TTAN

ServiceTitan is the leading vertical-software platform for the trades (HVAC, plumbing, electrical and other home/commercial-services businesses), and FY2026 shows the classic profile of a high-quality SaaS compounder scaling toward profitability. Revenue grew 24.5% to $961M with gross profit up 34.5% to $674M, lifting gross margin to an excellent 70.1% — evidence of strong pricing power and a sticky, mission-critical platform. The multi-year ramp is steady and rapid, from $468M of revenue in FY2023 to $961M in FY2026.

The profitability trajectory is the key positive. While the company is still GAAP-unprofitable — net loss of $160M and operating loss of $169M — losses are narrowing meaningfully (net loss improved 33.1% year over year, EPS loss narrowed to $1.73), and operating cash flow inflected strongly positive to $110M (up 197.2%) on negligible capex of $4.70M, so the business is now generating free cash flow even as GAAP earnings lag. R&D investment remains heavy at $303M (up 15.0%), funding continued product expansion and the land-and-expand motion. The balance sheet is pristine: no debt, $429M cash, $1.53B equity and liabilities/equity of just 0.14x, giving ample runway without dilution pressure.