Free cash flow remains highly volatile, swinging from 7.3% in 2026Q2 to 43.4% in 2026Q3, largely influenced by lumpy working capital inflows of $18.5 million.
| Cash from Operations | 125.04M | 123.53M | 67.23M | 27.49M | 14.24M | -9.75M | -1.41M | -5.06M |
| Operating CF Margin % | - | 24.5% | 15.62% | 7.83% | 5.23% | -4.54% | -0.75% | -3.54% |
| Operating CF Growth % | 18.88% | 83.74% | 144.59% | 93.08% | 246.03% | -591.42% | 72.16% | - |
| Net Income | -38.73M | -18.22M | -32.02M | -69.42M | -99.68M | -46.76M | -45.91M | -17.14M |
| Depreciation & Amortization | 24.27M | 22.71M | 21.48M | 19.96M | 16.74M | 13.37M | 12.77M | 9.05M |
| Stock-Based Compensation | 109.08M | 88.09M | 59.9M | 67.77M | 77.51M | 18.06M | 3.26M | 2.92M |
| Deferred Taxes | -501K | 448K | 0 | -912K | 0 | 424K | 974K | -8.02M |
| Other Non-Cash Items | 3.46M | -3.8M | 38.34M | 915K | 46.74M | 1.16M | 1.14M | 1.86M |
| Working Capital Changes | 29.03M | 34.3M | -20.46M | 9.18M | -27.08M | 4.01M | 26.37M | 6.26M |
| Change in Receivables | 31.94M | -4.99M | -7.78M | -26.4M | -16.86M | -26.04M | 7.74M | -14.03M |
| Change in Inventory | 0 | 0 | 0 | -9.9M | 0 | -10.68M | 1.28M | -10.04M |
| Change in Payables | -12.56M | 13.49M | 0 | 2.31M | 0 | 10.68M | -1.28M | 10.04M |
| Cash from Investing | -14.04M | -62.88M | -19.83M | -14.34M | -7.29M | -25.6M | -5.13M | -194.6M |
| Capital Expenditures | -2.14M | -1.67M | -2.46M | -7.74M | -554K | -5M | -5.13M | -4.29M |
| CapEx % of Revenue | 0.39% | 0.33% | 0.57% | 2.2% | 0.2% | 2.33% | 2.75% | 3% |
| Acquisitions | -906K | -51.83M | -10.97M | -6.6M | -2.5M | -20.61M | 0 | -190.31M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -8M | -7.37M | -6.4M | 0 | -4.23M | 0 | 0 | -1.92M |
| Cash from Financing | -233.18M | 41.18M | 30.32M | 64.1M | 6.65M | 32.4M | 27.25M | 204.28M |
| Debt Issued (Net) | 0 | -5.13M | 0 | 0 | -278M | -5M | 10M | 203M |
| Equity Issued (Net) | -197.29M | 44.92M | 0 | 70.08M | -3.92M | 27.13M | 13.69M | 3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -250.15M | 0 | 0 | 0 | -3.92M | -1.89M | -2.77M | 0 |
| Other Financing | -35.89M | 1.39M | 30.32M | -5.98M | 288.57M | 10.28M | 3.56M | -1.72M |
| Net Change in Cash | -61.55M | 104.74M | 77.39M | 76.87M | 12.85M | -1.7M | 20.54M | 4.42M |
| Free Cash Flow | 122.9M | 121.86M | 64.77M | 19.75M | 13.68M | -14.75M | -6.54M | -9.36M |
| FCF Margin % | 22.17% | 24.17% | 15.05% | 5.63% | 5.03% | -6.87% | -3.5% | -6.53% |
| FCF Growth % | 16.38% | 88.12% | 227.95% | 44.36% | 192.77% | -125.37% | 30.08% | - |
| FCF per Share | 1.56 | 1.55 | 0.91 | 0.28 | 0.22 | -0.24 | -0.11 | -0.16 |
| FCF Conversion (FCF/Net Income) | -3.17x | -6.78x | -2.10x | -0.40x | -0.14x | 0.21x | 0.03x | 0.30x |
| Interest Paid | 0 | 0 | 0 | 3K | 5.95M | 24.14M | 22.14M | 17.65M |
| Taxes Paid | 226K | 3.02M | 0 | 1.81M | 0 | 522K | 182K | 97K |
SBC-Driven Cash Dilution
As reported in recent financial statements, Intapp consistently generates positive operating cash flow despite persistent GAAP net losses, with 2026Q3 operating cash flow reaching $63.9 million against a $15.5 million net loss, largely driven by significant non-cash stock-based compensation adjustments.
The persistent gap between net income and operating cash flow suggests that the company's cash-generative profile is heavily reliant on equity-based incentives rather than core operational profitability. Investors should monitor whether this reliance on SBC creates long-term dilution risks that may eventually offset the cash flow benefits currently observed.
Based on quarterly filings, Intapp's free cash flow margins have exhibited significant volatility, ranging from 7.3% in 2026Q2 to a peak of 43.4% in 2026Q3, indicating that cash generation remains highly sensitive to the timing of enterprise billings and working capital fluctuations.
While the recent spike in FCF margin suggests potential for operational leverage, the inconsistency in these figures warrants caution regarding the sustainability of cash generation. The trajectory appears to be influenced more by periodic working capital inflows than by a steady, predictable expansion of core software margins.
According to recent SEC filings, Intapp experienced a notable $18.5 million inflow from working capital changes in 2026Q3, which contrasts sharply with the $28.9 million outflow observed in 2026Q1, highlighting the lumpy nature of cash collections within the enterprise software sales cycle.
These fluctuations suggest that the company's cash position is susceptible to the timing of large-scale contract renewals and implementation milestones. Analysts should investigate whether these swings represent structural improvements in collection efficiency or merely the timing of deferred revenue recognition across the fiscal year.
As indicated by recent cash flow data, Intapp has prioritized share repurchases, allocating $50.1 million toward buybacks in 2026Q3 alone, a move that appears aggressive given the company's ongoing GAAP operating losses and the necessity of funding continued R&D investments.
The decision to return capital to shareholders while the business remains in a net loss position may indicate management's confidence in long-term cash flow durability. However, this strategy warrants further investigation into whether these funds might be better deployed toward organic growth initiatives or strategic acquisitions to bolster the platform's competitive moat.
Quick answers to the most common questions about buying INTA stock.
Intapp, Inc. (INTA) generated $123.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intapp, Inc. (INTA) generated $121.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Intapp, Inc. (INTA) spent $1.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.