated balance sheets at the end of each period (in thousands):
March 31,
2026		December 31,
2025
Accrued bonuses$13,237 $49,706 
Accrued commissions14,437 30,417 
Accrued salary, payroll tax, and employee benefit liabilities36,756 32,173 
Other accrued expenses21,991 17,984 
Total accrued expenses$86,421 $130,280 
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Legal Matters
The Company is, and may in the future become, involved in or subject to various legal proceedings arising in the ordinary course of business, including, among other things, related to commercial matters, business or employment practices, regulatory compliance, and legal proceedings with third parties asserting infringement of their intellectual property rights. The results of any current or future legal proceedings cannot be predicted with certainty, and regardless of the outcome, such proceedings can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. The Company reviews at least quarterly the status of each legal proceeding and assesses its potential financial exposure in light of the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel, and other information and events pertaining to such matters. The Company accrues a liability related to a legal proceeding when it is considered both probable that a liability has been incurred and the amount of the loss is reasonably
estimable. However, legal proceedings are inherently uncertain and as circumstances change, it is possible that the amount of any accrued liability may increase, decrease, or be eliminated.
Trade Secret Litigation
On October 25, 2024, Oracle America, Inc. and certain of its affiliates ("Oracle") filed a lawsuit against the Company, one of its affiliates, and a former employee of Oracle employed by the Company, in the U.S. District Court for the Northern District of California. The lawsuit alleges misappropriation of trade secrets in violation of the Defend Trade Secrets Act, asserting that the Company utilized Oracle’s trade secrets to develop and enhance the Company’s construction payment product, Procore Pay. The parties are currently in the expert discovery phase of litigation. Oracle is seeking injunctive relief and monetary damages. The Company intends to vigorously defend itself against the claim. The Company’s chances of success on the merits are still uncertain, and any possible loss or range of loss cannot be reasonably estimated at this time.
Indemnification
In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, investors, directors, and officers with respect to certain matters, including, but not limited to, losses arising out of its breach of such agreements, breaches of confidentiality or data protection requirements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses or be covered by the Company’s insurance programs. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable.
The Company has never paid a material claim, nor has the Company been sued in connection with these indemnification arrangements. To date, the Company has not accrued a liability for these guarantees because the likelihood of incurring a payment obligation, if any, in connection with these guarantees is not probable or reasonably estimable.
v3.26.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
2021 Equity Incentive Plan
In May 2021, the Company’s board of directors (the “Board”) adopted, and the stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”) with the purpose of granting stock-based awards, including stock options, stock appreciation rights, restricted stock awards, RSUs, PSUs, and other forms of awards, to employees, directors, and consultants. As of December 31, 2025, a total of 59,355,916 shares of common stock were authorized for issuance under the 2021 Plan. The number of shares of the Company’s common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to either (i) 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the fiscal year before the date of each automatic increase, or (ii) a lesser number of shares determined by the Board prior to the applicable January 1. Accordingly, on January 1, 2026, the number of shares of common stock that may be issued under the 2021 Plan increased by an additional 7,585,428 shares. As a result, as of March 31, 2026, a total of 66,941,344 shares of common stock are authorized for issuance under the 2021 Plan. As of March 31, 2026, a total of 43,934,466 shares of common stock were available for issuance under the 2021 Plan. No stock options have been issued under the 2021 Plan.
Stock options
No stock options were granted during the periods presented.
The following table summarizes the stock option activity during the three months ended March 31, 2026:
Number of
Shares		Weighted-
Average
Exercise Price
Outstanding at December 31, 20252,064,273$13.05 
Exercised(277,900)9.01 
Outstanding at March 31, 20261,786,37313.68 
Exercisable at March 31, 20261,786,373$13.68 
As of March 31, 2026, there is no unrecognized stock-based compensation cost for stock options previously granted by the Company.
Restricted stock units
Service-based restricted stock units
In 2018, the Company began issuing RSUs to certain employees, officers, non-employee consultants, and directors. All of the RSUs granted subsequent to the Company’s initial public offering (“IPO”) vest based solely on continued service, which is generally over three or four years, on either a quarterly or annual vesting schedule.
The following table summarizes the RSU activity during the three months ended March 31, 2026:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Unvested at December 31, 20256,431,468$68.18 
Granted2,957,42358.14 
Vested(756,701)64.96 
Canceled/Forfeited(362,448)66.78 
Unvested at March 31, 20268,269,742$64.94 
As of March 31, 2026, the total unrecognized stock‑based compensation cost for all RSUs outstanding was $491.9 million, which is expected to be recognized over a weighted‑average vesting period of 2.7 years.
Performance-based restricted stock units
Operating and financial performance-based restricted stock units
In 2022, the Company began granting PSUs to certain non-executive employees with vesting terms based on the achievement of certain operating and financial performance goals. In 2024, the Company began granting PSUs to certain executive employees with vesting terms based on the achievement of certain operating performance goals. Such PSUs are also subject to employees’ continued service through the applicable vesting dates. The grant date fair value per share for PSUs is equal to the closing stock price of the Company’s common stock on the market date prior to the grant date.
The grant date fair value for PSUs is recognized as compensation expense using a graded vesting attribution model. No expense is recognized for PSUs until that condition is probable of being met, therefore the
portion of expense recognized in any period may fluctuate depending on changing estimates of the achievement of the performance conditions. Forfeitures are recorded when they occur.
Market based restricted stock units
In 2025, the Company began granting market-based PSUs ("MSUs"), with vesting terms that are subject to a market condition and will vest based on the Company’s total shareholder return (“TSR”) performance relative to the TSR of the other companies that comprise the S&P Completion Index (CI) Information Technology (the “Index”). Such MSUs are also subject to employees’ continued service through the applicable vesting dates. To determine the fair value of MSUs on the date of grant, the Company utilizes a Monte Carlo simulation with the following assumptions:
Risk-free interest rate
3.55% to 3.77%
Expected term (in years)
3.0 to 3.1
Estimated dividend yield
0.00%
Estimated weighted-average volatility
42.75% to 43.51%
The Company estimates volatility for MSUs based on the historical volatility of its own common stock price. The interest rate is derived from government bonds with a term equal to the longest simulation term. The Company has not declared, nor does it expect to declare, dividends in the foreseeable future. Consequently, an expected dividend yield of zero is utilized.
The grant date fair value for MSUs is recognized as compensation expense using a graded vesting attribution model. The expense recognized for MSUs is not adjusted for final projected payout of the awards. Forfeitures are recorded when they occur.
The following table summarizes the PSU and MSU activity during the three months ended March 31, 2026:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Unvested at December 31, 2025605,053$103.05 
Granted (1)
636,03590.45 
Vested(64,635)73.04 
Canceled/Forfeited(6,424)79.16 
Unvested at March 31, 20261,170,029$97.99 
(1) This represents awards granted at 100% attainment of the performance conditions.
As of March 31, 2026, the total unrecognized stock‑based compensation cost for all PSUs outstanding was $67.9 million, which is expected to be recognized over a weighted‑average vesting period of 2.8 years.
