LOS ANGELES, Dec. 04, 2025 (GLOBE NEWSWIRE) -- ServiceTitan (NASDAQ: TTAN), the software platform that powers the trades, today announced financial results for the fiscal third quarter ended October 31, 2025.

“I am deeply humbled by how much progress we’ve made during our first year as a public company,” said Ara Mahdessian, Co-Founder and CEO. “While we’ve come a long way together, I have never been more confident that our opportunity to build the operating system for the trades is only just beginning.”

“We’re operating at a turning point for contractors,” said Vahe Kuzoyan, Co-Founder and President. “As we continue to make steady progress against each of our main business priorities this year, we are also leveraging our unique competitive advantages to democratize automation in the trades.”

Fiscal Third Quarter 2026 Financial and Operational Highlights:

	Fiscal Third Quarter 2026		Fiscal Third Quarter 2025
	(in millions, except percentages and GTV)
Gross transaction volume (“GTV”) (in billions)	$21.7		$17.8
YOY GTV growth	22	%	20	%

Total revenue	$249.2		$199.3
YOY revenue growth	25	%	24	%
Platform revenue	$239.6		$191.2
YOY platform revenue growth	25	%	26	%

GAAP loss from operations	($42.2	)	($44.0	)
Non-GAAP income from operations⁽¹⁾	$21.5		$1.6
Non-GAAP operating margin⁽¹⁾	8.6	%	0.8	%

GAAP net cash provided by operating activities	$43.8		$15.5
Non-GAAP free cash flow⁽¹⁾	$37.7		$10.6

Net dollar retention	> 110	%	> 110	%

_________________________
⁽¹⁾This press release uses non-GAAP financial measures that adjust GAAP financial measures for the impact of various items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “GAAP to Non-GAAP Reconciliation” below for additional information.

Fiscal Fourth Quarter and Fiscal Year 2026 Financial Outlook:
For fiscal fourth quarter 2026 and for the full fiscal year 2026, the Company currently expects:

	Fiscal Fourth Quarter 2026	Full Fiscal Year 2026
	(in millions)
Total revenue	$244 - $246	$951 - $953
Non-GAAP income from operations⁽²⁾	$16 - $17	$83 - $84

_________________________
⁽²⁾ ServiceTitan is not able, at this time, to provide an outlook for GAAP loss from operations or a reconciliation of expected non-GAAP income from operations to GAAP loss from operations for the fiscal fourth quarter 2026 or for the full fiscal year 2026 because of the difficulty of estimating certain items excluded from non-GAAP income from operations that cannot be reasonably calculated or predicted without unreasonable efforts. For example, charges related to stock-based compensation expense require additional inputs, such as the number and value of awards granted, that are not currently ascertainable.

Conference Call Information:
The financial results and business highlights will be discussed on a conference call and webcast scheduled at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Thursday, December 4, 2025. Online registration for this event conference call can be found here. The live webcast of the conference call can be accessed from ServiceTitan’s investor relations website at http://investors.servicetitan.com.

Following completion of the events, a webcast replay will also be available at http://investors.servicetitan.com for 12 months.

About ServiceTitan
ServiceTitan is the software platform that powers trades businesses. The company’s cloud-based, end-to-end solution gives contractors the tools they need to run and grow their business, manage their back office, and provide a stellar customer experience. By bringing an integrated SaaS platform to an industry historically underserved by technology, ServiceTitan is equipping tradespeople with the technology they need to keep the world running.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential” “predict,” “project,” “should,” “target,” or “will,” or the negative of these words or other similar terms or expressions that concern ServiceTitan’s expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding ServiceTitan’s financial outlook for total revenue and non-GAAP income from operations for fiscal fourth quarter 2026 and the full fiscal year ending January 31, 2026. ServiceTitan’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for fiscal second quarter 2025 ended July 31, 2025 as filed with the SEC on September 10, 2025, which should be read in conjunction with this press release and the financial results included herein. Additional information will be set forth in our Quarterly Report on Form 10-Q for fiscal third quarter 2026 ended October 31, 2025. The forward-looking statements in this release are based on information available to ServiceTitan as of the date hereof, and ServiceTitan undertakes no obligation to update any forward-looking statements, except as required by law.

