TTAN - Strong Beat & Raise in 1Q Driven by Max and Enterprise Momentum; Record Op Margins; Reiterate Buy

研报英文原文证据摘录

TTAN - Strong Beat & Raise in 1Q Driven by Max and Enterprise Momentum; Record Op Margins; Reiterate Buy

Truist Securities

Equity Research Report June 4, 2026

TMT: Application Software and ServiceTitan, Inc. (TTAN)

Agentic AI

TTAN - Strong Beat & Raise in 1Q Driven by Max and Enterprise

Terry Tillman Momentum; Record Op Margins; Reiterate Buy

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Terry.Tillman@truist.com

ServiceTitan reported a clean beat-and-raise 1Q, with GTV growing 23% y/y, rev increasing

Connor Passarella 25% y/y, and non-GAAP op margin surpassing 15%, all ahead of our estimates. We remain

212-326-6153 encouraged by momentum in the Max Program, where deployed locations more than

Connor.Passarella@truist.com doubled in 1Q and are expected to double again in 2Q. Enterprise traction also remained

strong, w/ customers above $100K in annualized billings representing over 60% of billings

Giancarlo Valle and continuing to be the fastest-growing segment. The company also raised its full-year

212-537-9006 outlook by more than the 1Q beat, reflecting continued execution across the biz. Reit. Buy

Giancarlo.Valle@Research.truist.com and raise PT to $110 (from $100) on increased multi-yr rev ests.

1QFY27 Results. Subscription revenue came in at $202.0 million and grew 24% y/y, higher

Stock Rating BUY than our estimate of $194.9 million. Usage revenue was $58.5 million and grew 29% y/y,

Unchanged also above our estimate of $53.2 million. Platform revenue came in at $260.6 million and

grew 25% y/y, above our estimate of $248.1 million. Services and other revenue was $8.3

Price Target $110.00 million and up 7% y/y, slightly ahead of our estimate of $8.2 million. Total revenue was $268.8

↑ million, which represented y/y growth of 24.6%, and was higher than our estimate of $256.3

from million.