Employee Stock Purchase Plan
In May 2021, the Board adopted, and the stockholders approved, the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effective date of the Company’s IPO. As of December 31, 2025, a total of 8,278,659 shares of common stock had been reserved for issuance under the ESPP. The number of shares of the Company’s common stock reserved for issuance under the ESPP automatically increases on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through January 1, 2031, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year; and (ii) 3,900,000 shares, except before the date of any such increase, the Board may determine that such increase will be less than the
amount set forth in clauses (i) and (ii). Accordingly, on January 1, 2026, the number of shares of common stock reserved under the ESPP increased by an additional 1,517,085 shares.
The offering periods are scheduled to start in May and November of each year. The ESPP provides for consecutive offering periods that will typically have a duration of 12 months in length and comprise two purchase periods of six months in length, subject to reset and rollover provisions.
The ESPP provides eligible employees with an opportunity to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their eligible compensation, subject to a maximum of $25,000 of stock per calendar year. A participant may purchase a maximum of 2,500 shares of common stock during a purchase period. Amounts deducted and accumulated by the participant are used to purchase shares of common stock at the end of each six-month purchase period. The purchase price of the shares will be 85% of the lower of the fair market value of the common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the related offering period. However, in the event the fair value of the common stock on the purchase date is lower than the fair value on the first trading day of the offering period, the offering period is terminated immediately following the purchase and a new offering period begins the following day. Participants may end their participation at any time prior to the last 15 days of a purchase period and will be repaid their accrued contributions that have not yet been used to purchase shares of common stock. Participation ends automatically upon termination of employment.
Employee payroll contributions accrued in connection with the ESPP were $11.2 million and $5.2 million as of March 31, 2026 and December 31, 2025, respectively, and are included within accrued expenses on the accompanying condensed consolidated balance sheets. Employee payroll contributions ultimately used to purchase shares will be reclassified to stockholders’ equity on the purchase date. Stock-based compensation expense related to the ESPP is recognized on a straight-line basis over the offering period. During the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense of $2.3 million and $2.8 million, respectively, in connection with the ESPP.
As of March 31, 2026, unrecognized stock-based compensation expense related to the ESPP was $5.1 million, which is expected to be recognized over a weighted-average period of 0.3 years.
Stock-based compensation
The Company recorded total stock-based compensation cost from stock options, RSUs, PSUs, and the ESPP as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$2,619 $2,752 
Sales and marketing20,473 14,834 
Research and development18,548 18,372 
General and administrative15,360 12,321 
Total stock-based compensation expense$57,000 $48,279 
Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs4,337 4,123 
Total stock-based compensation cost$61,337 $52,402 
Stock repurchase program
On November 3, 2025, the Board authorized a stock repurchase program to repurchase up to $300.0 million of the Company’s outstanding common stock (the "2025 Stock Repurchase Program"). The Company intends to opportunistically repurchase shares of its common stock from time to time through the open market, or other transactions in accordance with applicable securities laws, in each case, subject to market conditions, applicable legal requirements, and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 trading plans to facilitate repurchases of its common stock under this authorization. The timing of stock repurchases and the actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities, and will be subject to the discretion of the Company’s management within its authorization. The 2025 Stock Repurchase Program will be funded using the Company’s working capital. The 2025 Stock Repurchase Program does not obligate the Company to acquire any particular number of shares of the Company’s common stock, or any shares at all. The 2025 Stock Repurchase Program expires on November 3, 2026, and may be suspended or discontinued at any time at the Company’s discretion and without notice.
During the three months ended March 31, 2026, the Company repurchased and retired a total of 1,765,560 shares of the Company’s common stock at a weighted average per share price of $56.66 for an aggregate amount of $100.0 million, which includes the transaction costs associated with the repurchases but excludes the 1% excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022.
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
For the three months ended March 31, 2026 and 2025, income tax benefits recorded by the Company were $1.9 million and expenses were $5.3 million, respectively. As of March 31, 2026, the Company maintained a full valuation allowance on its U.S. federal and state net deferred tax assets as it was more likely than not that those deferred tax assets would not be realized.
In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date income or loss, adjusted for discrete items, if any, arising in that quarter. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate of 21% primarily as a result of state taxes, foreign taxes, and changes in the Company’s valuation allowance.
v3.26.1
NET LOSS PER SHARE
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
NET LOSS PER SHARE NET LOSS PER SHARE
Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.
As the Company has reported net losses attributable to common stockholders for all periods presented, all potentially dilutive securities are anti-dilutive and accordingly, basic net loss per share attributable to common stockholders equals diluted net loss per share attributable to common stockholders.
The following weighted-average potentially dilutive shares are excluded from the calculation of diluted earnings per share as they are anti-dilutive:
Three Months Ended March 31,
20262025
RSUs and PSUs subject to future vesting7,175,8716,944,609
Shares issuable pursuant to the ESPP543,326589,773
Shares of common stock issuable from stock options1,911,4003,086,131
Total9,630,59710,620,513
v3.26.1
GEOGRAPHIC INFORMATION
 3 Months Ended
Mar. 31, 2026
Geographic Areas, Revenues from External Customers [Abstract]  
GEOGRAPHIC INFORMATION GEOGRAPHIC INFORMATION
The following table sets forth the Company’s revenues by geographic region, which is determined based on the billing location of the customer (in thousands):
Three Months Ended March 31,
20262025
Revenue by geographic region:
U.S.$305,370 $264,597 
Rest of the world53,913 46,035 
Total revenue$359,283 $310,632 
Percentage of revenue by geographic region:
U.S.85%85%
Rest of the world15%15%
v3.26.1
RESTRUCTURING
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
In January 2026, the Company executed a reduction of 4% of its global workforce as part of its ongoing evaluation of its operations to ensure alignment of its workforce with, and to enable greater investment in key growth opportunities. The reduction in force was completed as of March 31, 2026.
The following table summarizes the severance and other benefit costs incurred during the three months ended March 31, 2026 by line item within the condensed consolidated statement of operations and comprehensive loss (in thousands) related to this restructuring event:
Cost of revenue$1,058 
Sales and marketing2,461 
Research and development1,974 
General and administrative789 
Total restructuring-related costs$6,282 
As of March 31, 2026, there was $0.7 million liability remaining for restructuring-related costs.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Type of Trading Arrangement
Name and PositionActionAdoption/Termination Date
Rule 10b5-1(1)
Non-Rule 10b5-1(2)
Total Shares of Common Stock to be Sold(3)
Expiration Date
Elisa A. Steele, Director
Adoption
March 12, 2026x4,837 June 11, 2027
Kevin J. O'Connor, Director
Adoption
March 13, 2026
x
250,000 June 22, 2027
(1) Contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
(2) “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.
