PROCORE TECHNOLOGIES, INC. Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||
| Level 1 | Level 2 | Total | |||||||||||||||
| Cash equivalents: | |||||||||||||||||
| Money market funds | $ | 403,979 | $ | — | $ | 403,979 | |||||||||||
| Marketable securities: | |||||||||||||||||
| U.S. treasury securities | 132,036 | — | 132,036 | ||||||||||||||
| Commercial paper | — | 14,310 | 14,310 | ||||||||||||||
| Corporate notes and obligations | — | 183,985 | 183,985 | ||||||||||||||
| Total | $ | 536,015 | $ | 198,295 | $ | 734,310 | |||||||||||
| December 31, 2024 | |||||||||||||||||
| Level 1 | Level 2 | Total | |||||||||||||||
| Cash equivalents: | |||||||||||||||||
| Money market funds | $ | 384,648 | $ | — | $ | 384,648 | |||||||||||
| Corporate notes and obligations | — | 524 | 524 | ||||||||||||||
| Marketable securities: | |||||||||||||||||
| U.S. treasury securities | 127,045 | — | 127,045 | ||||||||||||||
| Commercial paper | — | 18,433 | 18,433 | ||||||||||||||
| Corporate notes and obligations | — | 238,237 | 238,237 | ||||||||||||||
| Total | $ | 511,693 | $ | 257,194 | $ | 768,887 | |||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Mar 1, 2023 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.