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Intapp, Inc. (INTA)·Q1 2026 Earnings Summary

Executive Summary

  • Q1 FY26 delivered strong top-line and profitability: total revenue $139.0M (+17% y/y), non-GAAP diluted EPS $0.24, and non-GAAP operating income $20.9M; Cloud ARR reached $401.4M (+30% y/y) and accounted for 80% of total ARR .
  • The quarter beat Wall Street consensus on both revenue and EPS: $139.0M vs $135.3M estimate (+$3.7M*) and $0.24 vs $0.19 estimate (+$0.05*) on non-GAAP EPS; Q4 FY25 also exceeded consensus and Q1 FY25 showed similar outperformance* .
  • FY26 guidance raised: total revenue to $569.3–$573.3M (from $566.7–$570.7M), non-GAAP EPS to $1.15–$1.19 (from $1.09–$1.13), and non-GAAP operating income to $97.7–$101.7M (from $96.0–$100.0M) .
  • Strategic catalysts: deepened Microsoft co-sell (Azure credits, marketplace purchasing), expanding partner ecosystem, and strong traction of new GenAI features across Time, Terms, and DealCloud; share repurchases of ~$50M (~1.1M shares) signal confidence .

What Went Well and What Went Wrong

What Went Well

  • Robust cloud growth and mix shift: Cloud ARR $401.4M (+30% y/y), 80% of total ARR; SaaS revenue $97.5M (+27% y/y) with non-GAAP gross margin up to 77.7% .
  • Partner-driven enterprise momentum: Over half of top-10 Q1 wins jointly executed with Microsoft; Microsoft often fronted Azure investment dollars to accelerate deals; co-sell influence rising .
  • GenAI adoption pulling platform: New Intapp Time Horizon AI features drove strong client engagement; early adopters added Intapp Assist to expand compliant time recording; strong attach and cross-sell motion drove cloud NRR to 121% .

Quoted management: “Of our 10 largest Q1 wins, more than half were jointly executed with Microsoft. In several of those, Microsoft fronted Azure investment dollars to help accelerate the deals.”

What Went Wrong

  • GAAP profitability headwinds: GAAP operating loss widened to $(14.5)M and GAAP net loss to $(14.4)M due to elevated go-to-market investments and stock-based compensation; non-GAAP mitigated via exclusions .
  • Professional services softness and margin pressure: Services revenue down 8% y/y; management expects margin pressure to moderate in the back half as partner ecosystem scales .
  • Calculated billings volatility remains a watch item; management expects smoothing over 6–9 months as license/services dynamics and ASC 606 timing effects normalize .

Financial Results

Revenue and EPS vs Prior Periods and Estimates

MetricQ3 2025Q4 2025Q1 2026
Total Revenue ($USD Millions)$129.1 $135.0 $139.0
Non-GAAP Diluted EPS ($)$0.26 $0.27 $0.24
GAAP Net Income (Loss) ($USD Millions)—$(0.5) $(14.4)
Revenue Consensus Mean ($USD Millions)$129.1 vs $—*$135.0 vs $132.1*$139.0 vs $135.3*
EPS Normalized Consensus Mean ($)$0.26 vs $—*$0.27 vs $0.23*$0.24 vs $0.19*

Values with asterisks were retrieved from S&P Global.
Notes: Q3 actuals shown; comparison to consensus focused on Q4 and Q1 where estimates are available.

Segment Revenue Mix

Segment ($USD Millions)Q3 2025Q4 2025Q1 2026
SaaS$84.9 $90.2 $97.5
License$31.7 $31.8 $29.2
Professional Services$12.5 $13.0 $12.3
Total Revenue$129.1 $135.0 $139.0

Margins and Operating Metrics

MetricQ3 2025Q4 2025Q1 2026
GAAP Gross Margin %73.1% 74.8% 74.7%
Non-GAAP Gross Margin %77.9% 78.0% 77.7%
Non-GAAP Operating Income ($USD Millions)$20.3 $21.3 $20.9

KPIs

KPIQ3 2025Q4 2025Q1 2026
Cloud ARR ($USD Millions)$352.0 $383.1 $401.4
Total ARR ($USD Millions)$455.0 $485.4 $504.1
Cloud % of Total ARR77% 79% 80%
RPO ($USD Millions)$621.5 $719.7 $715.2
Clients ≥$100K ARR748 795 813
Cloud Net Revenue Retention119% 120% 121%

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
SaaS Revenue ($M)FY 2026$411.4–$415.4 $412.0–$416.0 Raised
Total Revenue ($M)FY 2026$566.7–$570.7 $569.3–$573.3 Raised
Non-GAAP Operating Income ($M)FY 2026$96.0–$100.0 $97.7–$101.7 Raised
Non-GAAP Diluted EPS ($)FY 2026$1.09–$1.13 $1.15–$1.19 Raised
SaaS Revenue ($M)Q2 2026—$100.0–$101.0 New
Total Revenue ($M)Q2 2026—$137.6–$138.6 New
Non-GAAP Operating Income ($M)Q2 2026—$21.4–$22.4 New
Non-GAAP Diluted EPS ($)Q2 2026—$0.25–$0.27 New

