ServiceTitan (NASDAQ: TTAN) Surges After Q3 Earnings Beat and Wave of Analyst Calls on December 5, 2025

ServiceTitan, Inc. (NASDAQ: TTAN) jumped sharply on Friday, December 5, 2025, as investors reacted to its first fiscal third‑quarter report since going public and a flurry of fresh analyst price‑target changes. The home‑services software specialist beat Wall Street expectations on both revenue and earnings, boosted cash flow, and reinforced its long‑term growth story built around AI‑driven tools for contractors. ^[1]

Roughly one year after its December 2024 IPO at $71 per share—which saw the stock surge about 42% on its first trading day and value the company near $9 billion—ServiceTitan stock is again back in the spotlight. ^[2]

ServiceTitan stock today: double‑digit move and a $10 billion market cap

Following Thursday’s after‑hours reaction to earnings, ServiceTitan shares continued climbing into Friday’s session. Data from StockTitan shows TTAN recently trading around $107–$108 per share, up roughly 12% from the prior close near $95.6, with the intraday range stretching from $95.00 to $107.97. That price action pushed the company’s market capitalization to about $10.0 billion, with trading volume running well above its recent average. ^[3]

Fundamentally, ServiceTitan remains a high‑growth but still unprofitable software name. Over the last twelve months, the company generated roughly $916 million in revenue and posted a net loss of about $298 million, according to StockAnalysis. With a market cap around $10.2 billion, that implies a price‑to‑sales ratio of roughly 11x trailing revenue, and a forward P/E above 100 based on consensus earnings estimates. ^[4]

Q3 fiscal 2026: revenue, EPS and cash flow beat expectations

ServiceTitan’s latest rally is rooted in a textbook “double beat.”

For the fiscal third quarter 2026, covering the period ended October 31, 2025, the company reported: ^[5]

Total revenue: $249.2 million, up 25% year over year, and ahead of analyst expectations around $243 million.
Gross Transaction Volume (GTV): $21.7 billion, up 22% year over year, reflecting the total value of jobs flowing through the platform.
Non‑GAAP EPS: $0.24, beating consensus forecasts around $0.15–$0.16 by roughly 50–60%.
Platform revenue: about $239.6 million, driven by subscription and usage fees.
Subscription revenue: $182.8 million, up 26% year over year.
Usage revenue: $56.8 million, up 24% year over year.
Platform gross margin: roughly 80%, expanding more than 3 percentage points versus the prior year.

While ServiceTitan still reports losses on a GAAP basis, underlying profitability trends are moving in the right direction: ^[6]

GAAP loss from operations: –$42.2 million (slightly improved from –$44.0 million a year ago).
Non‑GAAP income from operations: $21.5 million, up from just $1.6 million in the year‑ago quarter.
Non‑GAAP operating margin: 8.6%, versus 0.8% a year earlier.
Operating cash flow: $43.8 million.
Non‑GAAP free cash flow: $37.7 million, more than tripling year over year.

Management also highlighted net dollar retention above 110%, meaning existing customers are, on average, spending more each year on the platform even after accounting for churn—an important indicator of product stickiness in subscription software. ^[7]

Guidance and 2026 outlook: growth still in the mid‑20% range

Alongside the Q3 beat, ServiceTitan issued guidance for the current quarter and full fiscal year 2026: ^[8]

Q4 FY2026 revenue: $244–$246 million.
FY2026 revenue: $951–$953 million.
Non‑GAAP income from operations:
- Q4: $16–$17 million
- Full year: $83–$84 million

For context, ServiceTitan generated about $771.9 million in revenue in its prior fiscal year, implying revenue growth of roughly 23–24% for FY2026 at the midpoint of guidance. ^[9]

The guide is only slightly below some prior top‑line estimates but confirms that management expects high‑teens to mid‑20% growth to continue while steadily expanding non‑GAAP margins and free cash flow.

