ServiceTitan, Inc. (TTAN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.1B

Revenue growth

22.9%

Net income, last twelve months

-$129.0M

Earnings per share

-$1.36

Gross margin

71.1%

Operating margin

-13.0%

Net margin

-12.1%

Free cash flow

$136.8M

Return on equity

-8.0%

Market value

$2.9B

Cash

$479.5M

Debt

$0

Debt to equity

0.00

Shares outstanding

35.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the fiscal second quarter 2027 results, filed 8 September 2026.

• Revenue grew 21% year over year. Total revenue was $292.8 million, up 21% from $242.1 million. Growth was down from 25% in fiscal first quarter 2027.
• Platform revenue growth slowed to 22%. Platform revenue grew 22%, down from 25% in fiscal first quarter 2027.
• Six-month revenue higher than last year. Six-month total revenue was $561.6 million, against $457.8 million a year earlier.
• Transaction volume growth slowed to 17%. Gross transaction volume was $26.8 billion, up 17%, against 23% growth in fiscal first quarter 2027.
• Usage revenue grew faster than subscription. Usage revenue grew about 24% and subscription revenue about 22% year over year, per the disaggregated revenue table.
• Professional services revenue declined. Professional services and other revenue was $8.3 million, against $9.4 million a year earlier.
• Max tracked by enrolled locations. Management tracks Max by enrolled locations, sets a year-end count, and attributed progress to existing and select new customers.
• Enterprise and residential segments named. The release names enterprise commercial construction and residential field service, exteriors among the segments served.
• Agentic Operating System delivery described as ongoing. Management described delivering the Agentic Operating System to customers as the work underway this quarter.
• Non-GAAP operating margin rose to 15.2%. Non-GAAP income from operations was $44.4 million, a 15.2% margin, against 12.1% a year earlier.
• GAAP operating loss narrowed. GAAP loss from operations was $27.6 million, a -9.4% operating margin, against -14.4% a year earlier.
• Non-GAAP gross margin essentially flat. Non-GAAP gross margin was 74.6%, against 74.4%. Platform non-GAAP gross margin was 81.1%, against 80.7%.
• Sales and marketing costs increased. Non-GAAP sales and marketing expense was $64.3 million against $56.3 million. Non-GAAP G&A was $33.5 million against $34.2 million.
• Stock-based compensation expense rose. Stock-based compensation expense was $60.6 million, up from $49.3 million a year earlier.

Company events

The newest 8-K filings of 13 held.

Every filing

The newest filings with the SEC of 63 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

432 funds held it at 30 Jun 2026: 211 added and 104 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Microsoft Corp. (MSFT): revenue $346.4B, market value $3.95T
• Palantir Technologies Inc. (PLTR): revenue $6.2B, market value $473.1B
• Oracle Corp. (ORCL): revenue $71.8B, market value $436.3B
• SAP SE (SAP): revenue $41.6B, market value $276.7B
• CrowdStrike Holdings, Inc. (CRWD): revenue $5.4B, market value $273.1B
• Shopify Inc. (SHOP): revenue $13.3B, market value $218.4B
• Salesforce, Inc. (CRM): revenue $43.9B, market value $199.5B
• ServiceNow, Inc. (NOW): revenue $15.4B, market value $155.6B
• Snowflake Inc. (SNOW): revenue $5.4B, market value $119.8B
• Cloudflare, Inc. (NET): revenue $2.5B, market value $113.0B

What the company does

ServiceTitan sells a cloud-based software platform to trades businesses, the firms that install, maintain and service the infrastructure and systems of homes and commercial buildings. The company describes itself as the operating system that powers the trades. Its platform handles advertising, job scheduling and management, dispatching, estimates and invoices, and payment processing. The founders, Ara Mahdessian and Vahe Kuzoyan, are the sons of trades business owners. As of 31 January 2026 the company had approximately 10,800 Active Customers and 3,414 people, whom it calls Titans.

