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Side-by-side financial comparison of PROCORE TECHNOLOGIES, INC. (PCOR) and Tradeweb Markets Inc. (TW). Click either name above to swap in a different company.
Tradeweb Markets Inc. is the larger business by last-quarter revenue ($521.2M vs $349.1M, roughly 1.5× PROCORE TECHNOLOGIES, INC.). Tradeweb Markets Inc. runs the higher net margin — 62.4% vs -10.8%, a 73.1% gap on every dollar of revenue. On growth, PROCORE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (15.6% vs 12.5%). Tradeweb Markets Inc. produced more free cash flow last quarter ($336.5M vs $109.2M). Over the past eight quarters, PROCORE TECHNOLOGIES, INC.'s revenue compounded faster (13.8% CAGR vs 12.9%).
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform. The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
Tradeweb Markets Inc., headquartered in New York City, operates electronic trading platforms primarily used by institutional investors to trade fixed income products, ETFs, and derivatives. It has over 3,000 customers including banks, asset managers, central banks, pension funds, and insurance companies. In 2024, 83% of the company's revenue was from transaction fees and commissions and 17% was from subscription fees. In 2024, 52% of revenue came from products related to rates, 27% of revenue...
PCOR vs TW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $349.1M | $521.2M |
| Net Profit | $-37.6M | $325.0M |
| Gross Margin | 80.1% | — |
| Operating Margin | -12.3% | 42.4% |
| Net Margin | -10.8% | 62.4% |
| Revenue YoY | 15.6% | 12.5% |
| Net Profit YoY | 39.6% | 128.5% |
| EPS (diluted) | $-0.25 | $1.52 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $349.1M | $521.2M | ||
| Q3 25 | $338.9M | $508.6M | ||
| Q2 25 | $323.9M | $513.0M | ||
| Q1 25 | $310.6M | $509.7M | ||
| Q4 24 | $302.0M | $463.3M | ||
| Q3 24 | $295.9M | $448.9M | ||
| Q2 24 | $284.3M | $405.0M | ||
| Q1 24 | $269.4M | $408.7M |
| Q4 25 | $-37.6M | $325.0M | ||
| Q3 25 | $-9.1M | $185.6M | ||
| Q2 25 | $-21.1M | $153.8M | ||
| Q1 25 | $-33.0M | $148.4M | ||
| Q4 24 | $-62.3M | $142.2M | ||
| Q3 24 | $-26.4M | $113.9M | ||
| Q2 24 | $-6.3M | $119.2M | ||
| Q1 24 | $-11.0M | $126.1M |
| Q4 25 | 80.1% | — | ||
| Q3 25 | 79.7% | — | ||
| Q2 25 | 79.1% | — | ||
| Q1 25 | 79.1% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | 81.4% | — | ||
| Q2 24 | 83.1% | — | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -12.3% | 42.4% | ||
| Q3 25 | -4.4% | 41.4% | ||
| Q2 25 | -9.3% | 39.0% | ||
| Q1 25 | -11.7% | 40.0% | ||
| Q4 24 | -21.9% | 40.7% | ||
| Q3 24 | -12.3% | 35.5% | ||
| Q2 24 | -5.2% | 40.1% | ||
| Q1 24 | -7.0% | 41.0% |
| Q4 25 | -10.8% | 62.4% | ||
| Q3 25 | -2.7% | 36.5% | ||
| Q2 25 | -6.5% | 30.0% | ||
| Q1 25 | -10.6% | 29.1% | ||
| Q4 24 | -20.6% | 30.7% | ||
| Q3 24 | -8.9% | 25.4% | ||
| Q2 24 | -2.2% | 29.4% | ||
