INTA earnings analysis
What we found in INTA's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Intapp delivered strong top-line and cloud-quality growth in fiscal 2026, with revenue up 15%, SaaS revenue up 27%, Cloud ARR up 29% and 123% cloud net revenue retention. The business is strategically repositioning toward a vertically tailored AI platform and shifting mix away from declining license revenue toward SaaS. However, operating and net losses widened, stock-based compensation remained substantial, and the $275.2 million buyback reduced cash to $162.8 million, leaving the outlook balanced between strong recurring-growth indicators and execution, AI, and capital-allocation risks.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Vertical AI platform strategy
- Intapp describes its strategy as delivering vertically tailored, AI-powered SaaS for accounting, consulting, investment banking, legal, private capital and real-assets firms. The company launched Intapp Celeste, an agentic AI coworker, and intends to continue investing in AI, research and development, sales and marketing, and complementary acquisitions.
- Cloud growth and retention remain strong
- Cloud ARR increased 29% to $495.7 million as of June 30, 2026, representing 84% of total ARR versus 79% in the prior year. Cloud net revenue retention was 123%, indicating strong expansion, cross-selling and upselling within the installed base.
- Revenue and gross-margin expansion
- Fiscal 2026 revenue rose 15% to $577.8 million from $504.1 million in fiscal 2025 and $430.5 million in fiscal 2024. Gross margin expanded to 76% from 74% and 71%, respectively, although the operating margin was negative 7% in fiscal 2026.
- Mix is shifting toward SaaS
- SaaS revenue grew 27% to $422.8 million in fiscal 2026, while license revenue declined 14% to $103.4 million as clients migrated to SaaS. Professional services revenue was essentially flat at $51.6 million, consistent with the strategy to de-emphasize company-delivered services and increase partner involvement.
- International markets are contributing
- Growth was broad geographically: U.S. revenue increased to $391.7 million from $339.0 million, U.K. revenue to $94.0 million from $79.1 million, and rest-of-world revenue to $92.1 million from $86.0 million. No country other than the U.S. and U.K. represented at least 10% of total revenue.
- Strong cash generation funded buybacks
- Operating cash flow increased to $146.8 million from $123.5 million in fiscal 2025 and $67.2 million in fiscal 2024, supported in part by a $58.7 million increase in deferred revenue. The company repurchased approximately 8.4 million shares for $275.2 million, while cash and cash equivalents declined to $162.8 million from $313.1 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- AI execution and regulatory risk
- The company is increasing its dependence on AI adoption while acknowledging that competitors may embed AI more successfully and that AI output can create accuracy, bias, privacy, security, data-provenance and intellectual-property risks. The EU AI Act is gradually coming into effect and may require additional quality-assurance controls for certain AI systems.
- New secured debt constraints
- On July 7, 2026, after year-end, Intapp entered a new five-year $150 million senior secured revolving facility. The agreement gives the lender a first-priority lien over substantially all assets and restricts debt, acquisitions, investments, distributions and stock repurchases, although no amounts were borrowed as of July 7, 2026.
- Profitability remains unresolved
- The company remains loss-making despite revenue growth: fiscal 2026 net loss was $41.3 million and GAAP diluted EPS was negative $0.52, versus net losses of $18.2 million and $32.0 million in fiscal 2025 and 2024. Stock-based compensation rose to $120.0 million, equal to 21% of revenue, while the company states it expects to continue incurring losses in the near term.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.52
- Gross margin
- 76%
- Operating margin
- -7%
- Segment
- SaaS revenue: $422.8 million, 73% of total revenue
- Segment
- License revenue: $103.4 million, 18% of total revenue
- Segment
- Professional services revenue: $51.6 million, 9% of total revenue
What they said about what is next.
The 10-K does not provide numeric annual or quarterly guidance; quantitative FY2027 outlook was provided separately in the Q4 earnings release and call.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 5, 2026
- Intapp, Inc. delivered strong Q3 FY2026 results with revenues of $146.0 million, slightly surpassing estimates of $144.3 million, marking a 13% increase year-over-year. The company reported a diluted EPS of -$0.20,…
- 10-Q · February 3, 2026
- Intapp reported Q2 revenue of $140.208M, up $18.999M (+15.7% YoY) driven by SaaS, with gross margin expanding to 75.0% and operating loss narrowing to $(7.177)M. Cash declined materially to $191.152M as the company…
- 10-Q · November 4, 2025
- Intapp reported quarterly revenue of $139,027,000, up $20,222,000 (+17.0%) year‑over‑year, driven by SaaS strength, but GAAP results deteriorated with an operating loss of $14,455,000 and net loss per share of $(0.18).…
- 10-Q · November 7, 2024
- Intapp reported revenues of $118.8M for the three months ended September 30, 2024, up from $101.6M a year earlier, with gross profit rising to $86.9M (73.1% margin). Operating loss narrowed to $(7.3)M and GAAP EPS…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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