Press Contact
Max Wertheimer
ServiceTitan, Inc.
press@servicetitan.com

Investor Contact
Jason Rechel
ServiceTitan, Inc.
investors@servicetitan.com

© 2025 ServiceTitan. All rights reserved. ServiceTitan, the ServiceTitan logo, and all ServiceTitan product and service names mentioned herein are registered trademarks or unregistered trademarks of ServiceTitan, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).

ServiceTitan, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
Revenue:
Platform	$	239,581		$	191,190		$	680,289		$	539,412
Professional services and other		9,582			8,085			26,689			23,185
Total revenue		249,163			199,275			706,978			562,597
Cost of revenue:
Platform		54,526			52,204			156,554			149,197
Professional services and other		18,297			17,126			54,339			50,649
Total cost of revenue		72,823			69,330			210,893			199,846
Gross profit		176,340			129,945			496,085			362,751
Operating expenses:
Sales and marketing		78,270			67,795			217,037			183,614
Research and development		78,522			65,935			220,727			186,997
General and administrative		61,774			40,263			184,855			122,226
Total operating expenses		218,566			173,993			622,619			492,837
Loss from operations		(42,226	)		(44,048	)		(126,534	)		(130,086	)
Other income (expense), net
Interest expense		(2,041	)		(3,974	)		(6,133	)		(12,324	)
Interest income		5,124			1,778			14,847			5,128
Other income (expense), net		217			185			903			395
Total other income (expense), net		3,300			(2,011	)		9,617			(6,801	)
Loss before income taxes		(38,926	)		(46,059	)		(116,917	)		(136,887	)
Provision for income taxes		601			401			1,199			1,264
Net loss		(39,527	)		(46,460	)		(118,116	)		(138,151	)
Accretion of non-convertible preferred stock		—			(14,652	)		—			(41,608	)
Net loss attributable to common stockholders	$	(39,527	)	$	(61,112	)	$	(118,116	)	$	(179,759	)
Net loss per share, basic and diluted	$	(0.42	)	$	(1.74	)	$	(1.29	)	$	(5.18	)
Weighted-average shares used in computing net loss per share, basic and diluted		93,273,982			35,094,547			91,794,072			34,690,079


Disaggregated Revenue
	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
Subscription	$	182,778		$	145,282		$	520,248		$	409,013
Usage		56,803			45,908			160,041			130,399
Platform revenue		239,581			191,190			680,289			539,412
Professional services and other		9,582			8,085			26,689			23,185
Total revenue	$	249,163		$	199,275		$	706,978		$	562,597

ServiceTitan, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)

	As of
	October 31,			January 31,
	2025			2025
Assets
Current assets:
Cash and cash equivalents	$	493,238		$	441,802
Restricted cash		210			711
Accounts receivable, net of allowance of $11,154 and $4,698 as of October 31, 2025 and January 31, 2025, respectively		52,488			44,469
Deferred contract costs, current		13,871			11,554
Contract assets		54,161			45,926
Prepaid expenses		25,343			24,791
Other current assets		4,701			3,513
Total current assets		644,012			572,766
Restricted cash, noncurrent		417			333
Deferred contract costs, noncurrent		13,452			10,608
Property and equipment, net		43,582			56,667
Operating lease right-of-use assets		20,831			24,025
Internal-use software, net		38,806			35,775
Intangible assets, net		187,777			214,952
Goodwill		860,250			845,836
Other assets		7,444			7,686
Total assets	$	1,816,571		$	1,768,648
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued expenses	$	47,347		$	40,182
Accrued personnel related expenses		73,954			80,160
Deferred revenue, current		18,793			16,803
Operating lease liabilities, current		13,196			12,996
Short-term debt		1,073			1,073
Other current liabilities		1,245			1,902
Total current liabilities		155,608			153,116
Operating lease liabilities, noncurrent		40,234			47,327
Long-term debt, net		103,592			104,014
Other noncurrent liabilities		12,217			9,607
Total liabilities		311,651			314,064
Commitments and contingencies

