ServiceTitan Q2 Revenue Jumps 21% as Max AI Adoption Accelerates

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ServiceTitan reported 21% year-over-year revenue growth in Q2 FY2027 to $292.8 million, beating analyst expectations of $285.9 million, as adoption of its Max operating system emerged as a key growth driver. Subscription revenue rose 22% to $212.4 million and usage revenue climbed 24% to $72.1 million, while non-GAAP operating income reached $44.4 million, lifting the margin to 15.2% from 12.1% a year earlier, and free cash flow rose 47% to $50.5 million. The company surpassed its goal of doubling Max-enrolled locations in the quarter and expects over 700 enrolled locations by the end of the fiscal year, with Virtual Agent revenue and call volume more than doubling sequentially and over 30 agentic capabilities now native to Max. ServiceTitan guided FY 2027 revenue to between $1.139 billion and $1.144 billion and non-GAAP operating income to between $152 million and $154 million, though it flagged $2 million to $3 million of subscription-revenue headwinds in the second half from Max revenue-recognition timing and about $2 million of professional-services impact from waived onboarding fees. TD Cowen cut its price target to $100 from $125 while maintaining a Buy rating, noting that gross transaction value rose 17% to $26.8 billion, roughly 200 basis points below recent quarters, and that Q3 revenue guidance of $285 million to $287 million came in marginally below analyst expectations.

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