ServiceTitan Announces Fiscal First Quarter Financial Results

GlobeNewswire | ServiceTitan
Today at 8:05pm UTC

LOS ANGELES, June 04, 2026 (GLOBE NEWSWIRE) -- ServiceTitan (NASDAQ: TTAN), the software platform that powers the trades, today announced financial results for the fiscal first quarter ended April 30, 2026.

“Our customers are off to a strong start in fiscal year 2027,” said Ara Mahdessian, Co-Founder and CEO. “We continue to execute on our core multi-year growth vectors, we’re delivering the Agentic Operating System to the Trades, and we’re improving our organizational velocity.”

“I am excited about our progress so far this year,” said Vahe Kuzoyan, Co-Founder and President, “During Q1, we more than doubled the number of locations on Max; we're optimizing our internal processes, automating customer onboarding and expect to again double the number of locations on Max during Q2.”

Fiscal First Quarter 2027 Financial and Operational Highlights:

  Fiscal First Quarter 2027 Fiscal First Quarter 2026
  (in millions, except percentages and GTV)
Gross transaction volume (“GTV”) (in billions)(1) $21.7  $17.7 
YOY GTV growth  23%   22% 
     
Total revenue $268.8  $215.7 
YOY revenue growth  25%   27% 
Platform revenue $260.6  $208.0 
YOY platform revenue growth  25%   27% 
     
GAAP loss from operations ($25.8)  ($49.5) 
GAAP operating margin  -9.6%   -23.0% 
Non-GAAP income from operations(2) $40.8  $16.2 
Non-GAAP operating margin(2)  15.2%   7.5% 
     
GAAP net cash used in operating activities $(1.6)  $(14.6) 
Non-GAAP free cash flow(2) $(9.6)  $(22.3) 
     
Net dollar retention > 110%
  > 110%
 

_________________________

(1) Gross Transaction Volume (“GTV”) represents the sum of total dollars invoiced by our customers through the ServiceTitan platform in a given period, which is intended to be a proxy for the total revenue our customers generate.
(2) This press release uses non-GAAP financial measures that adjust GAAP financial measures for the impact of various items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “GAAP to Non-GAAP Reconciliation” below for additional information.

Fiscal Second Quarter and Fiscal Year 2027 Financial Outlook:
For fiscal second quarter 2027 and for the full fiscal year 2027, the company currently expects:

  Fiscal Second Quarter 2027 Full Fiscal Year 2027
  (in millions)
Total revenue $284 - $286 $1,130 - $1,140
Non-GAAP income from operations(3) $38 - $39 $142 - $147

_________________________
(3) ServiceTitan is not able, at this time, to provide an outlook for GAAP loss from operations or a reconciliation of expected non-GAAP income from operations to GAAP loss from operations for the fiscal second quarter 2027 or for the full fiscal year 2027 because of the difficulty of estimating certain items excluded from non-GAAP income from operations that cannot be reasonably calculated or predicted without unreasonable efforts. For example, charges related to stock-based compensation expense require additional inputs, such as the number and value of awards granted, that are not currently ascertainable.

Conference Call Information:
The financial results and business highlights will be discussed on a conference call and webcast scheduled at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Thursday, June 4, 2026. Online registration for this conference call can be found here. The live webcast of the conference call can be accessed from ServiceTitan’s investor relations website at http://investors.servicetitan.com.

Following completion of the events, a webcast replay will also be available at http://investors.servicetitan.com for 12 months.

About ServiceTitan

ServiceTitan is the software platform that powers trades businesses. The company’s cloud-based, end-to-end solution gives contractors the tools they need to run and grow their business, manage their back office, and provide a stellar customer experience. By bringing an integrated SaaS platform to an industry historically underserved by technology, ServiceTitan is equipping tradespeople with the technology they need to keep the world running.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” or “will,” or the negative of these words or other similar terms or expressions that concern ServiceTitan’s expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding ServiceTitan’s financial outlook for total revenue and non-GAAP income from operations for fiscal second quarter 2027 ending July 31, 2026 and the full fiscal year ending January 31, 2027, and statements regarding our operating and organizational velocity, AI strategy, and plans for Max. ServiceTitan’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” in our Annual Report on Form 10-K for fiscal 2026 ended January 31, 2026 as filed with the SEC on March 25, 2026, which should be read in conjunction with this press release and the financial results included herein. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal first quarter 2027 ended April 30, 2026. The forward-looking statements in this release are based on information available to ServiceTitan as of the date hereof, and ServiceTitan undertakes no obligation to update any forward-looking statements, except as required by law.