Notes: Non-GAAP guidance excludes stock-based compensation and amortization of intangibles with additional items potentially excluded; reconciliation detail provided in disclosures .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 & Q4 FY25)Current Period (Q1 FY26)Trend
AI/Technology initiativesAmplify launches: Assist origination, smart tagging, prompt studio; Walls for AI; Time next-gen preview; strong AI pull across verticals New Intapp Time Horizon GenAI release; strong client engagement; Assist expansion (Terms/Time) Strengthening adoption and attach
Microsoft partnership~50% of largest Q4 wins co-executed; Azure marketplace/MAC leverage; co-sell maturing >50% of top-10 Q1 wins co-executed; Azure credits fronted; quota relief, faster sales cycles Deeper field integration, bigger influence
Partner ecosystem145 partners; partner-influenced bookings +50% y/y; services outsourcing to partners Ecosystem “strategic amplifiers”; dedicated partner track at SKO; strong co-sell growth y/y Scaling breadth and depth
Cloud migrationLegal focus (Time, compliance); migration drives upsell/cross-sell; 80% clients fully in cloud On-prem conversions yield 20–30% uplift; AI is a tipping point to cloud; compliance as differentiator Accelerating conversions and monetization
Billings/DR dynamicsQ3 lumpy billings; RPO viewed as better leading indicator Expect smoothing in 6–9 months; DR down q/q from Q4 peak but up y/y Improving visibility ahead
SeasonalityExpect stronger Q2/Q4 on client cycles Seasonality consistent in enterprise and mid-market Persistent pattern
International>1/3 revenue in Q3; growing UK/EU/Nordics/APAC Ongoing expansion (LATAM via Lexsoft; Singapore office momentum); incremental investment nominal Diversifying footprint
Regulatory/LegalQC1000, AML changes driving compliance solutions uptake Compliance and confidentiality core to AI deployment; industry-specific governance Sustained demand driver

Management Commentary

  • Strategic positioning: “We continue to execute on our vertical AI roadmap… delivering actionable insights… unified and enriched with our… industry graph data model… while helping firms maintain compliance” .
  • Microsoft leverage: “All of our offerings are available on the Azure Marketplace… Microsoft will provide Azure credit upfront… [field] gets quota relief when Intapp sells its products” .
  • Monetization uplift from migration: “We’re seeing about a 20%–30% uplift [from on-prem conversions] just through more seats and/or cross-sell” .
  • Operating discipline: “Proving that efficiency and leverage are tenable… non-GAAP gross margin 77.7%, up from 76.3% a year ago” .
  • Enterprise go-to-market: “We’ve densified our enterprise model… net revenue retention [is] driven by upsell and true cross-sell motion” .

Q&A Highlights

  • NRR driver and churn: Cloud NRR at 121% driven by densified enterprise sales, upsell and cross-sell; churn remains low single digit .
  • AI adoption and pricing: Firms experimenting broadly; Intapp focuses on compliant, vertical AI; exploring metering models beyond per-seat and firm-size; clients willing to pay given ROI .
  • Billings smoothing: Expect reduced volatility in 6–9 months as services fixed-fee and license timing effects fade; DR declined from Q4 peak but rose y/y .
  • Services margin outlook: Margin pressure to moderate in back half; target services ~10% of revenue over time .
  • On-prem to cloud uplift: 20–30% uplift; Time and compliance migrations accelerating; AI features catalyzing decisions .
  • Seasonality: Q2 and Q4 stronger due to client budget cycles; enterprise and mid-market patterns consistent .

Estimates Context

  • Q1 FY26 beats: Revenue $139.0M vs $135.3M estimate (+$3.7M*); non-GAAP EPS $0.24 vs $0.19 estimate (+$0.05*) .
  • Q4 FY25 beats: Revenue $135.0M vs $132.1M estimate (+$2.9M*); non-GAAP EPS $0.27 vs $0.23 estimate (+$0.04*) .
  • Q1 FY25 beats: Revenue $118.8M vs $117.8M estimate (+$1.0M*); non-GAAP EPS $0.21 vs $0.13* .

Values with asterisks were retrieved from S&P Global.

Consensus vs Actuals (S&P Global)

MetricQ1 2025Q4 2025Q1 2026
Revenue Consensus Mean ($USD Millions)$117.8*$132.1*$135.3*
Revenue Actual ($USD Millions)$118.8 $135.0 $139.0
EPS Normalized Consensus Mean ($)$0.13*$0.23*$0.19*
Non-GAAP Diluted EPS Actual ($)$0.21 $0.27 $0.24

Values with asterisks were retrieved from S&P Global.

Key Takeaways for Investors

  • Narrative momentum: Continued beats on revenue and EPS alongside raised FY26 guidance should support estimate revisions higher and positive sentiment .
  • Mix improvement: Cloud ARR +30% y/y and SaaS +27% y/y with 80% cloud mix underpin durable growth and margin tailwinds (non-GAAP GM 77.7%) .
  • Partner leverage as a force multiplier: Microsoft co-sell, Azure marketplace, and credits materially improve win rates, deal sizes, and sales velocity; ecosystem breadth reduces services burden .
  • AI-driven cross-sell: GenAI features in Time/Terms/DealCloud are accelerating adoption and driving NRR; expect further attach as migrations progress .
  • Watch items: GAAP losses reflect investment intensity and SBC; services margins and billings volatility expected to improve over coming quarters .
  • Seasonality/trajectory: Stronger Q2/Q4 cycles remain, with management prudence in quarterly guides; raised full-year guide reinforces confidence .
  • Capital allocation: $150M buyback program underway ($50M repurchased in Q1) indicates balance sheet strength and valuation confidence .