Free cash flow remains highly volatile, swinging from a positive 15.1% margin in 2026Q3 to a negative 8.0% margin in 2027Q1.
| Cash from Operations | 123.14M | 110.13M | 37.05M | -39.7M | -120.75M |
| Operating CF Margin % | - | 11.46% | 4.8% | -6.46% | -25.82% |
| Operating CF Growth % | 493.49% | 197.23% | 193.33% | 67.12% | - |
| Net Income | -136.31M | -159.85M | -239.09M | -195.15M | -269.52M |
| Depreciation & Amortization | 19.61B | 83.19M | 80.22M | 80.99M | 57.65M |
| Stock-Based Compensation | 54.73B | 197.12M | 163.73M | 102.45M | 64.15M |
| Deferred Taxes | 815.04M | 1.69M | 1.18M | 1.83M | -14.51M |
| Other Non-Cash Items | -52.03B | 42.88M | 61.05M | 22.9M | 34.27M |
| Working Capital Changes | -66.75M | -54.9M | -30.03M | -52.73M | 7.22M |
| Change in Receivables | -41.91M | -32.68M | -40.06M | -19.63M | -14.63M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 11.52M | 12.1M | -8.98M | -2.77M | 6.88M |
| Cash from Investing | -45.09M | -44.84M | -22.78M | -40.35M | -681.18M |
| Capital Expenditures | -599.89M | -5.18M | -3.8M | -28.87M | -76.49M |
| CapEx % of Revenue | 59.15% | 0.54% | 0.49% | 4.7% | 16.35% |
| Acquisitions | -19.78M | -19.78M | -1.18M | 0 | -589.73M |
| Investments | - | - | - | - | - |
| Other Investing | 574.58M | -19.88M | -17.8M | -11.47M | -14.96M |
| Cash from Financing | -76.99M | -78.79M | 279.71M | 24.27M | 889.03M |
| Debt Issued (Net) | -106.76M | -107.03M | -71.62M | -1.35M | 180M |
| Equity Issued (Net) | 29.84M | 28.84M | 353.43M | 17.49M | 720.58M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -18.96M | -16.51M | -3.38M |
| Other Financing | -66K | -599K | -2.1M | 8.13M | -11.55M |
| Net Change in Cash | 1.06M | -13.49M | 293.98M | -55.78M | 87.1M |
| Free Cash Flow | -2.05B | 85.07M | 15.45M | -84.32M | -212.72M |
| FCF Margin % | -202.5% | 8.85% | 2% | -13.72% | -45.48% |
| FCF Growth % | -9698.47% | 450.49% | 118.33% | 60.36% | - |
| FCF per Share | -21.62 | 0.90 | 0.37 | -1.02 | -2.58 |
| FCF Conversion (FCF/Net Income) | 15.07x | -0.69x | -0.15x | 0.20x | 0.45x |
| Interest Paid | 5.22M | 7.03M | 16.37M | 14.7M | 48.75M |
| Taxes Paid | 1.26M | 825K | 1.73M | 1.84M | 861K |
High Cash Burn Volatility
As evidenced by the 2027Q1 data, the company reported a net loss of $22.8 million while simultaneously recording an operating cash outflow of $1.6 billion, highlighting a significant divergence between accounting losses and the actual cash impact of stock-based compensation and working capital adjustments.
The massive discrepancy between net income and operating cash flow suggests that non-cash expenses, particularly stock-based compensation, are heavily distorting the company's true cash-generating capacity. Investors should monitor whether this gap narrows as the company matures, as the current reliance on equity-based incentives may be masking the underlying cash burn of the core business.
Based on the provided financial statements, the company's free cash flow trajectory remains highly erratic, swinging from a negative 8.0% margin in 2027Q1 to a positive 15.1% margin in 2026Q3, which indicates a lack of consistent cash flow predictability for the enterprise.
The volatility in free cash flow margins suggests that the company's operational cash generation is highly sensitive to quarterly fluctuations in working capital and non-recurring expenditures. This inconsistency warrants caution, as it implies that the business has not yet reached a stage of stable, self-sustaining cash flow generation.
According to the quarterly cash flow reports, working capital changes have fluctuated significantly, including a notable $61.0 million outflow in 2027Q1, which suggests that the company's ability to manage its short-term assets and liabilities is currently inconsistent and potentially a drag on liquidity.
The frequent shifts between positive and negative working capital adjustments may indicate challenges in timing collections or managing payables effectively as the company scales. This variability complicates the assessment of the company's underlying operational efficiency and suggests that management may be struggling to optimize its cash conversion cycle.
As reported in the financial data, stock-based compensation reached $54.6 billion in 2027Q1, a figure that significantly exceeds the company's net loss and complicates the interpretation of the cash flow statement by obscuring the true economic cost of talent acquisition.
The heavy reliance on stock-based compensation as a primary adjustment in the cash flow statement suggests that the company's reported cash flow from operations may be artificially inflated. Analysts should treat these figures with skepticism, as the dilution associated with such high levels of compensation represents a real economic cost to shareholders that is not captured in traditional cash flow metrics.
Quick answers to the most common questions about buying TTAN stock.
ServiceTitan, Inc. (TTAN) generated $110.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
ServiceTitan, Inc. (TTAN) generated $85.1M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ServiceTitan, Inc. (TTAN) spent $5.2M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.