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ServiceTitan cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$56.9M in Q2 FY27 · $137M over twelve months

Operating cash flow$58.0M
Capital spending−$1.1M
Free cash flow+$56.9M
Cash conversion cycle0 days

Analysis

In Q2 FY27, ServiceTitan generated $58.0M of operating cash flow and spent $1.1M on capital projects, leaving free cash flow of $56.9M. That is $17.7M more than in Q2 FY26 ($39.2M).

Over the twelve months to Jul 31, 2026, operating cash flow was $141M; the largest uses were other financing ($106M), other investing ($42.6M), capital spending ($4.0M); besides operations, cash came from shares issued ($20.1M); the cash balance rose by $7.8M.

Operating cash flow was $58.0M against net income of −$24.9M. The largest differences: stock-based pay +$60.6M, depreciation & amortization +$19.9M, receivables −$8.0M.

Its cash conversion cycle was 0 days (receivables 21 + inventory 0 − payables 21).

Free cash flow

ServiceTitan: free cash flow by quarterServiceTitan: free cash flow by quarter$14.5MQ3 FY25$14.4MQ4 FY25−$15.9MQ1 FY26$39.2MQ2 FY26$42.2MQ3 FY26$39.9MQ4 FY26−$2.2MQ1 FY27$56.9MQ2 FY27
Operating cash flow less capital spending.
ServiceTitan: operating cash flow against capital spendingServiceTitan: operating cash flow against capital spendingOperating cash flowCapital spending$15.5M$1.0MQ3 FY25$15.4M$997KQ4 FY25−$14.6M$1.3MQ1 FY26$40.3M$1.1MQ2 FY26$43.8M$1.6MQ3 FY26$40.6M$700KQ4 FY26−$1.6M$596KQ1 FY27$58.0M$1.1MQ2 FY27
Latest (Q2 FY27): Operating cash flow $58.0M, Capital spending $1.1M.

Capital allocation, year by year

ServiceTitan: where the cash came from (up) and went (down), by fiscal yearServiceTitan: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY23: Operating cash flow −$121MFY23: Net borrowing $905MFY23: Shares issued $6.8MFY23: Capital spending −$74.0MFY23: Acquisitions −$590M$912MFY23FY24: Operating cash flow −$39.7MFY24: Net borrowing −$1.4MFY24: Shares issued $9.7MFY24: Capital spending −$28.4M$9.7MFY24FY25: Operating cash flow $37.1MFY25: Net borrowing −$71.6MFY25: Shares issued $690MFY25: Capital spending −$3.8MFY25: Acquisitions −$1.2M$727MFY25FY26: Operating cash flow $110MFY26: Net borrowing −$107MFY26: Shares issued $28.8MFY26: Capital spending −$4.7MFY26: Acquisitions −$19.8M$139MFY26
Over these 4 years operating cash flow totalled −$13.3M; the largest uses were acquisitions ($611M) and net borrowing ($180M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$480M
Debtnone
Net cash$480M
Due within a year$1.1M

ServiceTitan funds itself: free cash flow was $137M over the last twelve months, with $480M of cash and investments and no debt on the balance sheet ($1.1M due within a year, 446.9× covered by cash).

ServiceTitan: debt maturities by year (FY25)ServiceTitan: debt maturities by year (FY25)$1.1MYear 1$1.1MYear 2$105MYear 3
Principal due in each year as disclosed in the annual report, against $480M of cash and investments now.

Where the cash came from and went

ServiceTitan: sources (+) and uses (−) of cash, Q2 FY27ServiceTitan: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)−$58.0MOperating cash flow$58.0MShares issued$7.6MOther investing−$6.4MCapital spending−$1.1M
ServiceTitan: sources (+) and uses (−) of cash, TTM to Q2 FY27ServiceTitan: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$141MOther financing−$106MOther investing−$42.6MShares issued$20.1MCash drawn (+) / kept (−)−$7.8MCapital spending−$4.0M

From profit to cash

ServiceTitan: net income to operating cash flow, Q2 FY27ServiceTitan: net income to operating cash flow, Q2 FY27Net income−$24.9MDepreciation & amortization$19.9MStock-based pay$60.6MDeferred taxes$1.1MReceivables−$8.0MPayables$421KDeferred revenue−$1.6MContract assets−$3.7MPrepaid and other assets−$1.3MOther liabilities$5.2MOperating cash flow$58.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2721—210
Q1 FY2720—172
Q4 FY2620—128
Q3 FY2619—118
Q2 FY2619—109
Q1 FY2619—811
Q4 FY2519—712

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$58.0M−$1.1M$7.6M−$58.0M$56.9M
Q1 FY27−$1.6M−$596K$2.2M$7.4M−$2.2M
Q4 FY26$40.6M−$700K$6.3M$64.5M$39.9M
Q3 FY26$43.8M−$1.6M$4.1M−$21.8M$42.2M
Q2 FY26$40.3M−$1.1M$17.3M−$51.2M$39.2M
Q1 FY26−$14.6M−$1.3M$1.2M$22.0M−$15.9M
Q4 FY25$15.4M−$997K$2.3M−$308M$14.4M
Q3 FY25$15.5M−$1.0M$1.1M−$5.7M$14.5M

ServiceTitan: income statement and cash flow

ServiceTitan, Q2 FY27: revenue $293M (+21% year over year), operating margin -9.4%. The chart follows the revenue to costs, profit and cash.

ServiceTitan: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.