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Intapp, Inc. (INTA)·Q4 2025 Earnings Summary

Executive Summary

  • Intapp delivered a strong Q4 FY2025: total revenue $135.039M (+18% YoY), non-GAAP diluted EPS $0.27 (+80% YoY), and non-GAAP operating income $21.288M (+58% YoY), supported by accelerating cloud adoption and AI-led products .
  • Results exceeded guidance and Wall Street consensus: revenue beat by ~$3.0M vs $132.070M consensus*, and non-GAAP EPS beat by ~$0.041 vs $0.229 consensus*; all core guidance metrics (revenue, non-GAAP op income, EPS) came in above the high end .
  • FY2026 initial outlook calls for continued growth (Q1 FY26 revenue $134.8–$135.8M; FY26 revenue $566.7–$570.7M; FY26 non-GAAP EPS $1.09–$1.13), with Q1 front-loaded go-to-market spend and professional services targeted at ~10% of revenue .
  • Strategic catalysts: Microsoft co-sell momentum (partners involved in 17 of the 20 largest Q4 deals; ~half of largest wins jointly executed with Microsoft, including Azure investment dollars), growing AI attach (Assist now ~35% of new DealCloud wins), and a newly authorized $150M share repurchase program .

What Went Well and What Went Wrong

What Went Well

  • Cloud metrics strengthened: Cloud ARR reached $383.1M (+29% YoY), now 79% of total ARR ($485.4M), with cloud net revenue retention at 120% .
  • AI adoption accelerated: “Assist for DealCloud now accounts for approximately 35% of new DealCloud wins, up from 8% last year,” highlighting increasing AI-led differentiation .
  • Partner ecosystem drove large wins: “Partners were directly involved in 17 of our 20 largest deals… Microsoft… fronted Azure investment dollars to help accelerate the deals,” reducing time-to-close via MAC agreements .

What Went Wrong

  • GAAP profitability mixed: Q4 GAAP operating loss of $(4.215)M vs $0.302M in Q4 FY2024, with elevated R&D and S&M investments; GAAP net loss $(0.528)M remained roughly flat YoY .
  • License dynamics modest and potentially volatile: Q4 license revenue grew ~5% YoY to $31.831M, but CFO flagged potential quarter-to-quarter “puts and takes” in 2026 as clients migrate to cloud .
  • Q1 FY26 margin headwind: management guided Q1 non-GAAP operating income lower ($16–$17M) due to front-end spend (sales kickoff, targeted marketing), tempering near-term margin expansion .

Financial Results

MetricQ4 2024Q3 2025Q4 2025
Total Revenue ($USD Millions)$114.376 $129.067 $135.039
Non-GAAP Diluted EPS ($USD)$0.15 $0.26 $0.27
GAAP Net Loss per Share ($USD)$(0.01) $(0.04) $(0.01)
Non-GAAP Operating Income ($USD Millions)$13.518 $20.253 $21.288
Non-GAAP Gross Margin (%)76.1% 77.9% 78.0%
Segment Revenue ($USD Millions)Q4 2024Q3 2025Q4 2025
SaaS$70.835 $84.910 $90.186
License$30.254 $31.684 $31.831
Professional Services$13.287 $12.473 $13.022
KPIsQ3 2025Q4 2025
Cloud ARR ($USD Millions)$351.8 $383.1
Total ARR ($USD Millions)$454.7 $485.4
Cloud Net Revenue Retention (%)119% 120%
RPO ($USD Millions)$621.5 $719.7
Results vs S&P Global Consensus (Q4 2025)Consensus*ActualSurprise
Revenue ($USD Millions)$132.070*$135.039 +$2.969M
Non-GAAP EPS (Normalized) ($USD)$0.229*$0.27 +$0.041
GAAP EPS ($USD)$(0.077)*$(0.01) +$0.067

Values with * retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
SaaS Revenue ($USD Millions)Q4 2025$89.0–$90.0 Actual: $90.186 Beat high end
Total Revenue ($USD Millions)Q4 2025$131.5–$132.5 Actual: $135.039 Beat high end
Non-GAAP Operating Income ($USD Millions)Q4 2025$20.0–$21.0 Actual: $21.288 Beat high end
Non-GAAP Diluted EPS ($USD)Q4 2025$0.22–$0.24 Actual: $0.27 Beat high end
SaaS Revenue ($USD Millions)Q1 2026—$95.7–$96.7 New
Total Revenue ($USD Millions)Q1 2026—$134.8–$135.8 New
Non-GAAP Operating Income ($USD Millions)Q1 2026—$16.0–$17.0 New (front-end spend)
Non-GAAP Diluted EPS ($USD)Q1 2026—$0.18–$0.20 New
SaaS Revenue ($USD Millions)FY 2026—$411.4–$415.4 New
Total Revenue ($USD Millions)FY 2026—$566.7–$570.7 New
Non-GAAP Operating Income ($USD Millions)FY 2026—$96.0–$100.0 New
Non-GAAP Diluted EPS ($USD)FY 2026—$1.09–$1.13 New
Professional Services Mix (% of Revenue)FY 2026—~10% (management commentary) New
Non-GAAP guidance exclusionsQ1/FY 2026SBC, intangibles amortization (quantified), other variable items not reconciled Maintained methodologyMaintained
Dividends/Tax rate/OI&EQ1/FY 2026—Not providedN/A

