ServiceTitan, Inc. Earnings Recaps
Q2 2027
Sep 10, 2026
ServiceTitan’s stock fell 35% after earnings, signaling that investors were more concerned about the company’s increased investment and shift toward Max than its reported 21% revenue growth and record free cash flow. The transcript points to broader-than-expected spending on Max and the software factory, with management emphasizing a future transition rather than near-term financial upside.
Key takeaways
- Fiscal Q2 revenue grew 21% year over year, while management reported record free cash flow.
- ServiceTitan increased investments in Max and its software factory in both absolute dollars and relative to its initial expectations for the year.
- Management is prioritizing existing trades and accelerating the shift toward Max, which CFO Dave Sherry was expected to discuss in terms of financial implications and mix effects.
- The company highlighted early Max customer results, including Delponte’s revenue growth of more than 45% year over year in Q2 2026 and an improved technician-to-admin ratio from 2:1 to 3:1.
- A leadership transition adds execution risk: CRO Ross Biestman is leaving his operating role after Q3, with Rikus Pretorius set to assume the CRO position in Q4.
Q4 2026
Mar 13, 2026
ServiceTitan delivered exceptional performance in Q4 FY 2026, with total revenue reaching $961 million, reflecting a 24% year-over-year growth driven by strong subscription performance and improved operational efficiencies.
Key takeaways
- Subscription revenue grew 26% year-over-year, underscoring the strong demand for ServiceTitan's solutions.
- Achieved 36% incremental operating margins and significant improvements in free cash flow.
- The rollout of the Max operating system has driven remarkable results for early adopters, including a 50% increase in average ticket size and significant EBITDA margin improvements.
- The company's focus on leveraging AI to optimize workflows is expected to enhance customer outcomes and operational efficiency further.
- With a robust annualized revenue run rate surpassing $1 billion, ServiceTitan is positioned for continued growth and innovation in the trades industry.