Jul 2026 (Q2 FY27) — Sep 8, 2026
ServiceTitan Q2 FY27 — Strong Max Momentum Drives Revenue Growth and Record Free Cash Flow
Read the full callServiceTitan (TTAN) earnings
- Jul 2026
- Jul 2026 (Q2 FY27)
- Jan 2026
ServiceTitan earnings: last reported Tue, 8 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 293 | +20.9% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | -9.4 | +4.9 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | -24.9 | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
16 of 16 judged targets kept · 15 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Max program location capacity (Q1 FY27 doubling) | Double Max capacity during Q1 FY27 | Jan 2026 | Last quarter, we talked about doubling our Max capacity. During Q1, we more than doubled the number of locations on Max. | Achieved |
| Roto-Rooter enterprise account go-live | Go live in early calendar year 2026 | Jul 2025 | Pending | |
| FY27 non-GAAP incremental operating margin | ~25% | Oct 2025 | In total, we now expect our incremental operating margins for the full fiscal year 2027 to be higher than our initial target of 25%. | Revised Up |
15 of ServiceTitan, Inc.'s 31 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 28 more targets are in the full ledger.
Claimed
- Revenue grew 21% year-over-year to $292.8 million.
- Record free cash flow of $50.5 million, up 47% year-over-year.
- Max locations doubled in Q2, exceeding goal, with over 700 expected by fiscal year-end.
- Virtual agent revenue and call volume more than doubled sequentially in Q2.
- Non-GAAP operating margin improved by 310 basis points year-over-year to 15.2%.
Qualified
- Q2 Gross Transaction Volume (GTV) growth was 17% year-over-year, about 200 basis points below recent quarters, primarily due to lower job growth by existing customers.
- Lower lead volume, particularly in HVAC, during May and June, stabilizing in July.
- Mix shift to Max expected to create a $2M-$3M subscription revenue headwind and an additional $2M professional services revenue headwind over the remainder of FY27.
- Decision to tighten focus on existing commercial trades and residential roofing, deferring expansion into new trades.
Price
$78.26 +4.37% · +$3.28
Performance −15.4% 1Y
1Y: $92.49 on 17 Oct 2025 → $78.26. High $110.31 (22 Dec 2025), low $54.25 (17 Sept 2026).
- Previous close
- $74.98
- 52-week range
- $54.25 – $110.31
- One year
- −16.30%
Overview
- Symbol
- TTAN
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 16 judged targets kept · 15 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Max program location capacity (Q1 FY27 doubling) | Double Max capacity during Q1 FY27 | Jan 2026 | Last quarter, we talked about doubling our Max capacity. During Q1, we more than doubled the number of locations on Max. | Achieved |
| Roto-Rooter enterprise account go-live | Go live in early calendar year 2026 | Jul 2025 | Pending | |
| FY27 non-GAAP incremental operating margin | ~25% | Oct 2025 | In total, we now expect our incremental operating margins for the full fiscal year 2027 to be higher than our initial target of 25%. | Revised Up |
Claimed
- Revenue grew 21% year-over-year to $292.8 million.
- Record free cash flow of $50.5 million, up 47% year-over-year.
- Max locations doubled in Q2, exceeding goal, with over 700 expected by fiscal year-end.
- Virtual agent revenue and call volume more than doubled sequentially in Q2.
- Non-GAAP operating margin improved by 310 basis points year-over-year to 15.2%.
Qualified
- Q2 Gross Transaction Volume (GTV) growth was 17% year-over-year, about 200 basis points below recent quarters, primarily due to lower job growth by existing customers.
- Lower lead volume, particularly in HVAC, during May and June, stabilizing in July.
- Mix shift to Max expected to create a $2M-$3M subscription revenue headwind and an additional $2M professional services revenue headwind over the remainder of FY27.
- Decision to tighten focus on existing commercial trades and residential roofing, deferring expansion into new trades.