Press Contact
Max Wertheimer
ServiceTitan, Inc.
press@servicetitan.com

Investor Contact
Jason Rechel
ServiceTitan, Inc.
investors@servicetitan.com

© 2026 ServiceTitan. All rights reserved. ServiceTitan, the ServiceTitan logo, and all ServiceTitan product and service names mentioned herein are registered trademarks or unregistered trademarks of ServiceTitan, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). 

ServiceTitan, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
 
  
  Three Months Ended April 30, 
  2026  2025 
Revenue:      
Platform $260,564  $207,982 
Professional services and other  8,260   7,710 
Total revenue  268,824   215,692 
Cost of revenue:      
Platform  55,509   50,037 
Professional services and other  19,524   17,259 
Total cost of revenue  75,033   67,296 
Gross profit  193,791   148,396 
Operating expenses:      
Sales and marketing  73,072   69,223 
Research and development  88,024   69,140 
General and administrative  58,457   59,569 
Total operating expenses  219,553   197,932 
Loss from operations  (25,762)  (49,536)
Other income (expense), net      
Interest expense  (183)  (2,035)
Interest income  3,727   4,940 
Other income, net  351   501 
Total other income, net  3,895   3,406 
Loss before income taxes  (21,867)  (46,130)
Provision for income taxes  951   234 
Net loss  (22,818)  (46,364)
Net loss per share, basic and diluted $(0.24) $(0.51)
Weighted-average shares used in computing net loss
per share, basic and diluted		  95,003,992   90,334,442 
       
       
Disaggregated Revenue      
  Three Months Ended April 30, 
  2026  2025 
Subscription $202,038  $162,717 
Usage  58,526   45,265 
Platform revenue  260,564   207,982 
Professional services and other  8,260   7,710 
Total revenue $268,824  $215,692 


ServiceTitan, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
 
  
  As of 
  April 30,  January 31, 
  2026  2026 
Assets      
Current assets:      
Cash and cash equivalents $421,531  $428,769 
Restricted cash  —   166 
Accounts receivable, net of allowance of $9,585 and $11,963 as of April 30, 2026 and
January 31, 2026, respectively		  63,361   55,974 
Deferred contract costs, current  15,249   14,964 
Contract assets  64,553   57,777 
Prepaid expenses  28,610   25,894 
Other current assets  7,576   7,314 
Total current assets  600,880   590,858 
Restricted cash, noncurrent  416   417 
Deferred contract costs, noncurrent  14,139   14,748 
Property and equipment, net  36,984   38,902 
Operating lease right-of-use assets  20,974   18,627 
Internal-use software, net  39,844   39,246 
Intangible assets, net  166,889   176,743 
Goodwill  860,250   860,250 
Other assets  7,014   5,266 
Total assets $1,747,390  $1,745,057 
Liabilities and Stockholders' Equity      
Current liabilities:      
Accounts payable and other accrued expenses $55,965  $52,262 
Accrued personnel related expenses  42,424   83,095 
Deferred revenue, current  19,036   18,676 
Operating lease liabilities, current  13,644   14,052 
Other current liabilities  4,356   1,367 
Total current liabilities  135,425   169,452 
Operating lease liabilities, noncurrent  37,404   37,322 
Other noncurrent liabilities  13,985   13,049 
Total liabilities  186,814   219,823 
Commitments and contingencies      
       
