Revenue growth has moderated from 22.7% in 2024Q2 to 13.1% in 2026Q3, while operating margins remain negative at -9.8% due to elevated R&D and SG&A spending.
| Sales/Revenue | 554.34M | 504.12M | 430.52M | 350.87M | 272.07M | 214.63M | 186.85M | 143.22M |
| Revenue Growth % | 14.66% | 17.09% | 22.7% | 28.96% | 26.76% | 14.87% | 30.46% | - |
| Cost of Goods Sold | 138.45M | 131.15M | 123.66M | 111.46M | 99.08M | 74.37M | 71.29M | 44.89M |
| COGS % of Revenue | - | 26.02% | 28.72% | 31.77% | 36.42% | 34.65% | 38.15% | 31.34% |
| Gross Profit | 415.89M | 372.97M | 306.86M | 239.41M | 172.99M | 140.26M | 115.56M | 98.33M |
| Gross Margin % | 75.02% | 73.98% | 71.28% | 68.23% | 63.58% | 65.35% | 61.85% | 68.66% |
| Gross Profit Growth % | - | 21.54% | 28.17% | 38.4% | 23.33% | 21.37% | 17.53% | - |
| Operating Expenses | 457.47M | 400.33M | 339.05M | 308.67M | 272.44M | 163.22M | 132.37M | 102.43M |
| OpEx % of Revenue | - | 79.41% | 78.75% | 87.97% | 100.14% | 76.05% | 70.84% | 71.52% |
| Selling, General & Admin | 299.02M | 262.57M | 225.42M | 213.22M | 198.03M | 112.37M | 87.39M | 73.61M |
| SG&A % of Revenue | - | 52.08% | 52.36% | 60.77% | 72.79% | 52.35% | 46.77% | 51.39% |
| Research & Development | 158.45M | 137.76M | 113.63M | 93.85M | 74.41M | 50.85M | 42.09M | 28.83M |
| R&D % of Revenue | - | 27.33% | 26.39% | 26.75% | 27.35% | 23.69% | 22.53% | 20.13% |
| Other Operating Expenses | 0 | 0 | 0 | 1.6M | 0 | 0 | 2.89M | 0 |
| Operating Income | -41.58M | -27.36M | -32.19M | -69.26M | -99.46M | -22.96M | -16.81M | -4.1M |
| Operating Margin % | -7.5% | -5.43% | -7.48% | -19.74% | -36.56% | -10.7% | -9% | -2.86% |
| Operating Income Growth % | - | 15.02% | 53.52% | 30.36% | -333.17% | -36.59% | -309.7% | - |
| EBITDA | -30.2M | -4.65M | -10.71M | -49.3M | -82.71M | -9.6M | -4.04M | 4.95M |
| EBITDA Margin % | -5.45% | -0.92% | -2.49% | -14.05% | -30.4% | -4.47% | -2.16% | 3.46% |
| EBITDA Growth % | -28659.05% | 56.6% | 78.29% | 40.39% | -762.05% | -137.32% | -181.66% | - |
| D&A (Non-Cash Add-back) | 11.38M | 22.71M | 21.48M | 19.96M | 16.74M | 13.37M | 12.77M | 9.05M |
| EBIT | -41.58M | -27.36M | -32.19M | -67.66M | -99.46M | -21.68M | -17.71M | -5M |
| Net Interest Income | 1.47M | 0 | 2.29M | -156K | -274K | -24.61M | -27.86M | -19.94M |
| Interest Income | 3.38M | 0 | 2.29M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.75M | 0 | 0 | 156K | 274K | 24.61M | 27.86M | 19.94M |
| Other Income/Expense | 6.19M | 11.22M | 2.29M | -659K | -3.66M | -23.33M | -28.75M | -20.84M |
| Pretax Income | -35.39M | -16.14M | -29.91M | -69.92M | -103.11M | -46.29M | -45.56M | -24.95M |
| Pretax Margin % | -6.38% | -3.2% | -6.95% | -19.93% | -37.9% | -21.57% | -24.38% | -17.42% |
| Income Tax | 1.18M | 2.08M | 2.12M | -495K | -3.44M | 472K | 353K | -7.81M |
| Effective Tax Rate % | -3.33% | -12.88% | -7.07% | 0.71% | 3.33% | -1.02% | -0.77% | 31.29% |
| Net Income | -38.73M | -18.22M | -32.02M | -69.42M | -99.68M | -46.76M | -45.91M | -17.14M |
| Net Margin % | -6.99% | -3.61% | -7.44% | -19.79% | -36.64% | -21.79% | -24.57% | -11.97% |
| Net Income Growth % | -111.82% | 43.11% | 53.88% | 30.35% | -113.15% | -1.85% | -167.9% | - |
| Net Income (Continuing) | -38.73M | -18.22M | -32.02M | -69.42M | -99.68M | -46.76M | -45.91M | -17.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.49 | -0.23 | -0.45 | -0.45 | -1.63 | -1.03 | -0.76 | -0.28 |
| EPS Growth % | -107.01% | 48.89% | 0% | 72.39% | -58.25% | -35.53% | -171.43% | - |
| EPS (Basic) | - | -0.23 | -0.45 | -0.45 | -1.63 | -1.03 | -0.76 | -0.28 |
| Diluted Shares Outstanding | 78.87M | 78.71M | 71.49M | 71.49M | 61.27M | 60.68M | 60.35M | 60.35M |
| Basic Shares Outstanding | 78.87M | 78.71M | 71.49M | 71.49M | 61.27M | 60.68M | 60.35M | 60.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent Operating Losses