(3)Represents the maximum number of shares that may be sold pursuant to the Rule 10b5-1 trading arrangement. The number of shares actually sold may be lower and will depend on the satisfaction of certain conditions as set forth in the written plan.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Elisa A. Steele [Member]  
Trading Arrangements, by Individual  
Name Elisa A. Steele
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2026
Expiration Date June 11, 2027
Arrangement Duration 456 days
Aggregate Available 4,837
Kevin J. O'Connor [Member]  
Trading Arrangements, by Individual  
Name Kevin J. O'Connor
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 13, 2026
Expiration Date June 22, 2027
Arrangement Duration 466 days
Aggregate Available 250,000
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation
The accompanying condensed consolidated financial statements include the interim financial statements of Procore. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP” or “U.S. GAAP”) and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025. The condensed consolidated balance sheet information as of December 31, 2025 has been derived from the Company’s audited consolidated financial statements. The condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management periodically evaluates its estimates and assumptions for continued reasonableness, primarily with respect to revenue recognition, the period of benefit of contract cost assets, the fair value of assets acquired and liabilities assumed in a business combination or asset acquisition, stock-based compensation expense, the recoverability of goodwill and long-lived assets, useful lives of long-lived assets, capitalization of software development costs, income taxes, including related reserves and allowances, provision for credit losses, incremental borrowing rates and estimation of lease terms applied in lease accounting, and self-insurance reserve estimates. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. Management bases its estimates on historical experience and on various other assumptions that management believes to be reasonable. Actual results could differ from the Company’s estimates.
Segments
Segments
The Company operates as a single operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and assess performance. The Company’s CODM is its Chief Executive Officer (“CEO”).
In recent years, the Company has completed a number of acquisitions which have allowed it to expand its platform capabilities and related products and services. The Company generates substantially all of its revenue from subscriptions to access its software products and related support. While the Company provides different products and services, including as a result of its acquisitions, its business operates as one operating segment because its CODM evaluates the Company’s revenue, expenses, and assets as reported on the condensed
consolidated income statement and balance sheet for purposes of assessing financial performance and allocating resources on a consolidated basis. The CODM uses consolidated revenue, expenses, and assets in deciding whether to invest into various parts of the Company, such as managing budgets and acquisitions. The measure of segment profit is income from operations. The CODM uses income from operations to assess financial performance and allocate resources.
Business combinations
Business combinations
The Company assesses whether an acquisition is a business combination or an asset acquisition. If substantially all of the gross assets acquired are concentrated in a single asset or group of similar assets, then the acquisition is accounted for as an asset acquisition where the purchase consideration is allocated on a relative fair value basis to the assets acquired. Goodwill is not recorded in an asset acquisition. If the gross assets are not concentrated in a single asset or group of similar assets, then the Company determines if the set of assets acquired represents a business. A business is an integrated set of activities and assets capable of being conducted and managed for the purpose of providing a return. Depending on the nature of the acquisition, judgment may be required to determine if the set of assets acquired is a business combination or not.
The Company applies the acquisition method of accounting for a business combination. Under this method of accounting, assets acquired and liabilities assumed are recorded at their respective fair values at the date of the acquisition. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company adjusts the provisional amounts of assets acquired and liabilities assumed with the corresponding offset to goodwill to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the Company’s condensed consolidated statements of operations and comprehensive loss.
Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to estimated level of effort and related costs of reproducing or replacing the assets acquired, future cash inflows and outflows, and discount rates, among other items. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. As a result, the Company may be required to value the acquired assets at fair value measures that do not reflect its intended use of those assets. Use of different estimates and judgments could yield different results.
Although the Company believes the assumptions and estimates it has made are reasonable and appropriate, they are based in part on historical experience and information that may be obtained from management of the acquired company and are inherently uncertain.
Marketable securities
Marketable securities
Investments with stated maturities of greater than three months are classified as marketable securities, which consist of United States (“U.S.”) treasury securities, commercial paper, corporate notes and obligations, and time deposits. All marketable securities held as of March 31, 2026 and December 31, 2025 are classified as available-for-sale debt securities, which are recorded at fair value. The Company’s marketable securities are classified as either short-term or long-term in the accompanying condensed consolidated balance sheets based on the security’s contractual maturity at the balance sheet date. The Company re-evaluates such classifications at each balance sheet date.
The Company periodically assesses its portfolio of marketable securities for impairment. The Company evaluates each investment in an unrealized loss position to determine if any portion of the unrealized loss is related to credit losses. In determining whether a credit loss may exist, the Company considers the extent of the
unrealized loss position, any adverse conditions specifically related to the security or the issuer’s operating environment, the pay structure of the security, the issuer’s payment history, and any changes in the issuer’s credit rating. Unrealized losses on marketable securities due to expected credit losses are recognized in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss, and any excess unrealized gains and losses, net of tax, that are not due to expected credit losses are included in accumulated other comprehensive loss, a component of stockholders’ equity. During the three months ended March 31, 2026 and 2025, there were no credit losses recorded on marketable securities. Interest recorded on marketable securities is recorded in interest income, with accretion of discounts, net of amortization of premiums, recorded in accretion income, net, on the accompanying condensed consolidated statements of operations and comprehensive loss.
Self-insurance reserves
Self-insurance reserves
The Company has elected to partially self-fund its health insurance plan. To reduce its risk related to high-dollar claims, the Company maintains individual stop-loss insurance. The Company estimates its exposure for claims incurred at the end of each reporting period, including claims not yet reported, with the assistance of an independent third-party actuary.
Strategic Investments
Strategic investments
Investments in equity securities
The Company holds investments in equity securities of certain privately held companies, which do not have readily determinable fair values. The Company does not have a controlling interest or significant influence in these companies. The Company has elected to apply the measurement alternative to measure the non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable price changes in orderly transactions for the identical or similar securities of the same issuer, or in the event of any impairment. This election is reassessed each reporting period to determine whether a non-marketable equity security has a readily determinable fair value, in which case the security would no longer be eligible for this election. All gains and losses on such equity securities, realized and unrealized, are recorded in other expense, net on the accompanying condensed consolidated statements of operations and comprehensive loss. The Company evaluates its non-marketable equity securities for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. If an impairment exists, a loss is recognized in the accompanying condensed consolidated statements of operations and comprehensive loss for the amount by which the carrying value exceeds the fair value of the investment.
Investments in limited partnership funds
The Company also holds investments in certain limited partnership funds. The Company does not hold a controlling interest or significant influence in these limited partnerships. The fair value of such investments is valued using the Net Asset Value (“NAV”) provided by the fund administrator as a practical expedient.
Fair value measurements
Fair value measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
Fair value measurements are based on a fair value hierarchy using three levels of inputs, of which the first two are considered observable and the last is considered unobservable, as follows:
Level 1    Quoted prices in active markets for identical assets or liabilities.
Level 2    Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets or liabilities.
Level 3    Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

As of March 31, 2026 and December 31, 2025, the carrying value of the Company’s financial instruments included in current assets and current liabilities (including accounts receivable, accounts payable, and accrued expenses) approximate fair value due to the short-term nature of such items. The Company measures its cash held in money market funds, marketable securities, and investments in available-for-sale debt securities at fair value each reporting period. The estimation of fair value for available-for-sale debt securities in private companies requires the use of significant unobservable inputs, and as a result, the Company classifies these assets as Level 3 within the fair value hierarchy.
The Company’s investments in equity securities of privately held companies are recorded at fair value on a non-recurring basis. For investments without a readily determinable fair value, the Company looks to observable transactions, such as the issuance of new equity by an investee, as indicators of investee enterprise value and uses them to estimate the fair value of the investments. The Company’s investments in limited partnerships are valued using NAV as a practical expedient and therefore excluded from the fair value hierarchy.