Stockholders' Equity      
Preferred stock, par value $0.001, 100,000,000 shares authorized as of April 30, 2026
and January 31, 2026. 0 shares issued and outstanding as of April 30, 2026 and
January 31, 2026		  —   — 
Class A common stock, par value $0.001, 1,000,000,000 shares authorized as of
April 30, 2026 and January 31, 2026. 82,736,967 shares and 81,956,537 shares
issued and outstanding as of April 30, 2026 and January 31, 2026, respectively		  83   82 
Class B common stock, par value $0.001, 100,000,000 shares authorized as of
April 30, 2026 and January 31, 2026. 12,651,154 shares and 12,644,614 shares
issued and outstanding as of April 30, 2026 and January 31, 2026, respectively		  13   13 
Class C common stock, par value $0.001, 100,000,000 shares authorized as of
April 30, 2026 and January 31, 2026. 0 shares
issued and outstanding as of April 30, 2026 and January 31, 2026		  —   — 
Additional paid-in capital  2,848,881   2,790,722 
Accumulated deficit  (1,288,401)  (1,265,583)
Total stockholders' equity  1,560,576   1,525,234 
Total liabilities and stockholders' equity $1,747,390  $1,745,057 


ServiceTitan, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
  Three Months Ended April 30, 
  2026  2025 
Cash flows used in operating activities      
Net loss $(22,818) $(46,364)
Adjustments to reconcile net loss to net cash used in operating
activities		      
Depreciation and amortization expense  19,550   19,955 
Amortization of deferred contract costs  4,112   3,336 
Non-cash operating lease expense  1,512   1,352 
Stock-based compensation expense  54,574   43,749 
Loss on impairment and disposal of assets  8   8,060 
Deferred income taxes  814   646 
Amortization of debt issuance costs  —   120 
Provision for credit losses  1,673   3,723 
Changes in operating assets and liabilities, net of effect of business acquisition:      
Accounts receivable  (9,060)  (5,270)
Prepaid expenses and other current assets  (2,964)  1,671 
Deferred contract costs  (3,788)  (5,739)
Contract assets  (6,776)  (1,341)
Other assets  (2,261)  508 
Accounts payable and other accrued expenses  3,422   4,001 
Accrued personnel related expenses  (38,861)  (40,632)
Operating lease liabilities  (4,185)  (3,153)
Other liabilities  3,123   1,237 
Deferred revenue  360   (429)
Net cash used in operating activities  (1,565)  (14,570)
Cash flows used in investing activities      
Capitalized internal-use software  (6,663)  (6,472)
Purchase of property and equipment  (596)  (1,292)
Deposits for property and equipment  (756)  — 
Net cash used in investing activities  (8,015)  (7,764)
Cash flows provided by financing activities      
Proceeds from exercise of stock options  2,175   1,181 
Payment of debt arrangements  —   (268)
Payment of deferred initial public offering costs  —   (533)
Net cash provided by financing activities  2,175   380 
Net change in cash, cash equivalents, and restricted cash  (7,405)  (21,954)
Cash, cash equivalents, and restricted cash      
Beginning of period  429,352   442,846 
End of period $421,947  $420,892 


Statement Regarding Use of Non-GAAP Financial Measures

In addition to our results prepared in accordance with GAAP, we believe non-GAAP gross profit and non-GAAP gross margin, in total and for platform, and professional services and other, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP earnings per share (“EPS”) are useful in evaluating our operating performance.

These measures, however, have certain limitations in that they reflect the exercise of judgment by our management about which expenses are excluded or included and do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, our financial results determined in accordance with GAAP. We caution investors that amounts presented in accordance with our definition of non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP EPS may not be comparable to similar measures disclosed by other companies because not all companies and analysts calculate these measures in the same manner.

For the reasons set forth below, we believe that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.