According to quarterly financial data, Intapp's year-over-year revenue growth has decelerated from 22.7% in 2024Q2 to 13.1% by 2026Q3, suggesting that the initial tailwinds from cloud migration and enterprise adoption are beginning to moderate as the company faces a more challenging macro environment for new logo acquisition.
The consistent decline in top-line growth rates indicates that the company may be reaching a saturation point within its core legal client base. Investors should monitor whether the shift toward larger, multi-product enterprise deals can offset the lengthening sales cycles currently impacting the DealCloud segment.
As reported in recent income statements, Intapp has successfully expanded its gross margin from 70.4% in 2024Q2 to 75.7% in 2026Q3, reflecting the increasing mix of high-margin SaaS subscription revenue relative to the lower-margin professional services required for complex enterprise software implementations.
This structural improvement in gross margin suggests that the company is effectively leveraging its cloud-first delivery model. However, the persistence of professional services as a significant revenue component may continue to act as a ceiling on further margin expansion unless self-service implementation modules gain traction.
Based on the provided income statement data, operating expenses continue to outpace gross profit growth, resulting in an operating margin of -9.8% in 2026Q3, which indicates that the company has yet to achieve the necessary scale to absorb its heavy investments in sales and marketing.
The lack of operating leverage suggests that management is prioritizing aggressive market share capture over immediate profitability. This strategy warrants further investigation into whether the current level of R&D and SG&A spend is yielding the expected long-term customer lifetime value or if it represents inefficient growth.
Financial filings reveal that stock-based compensation has risen to $31.1 million in 2026Q3, a figure that significantly exceeds the reported net loss of $15.5 million, highlighting a substantial disconnect between GAAP results and the underlying cash-generative potential of the business for common shareholders.
The reliance on equity-based incentives to attract and retain talent creates a persistent drag on GAAP earnings that investors must reconcile. This trend suggests that true economic profitability remains distant, as the company continues to dilute shareholders to fund its ongoing operational expansion.
While the company positions itself as a mission-critical compliance platform, the data shows that revenue growth has slowed significantly during periods of market volatility, suggesting that the DealCloud segment remains highly sensitive to the broader private equity and M&A activity levels that drive new bookings.
Short-sellers may focus on the potential for further margin compression if the company is forced to increase sales incentives to maintain growth in a stagnant deal-making environment. The reliance on large, multi-product enterprise deals introduces a risk of quarterly lumpiness that could lead to valuation volatility.
Quick answers to the most common questions about buying INTA stock.
For fiscal year 2025, Intapp, Inc. (INTA) reported total revenue of $504.1M. This represents a 252.0% increase compared to $143.2M in 2019.
Intapp, Inc. (INTA) reported a net loss of $18.2M for the fiscal year ending 2025.
Intapp, Inc. (INTA) reported an operating income of $-27.4M, resulting in an operating profit margin of -5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Intapp, Inc. (INTA) generated $373.0M in gross profit for the year, representing a gross profit margin of 74.0%. This demonstrates the company's core pricing power and production efficiency.