ServiceTitan (TTAN) Q4 2025 earnings summary

Executive summary

• FY25 revenue grew 26% year-over-year to $772M, with Q4 revenue up 29% to $209.3M, and platform revenue rising 27% for the year.

• Gross Transaction Volume (GTV) for Q4 was $17B, up 26% year-over-year; FY25 GTV totaled $68.5B, up 23% year-over-year.

• Net dollar retention exceeded 110% in Q4 and each quarter of FY25; gross dollar retention was over 95% for the year.

• Non-GAAP net income reached $16.5M for FY25, a turnaround from a $27.4M loss in FY24; GAAP net loss for FY25 was ($239.1M).

• Completed IPO, resulting in increased cash and changes to capital structure.

Financial highlights

• Q4 usage revenue was $43.4M (+26% YoY), subscription revenue $157M (+31% YoY), and professional services $9.2M.

• Q4 platform gross margin was 77% (+30bps YoY); total gross margin 70.2% (+80bps YoY); non-GAAP gross margin improved to 70% for FY25.

• Q4 operating income was $6.9M (3.3% margin, +200bps YoY); non-GAAP income from operations was $25.2M for FY25.

• Cash and equivalents totaled $442M at year-end; free cash flow was $15.5M for FY25, up from ($84.3M) in FY24.

• 9,500 active customers at year-end, up 18% YoY.

Outlook and guidance

• FY26 revenue guidance: $895M–$905M; operating income: $48M–$53M; Q1 FY26 revenue guidance: $207M–$209M, operating income: $12M–$13M.

• Long-term non-GAAP operating margin target is 25%, with focus on incremental margin expansion.

• Q1 FY26 will have one fewer business day, a 150bps headwind to GTV and usage revenue growth.