Analyst reactions on December 5: targets drift higher despite one cut

Friday has turned into a busy day on the analyst front, with multiple firms updating their views after the earnings release:

Piper Sandler maintained an “Overweight” rating but trimmed its price target from $155 to $140, citing updated assumptions while still seeing meaningful upside from current levels. ^[10]
Morgan Stanley kept an “Equal‑Weight” rating and raised its target from $118 to $125, a roughly 6% bump that reflects a cautiously constructive stance. ^[11]
BMO Capital moved from defense back to offense, raising its price target from $115 to $125 and reiterating an “Outperform” rating after the strong quarter. ^[12]
Truist Securities reiterated a “Buy” rating and $130 target, describing ServiceTitan’s quarter as showing “strong profitable growth in 3Q.” ^[13]
TD Cowen went further out on the optimism spectrum, lifting its target from $150 to $160 while keeping a “Buy” rating. The firm noted that the new target implies more than 50% upside from prices earlier in Friday’s session. ^[14]

These moves build on earlier upgrades and initiations: Stifel, Wells Fargo, Canaccord Genuity and others had already raised price targets into the $140–$145 range following ServiceTitan’s Pantheon 2025 product event in September, while maintaining bullish ratings. ^[15]

Consensus forecasts: mid‑$130s target, broadly bullish ratings

Across major data providers, the 12‑month consensus price target for TTAN clusters in the mid‑$130s, with the most recent snapshots showing:

Investing.com: ~$135.9 average target, high $155, low $115, based on 15 analysts; consensus rating: “Buy”. ^[16]
StockAnalysis:$135.53 average target from 17 analysts, implying roughly 25% upside from recent prices and an overall “Buy” rating. ^[17]
MarketScreener:$136.07 average target, with a high of $160 and low of $115; consensus labeled simply “Buy.” ^[18]
MarketBeat: consensus target around $131.73, representing nearly 38% upside from a recent price of $95.59, with a consensus rating of “Moderate Buy” (1 strong buy, 15 buys, 4 holds, 1 sell). ^[19]
GuruFocus (analyst aggregation): average target $134.20 from 16 analysts, implying roughly 30–40% upside depending on the reference price; the average brokerage recommendation around 2.1 on a 1–5 scale, equivalent to “Outperform.” ^[20]

Taken together, the Street remains broadly bullish on ServiceTitan stock: upside estimates typically sit between the low‑$120s and mid‑$150s, with only a small minority of neutral or negative ratings.

Institutional investors are quietly loading up on TTAN

Recent regulatory filings also show increasing institutional interest in ServiceTitan:

JPMorgan Chase & Co. boosted its position in TTAN by more than 300,000% in the second quarter, now holding about 1.32 million shares—roughly 1.46% of the company, valued near $142 million at the time of filing. ^[21]
Seven Grand Managers LLC increased its stake by about 260%, to 270,000 shares worth roughly $28.9 million, representing around 3.5% of that fund’s portfolio and about 0.3% of ServiceTitan’s shares outstanding. ^[22]
Quantbot Technologies LP initiated a new stake of 178,634 shares, valued at roughly $19.2 million, making ServiceTitan one of its larger positions. ^[23]

MarketBeat’s news feed also highlights a steady stream of other institutions—Franklin Resources, Jefferies Financial Group, Quadrature Capital, Sumitomo Mitsui Financial Group and others—taking new or larger positions in TTAN during 2025. ^[24]

Institutional accumulation is not a guarantee of future performance, but it does suggest that many professional investors are willing to underwrite ServiceTitan’s current valuation in exchange for its growth prospects.