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 & Q3 FY2025)Current Period (Q4 FY2025)Trend
AI initiatives & product attachIntroduced DealCloud Activator; previewed next-gen Intapp Time; AI features (origination, smart tagging, prompt studio); broad enthusiasm; Q3 non-GAAP gross margin improved with mix Assist now ~35% of new DealCloud wins; launched next-gen Intake and “Walls for AI”; Horizon release for Intapp Time with GenAI UX Up
Microsoft partnershipCo-hosted CIO Summit; growing co-sell motion; over 140 partners; partner certifications +75% YoY 17 of 20 largest Q4 deals partner-influenced; ~half jointly executed with Microsoft; Azure funds used; MAC agreements eased budget Up
Snowflake partnershipAnnounced collaboration to enhance analytics [21: press-release listing]Formal agreement for interoperability; enterprise demand; strong early interest Up
Real assets strategy (TermSheet)Acquisition announced; expands lifecycle coverage; client validation; integration milestones underway [39: press-release listing] ARR contribution <5% of Q4 delta; strong pipeline and tech team enhancing AI capability Up (early stage)
Cloud migration93% clients with ≥1 cloud module (Q3); steady migration offsets some license 79% of total ARR now cloud; ongoing migrations; professional services participation in cloud efforts Up
RPO/ARR visibilityQ3 RPO $621.5M (+33% YoY), Cloud ARR $351.8M (+28%) RPO $719.7M (+27% YoY), Cloud ARR $383.1M (+29% YoY), total ARR $485.4M (+20% YoY) Up
Regulatory/complianceAML (Australia), QC1000 discussed; Intapp’s vertical compliance differentiation Compliance central to AI adoption; clients choose solutions for AML & outside counsel guidelines Stable/positive
Capital allocationNot highlighted previouslyBoard authorized $150M buyback; continued investment in AI/GTMs and M&A New

Management Commentary

  • “Assist for DealCloud now accounts for approximately 35% of new DealCloud wins, up from 8% last year… We anticipate continued broad-based adoption across all of our AI offerings.”
  • “Partners were directly involved in 17 of our 20 largest deals… Microsoft… fronted Azure investment dollars… purchase via the Azure marketplace using their existing MAC agreement.”
  • “Cloud ARR grew 29% YoY to $383M… Cloud now represents 79% of our total ARR of $485M… we now have 109 clients with ARR of more than $1M.”
  • “Q1 includes some front-end spend related to our go-to-market motion… as we build on the momentum from a strong Q4.”
  • “The Board has authorized us $150,000,000 in share repurchases… we’ll continue to invest in ourselves… and take every opportunity to put capital to work.”

Q&A Highlights

  • Net Revenue Retention: 120% driven by low churn and material enterprise expansions; FY26 assumptions conservative given opportunity in net new logos and expands .
  • RPO: Strong +27% YoY; seasonality and enterprise deal timing noted; no material changes in contract duration .
  • License Volatility: Expect quarter “puts and takes” during cloud transitions in 2026; transparency commitment on timing .
  • Snowflake partnership: Enterprise overlap and client-led demand for interoperability; elevates analytics on firm-wide data .
  • Regulatory tailwinds: QC1000 and AML changes augment vertical compliance differentiation; support compliant AI deployment .
  • TermSheet contribution: <5% of Q4 ARR delta; strategic fit extends real assets coverage post-deployment; strong AI-first engineering talent .
  • Seasonality: Net new ARR typically stronger in FQ2 and FQ4 (December/June) aligned with client fiscal calendars .
  • Buybacks: $150M authorization alongside organic investments and selective M&A .

Estimates Context

  • Q4 FY2025 results beat consensus revenue and EPS: revenue $135.039M vs $132.070M consensus*, non-GAAP EPS $0.27 vs $0.229 consensus*; GAAP EPS $(0.01) vs $(0.077) consensus* .
  • Implications: Street models likely to raise FY2026 revenue/EPS and AI attach assumptions; near-term Q1 margin compression (front-end spend) should be incorporated into quarterly cadence* .

Values with * retrieved from S&P Global.

Key Takeaways for Investors

  • Intapp’s vertical AI strategy is translating to measurable attach and pricing power: Assist rising to ~35% of DealCloud wins, non-GAAP margins improving with mix .
  • Partner flywheel is a durable growth lever: Microsoft MAC-driven procurement and co-sell support are shortening cycles and expanding deal sizes .
  • Cloud-driven durability: Cloud ARR 79% of total ARR and NRR 120% support strong expansion trends and high revenue visibility .
  • Near-term setup: Expect Q1 FY26 margin dip from front-loaded GTM investments; professional services to be ~10% of revenue as partners play a larger role .
  • Capital returns: $150M buyback introduces a supportive capital allocation dimension alongside organic AI investments and tuck-ins .
  • Watch license line and ARR seasonality: Quarter-to-quarter license “puts and takes” possible; net new ARR weighted to December/June quarters .
  • Actionable: Position for continued AI attach and enterprise co-sell momentum; monitor execution on FY26 guidance and partner-influenced bookings growth (+50% YoY in Q4) .