Summary
Intapp reported FY2026 first quarter results for the period ended September 30, 2025. Revenue rose 17.0% to $139.0 million. Gross profit rose 19.5% to $103.8 million, and gross margin reached 74.7%, up 1.6 percentage points. The top line and gross profit both grew at a healthy clip, but the bottom line moved in the opposite direction. Operating loss widened to $14.5 million, and operating margin fell to -10.4%, down 4.3 percentage points. Net loss widened to $14.4 million, and diluted EPS was -$0.18. The company is growing, but spending is growing faster.
Cash generation weakened. Operating cash flow fell 43.6% to $13.8 million. Capital expenditures rose 57.6% to $0.6 million. Deferred revenue rose 16.6% to $239.2 million. Remaining performance obligations, or RPO, rose 30.2% to $715.2 million. RPO growth outpaced revenue growth, which points to a solid contracted backlog. Annual recurring revenue was $504.1 million, up 21%. Cloud ARR was $401.4 million, up 30%, and represented 80% of ARR. Cloud net revenue retention was 121%, compared with 119% a year earlier. The company ended the quarter with 2,750 clients. It had 813 clients with contracts greater than $100,000 of ARR, up from 707. No single client represented more than 10% of total revenues.
Management pointed to several drivers behind the wider loss. Research and development, sales and marketing, and general and administrative expenses all increased. The company cited annual salary increases, higher headcount, greater stock-based compensation, more marketing events and travel, deferred consideration accruals tied to a prior acquisition, and cloud computing implementation impairments. These are investments in growth, but they are weighing on profitability. The company also recorded a loss from foreign currency transactions and remeasurement, which reduced interest and other income. The operating loss could continue in future periods as Intapp keeps investing.
The outlook in the MD&A is qualitative. Management expects cost of revenues to increase in absolute dollars as the SaaS client base expands. Research and development, sales and marketing, and general and administrative spending are all expected to rise in absolute dollars. Professional services demand is expected to remain relatively flat, with modest increases from client growth and implementation needs. License revenue is expected to decrease as a percentage of total revenues as clients migrate to SaaS. The company believes its existing cash and credit facility will be sufficient for working capital and capital expenditure needs for the next twelve months and beyond. It also notes that it may need additional equity or debt financing if future requirements change.
Risks remain. The company depends on continued market adoption of its cloud platform. If clients do not see sufficient return on investment, net revenue retention could suffer. The company faces competition from point solutions, internally developed tools, and horizontal software. It also has exposure to foreign currency fluctuations. The quarter shows a business with strong recurring revenue growth and a growing backlog, but also a cost structure that is expanding quickly. The balance between growth investment and profitability will be the key issue to watch in coming quarters.
Forecast
No forward guidance in this quarter's filings.
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2026 | Q4 FY2025 | QoQ | Q1 FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $139.0M | $135.0M | +3.0% | $118.8M | +17.0% |
| Gross profit | $103.8M | $101.0M | +2.8% | $86.9M | +19.5% |
| Gross margin | 74.7% | 74.8% | -0.1 pp | 73.1% | +1.6 pp |
| Research & development | $40.9M | $37.9M | +8.0% | $32.4M | +26.2% |
| Sales & marketing | $48.8M | $43.0M | +13.4% | $37.8M | +29.2% |
| General & administrative | $28.6M | $24.2M | +18.0% | $23.9M | +19.3% |
| Total operating expenses | $118.3M | $105.2M | +12.5% | $94.1M | +25.7% |
| Operating income (loss) | -$14.5M | -$4.2M | -242.9% | -$7.3M | -99.3% |
| Operating margin | -10.4% | -3.1% | -7.3 pp | -6.1% | -4.3 pp |
| Net income (loss) | -$14.4M | -$528.0K | -2618.4% | -$4.5M | -217.5% |
| Net margin | -10.3% | -0.4% | -9.9 pp | -3.8% | -6.5 pp |
| Diluted EPS | -$0.18 | -$0.01 | -$0.17 | -$0.06 | -$0.12 |
Risks
Operating loss widened to $14.5 million in FY2026 Q1 from $7.3 million in FY2025 Q1, and net loss widened to $14.4 million from $4.5 million, with operating margin down 4.3 percentage points to -10.4%. MD&A states operating losses could continue in the future as the company continues to invest in growth.
Operating cash flow fell 43.6% to $13.8 million in FY2026 Q1 from $24.4 million in FY2025 Q1, driven by a $21.9 million decrease in accounts payable and accrued liabilities and a $19.8 million decrease in deferred revenue from invoicing timing.
Professional services gross profit was negative $3.5 million in FY2026 Q1, deteriorating by $2.0 million versus the prior-year quarter, as professional services revenue declined 8% to $12.3 million amid a shift of delivery mix to third-party implementation partners.
Interest and other income, net decreased 69% to $1.1 million in FY2026 Q1, primarily due to a $2.9 million loss from foreign currency transactions and remeasurement and a $0.8 million loss from the dissolution of a subsidiary.
Total stock-based compensation rose to $27.3 million, or 20% of revenue, in FY2026 Q1 from $20.0 million, or 17% of revenue, in FY2025 Q1, with increases across research and development, sales and marketing, and general and administrative tied to a rise in stock awards granted.
Growth depends on clients adopting the Intapp Intelligent Cloud over point solutions, internally developed solutions and horizontal solutions; MD&A warns that if clients do not see sufficient return on investment, net revenue retention could suffer and operating results may be adversely affected.
The company states its most significant opportunity lies with the largest firms, where it sees substantial expansion potential as firms continue to consolidate, concentrating growth prospects in a narrow set of large accounting, consulting, investment banking, legal, private capital and real assets clients.
FY2026 Q1 results included $1.1 million deferred consideration accruals in both research and development and sales and marketing related to a prior acquisition, plus a $1.5 million change in fair value adjustments of contingent consideration in general and administrative, and MD&A states the company will continue to evaluate acquisition opportunities.
General and administrative expense rose 19% to $28.6 million in FY2026 Q1, including $1.4 million of cloud computing implementation impairments related to the company's digital transformation initiative.
The company repurchased $50.0 million of common stock in FY2026 Q1 under a $150.0 million authorization, leaving $100.0 million available, and MD&A notes it may need to seek additional equity or debt financing if unable to fund future capital requirements on acceptable terms.
SaaS KPIs
All quarters →Cloud ARR
Number of Clients
Remaining Performance Obligations (RPO)
Summary, forecast, risks and KPIs are extracted from Intapp, Inc.'s SEC filings for Q1 FY2026 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.