Stockholders' Equity
Preferred stock, par value $0.001, 100,000,000 shares authorized as of October 31, 2025 and January 31, 2025. No shares issued and outstanding as of October 31, 2025 and January 31, 2025		—			—
Class A common stock, par value $0.001, 1,000,000,000 shares authorized as of October 31, 2025 and January 31, 2025. 80,611,945 shares and 76,644,240 shares issued and outstanding as of October 31, 2025 and January 31, 2025, respectively		81			77
Class B common stock, par value $0.001, 100,000,000 shares authorized as of October 31, 2025 and January 31, 2025. 13,021,668 shares and 13,404,097 shares issued and outstanding as of October 31, 2025 and January 31, 2025, respectively		13			13
Class C common stock, par value $0.001, 100,000,000 shares authorized as of October 31, 2025 and January 31, 2025. No shares issued and outstanding as of October 31, 2025 and January 31, 2025		—			—
Additional paid-in capital		2,728,672			2,560,224
Accumulated deficit		(1,223,846	)		(1,105,730	)
Total stockholders' equity		1,504,920			1,454,584
Total liabilities and stockholders' equity	$	1,816,571		$	1,768,648

ServiceTitan, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
Cash flows provided by operating activities
Net loss	$	(39,527	)	$	(46,460	)	$	(118,116	)	$	(138,151	)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization expense		20,487			20,229			60,477			59,836
Amortization of deferred contract costs		3,862			2,971			10,802			8,364
Non-cash operating lease expense		(1,971	)		1,539			787			4,946
Stock-based compensation expense		49,660			25,426			142,716			69,050
Loss on impairment and disposal of assets		18			8,312			8,278			38,586
Change in valuation of contingent consideration		—			—			—			(135	)
Deferred income taxes		(398	)		133			927			1,254
Amortization of debt issuance costs		135			87			383			214
Provision for credit losses		2,093			976			7,360			2,816
Changes in operating assets and liabilities, net of effect of business acquisition:
Accounts receivable		(2,687	)		(2,480	)		(15,379	)		(13,563	)
Prepaid expenses and other current assets		6,966			6,614			(1,580	)		3,260
Deferred contract costs		(5,799	)		(4,802	)		(15,963	)		(10,511	)
Contract assets		(4,709	)		(2,186	)		(8,235	)		(4,635	)
Other assets		346			(875	)		1,031			(532	)
Accounts payable and other accrued expenses		3,951			(4,717	)		6,884			(4,434	)
Accrued personnel related expenses		15,709			12,505			(5,964	)		9,119
Operating lease liabilities		(241	)		(3,953	)		(6,407	)		(7,830	)
Other liabilities		(5,434	)		925			(244	)		1,421
Deferred revenue		1,319			1,290			1,793			2,551
Net cash provided by operating activities		43,780			15,534			69,550			21,626
Cash flows used in investing activities
Capitalized internal-use software		(4,106	)		(3,961	)		(15,508	)		(14,161	)
Purchase of property and equipment		(1,602	)		(1,002	)		(4,004	)		(2,803	)
Deposits for property and equipment		(371	)		—			(371	)		—
Acquisition of business, net of cash acquired		(19,781	)		—			(19,781	)		(1,184	)
Net cash used in investing activities		(25,860	)		(4,963	)		(39,664	)		(18,148	)
Cash flows provided by (used in) financing activities
Payment of contingent consideration		—			—			—			(300	)
Proceeds from exercise of stock options		4,101			1,093			22,537			4,307
Payment of debt arrangements		(268	)		(450	)		(805	)		(1,350	)
Payment of deferred initial public offering costs		—			(106	)		(599	)		(949	)
Shares repurchased for tax withholding for the settlement of restricted stock units		—			(5,398	)		—			(18,963	)
Net cash provided by (used in) financing activities		3,833			(4,861	)		21,133			(17,255	)
Net change in cash, cash equivalents, and restricted cash		21,753			5,710			51,019			(13,777	)
Cash, cash equivalents, and restricted cash
Beginning of period		472,112			129,376			442,846			148,863
End of period	$	493,865		$	135,086		$	493,865		$	135,086

Statement Regarding Use of Non-GAAP Financial Measures

In addition to our results prepared in accordance with GAAP, we believe non-GAAP gross profit and non-GAAP gross margin, in total and for platform, and professional services and other, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income (loss) and non-GAAP earnings per share (“EPS”) are useful in evaluating our operating performance.