The full ledger
Open ServiceTitan, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q1 FY27) — Jun 4, 2026
ServiceTitan Q1 FY27 — Strong Revenue Growth and Record Operating Margins Driven by Max Adoption
Read the full callJan 2026 (Q4 FY26) — Mar 12, 2026
ServiceTitan Q4 FY26 — AI-Driven Growth and Strong Profitability
Read the full callEvery analysed call
ServiceTitan earnings calls (TTAN)
Financials
What the filings say
Net profit, year on year: +23% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 199 | 209 | 216 | 242 | 249 | 254 | 269 | 293 |
| Operating profit | -44 | -100 | -50 | -35 | -42 | -43 | -26 | -28 |
| Operating margin | −22.1% | −47.7% | −23.0% | −14.4% | −16.9% | −16.8% | −9.6% | −9.4% |
| Other income | -2 | -0 | 3 | 3 | 3 | 2 | 4 | 4 |
| Interest | 4 | 3 | 2 | 2 | 2 | 1 | 0 | 0 |
| Profit before tax | -46 | -100 | -46 | -32 | -39 | -40 | -22 | -24 |
| Tax rate | −0.9% | −1.1% | −0.5% | −1.1% | −1.5% | −3.8% | −4.3% | −5.9% |
| Net profit | -46 | -101 | -46 | -32 | -40 | -42 | -23 | -25 |
| EPS ($ per share) | -1.74 | — | -0.51 | -0.35 | -0.42 | — | -0.24 | -0.26 |
| Line item | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|
| Equity capital | — | 0 | — | — |
| Reserves | — | -867 | -1,106 | -1,266 |
| Total liabilities | — | 366 | 314 | 220 |
| Fixed assets | — | 97 | 57 | 39 |
| Total assets | — | 1,518 | 1,769 | 1,745 |
| Line item | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|
| Cash from operations | -121 | -40 | 37 | 110 |
| Cash from investing | -681 | -40 | -23 | -45 |
| Cash from financing | 889 | 24 | 280 | -79 |
| Net cash flow | 87 | -56 | 294 | -13 |
| Capital expenditure | -74 | -28 | -4 | -5 |
| Free cash flow | -195 | -68 | 33 | 105 |
TTAN revenue by segment
Usage Revenue grew from 23% to 25% of revenue over the last seven quarters.
| Segment | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|
| Subscription Revenue | 73% | 75% | 72% | 73% | 76% | 75% | 73% | +21.5% |
| Usage Revenue | 23% | 21% | 24% | 23% | 21% | 22% | 25% | +24.4% |
| Professional Services and Other Revenue | 4% | 4% | 4% | 4% | 3% | 3% | 3% | -12.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TTAN operating KPIs by quarter
| KPI | Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | Jul 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|---|
| Gross transaction volume (GTV) | $19.8BQ4 gross transaction volume, or GTV, was $19.8 billion, representing 16% year-over-year growth.Source: earnings call transcript | $21.7BQ1 gross transaction volume or GTV was $21.7 billion, representing 23% year-over-year growth.Source: earnings call transcript | $26.8BQ2 gross transaction volume, or GTV, was $26.8 billion, up 17% year-over-year.Source: earnings call transcript | +23.5% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
288 filings between Oct 20, 2025 and Sep 23, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$83.51M
233 sales by 7 insiders
48% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 8
- Award — granted as compensation
Also filed: 27 conversions, 18 other filings, 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Mahdessian Ara | — | $38.29M | Sep 17, 2026 |
| Kuzoyan Vahe | — | $22.28M | Sep 17, 2026 |
| Sherry David | — | $6.68M | Sep 17, 2026 |
| ICONIQ Strategic Partners V, L.P. | — | $6.00M | Jun 23, 2026 |
| Griffith William J.G. | — | $6.00M | Jun 23, 2026 |
| O'Connor Michele | — | $3.12M | Sep 23, 2026 |
| Deeter Byron B | — | $1.14M | Jul 17, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 23, 2026 | O'Connor Michele Chief Accounting Officer | Sale | 4,380 | $268.7K |
| Sep 17, 2026 | Mahdessian Ara Chief Executive Officer | Conversion | 3,148 | $0 |
| Sep 17, 2026 | Kuzoyan Vahe President | Conversion | 3,148 | $0 |
| Sep 17, 2026 | Mahdessian Ara Chief Executive Officer | Sale | 3,148 | $179.6K |