Funds held for customers and Cash, cash equivalents, and restricted cash
Funds held for customers
Funds held for customers consist of customer cash deposits held by Procore Payment Services, Inc. ("Procore Payment Services"), a subsidiary of the Company, in connection with its money transmission activities. Procore Payment Services provides money transmission services between general contractors and subcontractors by collecting funds from the general contractors for payments to be remitted to their subcontractors via the Company’s Procore Pay payment solution. These funds are deposited into the Company’s bank accounts, where the Company acts as the custodian of the funds while processing payments to subcontractors. Such funds are restricted for the purpose of satisfying general contractors’ fund obligations and are not available for general business use by the Company.
As of March 31, 2026 and December 31, 2025, the Company held $12.8 million and $9.0 million in customer funds, respectively, which are reported in prepaid expenses and other current assets, with a corresponding liability recorded in other current liabilities on the condensed consolidated balance sheets.
Cash, cash equivalents, and restricted cash
The Company classifies all investments that are readily convertible to known amounts of cash and have maturities of three months or less from the date of purchase as cash equivalents, which are carried at fair value. Cash includes cash held in checking and savings accounts. As of March 31, 2026 and December 31, 2025, cash equivalents were comprised of money market funds and highly liquid marketable securities with original maturities of three months or less that were recorded at fair value, which approximates amortized cost.
Restricted cash consists of (i) funds held for customers relating to Procore Payment Services and (ii) cash collateral required by a bank for the Company’s corporate credit card program. As of March 31, 2026, $12.8 million in restricted cash consisted of funds held for customers, and $0.6 million in restricted cash relating to corporate credit cards. As of December 31, 2025, $9.0 million in restricted cash consisted of funds held for customers, and $0.6 million in restricted cash relating to corporate credit cards. The Company records restricted cash in prepaid expenses and other current assets in the condensed consolidated balance sheets, depending on the term of restriction set in the underlying agreement.
Deferred revenue
Deferred revenue
Contract liabilities consist of revenue that is deferred when the Company has the contractual right to invoice in advance of transferring services to its customers. The Company recognized revenue of $299.4 million and $254.5 million during the three months ended March 31, 2026 and 2025, respectively, that was included in deferred revenue balances at the beginning of the respective periods.
Remaining performance obligation
Remaining performance obligations
The transaction price allocated to remaining performance obligations (“RPO”) represents the contracted transaction price that has not yet been recognized as revenue, which includes deferred revenue and amounts under non-cancelable contracts that will be invoiced and recognized as revenue in future periods. The Company’s current RPO represents future revenue under existing contracts that is expected to be recognized as revenue in the next 12 months.
v3.26.1
INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
Marketable securities consisted of the following as of March 31, 2026 (in thousands):
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$85,645 $53 $(64)$85,634 
Corporate notes and obligations119,842 48 (46)119,844 
Total marketable securities$205,487 $101 $(110)$205,478 
Marketable securities consisted of the following as of December 31, 2025 (in thousands):
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$131,832 $205 $(1)$132,036 
Commercial paper14,308 2 — 14,310 
Corporate notes and obligations183,726 265 (6)183,985 
Total marketable securities$329,866 $472 $(7)$330,331 
Schedule of Investments Classified by Contractual Maturity Date
The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):
March 31, 2026December 31, 2025
Due within 1 year$205,478 $287,802 
Due in 1 to 2 years— 42,529 
Total marketable securities$205,478 $330,331 
Schedule of Strategic Investments Activity
Strategic investment activity during the three months ended March 31, 2026 is summarized as follows (in thousands):
Equity SecuritiesLimited PartnershipsTotal
Balance as of December 31, 2025$8,216 $8,413 $16,629 
Purchases of strategic investments— 531 531 
Unrealized gain on strategic investments— 104 104 
Balance as of March 31, 2026$8,216 $9,048 $17,264 
Strategic investment activity during the three months ended March 31, 2025 is summarized as follows (in thousands):
Equity SecuritiesLimited PartnershipsTotal
Balance as of December 31, 2024$8,685 $5,669 $14,354 
Purchases of strategic investments— 550 550 
Unrealized gain on strategic investments— 228 228 
Impairment losses(452)— (452)
Balance as of March 31, 2025$8,233 $6,447 $14,680 
v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on Recurring Basis Within Fair Value Hierarchy
Financial assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows (in thousands):
March 31, 2026
Level 1Level 2Total
Cash equivalents:
Money market funds$305,713 $— $305,713 
Marketable securities:
U.S. treasury securities85,634 — 85,634 
Corporate notes and obligations— 119,844 119,844 
Total$391,347 $119,844 $511,191 
December 31, 2025
Level 1Level 2Total
Cash equivalents:
Money market funds$403,979 $— $403,979 
Marketable securities:
U.S. treasury securities132,036 — 132,036 
Commercial paper— 14,310 14,310 
Corporate notes and obligations— 183,985 183,985 
Total$536,015 $198,295 $734,310 
v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Supplemental Information
Supplemental information related to leases is as follows (in thousands):
March 31, 2026December 31, 2025
Operating Leases
Operating right of use assets$47,900 $36,024 
Amount included within other current liabilities
6,232 5,019 
Operating lease liabilities, non-current58,848 45,855 
Total operating lease liabilities$65,080 $50,874 
Finance Leases
Finance right of use assets$19,169 $19,619 
Amount included within other current liabilities
1,792 1,771 
Finance lease liabilities, non-current26,112 26,557 
Total finance lease liabilities$27,904 $28,328 
Schedule of Lease Weighed Average Remaining Lease Term and Discount Rates
March 31, 2026December 31, 2025
Weighted-average remaining lease term (in years)
Finance leases11.011.2
Operating leases10.310.2
Weighted-average discount rate
Finance leases3.80 %3.80 %
Operating leases6.01 %6.04 %
Schedule of Maturities of Lease Payments
Maturities of lease payments, net of tenant improvement reimbursement, for leases where the lease commencement date commenced on or prior to March 31, 2026 are as follows (in thousands):
Period Ended December 31,
Operating
Finance
Total
2026(1)
$3,473 $2,126 $5,599 
20274,647 2,804 7,451 
202810,008 2,870 12,878 
20298,337 2,956 11,293 
20309,094 3,045 12,139 
20316,916 3,136 10,052 
Thereafter51,270 17,560 68,830 
Total lease payments, net of tenant improvement reimbursement$93,745 $34,497 $128,242 
Less imputed interest(28,665)(6,593)(35,258)
Total$65,080 $27,904 $92,984 
(1) For the nine months from April 1, 2026 through December 31, 2026.