These measures, however, have certain limitations in that they reflect the exercise of judgment by our management about which expenses are excluded or included and do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, our financial results determined in accordance with GAAP. We caution investors that amounts presented in accordance with our definition of non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income (loss) and non-GAAP EPS may not be comparable to similar measures disclosed by other companies because not all companies and analysts calculate these measures in the same manner.

For the reasons set forth below, we believe that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.

Stock-based compensation expense and related employer payroll taxes. We exclude stock-based compensation expense, including the performance-based RSUs granted to our Co-Founders, and related employer payroll taxes to allow investors to make more meaningful comparisons of our performance between periods and to facilitate a comparison of our performance to those of other peer companies. Stock-based compensation may vary between periods due to various factors unrelated to our core performance, including as a result of the assumptions used in the valuation methodologies, timing and amount of grants and other factors. We exclude employer payroll taxes because the amounts vary based on timing and settlement or vesting of awards unrelated to our core operating performance. Moreover, stock-based compensation expense is a non-cash expense that we exclude from our internal management reporting processes and when assessing our actual performance, budgeting, planning, and forecasting future periods.
Amortization of acquired intangible assets. We incur amortization expense for acquired intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of acquired intangible assets is a non-cash expense that is significantly affected by the timing and size of acquisitions, and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred, we exclude the amortization expense from our internal management reporting processes. We exclude these charges when assessing our actual performance and when budgeting, planning, and forecasting future periods. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well.
Restructuring charges. To better align our strategic priorities with our investments, we implemented workforce reductions in fiscal 2025. In connection with these reductions, we incurred employee-related expenses including severance and other termination benefits. We excluded these charges when assessing our actual performance and when budgeting, planning and forecasting future periods.
Loss on operating lease assets. We have incurred impairments on certain right-of-use assets and other long-lived assets. We believe that it is useful to exclude these charges when assessing the level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. In addition, we believe excluding such costs enhances the comparability between periods.
Acquisition-related items. We have incurred costs related to acquisitions, including legal, third-party valuation and due diligence, insurance costs, and one-time retention bonuses for employees of acquired companies. In addition, we periodically record the change to the fair value of contingent consideration related to past acquisitions. We exclude these items when assessing our actual performance and when budgeting, planning and forecasting future periods. We believe excluding these items allows investors to make meaningful comparisons between our core operating results and those of other peer companies.

Non-GAAP EPS

We define non-GAAP basic EPS as non-GAAP net income (loss) divided by weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic. We define non-GAAP diluted EPS as non-GAAP net income divided by weighted-average shares outstanding giving effect to the weighted average of all potentially dilutive common stock equivalents outstanding for the period including options to purchase common stock, restricted stock units, and acquisition indemnity shares withheld. The dilutive effect of outstanding awards is reflected in non-GAAP diluted earnings per share by application of the treasury method.

Free Cash Flow

We define free cash flow as GAAP net cash provided by (used in) operating activities less cash used for investing activities for capitalized internal use software and less cash paid for purchases of, and deposits for, property and equipment. We believe that free cash flow is a meaningful indicator of our sources of liquidity and capital requirements that provides information to management and investors in evaluating the cash flow trends of our business. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. Free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Other companies may calculate free cash flow or similarly titled non-GAAP measures differently, which could reduce the usefulness of free cash flow as a tool for comparison. In addition, free cash flow does not reflect mandatory debt service and other non-discretionary expenditures that are required to be made under contractual commitments and does not represent the total increase or decrease in our cash balance for any given period.

ServiceTitan, Inc.
GAAP to Non-GAAP Reconciliations
(unaudited)

Non-GAAP Gross Profit and Non-GAAP Gross Margin

	Platform				Professional Services and Other						Total
	Three Months Ended October 31,				Three Months Ended October 31,						Three Months Ended October 31,
	2025		2024		2025			2024			2025		2024
	(in thousands)
GAAP gross profit	$	185,055	$	138,986	$	(8,715	)	$	(9,041	)	$	176,340	$	129,945
Stock-based compensation expense and related employer payroll taxes		1,483		1,634		1,357			1,159			2,840		2,793
Amortization of acquired intangible assets		5,581		5,533		334			334			5,915		5,867
Loss on operating lease assets		—		1,189		—			563			—		1,752
Non-GAAP gross profit	$	192,119	$	147,342	$	(7,024	)	$	(6,985	)	$	185,095	$	140,357