| Q1 24 | -4.1% | 30.9% |
| Q4 25 | $-0.25 | $1.52 | ||
| Q3 25 | $-0.06 | $0.86 | ||
| Q2 25 | $-0.14 | $0.71 | ||
| Q1 25 | $-0.22 | $0.69 | ||
| Q4 24 | $-0.42 | $0.66 | ||
| Q3 24 | $-0.18 | $0.53 | ||
| Q2 24 | $-0.04 | $0.55 | ||
| Q1 24 | $-0.08 | $0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $768.5M | $2.1B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $6.5B |
| Total Assets | $2.2B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $768.5M | $2.1B | ||
| Q3 25 | $684.0M | $1.9B | ||
| Q2 25 | $620.9M | $1.6B | ||
| Q1 25 | $566.7M | $1.3B | ||
| Q4 24 | $775.4M | $1.3B | ||
| Q3 24 | $756.9M | $1.2B | ||
| Q2 24 | $735.4M | $1.7B | ||
| Q1 24 | $744.6M | $1.5B |
| Q4 25 | $1.3B | $6.5B | ||
| Q3 25 | $1.2B | $6.3B | ||
| Q2 25 | $1.2B | $6.1B | ||
| Q1 25 | $1.2B | $5.9B | ||
| Q4 24 | $1.3B | $5.8B | ||
| Q3 24 | $1.3B | $5.7B | ||
| Q2 24 | $1.3B | $5.6B | ||
| Q1 24 | $1.2B | $5.5B |
| Q4 25 | $2.2B | $8.2B | ||
| Q3 25 | $2.1B | $8.0B | ||
| Q2 25 | $2.0B | $8.1B | ||
| Q1 25 | $1.9B | $7.4B | ||
| Q4 24 | $2.1B | $7.3B | ||
| Q3 24 | $2.0B | $7.3B | ||
| Q2 24 | $2.0B | $7.3B | ||
| Q1 24 | $1.9B | $7.4B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $114.9M | $355.9M |
| Free Cash FlowOCF − Capex | $109.2M | $336.5M |
| FCF MarginFCF / Revenue | 31.3% | 64.6% |
| Capex IntensityCapex / Revenue | 1.6% | 3.7% |
| Cash ConversionOCF / Net Profit | — | 1.10× |
| TTM Free Cash FlowTrailing 4 quarters | $282.2M | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.9M | $355.9M | ||
| Q3 25 | $88.5M | $342.3M | ||
| Q2 25 | $30.8M | $409.2M | ||
| Q1 25 | $66.0M | $60.2M | ||
| Q4 24 | $29.1M | $282.0M | ||
| Q3 24 | $39.3M | $292.1M | ||
| Q2 24 | $58.7M | $285.7M | ||
| Q1 24 | $69.1M | $37.9M |
| Q4 25 | $109.2M | $336.5M | ||
| Q3 25 | $83.1M | $328.3M | ||
| Q2 25 | $27.9M | $403.7M | ||
| Q1 25 | $62.0M | $58.6M | ||
| Q4 24 | $17.4M | $256.8M | ||
| Q3 24 | $35.7M | $287.8M | ||
| Q2 24 | $56.8M | $280.8M | ||
| Q1 24 | $67.1M | $31.3M |
| Q4 25 | 31.3% | 64.6% | ||
| Q3 25 | 24.5% | 64.5% | ||
| Q2 25 | 8.6% | 78.7% | ||
| Q1 25 | 20.0% | 11.5% | ||
| Q4 24 | 5.8% | 55.4% | ||
| Q3 24 | 12.1% | 64.1% | ||
| Q2 24 | 20.0% | 69.4% | ||
| Q1 24 | 24.9% | 7.7% |
| Q4 25 | 1.6% | 3.7% | ||
| Q3 25 | 1.6% | 2.8% | ||
| Q2 25 | 0.9% | 1.1% | ||
| Q1 25 | 1.3% | 0.3% | ||
| Q4 24 | 3.9% | 5.4% | ||
| Q3 24 | 1.2% | 1.0% | ||
| Q2 24 | 0.7% | 1.2% | ||
| Q1 24 | 0.8% | 1.6% |
| Q4 25 | — | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.40× | ||
| Q1 24 | — | 0.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
TW
| Other | $235.2M | 45% |
| Wholesale Client Sector | $97.9M | 19% |
| Subscription Fee Revenue | $60.0M | 12% |
| Retail Client Sector | $35.0M | 7% |
| Market Data Client Sector | $33.8M | 6% |
| Corporate Client Sector | $26.1M | 5% |
| Market Data Revenue | $23.2M | 4% |
| Financial Service Other | $10.0M | 2% |