v3.26.1
BUSINESS COMBINATIONS (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The preliminary purchase consideration was allocated to the following assets and liabilities at the acquisition date (in thousands):
Fair ValueUseful Life
Assets acquired
Cash and cash equivalents$9,073 
Accounts receivable832 
Prepaid expenses and other current assets1,039 
Developed technology intangible asset50,500 7 years
Customer relationships intangible asset4,000 10 years
Goodwill114,926 
Total assets acquired$180,370 
Liabilities assumed
Accounts payable(343)
Accrued expenses(58)
Deferred revenue, current(2,073)
Other current liabilities(5,798)
Net deferred tax liabilities(4,128)
Total liabilities assumed$(12,400)
Net assets acquired$167,970 
The purchase consideration was allocated to the following assets and liabilities at the acquisition date (in thousands):
Fair ValueUseful Life
Assets acquired
Cash and cash equivalents$1,931 
Accounts receivable272 
Prepaid expenses and other current assets379 
Other non-current assets2 
Developed technology intangible asset19,100 7 years
Customer relationships intangible asset4,900 10 years
Goodwill23,706 
Total assets acquired$50,290 
Liabilities assumed
Accounts payable(250)
Deferred revenue, current(590)
Other current liabilities(214)
Accrued expenses(1,687)
Net deferred tax liabilities(4,366)
Total liabilities assumed$(7,107)
Net assets acquired$43,183 
v3.26.1
INTANGIBLE ASSETS AND GOODWILL (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Finite-lived Intangible Assets
The Company’s intangible assets are summarized as follows (in thousands):
March 31, 2026
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)
Developed technology$262,959 $(136,126)$126,833 6.0
Customer relationships79,950 (56,415)23,535 6.3
Total intangible assets$342,909 $(192,541)$150,368 6.1

December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted-Average Remaining Useful Life (Years)
Developed technology$212,463 $(127,638)$84,825 3.8
Customer relationships75,950 (55,411)20,539 6.4
Total intangible assets$288,413 $(183,049)$105,364 4.3
Summary of Intangible Assets Amortization Expense Amortization expense recorded on the Company’s intangible assets is summarized as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$7,708 $7,602 
Sales and marketing1,121 3,305 
Research and development663 632 
Total amortization of acquired intangible assets$9,492 $11,539 
Schedule of Goodwill
The following table presents the changes in carrying amount of goodwill during the three months ended March 31, 2026 (in thousands):
Beginning balance$574,083 
Additions114,926 
Other adjustments, net(1)
(169)
Ending balance$688,840 
(1) Includes the effect of foreign currency translation.
v3.26.1
ACCRUED EXPENSES (Tables)
 3 Months Ended
Mar. 31, 2026
Accrued Liabilities, Current [Abstract]  
Schedule of Components of Accrued Expenses
The following represents the components of accrued expenses contained within the Company’s condensed consolidated balance sheets at the end of each period (in thousands):
March 31,
2026		December 31,
2025
Accrued bonuses$13,237 $49,706 
Accrued commissions14,437 30,417 
Accrued salary, payroll tax, and employee benefit liabilities36,756 32,173 
Other accrued expenses21,991 17,984 
Total accrued expenses$86,421 $130,280 
v3.26.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes the stock option activity during the three months ended March 31, 2026:
Number of
Shares		Weighted-
Average
Exercise Price
Outstanding at December 31, 20252,064,273$13.05 
Exercised(277,900)9.01 
Outstanding at March 31, 20261,786,37313.68 
Exercisable at March 31, 20261,786,373$13.68 
Schedule of Activity in Connection with RSUs
The following table summarizes the RSU activity during the three months ended March 31, 2026:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Unvested at December 31, 20256,431,468$68.18 
Granted2,957,42358.14 
Vested(756,701)64.96 
Canceled/Forfeited(362,448)66.78 
Unvested at March 31, 20268,269,742$64.94 
Schedule Of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions To determine the fair value of MSUs on the date of grant, the Company utilizes a Monte Carlo simulation with the following assumptions:
Risk-free interest rate
3.55% to 3.77%
Expected term (in years)
3.0 to 3.1
Estimated dividend yield
0.00%
Estimated weighted-average volatility
42.75% to 43.51%
Schedule of Activity in Connection with PSUs and MSU
The following table summarizes the PSU and MSU activity during the three months ended March 31, 2026:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Unvested at December 31, 2025605,053$103.05 
Granted (1)
636,03590.45 
Vested(64,635)73.04 
Canceled/Forfeited(6,424)79.16 
Unvested at March 31, 20261,170,029$97.99 
(1) This represents awards granted at 100% attainment of the performance conditions.
Schedule of Total Stock-based Compensation Cost from Stock Options, RSUs, ESPP
The Company recorded total stock-based compensation cost from stock options, RSUs, PSUs, and the ESPP as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$2,619 $2,752 
Sales and marketing20,473 14,834 
Research and development18,548 18,372 
General and administrative15,360 12,321 
Total stock-based compensation expense$57,000 $48,279 
Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs4,337 4,123 
Total stock-based compensation cost$61,337 $52,402 
v3.26.1
NET LOSS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Weighted Average Potentially Dilutive Shares are Excluded from Calculation of Diluted Earnings Per Share
The following weighted-average potentially dilutive shares are excluded from the calculation of diluted earnings per share as they are anti-dilutive:
Three Months Ended March 31,
20262025
RSUs and PSUs subject to future vesting7,175,8716,944,609
Shares issuable pursuant to the ESPP543,326589,773
Shares of common stock issuable from stock options1,911,4003,086,131
Total9,630,59710,620,513
v3.26.1
GEOGRAPHIC INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Geographic Areas, Revenues from External Customers [Abstract]  
Schedule of Revenue by Geographic Region
The following table sets forth the Company’s revenues by geographic region, which is determined based on the billing location of the customer (in thousands):
Three Months Ended March 31,
20262025
Revenue by geographic region:
U.S.$305,370 $264,597 
Rest of the world53,913 46,035 
Total revenue$359,283 $310,632 
Percentage of revenue by geographic region:
U.S.85%85%
Rest of the world15%15%
v3.26.1
RESTRUCTURING (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Severance and Other Benefit Costs
The following table summarizes the severance and other benefit costs incurred during the three months ended March 31, 2026 by line item within the condensed consolidated statement of operations and comprehensive loss (in thousands) related to this restructuring event:
Cost of revenue$1,058 
Sales and marketing2,461 
Research and development1,974 
General and administrative789 
Total restructuring-related costs$6,282 
v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Disclosure Of Summary Of Significant Accounting Policies [Line Items]      
Number of operating segments | segment 1    
Credit losses on marketable securities $ 0 $ 0  
Self-insurance accrual, net 3,100,000   $ 3,200,000
Deferred revenue, revenue recognized 299,400,000 $ 254,500,000  
Aggregate amount of transaction price allocated to remaining performance obligations 1,600,000,000    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01      
Disclosure Of Summary Of Significant Accounting Policies [Line Items]      
Aggregate amount of transaction price allocated to remaining performance obligations $ 1,000,000,000.0    
Percentage of remaining performance obligation expects to recognize as revenue 65.00%    
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01      
Disclosure Of Summary Of Significant Accounting Policies [Line Items]      
Aggregate amount of transaction price allocated to remaining performance obligations $ 600,000,000    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Minimum      
