Summary
Intapp closed fiscal 2025 with fourth-quarter revenue of $135.0 million, up 18.1% from the prior-year quarter. Gross profit rose 20.7% to $101.0 million, and gross margin reached 74.8%, up 1.6 percentage points. Operating margin was -3.1%, down 3.4 percentage points. The company swung to an operating loss of $4.2 million from positive operating income a year earlier. Net loss narrowed to $0.5 million. Operating cash flow was $38.3 million, up 41.6%. On a non-GAAP basis, operating income was $21.3 million, compared with $13.5 million, and non-GAAP net income was $23.0 million, compared with $11.9 million.
For the full fiscal year, revenue was $504.1 million, up 17.1%. Gross profit was $373.0 million, up 21.5%, with a gross margin of 74.0%, up 2.7 percentage points. Operating margin for the full year was -5.4%, up 2.1 percentage points. The operating loss narrowed to $27.4 million. Net loss narrowed to $18.2 million. Diluted EPS was -$0.23, an improvement. Operating cash flow was $123.5 million, up 83.7%. Capital expenditures were $1.7 million, down 31.9%. Deferred revenue was $259.0 million, and remaining performance obligations were $719.7 million, up 27.0%. Non-GAAP operating income was $75.6 million, compared with $38.7 million. Non-GAAP net income was $78.9 million, compared with $36.4 million. Non-GAAP diluted EPS was $0.94, compared with $0.45.
The cloud business drove the quarter. Cloud ARR was $383.1 million as of June 30, 2025, up 29% year over year. Total ARR was $485.4 million, up 20%. Cloud ARR represented 79% of total ARR, compared with 73% a year earlier. Trailing twelve months cloud net revenue retention was 120%. Intapp served more than 2,700 clients, including 795 with contracts greater than $100,000 of ARR and 109 with more than $1.0 million of ARR, up from 73 such clients at the prior fiscal year end. The company added law firms Blank Rome, Colin Biggers Paisley, and Sills Cummis Gross, and expanded partnerships with MSCI, Snowflake, and SUBSCRIBE. A company study found that 72% of accounting, consulting, legal, and private capital professionals are using AI at work, compared with 48% in 2024.
Guidance for fiscal 2026 points to non-GAAP operating income of $16.0 million to $17.0 million for the first quarter and $96.0 million to $100.0 million for the full year. Non-GAAP diluted EPS is guided to $0.18 to $0.20 for the first quarter and $1.09 to $1.13 for the full year. The guidance excludes estimated stock-based compensation of $25.6 million for the first quarter and $109.4 million for the full year, plus amortization of intangible assets of $2.9 million for the first quarter and $10.6 million for the full year. Management flagged risks including the ability to continue growth at historical rates, future profitability, global economic conditions, tariffs, sales cycles, competition in AI products, data breaches, acquisition integration, and the need for additional financing. The board also authorized a $150.0 million stock repurchase program on August 7, 2025.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $135.0M | $129.1M | +4.6% | $114.4M | +18.1% |
| Gross profit | $101.0M | $96.4M | +4.7% | $83.6M | +20.7% |
| Gross margin | 74.8% | 74.7% | +0.1 pp | 73.1% | +1.6 pp |
| Research & development | $37.9M | $34.1M | +11.2% | $29.8M | +27.1% |
| Sales & marketing | $43.0M | $42.3M | +1.8% | $33.2M | +29.5% |
| General & administrative | $24.2M | $25.8M | -6.0% | $20.3M | +19.5% |
| Total operating expenses | $105.2M | $102.1M | +3.0% | $83.3M | +26.2% |
| Operating income (loss) | -$4.2M | -$5.7M | +26.1% | $302.0K | -1495.7% |
| Operating margin | -3.1% | -4.4% | +1.3 pp | 0.3% | -3.4 pp |
| Net income (loss) | -$528.0K | -$3.0M | +82.1% | -$597.0K | +11.6% |
| Net margin | -0.4% | -2.3% | +1.9 pp | -0.5% | +0.1 pp |
| Diluted EPS | -$0.01 | -$0.04 | +$0.03 | -$0.01 | ±$0.00 |
Risks
Intapp is expanding AI and generative AI across the Intapp Intelligent Cloud, but the filing warns competitors may develop and embed AI more quickly and that the market for AI in target industries may develop slower than expected. It also cites generative AI risks such as accuracy, bias, IP ownership, and the EU AI Act, certain provisions of which took effect in 2025.