| Sep 17, 2026 | Sherry David Chief Financial Officer | Sale | 23,246 | $1.33M |
| Sep 17, 2026 | Kuzoyan Vahe President | Sale | 3,148 | $179.6K |
| Sep 17, 2026 | O'Connor Michele Chief Accounting Officer | Sale | 5,581 | $318.5K |
| Aug 14, 2026 | Sherry David Chief Financial Officer | Sale 10b5-1 plan | 6,305 | $572.7K |
| Aug 14, 2026 | Sherry David Chief Financial Officer | Sale 10b5-1 plan | 46 | $4.2K |
| Aug 14, 2026 | Sherry David Chief Financial Officer | Sale 10b5-1 plan | 2,649 | $240.6K |
| Aug 12, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 1,033 | $91.9K |
| Aug 12, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 1,180 | $105.0K |
| Aug 12, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 6,072 | $540.1K |
| Aug 12, 2026 | Kuzoyan Vahe President | Conversion 10b5-1 plan | 16,388 | $0 |
| Aug 12, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 804 | $71.5K |
| Aug 12, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 2,275 | $202.4K |
| Aug 12, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 2,137 | $190.1K |
| Aug 12, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 2,887 | $256.8K |
| Aug 11, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 7,146 | $634.9K |
| Aug 11, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 16,160 | $1.44M |
| Aug 11, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 2,913 | $258.8K |
| Aug 11, 2026 | Kuzoyan Vahe President | Conversion 10b5-1 plan | 114,732 | $0 |
| Aug 11, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 49,395 | $4.39M |
| Aug 11, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 35,402 | $3.15M |
| Aug 11, 2026 | Kuzoyan Vahe President | Sale 10b5-1 plan | 3,716 | $330.1K |
| Aug 4, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 17,167 | $1.46M |
| Aug 4, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 11,902 | $1.01M |
| Aug 4, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 3,445 | $292.4K |
| Aug 4, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 245 | $20.8K |
| Aug 4, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 5,528 | $469.3K |
| Aug 4, 2026 | Mahdessian Ara Chief Executive Officer | Conversion 10b5-1 plan | 38,287 | $0 |
| Aug 3, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 1,613 | $136.7K |
| Aug 3, 2026 | Mahdessian Ara Chief Executive Officer | Conversion 10b5-1 plan | 49,766 | $0 |
| Aug 3, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 3,271 | $277.2K |
| Aug 3, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 2,950 | $250.0K |
| Aug 3, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 26,473 | $2.24M |
| Aug 3, 2026 | Mahdessian Ara Chief Executive Officer | Sale 10b5-1 plan | 15,459 | $1.31M |
| Jul 17, 2026 | Deeter Byron B Director | Sale | 0 | $0 |
| Jul 16, 2026 | Deeter Byron B Director | Sale | 0 | $0 |
| Jul 15, 2026 | Sherry David Chief Financial Officer | Sale 10b5-1 plan | 132 | $10.5K |
| Jul 15, 2026 | Sherry David Chief Financial Officer | Sale 10b5-1 plan | 449 | $35.6K |
| Jul 15, 2026 | Sherry David Chief Financial Officer | Sale 10b5-1 plan | 442 | $35.1K |
| Jul 15, 2026 | Sherry David Chief Financial Officer | Sale 10b5-1 plan | 1,253 | $99.4K |
| Jul 15, 2026 | Deeter Byron B Director | Sale | 0 | $0 |
| Jul 14, 2026 | Deeter Byron B Director | Sale | 0 | $0 |
| Jul 13, 2026 | ICONIQ STRATEGIC PARTNERS II, L.P. 10% owner | Other | 121,522 | — |
| Jul 13, 2026 | ICONIQ STRATEGIC PARTNERS II, L.P. 10% owner | Other | 113,731 | — |
| Jul 13, 2026 | ICONIQ STRATEGIC PARTNERS II, L.P. 10% owner | Other | 93,636 | — |
| Jul 13, 2026 | ICONIQ STRATEGIC PARTNERS II, L.P. 10% owner | Other | 229,384 | — |
| Jul 13, 2026 | ICONIQ STRATEGIC PARTNERS II, L.P. 10% owner | Other | 435,948 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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