TTAN: FQ1 Results — A True Titan

研报英文原文证据摘录

TTAN: FQ1 Results — A True Titan

Equity Research

Earnings Revised — June 4, 2026

U.S. Software

ServiceTitan, Inc.

FQ1 Results — A True Titan Overweight

Price Target: $115.00

Notable Changes

Our Call $ (Jan) Current Prior % Chg

TTAN delivered a clean beat-and-raise quarter and provided encouraging updates across key Rev. (MM) 2027 1.14B 1.11B 2.1%

emerging drivers—Max adoption, Virtual Agents/AI and commercial. In our view, this should EPS 2027 1.18 1.13 4.5%

build investor confidence in growth durability. Keep OW and $115 PT.

Ticker TTAN

Off to a strong start — revenue topped guidance by ~4.5%, above recent trends. Upside/(Downside) to Target 54.7%

Revenue growth accelerated ~400bps to 25% YoY on $10M in net new subscription Price (06/04/2026) $74.33

revenue (up 65% YoY) and expanding usage take rates, as Ecosystem monetization & 52 Week Range $54.17 - 119.99

virtual agents continue to see momentum. GTV accelerated to 23% with ~300bps of

Market Cap (MM) $6,995

tailwinds from one extra business day (~150bps) and favorable weather (~150bps)—a

reversal from Q4 (~300bps headwinds) and a net ~100bps acceleration by our math. Enterprise Value (MM) $6,607

Average Daily Value (MM) $92

Steady beat & raise cadence continues. FY27 revs guidance was raised by $20M, or Dividend Yield 0.0%

$7M incremental to Q1's upside. This now implies 17.6-18.6% growth, up ~2pts from the

initial 15.5-16.5% (note FY26 ended up ~6% above initial guide). Q2 guidance of 17-18% $ (Jan) Q1 Q2 Q3 Q4 FY

growth was ahead of consensus at 16% YoY, which includes one extra business day (-1 Rev. (MM)

in Q3, = in Q4). We see numbers as reasonably set, leaving room for continued upside as 2026E 215.7 A 242.1 A 249.2 A 254.0 A 961.0 A

momentum across commercial, Max & virtual agents continues to layer in.