ServiceTitan reported an encouraging start to FY2026 (QQ1 2026), delivering solid top-line growth and expanding margins while continuing to invest in AI-native capabilities and trade-specific workflows. Total revenue reached $215.7 million, up 27% year over year, driven primarily by a 29% increase in subscription revenue to $162.7 million and a 22% rise in usage revenue to $45.3 million, with total platform revenue (subscription + usage) up 27% YoY to about $208 million. GTV rose 22% YoY to $17.7 billion, underscoring healthy adoption across residential and commercial customers, and net dollar retention exceeded 110% in the quarter, signaling durable core expansion. Platform gross margin expanded roughly 300 basis points YoY to 79.7%, while total gross margin rose about 390 basis points to 73.6%, aided by a reallocation of certain customer success expenses and ongoing platform efficiency gains. Despite the revenue strength, GAAP net income was negative (approximately -$46.3 million) driven by higher other income/expense items; management framed the period as a “marathon” with a longer-term path to profitability, emphasizing non-GAAP operating margin advancement toward a 25% target. Operating income reached $49.5 million with an operating margin of about 22.97% per reported numbers, but management highlighted a strong quarterly margin trajectory and cited favorable spend timing in Q1. Management reaffirmed FY26 guidance: Q2 revenue of $228–$230 million and full-year revenue of $910–$920 million, with operating income of $54–$59 million, foreseeing seasonality (Q2 typically stronger due to weather and usage mix). The company remains focused on four growth pillars—enterprise, Pro, commercial, and roofing—and is accelerating AI-native products (Field Assist, Contact Center Pro) and operational automation to sustain long-term margin expansion and durable growth. The cash position remains robust (net cash position after debt) with ~-$15.9M free cash flow in QQ1, setting a foundation for continued investment in product and go-to-market initiatives. Investors should monitor GTV trends, Pro product adoption, commercial bookings and go-lives, AI product monetization and the seasonality-driven cadence of revenues and margins through FY26 and beyond.