	Platform						Professional Services and Other						Total
	Three Months Ended October 31,						Three Months Ended October 31,						Three Months Ended October 31,
	2025			2024			2025			2024			2025			2024
GAAP gross margin		77.2	%		72.7	%		(91.0	)%		(111.8	)%		70.8	%		65.2	%
Stock-based compensation expense and related employer payroll taxes		0.6	%		0.9	%		14.2	%		14.3	%		1.1	%		1.4	%
Amortization of acquired intangible assets		2.3	%		2.9	%		3.5	%		4.1	%		2.4	%		2.9	%
Loss on operating lease assets		0.0	%		0.6	%		0.0	%		7.0	%		0.0	%		0.9	%
Non-GAAP gross margin*		80.2	%		77.1	%		(73.3	)%		(86.4	)%		74.3	%		70.4	%

* Totals may not foot due to rounding.

	Platform				Professional Services and Other						Total
	Nine Months Ended October 31,				Nine Months Ended October 31,						Nine Months Ended October 31,
	2025		2024		2025			2024			2025		2024
	(in thousands)
GAAP gross profit	$	523,735	$	390,215	$	(27,650	)	$	(27,464	)	$	496,085	$	362,751
Stock-based compensation expense and related employer payroll taxes		4,365		4,161		4,105			3,165			8,470		7,326
Amortization of acquired intangible assets		16,647		16,369		1,002			1,452			17,649		17,821
Restructuring charges		—		386		—			129			—		515
Loss on operating lease assets		960		5,390		751			2,556			1,711		7,946
Non-GAAP gross profit	$	545,707	$	416,521	$	(21,792	)	$	(20,162	)	$	523,915	$	396,359

	Platform						Professional Services and Other						Total
	Nine Months Ended October 31,						Nine Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024			2025			2024
GAAP gross margin		77.0	%		72.3	%		(103.6	)%		(118.5	)%		70.2	%		64.5	%
Stock-based compensation expense and related employer payroll taxes		0.6	%		0.8	%		15.4	%		13.7	%		1.2	%		1.3	%
Amortization of acquired intangible assets		2.4	%		3.0	%		3.8	%		6.3	%		2.5	%		3.2	%
Restructuring charges		0.0	%		0.1	%		0.0	%		0.6	%		0.0	%		0.1	%
Loss on operating lease assets		0.1	%		1.0	%		2.8	%		11.0	%		0.2	%		1.4	%
Non-GAAP gross margin*		80.2	%		77.2	%		(81.7	)%		(87.0	)%		74.1	%		70.5	%

* Totals may not foot due to rounding.

Non-GAAP Sales and Marketing Expense

	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
	(in thousands)
GAAP sales and marketing expense	$	78,270		$	67,795		$	217,037		$	183,614
Stock-based compensation expense and related employer payroll taxes		(6,818	)		(4,132	)		(20,080	)		(11,776	)
Amortization of acquired intangible assets		(5,466	)		(5,606	)		(16,496	)		(16,662	)
Restructuring charges		—			—			—			(292	)
Loss on operating lease assets		—			(1,467	)		(1,765	)		(6,900	)
Non-GAAP sales and marketing expense	$	65,986		$	56,590		$	178,696		$	147,984

Non-GAAP Research and Development Expense

	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
	(in thousands)
GAAP research and development expense	$	78,522		$	65,935		$	220,727		$	186,997
Stock-based compensation expense and related employer payroll taxes		(14,875	)		(10,451	)		(39,841	)		(28,060	)
Acquisition-related items		—			—			—			(250	)
Restructuring charges		—			—			—			(991	)
Loss on operating lease assets		—			(1,468	)		(1,679	)		(6,711	)
Non-GAAP research and development expense	$	63,647		$	54,016		$	179,207		$	150,985

Non-GAAP General and Administrative Expense

	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
	(in thousands)
GAAP general and administrative expense	$	61,774		$	40,263		$	184,855		$	122,226
Stock-based compensation expense and related employer payroll taxes		(13,178	)		(8,408	)		(41,655	)		(23,600	)
Stock-based compensation expense - Co-Founders performance based RSUs		(13,515	)		—			(40,104	)		—
Acquisition-related items		(1,121	)		(6	)		(1,121	)		(1,933	)
Restructuring charges		—			—			—			(698	)
Loss on operating lease assets		—			(3,660	)		(2,877	)		(16,958	)
Non-GAAP general and administrative expense	$	33,960		$	28,189		$	99,098		$	79,037