Disclosure Of Summary Of Significant Accounting Policies [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Maximum      
Disclosure Of Summary Of Significant Accounting Policies [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 36 months    
Funds Held For Customers      
Disclosure Of Summary Of Significant Accounting Policies [Line Items]      
Restricted cash $ 12,800,000   9,000,000.0
Corporate Credit Cards      
Disclosure Of Summary Of Significant Accounting Policies [Line Items]      
Restricted cash $ 600,000   $ 600,000
v3.26.1
INVESTMENTS - Marketable Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 205,487 $ 329,866
Gross Unrealized Gains 101 472
Gross Unrealized Losses (110) (7)
Fair Value 205,478 330,331
U.S. treasury securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 85,645 131,832
Gross Unrealized Gains 53 205
Gross Unrealized Losses (64) (1)
Fair Value 85,634 132,036
Commercial paper    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost   14,308
Gross Unrealized Gains   2
Gross Unrealized Losses   0
Fair Value   14,310
Corporate notes and obligations    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 119,842 183,726
Gross Unrealized Gains 48 265
Gross Unrealized Losses (46) (6)
Fair Value $ 119,844 $ 183,985
v3.26.1
INVESTMENTS - Schedule of Contractual Maturities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Due within 1 year $ 205,478 $ 287,802
Due in 1 to 2 years 0 42,529
Total marketable securities $ 205,478 $ 330,331
v3.26.1
INVESTMENTS - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Securities, Available-for-Sale [Line Items]    
Maturities of marketable securities $ 18,391,000 $ 135,787,000
Sales of marketable securities 106,800,000  
Realized loss on the sale of marketable securities 0 $ 0
Maximum    
Debt Securities, Available-for-Sale [Line Items]    
Contractual obligation $ 6,100,000  
v3.26.1
INVESTMENTS - Strategic Investments Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) In Strategic Investments [Roll Forward]    
Beginning balance $ 16,629 $ 14,354
Purchases of strategic investments 531 550
Unrealized gain on strategic investments 104 228
Impairment losses   (452)
Ending balance 17,264 14,680
Limited Partnerships    
Increase (Decrease) In Strategic Investments [Roll Forward]    
Beginning balance 8,413 5,669
Purchases of strategic investments 531 550
Unrealized gain on strategic investments 104 228
Impairment losses   0
Ending balance 9,048 6,447
Equity Securities    
Increase (Decrease) In Strategic Investments [Roll Forward]    
Beginning balance 8,216 8,685
Purchases of strategic investments 0 0
Unrealized gain on strategic investments 0 0
Impairment losses   (452)
Ending balance $ 8,216 $ 8,233
v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Marketable securities:    
Fair Value $ 205,478 $ 330,331
Total 511,191 734,310
U.S. treasury securities    
Marketable securities:    
Fair Value 85,634 132,036
Commercial paper    
Marketable securities:    
Fair Value   14,310
Corporate notes and obligations    
Marketable securities:    
Fair Value 119,844 183,985
Money market funds    
Cash equivalents:    
Money market funds 305,713 403,979
Level 1    
Marketable securities:    
Total 391,347 536,015
Level 1 | U.S. treasury securities    
Marketable securities:    
Fair Value 85,634 132,036
Level 1 | Commercial paper    
Marketable securities:    
Fair Value   0
Level 1 | Corporate notes and obligations    
Marketable securities:    
Fair Value 0 0
Level 1 | Money market funds    
Cash equivalents:    
Money market funds 305,713 403,979
Level 2    
Marketable securities:    
Total 119,844 198,295
Level 2 | U.S. treasury securities    
Marketable securities:    
Fair Value 0 0
Level 2 | Commercial paper    
Marketable securities:    
Fair Value   14,310
Level 2 | Corporate notes and obligations    
Marketable securities:    
Fair Value 119,844 183,985
Level 2 | Money market funds    
Cash equivalents:    
Money market funds $ 0 $ 0
v3.26.1
LEASES - Narrative (Details)
Mar. 31, 2026
Minimum  
Lessee Lease Description [Line Items]  
Non-cancelable lease term 1 year
Maximum  
Lessee Lease Description [Line Items]  
Non-cancelable lease term 14 years
Lease extension period 14 years
v3.26.1
LEASES - Schedule of Supplemental Information Related to Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Operating right of use assets $ 47,900 $ 36,024
Amount included within other current liabilities $ 6,232 $ 5,019
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating lease liabilities, non-current $ 58,848 $ 45,855
Total operating lease liabilities 65,080 50,874
Finance right of use assets 19,169 19,619
Amount included within other current liabilities $ 1,792 $ 1,771
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance lease liabilities, non-current $ 26,112 $ 26,557
Total finance lease liabilities $ 27,904 $ 28,328
v3.26.1
LEASES - Schedule of Weighed Average Remaining Lease Term and Discount Rates (Details)
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Weighted-average remaining lease term, finance leases (in years) 11 years 11 years 2 months 12 days
Weighted-average remaining lease term, operating leases (in years) 10 years 3 months 18 days 10 years 2 months 12 days
Weighted-average discount rate, finance leases, percentage 3.80% 3.80%
Weighted-average discount rate, operating leases, percentage 6.01% 6.04%
v3.26.1
LEASES - Schedule of Maturities of Lease Payments for Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Operating    
2026 $ 3,473  
2027 4,647  
2028 10,008  
2029 8,337  
2030 9,094  
2031 6,916  
Thereafter 51,270  
Total lease payments, net of tenant improvement reimbursement 93,745  
Less imputed interest (28,665)  
Total 65,080 $ 50,874
Finance    
2026 2,126  
2027 2,804  
2028 2,870  
2029 2,956  
2030 3,045  
2031 3,136  
Thereafter 17,560  
Total lease payments, net of tenant improvement reimbursement 34,497  
Less imputed interest (6,593)  
Total 27,904 $ 28,328
Total    
2026 5,599  
2027 7,451  
2028 12,878  
2029 11,293  
2030 12,139  
2031 10,052  
Thereafter 68,830  
Total lease payments, net of tenant improvement reimbursement 128,242  
Less imputed interest (35,258)  
Total $ 92,984  
v3.26.1
BUSINESS COMBINATIONS - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
Jan. 16, 2026
Jan. 28, 2025
Jan. 31, 2027
Jan. 31, 2026
Mar. 31, 2026
Dec. 31, 2025
Business Combination [Line Items]            
Goodwill         $ 688,840 $ 574,083
Performance Shares            
Business Combination [Line Items]            
Shares granted (in shares)         636,035  
Weighted-average grant date fair value (in dollars per share)         $ 90.45  
Restricted Stock Units            
Business Combination [Line Items]            
Shares granted (in shares)         2,957,423  
Weighted-average grant date fair value (in dollars per share)         $ 58.14  
Datagrid            
Business Combination [Line Items]            
Payments to acquire businesses, gross $ 168,000          
Goodwill $ 114,926          
Weighted-average grant date fair value (in dollars per share) $ 70.90          
Business combination, contingent compensation holdback $ 25,700          
Business combination, contingent compensation holdback, payment frequency 6 months          
Business combination acquisition related transaction expenses $ 2,100          
Datagrid | Minimum            
Business Combination [Line Items]            
Business combination, contingent compensation holdback, service period 2 years          
Datagrid | Maximum            
Business Combination [Line Items]            
Business combination, contingent compensation holdback, service period 3 years          
Datagrid | Performance Shares            
Business Combination [Line Items]            
Shares granted (in shares) 59,492          
Datagrid | Restricted Stock Units            
Business Combination [Line Items]            
Shares granted (in shares) 344,729          
Datagrid | Developed technology            