The filing states Intapp and its third-party cloud providers face evolving threats, including ransomware and AI-enabled attack methods, while processing confidential client data for legal, investment banking, and other sensitive industries. A breach or unauthorized access could cause client loss, regulatory inquiries, litigation, and significant remediation costs.
A majority of sales are to clients in accounting, consulting, investment banking, legal, private capital, and real assets. The filing warns that financial-services liquidity and solvency stress, industry consolidation, regulation, or reduced IT spending in these industries could decrease demand or lengthen sales cycles.
The business depends on clients renewing and expanding subscriptions. MD&A reports Cloud NRR of 120% as of June 30, 2025 and 795 clients with contracts greater than $100,000 of ARR, so a decline in renewals, upsells, cross-sells, or cloud migrations would pressure future revenue growth.
The filing highlights expanding privacy and AI rules, including GDPR fines of up to 4% of worldwide revenue or EUR20 million, the EU Data Act taking effect in September 2025, and the EU AI Act. Compliance could increase costs, restrict data transfers, and hamper use of data to train AI algorithms.
The typical sales cycle is lengthy and unpredictable, often requiring pre-purchase evaluation by many client employees and extensive due diligence for large enterprise clients. Sales efforts can consume significant time and resources before any revenue is generated, and can be disrupted by macroeconomic factors.
Because SaaS revenue is recognized ratably over one-to-three-year contracts, a decline in new contracts or a late-quarter non-renewal may not affect current-quarter results but can reduce future quarters. This makes reported results less indicative of future performance and may cause fluctuations.
The filing identifies large competitors such as SAP and Salesforce and says competition may intensify as AI is integrated into the market. Competitors with greater resources may respond more quickly to technology changes, leading to pricing pressure and increased sales and marketing expenses.
In fiscal year 2025 Intapp acquired TermSheet, LLC and says it will continue evaluating acquisitions. Integration may divert management attention, fail to retain key personnel or clients, expose unknown liabilities, require additional capital, and lead to dilution or impairment charges.
The filing warns that economic and market downturns, inflation, fluctuating interest rates, tariffs, trade disputes, and geopolitical conflicts could reduce client IT spending, lengthen sales cycles, delay projects, or impair collections if clients' financial condition deteriorates.
Many target firms still use on-premises software and may be reluctant to switch to SaaS solutions. If the market for SaaS, including AI-enabled SaaS, in accounting, consulting, investment banking, legal, private capital, and real assets develops slower than expected or declines, it could materially hurt results.
Solutions are complex and implementations involve integration with client and third-party systems. Failure to meet upfront implementation estimates or provide high-quality technical support, including through partners, could cause client losses, negative publicity, and increased costs.
The revolving credit facility is secured by substantially all assets and contains restrictive covenants limiting debt, liens, acquisitions, dividends, and stock repurchases. As of June 30, 2025, no amounts were borrowed under the facility, but a covenant default could allow the lender to accelerate obligations.
As of August 13, 2025, Anderson Investments and affiliates beneficially owned approximately 21% of common stock and can significantly influence director elections, mergers, and other stockholder votes. This concentration may delay or deter actions favored by other stockholders and create conflicts of interest.
On August 7, 2025, the board authorized a stock repurchase program of up to $150.0 million. The program does not obligate repurchases and may increase stock price volatility, reduce liquidity, and incur the 1% excise tax on certain repurchases.
Intapp has significant U.S. federal and state NOL carryforwards and experienced an ownership change under IRC Section 382, limiting annual utilization. It is also evaluating the One Big Beautiful Bill Act enacted July 4, 2025.
SaaS KPIs
All quarters →Cloud ARR
Total ARR
Cloud ARR as % of total ARR
Total clients
Clients > $100K ARR
Non-GAAP operating income
Remaining Performance Obligations
SaaS revenue
Clients > $1M ARR
Summary, forecast, risks and KPIs are extracted from Intapp, Inc.'s SEC filings for Q4 FY2025 (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.