“Vertical SaaS for The Traders” leader ServiceTitan reported its fiscal Q2 2027 on September 8 (quarter ended July 31, 2026), and on paper it was a good quarter. Revenue of $292.8M, up 21%, ahead of their own 18% guide and ahead of consensus. Non-GAAP EPS of $0.40 against $0.36 expected. Operating margin up 310 basis points. Record free cash flow. Net dollar retention still above 110%. They even raised the full-year revenue guide, by $4M. The stock fell 30% the next day. More than $2B of market cap gone in a session. By Friday it had hit a 52-week low of $54.16, down roughly 52% over the past year. The quarter didn’t cause that. The back half did: revenue guided to roughly 15% growth, against 25% a year ago. Four quarters of deceleration, and a Q3 revenue guide that comes in below Q2 in absolute dollars. Grow or die. What happened: - Revenue +21%, a beat on both revenue and EPS, and the stock still lost 30% in a day - Q3 revenue guided to $285M-$287M, below Q2’s $292.8M, with the