Non-GAAP Income from Operations and Non-GAAP Operating Margin

	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
	(in thousands)
GAAP loss from operations	$	(42,226	)	$	(44,048	)	$	(126,534	)	$	(130,086	)
Stock-based compensation expense and related employer payroll taxes		37,711			25,784			110,046			70,762
Stock-based compensation expense - Co-Founders performance based RSUs		13,515			—			40,104			—
Amortization of acquired intangible assets		11,381			11,473			34,145			34,483
Restructuring charges		—			—			—			2,496
Acquisition-related items		1,121			6			1,121			2,183
Loss on operating lease assets		—			8,347			8,032			38,515
Non-GAAP income from operations	$	21,502		$	1,562		$	66,914		$	18,353

	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
GAAP operating margin		(16.9	)%		(22.1	)%		(17.9	)%		(23.1	)%
Stock-based compensation expense and related employer payroll taxes		15.1	%		12.9	%		15.6	%		12.6	%
Stock-based compensation expense - Co-Founders performance based RSUs		5.4	%		0.0	%		5.7	%		0.0	%
Amortization of acquired intangible assets		4.6	%		5.8	%		4.8	%		6.1	%
Restructuring charges		0.0	%		0.0	%		0.0	%		0.4	%
Acquisition-related items		0.4	%		0.0	%		0.2	%		0.4	%
Loss on operating lease assets		0.0	%		4.2	%		1.1	%		6.8	%
Non-GAAP operating margin*		8.6	%		0.8	%		9.5	%		3.3	%

* Totals may not foot due to rounding.

Non-GAAP Net Income (Loss)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
	(in thousands)
GAAP net loss	$	(39,527	)	$	(46,460	)	$	(118,116	)	$	(138,151	)
Stock-based compensation expense and related employer payroll taxes		37,711			25,784			110,046			70,762
Stock-based compensation expense - Co-Founders performance based RSUs		13,515			—			40,104			—
Amortization of acquired intangible assets		11,381			11,473			34,145			34,483
Restructuring charges		—			—			—			2,496
Acquisition-related items		1,121			6			1,121			2,183
Loss on operating lease assets		—			8,347			8,032			38,515
Income tax effects related to the above adjustments⁽³⁾		(387	)		(298	)		(776	)		(1,207	)
Non-GAAP net income (loss)	$	23,814		$	(1,148	)	$	74,556		$	9,081

⁽³⁾ This amount represents adjustments for the current and deferred income tax effects on non-GAAP net income (loss) for the impact of the non-GAAP adjustments above.

Non-GAAP EPS

	Three Months Ended October 31, 2025 ⁽⁴⁾			Nine Months Ended October 31, 2025 ⁽⁴⁾
	(in thousands, except share and per share amounts)
Numerator
Non-GAAP net income	$	23,814		$	74,556

Denominator
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic		93,273,982			91,794,072
Effect of dilutive securities: Stock-based awards		6,390,073			7,490,925
Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted		99,664,055			99,284,997

GAAP net loss per share, basic and diluted	$	(0.42	)	$	(1.29	)
Non-GAAP net income per share, basic	$	0.26		$	0.81
Non-GAAP net income per share, diluted	$	0.24		$	0.75

⁽⁴⁾ServiceTitan has not provided prior year non-GAAP EPS for the comparative three and nine month periods ended October 31, 2024 because it does not believe such disclosure would provide meaningful supplemental information regarding an EPS trend due to the redeemable convertible preferred stock that was outstanding prior to our IPO.

Free Cash Flow

	Three Months Ended October 31,						Nine Months Ended October 31,
	2025			2024			2025			2024
	(in thousands)
GAAP net cash provided by operating activities	$	43,780		$	15,534		$	69,550		$	21,626
Capitalized internal-use software		(4,106	)		(3,961	)		(15,508	)		(14,161	)
Purchase of property and equipment		(1,602	)		(1,002	)		(4,004	)		(2,803	)
Deposits for property and equipment		(371	)		—			(371	)		—
Non-GAAP free cash flow	$	37,701		$	10,571		$	49,667		$	4,662