Summary
Intapp's fiscal third quarter showed a widening GAAP loss even as revenue and cloud metrics grew. Total revenue rose 13.1% to $146.0 million. For the nine months, total revenue was $425.3 million, up 15.2%. Gross profit rose 14.6% to $110.5 million, and gross margin was 75.7%, up 1.0 percentage point. For the nine months, gross margin was 75.1%, up 1.4 percentage points. The company continued to shift its mix toward cloud, with Cloud ARR reaching $459.3 million, up 31% year over year. Total ARR was $559.9 million, up 23%. Cloud ARR represented 82% of total ARR, compared with 77% a year earlier. Cloud net revenue retention was 123%. Those metrics suggest the land-and-expand motion is still working.
Profitability moved the other way. GAAP operating loss widened to $14.2 million, and operating margin was negative 9.8%, down 5.3 percentage points. For the nine months, operating loss was $35.9 million, and operating margin was negative 8.4%, down 2.2 percentage points. Net loss widened to $15.5 million, and diluted EPS was negative $0.20. For the nine months, net loss was $35.8 million, and diluted EPS was negative $0.44. Non-GAAP operating income was $25.7 million, non-GAAP net income was $23.7 million, and non-GAAP diluted EPS was $0.29. The gap between GAAP and non-GAAP results remains wide. The company also reported deferred revenue of $281.8 million, up 26.7%, and remaining performance obligations of $791.4 million, up 27.3%. Those forward-looking balances support the growth story.
Cash generation was a bright spot. Operating cash flow was $63.9 million, up 80.0%, and capital expenditures were $0.56 million, up 48.3%. For the nine months, operating cash flow was $100.6 million, up 18.1%, and capital expenditures were $1.78 million, up 124.4%. The company served more than 1,375 clients with contracts greater than $50,000 of ARR, including 858 clients with contracts greater than $100,000 of ARR. It announced Celeste, a firmwide agentic AI platform, and plans to work with Anthropic and Harvey. Ropes Gray chose DealCloud and Celeste. New clients included Essential Properties and Mauldin Jenkins.
Guidance points to continued growth, though the company framed most of it in non-GAAP terms. For the fourth quarter, Intapp guided non-GAAP operating income to $28.4 million to $29.4 million. For the full fiscal year 2026, it guided non-GAAP operating income to $102.7 million to $103.7 million. Fourth-quarter non-GAAP diluted EPS is guided to $0.36 to $0.38, and full-year non-GAAP diluted EPS is guided to $1.22 to $1.24. The company also provided revenue guidance for the fourth quarter and the full fiscal year. The non-GAAP figures exclude estimated stock-based compensation of $30.2 million for the fourth quarter and $119.3 million for the full year, plus amortization of intangible assets of $2.0 million for the fourth quarter and $10.6 million for the full year. Intapp did not reconcile the non-GAAP guidance to GAAP beyond those items, citing reconciling items that cannot be predicted without unreasonable effort.
Risks include the possibility that operating losses continue, competition in AI products, data breaches, global economic conditions, tariffs, sales cycle variability, acquisition integration, and liquidity. The company has a $100.0 million revolving credit facility with no outstanding borrowings. It also has $100.0 million remaining under a January 2026 repurchase authorization. The balance sheet and cash flow give it room, but the GAAP loss and heavy stock-based compensation are real issues for valuation.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q3 FY2026 | Q2 FY2026 | QoQ | Q3 FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $146.0M | $140.2M | +4.2% | $129.1M | +13.1% |
| Gross profit | $110.5M | $105.1M | +5.1% | $96.4M | +14.6% |
| Gross margin | 75.7% | 75.0% | +0.7 pp | 74.7% | +1.0 pp |
| Research & development | $44.1M | $39.3M | +12.4% | $34.1M | +29.5% |
| Sales & marketing | $52.5M | $46.7M | +12.5% | $42.3M | +24.4% |
| General & administrative | $28.1M | $26.3M | +6.5% | $25.8M | +8.9% |
| Total operating expenses | $124.8M | $112.3M | +11.1% | $102.1M | +22.2% |
| Operating income (loss) | -$14.2M | -$7.2M | -98.5% | -$5.7M | -149.8% |
| Operating margin | -9.8% | -5.1% | -4.6 pp | -4.4% | -5.3 pp |
| Net income (loss) | -$15.5M | -$5.9M | -161.1% | -$3.0M | -424.9% |
| Net margin | -10.6% | -4.2% | -6.4 pp | -2.3% | -8.3 pp |
| Diluted EPS | -$0.20 | -$0.07 | -$0.13 | -$0.04 | -$0.16 |
Risks
Operating loss widened to $14.2 million in the quarter ended March 31, 2026 from $5.7 million in the prior-year quarter, and net loss widened to $15.5 million from $2.95 million, as operating expenses grew 22% in the quarter. MD&A states operating losses could continue in the future as the company continues to invest in growth.
Total operating expenses rose 22% in the quarter and 20% year to date, led by research and development up 29% in the quarter and sales and marketing up 24%, driven by headcount, annual salary increases and stock awards. This outpaced the 13% quarterly revenue growth and drove the operating margin down 5.3 percentage points to negative 9.8%.
License revenues decreased 22% in the quarter and 10% year to date as clients migrate from on-premise license solutions to cloud, and license gross profit fell 23% in the quarter. MD&A expects license revenues to continue decreasing as a percentage of total revenues, making results increasingly dependent on SaaS growth.
Restructuring costs of $2.6 million in the quarter and $2.9 million year to date, mainly tied to the Netherlands Restructuring Plan, contributed to the research and development expense increase, and the company expects approximately $0.9 million of future cash payments related to restructuring plans.
Total stock-based compensation rose to $31.1 million, or 21% of revenue, in the quarter from $22.7 million, or 18% of revenue, in the prior-year quarter, with increases across research and development, sales and marketing and general and administrative tied to an increase in stock awards granted.
Professional services gross profit was negative $1.7 million in the quarter and negative $8.3 million year to date, with the year-to-date figure deteriorating by $3.8 million as costs increased as a percentage of related revenues. MD&A also notes a strategy to de-emphasize professional services revenue in favor of third-party implementation partners.
Interest and other (expense) income, net decreased 105% to negative $0.2 million in the quarter, driven by a $2.6 million change from foreign currency transactions and remeasurement and a $1.3 million decrease in interest income from lower cash held in money market funds.
Deferred consideration accruals related to prior acquisitions added $1.8 million to research and development and $1.0 million to sales and marketing in the quarter, and the company states it will continue to evaluate acquisition opportunities, exposing results to integration and earn-out cost variability.
SaaS KPIs
All quarters →Cloud ARR
Total ARR
Remaining Performance Obligations (RPO)
Summary, forecast, risks and KPIs are extracted from Intapp, Inc.'s SEC filings for Q3 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 1, 2026.