  • Stock-based compensation expense and related employer payroll taxes. We exclude stock-based compensation expense, including the performance-based RSUs granted to our Co-Founders, and related employer payroll taxes to allow investors to make more meaningful comparisons of our performance between periods and to facilitate a comparison of our performance to those of other peer companies. Stock-based compensation may vary between periods due to various factors unrelated to our core performance, including as a result of the assumptions used in the valuation methodologies, timing and amount of grants and other factors. We exclude employer payroll taxes because the amounts vary based on timing and settlement or vesting of awards unrelated to our core operating performance. Moreover, stock-based compensation expense is a non-cash expense that we exclude from our internal management reporting processes and when assessing our actual performance, budgeting, planning, and forecasting future periods.
  • Amortization of acquired intangible assets. We incur amortization expense for acquired intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of acquired intangible assets is a non-cash expense that is significantly affected by the timing and size of acquisitions, and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred, we exclude the amortization expense from our internal management reporting processes. We exclude these charges when assessing our actual performance and when budgeting, planning, and forecasting future periods. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well.
  • Loss on operating lease assets. We have incurred impairments on certain right-of-use assets and other long-lived assets. We believe that it is useful to exclude these charges when assessing the level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. In addition, we believe excluding such costs enhances the comparability between periods.
  • Acquisition-related items. We have incurred costs related to acquisitions, including legal, third-party valuation and due diligence, insurance costs, and one-time retention bonuses for employees of acquired companies. In addition, we periodically record the change to the fair value of contingent consideration related to past acquisitions. We exclude these items when assessing our actual performance and when budgeting, planning and forecasting future periods. We believe excluding these items allows investors to make meaningful comparisons between our core operating results and those of other peer companies.

Change in Non-GAAP Measures Presentation

Effective February 1, 2026, the beginning of our first quarter of fiscal 2027, we adopted a fixed long-term projected non-GAAP tax rate in order to provide better consistency across interim reporting periods. When projecting the long-term non-GAAP tax rate, we utilize a financial projection that excludes the direct impact of the items excluded from GAAP income in calculating our non-GAAP income. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. For fiscal 2027, we determined the projected non-GAAP tax rate to be 18%, which reflects currently available information, as well as other factors and assumptions that may change over time. We will periodically re-evaluate this tax rate, as necessary, for significant events, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant acquisitions.

Non-GAAP EPS

We define non-GAAP basic EPS as non-GAAP net income divided by weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic. We define non-GAAP diluted EPS as non-GAAP net income divided by weighted-average shares outstanding giving effect to the weighted average of all potentially dilutive common stock equivalents outstanding for the period including options to purchase common stock, restricted stock units, and acquisition indemnity shares withheld. The dilutive effect of outstanding awards is reflected in non-GAAP diluted earnings per share by application of the treasury method.

Free Cash Flow

We define free cash flow as GAAP net cash provided by (used in) operating activities less cash used for investing activities for capitalized internal use software and less cash paid for purchases of, and deposits for, property and equipment. We believe that free cash flow is a meaningful indicator of our sources of liquidity and capital requirements that provides information to management and investors in evaluating the cash flow trends of our business. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. Free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Other companies may calculate free cash flow or similarly titled non-GAAP measures differently, which could reduce the usefulness of free cash flow as a tool for comparison. In addition, free cash flow does not reflect mandatory debt service and other non-discretionary expenditures that are required to be made under contractual commitments and does not represent the total increase or decrease in our cash balance for any given period.

ServiceTitan, Inc.
GAAP to Non-GAAP Reconciliations
(unaudited)

Non-GAAP Gross Profit and Non-GAAP Gross Margin

  Platform  Professional
Services and Other		  Total 
  Three Months Ended April 30,  Three Months Ended April 30,  Three Months Ended April 30, 
  2026  2025  2026  2025  2026  2025 
  (in thousands) 
GAAP gross profit $205,055  $157,945  $(11,264) $(9,549) $193,791  $148,396 
Stock-based compensation expense
and related employer payroll taxes		  1,728   1,398   1,588   1,384   3,316   2,782 
Amortization of acquired intangible
assets		  4,933   5,533   334   334   5,267   5,867 
Loss on operating lease assets  —   960   —   751   —   1,711 
Non-GAAP gross profit $211,716  $165,836  $(9,342) $(7,080) $202,374  $158,756 


  Platform  Professional
Services and Other		  Total 
  Three Months Ended April 30,  Three Months Ended April 30,  Three Months Ended April 30, 
  2026  2025  2026  2025  2026  2025 
GAAP gross margin  78.7%  75.9%  (136.4)%  (123.9)%  72.1%  68.8%
Stock-based compensation expense
and related employer payroll taxes		  0.7%  0.7%  19.2%  18.0%  1.2%  1.3%
Amortization of acquired intangible
assets		  1.9%  2.7%  4.0%  4.3%  2.0%  2.7%
Loss on operating lease assets  0.0%  0.5%  0.0%  9.7%  0.0%  0.8%
Non-GAAP gross margin*  81.3%  79.7%  (113.1)%  (91.8)%  75.3%  73.6%

* Totals may not foot due to rounding.