Business Combination [Line Items]            
Acquired intangible assets, useful life (in years) 7 years          
Datagrid | Customer relationships            
Business Combination [Line Items]            
Acquired intangible assets, useful life (in years) 10 years          
Novorender            
Business Combination [Line Items]            
Payments to acquire businesses, gross   $ 43,200        
Goodwill   23,706        
Business combination, contingent compensation holdback   $ 6,700        
Business combination, contingent compensation holdback, service period   2 years        
Total purchase consideration   $ 44,300        
Business combination, accelerated option vesting compensation expense   1,100        
Business combination, escrow deposit, amount held for indemnification claims   $ 5,000        
Business combination, escrow release period   24 months        
Business combination, contingent compensation holdback, amount paid       $ 1,900    
Novorender | Forecast            
Business Combination [Line Items]            
Business combination, contingent compensation holdback, amount paid     $ 4,800      
Novorender | Restricted Stock Units            
Business Combination [Line Items]            
Shares granted (in shares)   55,956        
Weighted-average grant date fair value (in dollars per share)   $ 76.30        
Novorender | Developed technology            
Business Combination [Line Items]            
Acquired intangible assets, useful life (in years)   7 years        
Novorender | Customer relationships            
Business Combination [Line Items]            
Acquired intangible assets, useful life (in years)   10 years        
v3.26.1
BUSINESS COMBINATIONS - Schedule of Total Purchase Consideration (Details) - USD ($)
$ in Thousands
Jan. 16, 2026
Jan. 28, 2025
Mar. 31, 2026
Dec. 31, 2025
Assets acquired        
Goodwill     $ 688,840 $ 574,083
Datagrid        
Assets acquired        
Cash and cash equivalents $ 9,073      
Accounts receivable 832      
Prepaid expenses and other current assets 1,039      
Goodwill 114,926      
Total assets acquired 180,370      
Liabilities assumed        
Accounts payable (343)      
Accrued expenses (58)      
Deferred revenue, current (2,073)      
Other current liabilities (5,798)      
Net deferred tax liabilities (4,128)      
Total liabilities assumed (12,400)      
Net assets acquired 167,970      
Datagrid | Developed technology        
Assets acquired        
Intangible assets $ 50,500      
Acquired intangible assets, useful life (in years) 7 years      
Datagrid | Customer relationships intangible asset        
Assets acquired        
Intangible assets $ 4,000      
Acquired intangible assets, useful life (in years) 10 years      
Novorender        
Assets acquired        
Cash and cash equivalents   $ 1,931    
Accounts receivable   272    
Prepaid expenses and other current assets   379    
Other non-current assets   2    
Goodwill   23,706    
Total assets acquired   50,290    
Liabilities assumed        
Accounts payable   (250)    
Accrued expenses   (1,687)    
Deferred revenue, current   (590)    
Other current liabilities   (214)    
Net deferred tax liabilities   (4,366)    
Total liabilities assumed   (7,107)    
Net assets acquired   43,183    
Novorender | Developed technology        
Assets acquired        
Intangible assets   $ 19,100    
Acquired intangible assets, useful life (in years)   7 years    
Novorender | Customer relationships intangible asset        
Assets acquired        
Intangible assets   $ 4,900    
Acquired intangible assets, useful life (in years)   10 years    
v3.26.1
INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-lived and Indefinite-lived Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 342,909 $ 288,413
Accumulated Amortization (192,541) (183,049)
Net Carrying Amount $ 150,368 $ 105,364
Weighted-Average Remaining Useful Life (Years) 6 years 1 month 6 days 4 years 3 months 18 days
Developed technology    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 262,959 $ 212,463
Accumulated Amortization (136,126) (127,638)
Net Carrying Amount $ 126,833 $ 84,825
Weighted-Average Remaining Useful Life (Years) 6 years 3 years 9 months 18 days
Customer relationships    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 79,950 $ 75,950
Accumulated Amortization (56,415) (55,411)
Net Carrying Amount $ 23,535 $ 20,539
Weighted-Average Remaining Useful Life (Years) 6 years 3 months 18 days 6 years 4 months 24 days
v3.26.1
INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite Lived Intangible Assets [Line Items]    
Amortization of acquired intangible assets $ 9,492 $ 11,539
Cost of revenue    
Finite Lived Intangible Assets [Line Items]    
Amortization of acquired intangible assets 7,708 7,602
Sales and marketing    
Finite Lived Intangible Assets [Line Items]    
Amortization of acquired intangible assets 1,121 3,305
Research and development    
Finite Lived Intangible Assets [Line Items]    
Amortization of acquired intangible assets $ 663 $ 632
v3.26.1
INTANGIBLE ASSETS AND GOODWILL - Schedule of Changes in Carrying Amount of Goodwill (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 574,083
Additions 114,926
Other adjustments, net (169)
Ending balance $ 688,840
v3.26.1
INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Acquired finite-lived intangible asset, residual value $ 0  
Impairment of goodwill $ 0 $ 0
v3.26.1
ACCRUED EXPENSES - Schedule of Components of Accrued Expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accrued Liabilities, Current [Abstract]    
Accrued bonuses $ 13,237 $ 49,706
Accrued commissions 14,437 30,417
Accrued salary, payroll tax, and employee benefit liabilities 36,756 32,173
Other accrued expenses 21,991 17,984
Total accrued expenses $ 86,421 $ 130,280
v3.26.1
STOCKHOLDERS' EQUITY - Narrative (Details)
 1 Months Ended 3 Months Ended
Jan. 01, 2026
shares
May 31, 2021
USD ($)
shares
Mar. 31, 2026
USD ($)
purchase_period
$ / shares
shares
Mar. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
shares
Nov. 03, 2025
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Options issued (in shares) | shares     1,786,373   2,064,273  
Shares granted (in shares) | shares     0 0    
Total unrecognized stock-based compensation expense (less than) | $     $ 0      
Accrued salary, payroll tax, and employee benefit liabilities | $     36,756,000   $ 32,173,000  
Stock-based compensation expense | $     $ 57,000,000 $ 48,279,000    
Share repurchase program, authorized amount | $           $ 300,000,000.0
Stock repurchased and retired during period (in shares) | shares     1,765,560      
Shares acquired, average cost per share (in dollars per share) | $ / shares     $ 56.66      
Stock repurchased and retired during period, excluding excise taxes | $     $ 100,000,000.0      
Employee Stock Purchase Plan            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Total unrecognized stock-based compensation expense | $     $ 5,100,000      
Total unrecognized compensation cost, weighted-average period     3 months 18 days      
Offering period (in months)     12 months      
Number of purchase periods | purchase_period     2      
Duration of purchase periods (in months)   6 months 6 months      
Percentage of eligible compensation   15.00%        
Maximum amount each participant can contribute to a defined contribution plan per calendar year | $   $ 25,000        
Maximum number of shares each participant can purchase during purchase period (in shares) | shares   2,500        
Purchase price, threshold, percentage of fair market value   85.00%        
Accrued salary, payroll tax, and employee benefit liabilities | $     $ 11,200,000   $ 5,200,000  
Stock-based compensation expense | $     2,300,000 $ 2,800,000    
Restricted Stock Units            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Total unrecognized stock-based compensation expense | $     $ 491,900,000      
Total unrecognized compensation cost, weighted-average period     2 years 8 months 12 days      