What the platform covers

The company says tradespeople use its platform across what it believes are the five most business-critical functions inside a trades business, which it calls the "core centers of gravity". These are CRM (customer relationship management), FSM (field service management), ERP (enterprise resource planning), HCM (human capital management) and FinTech. Customers reach the platform through a web browser in the office and a mobile application in the field, mainly technicians. Application programming interfaces and developer tools let customers connect it to their own systems and some third-party applications.

What it sells

The platform is offered through three groups of products: Core, Pro and FinTech.

- Core is the entry point. It covers call tracking, scheduling, dispatching, end-customer communications, marketing automation, estimating, job costing, sales, inventory and payroll integration. - Pro products add capabilities on top of Core. Examples are Marketing Pro, Phones Pro, Contact Center Pro, Scheduling Pro, Dispatch Pro, Fleet Pro, Pricebook Pro, Field Pro and Virtual Agents, which uses AI to handle overflow and after-hours calls. - FinTech covers payment processing for credit cards, bank transfers (ACH) and checks through third parties, plus third-party consumer financing.

The company also offers Atlas, an AI sidekick that it describes as the next evolution of its Titan Intelligence AI engine. Acquired products include Convex Labs, Inc. for trades serving commercial buildings and Conduit Tech, LLC for HVAC design and sales.

How it earns money

Revenue falls into two categories. Platform revenue comes from subscriptions to Core and certain Pro products, and from usage-based fees on FinTech transactions, certain Pro products and Virtual Agents. Professional services and other revenue comes mainly from onboarding, training, live voice and chat services, and some ancillary hardware.

Customer contracts are generally based on the number of users, the mix of products, the number of end customers and gross transaction volume (GTV), which is the total dollars invoiced by customers through the platform. For new customers, subscription terms typically run 12 to 36 months, though some Pro and legacy customers pay month to month. Contracts renew automatically unless cancelled, and billing is generally monthly in advance. Pricing is generally tied to the number of field technicians at the customer. On payments, outside processors provide the payment and financing services and pay ServiceTitan a fee. The company reports its gross dollar retention rate as over 95% and its net dollar retention rate as over 110%.

Who buys from it

Customers range from family-owned businesses with a few employees to large enterprises with a national footprint, some of them franchise networks. The key decision maker is typically the business owner. At larger customers a chief information officer or general manager may take part. Active Customers are those above a set annualized billings threshold, and they account for over 97% of annualized billings. The company says it focuses on increasing GTV on its platform rather than on new customer count. It also notes that private equity owners are consolidating trades businesses, often on its platform.

How it sells and supports customers

The company acquires customers through digital marketing, outbound direct marketing, word-of-mouth referrals, and partnerships with industry associations, original equipment manufacturers and distributors. A direct sales team sells Core subscriptions, mostly virtually. Separate FinTech and Pro sales teams introduce add-on products, guided by TitanAdvisor recommendations. After onboarding, each customer is assigned a Customer Success Manager. Support is offered by chat, phone and email. Demand for customers' services tends to rise in the second fiscal quarter, when summer heat lifts work in trades such as landscaping, pool, pest, HVAC and roofing.

Competition, patents and people

The company names these vendors as examples of competitors: Salesforce, SAP, FieldEdge, Workwave, ServiceTrade, AccuLynx, BuildOps, HouseCall Pro, JobNimbus and Jobber. It holds 16 issued United States patents, four issued foreign patents and nine United States patent applications. It owns 15 registered trademarks in the United States and 20 in other jurisdictions.

Most employees are in the United States, where the executive team and most engineering, product, sales and marketing, customer success and administrative staff sit. Titans in Armenia and other international locations are primarily engineers and customer success staff. Some are engaged through professional employer organizations. None are covered by a collective bargaining agreement.

*From ServiceTitan's annual report on Form 10-K for the year ended 31 January 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1638826/000163882626000028/ttan-20260131.htm)*

From the company's 10-K.