Non-GAAP Sales and Marketing Expense

  Three Months Ended April 30, 
  2026  2025 
  (in thousands) 
GAAP sales and marketing expense $73,072  $69,223 
Stock-based compensation expense
and related employer payroll taxes		  (6,619)  (5,568)
Amortization of acquired intangible assets  (4,587)  (5,515)
Loss on operating lease assets  —   (1,765)
Non-GAAP sales and marketing expense $61,866  $56,375 


Non-GAAP Research and Development Expense

  Three Months Ended April 30, 
  2026  2025 
  (in thousands) 
GAAP research and development expense $88,024  $69,140 
Stock-based compensation expense
and related employer payroll taxes		  (20,464)  (12,263)
Loss on operating lease assets  —   (1,679)
Non-GAAP research and development expense $67,560  $55,198 


Non-GAAP General and Administrative Expense

  Three Months Ended April 30, 
  2026  2025 
  (in thousands) 
GAAP general and administrative expense $58,457  $59,569 
Stock-based compensation expense
and related employer payroll taxes		  (13,244)  (12,647)
Stock-based compensation expense -
Co-Founders performance based RSUs		  (13,074)  (13,071)
Loss on operating lease assets  —   (2,877)
Non-GAAP general and administrative expense $32,139  $30,974 


Non-GAAP Income from Operations and Non-GAAP Operating Margin

  Three Months Ended April 30, 
  2026  2025 
  (in thousands) 
GAAP loss from operations $(25,762) $(49,536)
Stock-based compensation expense and
related employer payroll taxes		  43,643   33,260 
Stock-based compensation expense -
Co-Founders performance based RSUs		  13,074   13,071 
Amortization of acquired intangible assets  9,854   11,382 
Loss on operating lease assets  —   8,032 
Non-GAAP income from operations $40,809  $16,209 


  Three Months Ended April 30, 
  2026  2025 
GAAP operating margin  (9.6)%  (23.0)%
Stock-based compensation expense and
related employer payroll taxes		  16.2%  15.4%
Stock-based compensation expense -
Co-Founders performance based RSUs		  4.9%  6.1%
Amortization of acquired intangible assets  3.7%  5.3%
Loss on operating lease assets  0.0%  3.7%
Non-GAAP operating margin*  15.2%  7.5%

* Totals may not foot due to rounding.

Non-GAAP Net Income

  Three Months Ended April 30, 
  2026  2025 
  (in thousands) 
GAAP net loss $(22,818) $(46,364)
Stock-based compensation expense and
related employer payroll taxes		  43,643   33,260 
Stock-based compensation expense -
Co-Founders performance based RSUs		  13,074   13,071 
Amortization of acquired intangible assets  9,854   11,382 
Loss on operating lease assets  —   8,032 
Income tax effects(4)  (7,096)  (1,484)
Non-GAAP net income $36,657  $17,897 

(4) Effective February 1, 2026, we adopted a fixed long-term projected non-GAAP tax rate of 18%, which reflects currently available information, as well as other factors and assumptions that may change over time.


Non-GAAP EPS 

  Three Months Ended April 30, 2026  Three Months Ended April 30, 2025 
  (in thousands, except share and per share amounts) 
Numerator      
Non-GAAP net income $36,657  $17,897 
       
Denominator      
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic  95,003,992   90,334,442 
Effect of dilutive securities: Stock-based awards  4,271,948   7,893,378 
Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted  99,275,940   98,227,820 
       
GAAP net loss per share, basic and diluted $(0.24) $(0.51)
Non-GAAP net income per share, basic $0.39  $0.20 
Non-GAAP net income per share, diluted $0.37  $0.18 


Free Cash Flow

  Three Months Ended April 30, 
  2026  2025 
  (in thousands) 
GAAP net cash used in operating activities $(1,565) $(14,570)
Capitalized internal-use software  (6,663)  (6,472)
Purchase of property and equipment  (596)  (1,292)
Deposits for property and equipment  (756)  — 
Non-GAAP free cash flow $(9,580) $(22,334)



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