Product roadmap: AI, payments and vertical expansion

Behind the numbers, the strategic story that analysts and institutions are betting on is increasingly centered on AI and workflow expansion across the trades:

At its Pantheon 2025 user conference, ServiceTitan unveiled a wave of product expansions across automation, AI, financial tools, construction workflows and CRM. A flagship announcement was Atlas, an AI‑powered layer designed to sit across the platform and automate tasks ranging from dispatch and scheduling to marketing optimization and customer communications. ^[25]
The company announced a deal to acquire Conduit Tech, an HVAC design and sales platform that uses LiDAR‑based scanning and 3D visualizations to produce permit‑ready load calculations. The acquisition is expected to close in fiscal Q3 2026 and is intended to make ServiceTitan more central to complex HVAC system design and sales workflows. ^[26]
A partnership with Verisk’s Xactimate will integrate ServiceTitan with one of the insurance industry’s most widely used estimating tools, particularly for roofing and exterior contractors, helping eliminate double entry and streamline claims‑related work. ^[27]
Through a new multi‑year partnership, Affirm becomes ServiceTitan’s first “buy now, pay later” partner, embedding pay‑over‑time options directly into ServiceTitan’s payments stack so contractors can offer homeowners flexible installment plans on large jobs. ^[28]

These moves are core to the bull case: they deepen ServiceTitan’s role as the operating system for the trades, add incremental revenue opportunities (payments, financing, more usage volume), and make the platform harder to rip out once adopted.

Valuation check: high‑growth, high‑multiple

At roughly 11x trailing sales and with a forward P/E north of 100, ServiceTitan trades at what most investors would consider a premium software multiple. ^[29]

That said, several independent equity research pieces have argued that the valuation is at least partly justified by: ^[30]

A large and still under‑digitized addressable market in residential and commercial trades.
Net dollar retention consistently above 110%, indicating strong upsell and cross‑sell dynamics.
Strong GTV growth, which can support ongoing monetization through payments, financing and add‑on modules.
The potential for margin expansion as the company scales and stock‑based compensation normalizes.

Investors who are comfortable with richly valued SaaS names may see TTAN as a classic “growth at a premium” story. More value‑oriented investors are likely to focus on the gap between GAAP losses and non‑GAAP profitability, and the reliance on stock‑based compensation adjustments.

Key risks: not just an upside story

Even after a strong quarter, there are meaningful risks around ServiceTitan stock that investors should keep in view:

Persistent GAAP losses: The company remains loss‑making on a GAAP basis, and non‑GAAP metrics exclude sizable stock‑based compensation. ^[31]
Execution and integration risk: Integrating acquisitions like Conduit Tech and delivering on ambitious AI initiatives such as Atlas will require sustained investment and flawless execution. ^[32]
Macroeconomic sensitivity: While trades have some counter‑cyclical elements (e.g., emergency repairs), large remodels and commercial projects can be sensitive to interest rates and broader economic conditions.
Competition and pricing power: Vertical SaaS is increasingly crowded; rivals and new entrants could pressure pricing or force higher R&D and sales expenses.
Valuation risk: With the stock already discounting years of high‑teens to mid‑20% growth, any slowdown in revenue, GTV, or margin expansion could trigger outsized share‑price volatility.

Short interest appears relatively low—about 1.8% of float with a modest days‑to‑cover ratio—suggesting the current move is driven more by fundamental re‑rating than by a short squeeze. ^[33]

Bottom line: what December 5 means for ServiceTitan stock

On December 5, 2025, the market’s verdict on ServiceTitan’s latest quarter is clear:

Revenue growth near 25%, a clean beat on EPS, rising cash flow, and reaffirmed guidance have helped restore confidence after a volatile first year as a public company. ^[34]
Analysts remain broadly positive, with new and reaffirmed targets between $125 and $160 and consensus forecasts centered around the mid‑$130s. ^[35]
Institutional investors are adding exposure, reinforcing the perception of ServiceTitan as a long‑term category leader in vertical software for the trades. ^[36]

At the same time, the stock’s premium valuation, continuing GAAP losses, and ambitious AI‑driven roadmap mean TTAN is still a higher‑risk, higher‑reward proposition, not a conservative value play.

For readers following ServiceTitan stock, December 5 marks an important checkpoint: the company has shown it can beat expectations, generate cash, and sustain growth above 20% in its first year as a public company. Whether that justifies buying, holding, or avoiding TTAN depends on each investor’s risk tolerance, time horizon, and view on high‑multiple software names. This article is for information and analysis only and is not investment advice; anyone considering an investment should perform their own research or consult a qualified financial adviser.