Restricted Stock Units | IPO | Minimum            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
RSUs vesting period (in years)     3 years      
Restricted Stock Units | IPO | Maximum            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
RSUs vesting period (in years)     4 years      
Performance Shares            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Total unrecognized stock-based compensation expense | $     $ 67,900,000      
Total unrecognized compensation cost, weighted-average period     2 years 9 months 18 days      
Estimated dividend yield     0.00%      
Common Stock            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Stock repurchased and retired during period (in shares) | shares     1,765,560 1,450,591    
Common Stock | Employee Stock Purchase Plan            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Shares outstanding as a percent   1.00%        
Maximum number of additional shares of common stock that may be issued (in shares) | shares   3,900,000        
Maximum amount common stock that may be issued (in shares) | shares 1,517,085       8,278,659  
Period of common stock reserved for issuance (in years)   10 years        
2021 Equity Incentive Plan            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Options issued (in shares) | shares     0      
2021 Equity Incentive Plan | Common Stock            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Shares available for issuance (in shares) | shares     43,934,466   59,355,916  
Shares outstanding as a percent   5.00%        
Maximum number of additional shares of common stock that may be issued (in shares) | shares 7,585,428          
Maximum amount common stock that may be issued (in shares) | shares     66,941,344      
v3.26.1
STOCKHOLDERS' EQUITY - Schedule of Stock Option Activity (Details)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Number of Shares  
Outstanding, beginning of period (in shares) | shares 2,064,273
Exercised (in shares) | shares (277,900)
Outstanding, end of period (in shares) | shares 1,786,373
Exercisable (in shares) | shares 1,786,373
Weighted- Average Exercise Price  
Outstanding, beginning of period (in dollars per share) | $ / shares $ 13.05
Exercised (in dollars per share) | $ / shares 9.01
Outstanding, end of period (in dollars per share) | $ / shares 13.68
Exercisable (in dollars per share) | $ / shares $ 13.68
v3.26.1
STOCKHOLDERS' EQUITY - Schedule of RSU and PSU Activity (Details)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Restricted Stock Units  
Number of Shares  
Unvested, beginning of period (in shares) | shares 6,431,468
Granted (in shares) | shares 2,957,423
Vested (in shares) | shares (756,701)
Canceled/Forfeited (in shares) | shares (362,448)
Unvested, end of period (in shares) | shares 8,269,742
Weighted- Average Grant Date Fair Value  
Unvested, beginning of period (in dollars per share) | $ / shares $ 68.18
Granted (in dollars per share) | $ / shares 58.14
Vested (in dollars per share) | $ / shares 64.96
Canceled/Forfeited (in dollars per share) | $ / shares 66.78
Unvested, end of period (in dollars per share) | $ / shares $ 64.94
Performance Shares  
Number of Shares  
Unvested, beginning of period (in shares) | shares 605,053
Granted (in shares) | shares 636,035
Vested (in shares) | shares (64,635)
Canceled/Forfeited (in shares) | shares (6,424)
Unvested, end of period (in shares) | shares 1,170,029
Weighted- Average Grant Date Fair Value  
Unvested, beginning of period (in dollars per share) | $ / shares $ 103.05
Granted (in dollars per share) | $ / shares 90.45
Vested (in dollars per share) | $ / shares 73.04
Canceled/Forfeited (in dollars per share) | $ / shares 79.16
Unvested, end of period (in dollars per share) | $ / shares $ 97.99
Award payout range, percentage 1
v3.26.1
STOCKHOLDERS' EQUITY - Schedule of Fair Value Valuation Assumptions (Details) - Performance Shares
 3 Months Ended
Mar. 31, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Risk-free interest rate, minimum 3.55%
Risk-free interest rate, maximum 3.77%
Estimated dividend yield 0.00%
Estimated weighted-average volatility, minimum 42.75%
Estimated weighted-average volatility, maximum 43.51%
Maximum  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Expected term (in years) 3 years 1 month 6 days
Minimum  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Expected term (in years) 3 years
v3.26.1
STOCKHOLDERS' EQUITY - Schedule of Total Stock-based Compensation Cost from Stock Options, RSUs, ESPP, RSAs, and Sales of Stock (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]    
Stock-based compensation expense $ 57,000 $ 48,279
Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs 4,337 4,123
Total stock-based compensation cost 61,337 52,402
Cost of revenue    
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]    
Stock-based compensation expense 2,619 2,752
Sales and marketing    
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]    
Stock-based compensation expense 20,473 14,834
Research and development    
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]    
Stock-based compensation expense 18,548 18,372
General and administrative    
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]    
Stock-based compensation expense $ 15,360 $ 12,321
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax (benefit) expense $ (1,880) $ 5,294
v3.26.1
NET LOSS PER SHARE - Schedule of Potentially Dilutive Shares Excluded from Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Weighted-average potentially dilutive shares excluded from the calculation of diluted earnings per share (in shares) 9,630,597 10,620,513
RSUs and PSUs subject to future vesting    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Weighted-average potentially dilutive shares excluded from the calculation of diluted earnings per share (in shares) 7,175,871 6,944,609
Shares issuable pursuant to the ESPP    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Weighted-average potentially dilutive shares excluded from the calculation of diluted earnings per share (in shares) 543,326 589,773
Shares of common stock issuable from stock options    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Weighted-average potentially dilutive shares excluded from the calculation of diluted earnings per share (in shares) 1,911,400 3,086,131
v3.26.1
GEOGRAPHIC INFORMATION - Schedule of Revenue by Geographic Region (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenue $ 359,283 $ 310,632
U.S.    
Segment Reporting Information [Line Items]    
Revenue $ 305,370 $ 264,597
U.S. | Revenue | Geographic Concentration Risk    
Segment Reporting Information [Line Items]    
Concentration risk percentage 85.00% 85.00%
Rest of the world    
Segment Reporting Information [Line Items]    
Revenue $ 53,913 $ 46,035
Rest of the world | Revenue | Geographic Concentration Risk    
Segment Reporting Information [Line Items]    
Concentration risk percentage 15.00% 15.00%
v3.26.1
RESTRUCTURING - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2026
Mar. 31, 2026
Restructuring and Related Activities [Abstract]    
Reduction of global workforce (in percent) 4.00%  
Restructuring reserve   $ 0.7
v3.26.1
RESTRUCTURING - Schedule of Severance and Other Benefit Costs (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]  
Total restructuring-related costs $ 6,282
Cost of revenue  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of revenue
Total restructuring-related costs $ 1,058
Sales and marketing  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Sales and marketing
Total restructuring-related costs $ 2,461
Research and development  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Research and development
Total restructuring-related costs $ 1,974
General and administrative  
Restructuring Cost and Reserve [Line Items]  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] General and administrative
Total restructuring-related costs $ 789