Intapp, Inc.

FQ4 subscription revenue was $115 million, up 27% year over year; license revenue was $23.9 million, down 25%; professional services revenue was $13.6 million, up 5%; and total revenue was $152.5 million, up 13%. Non-GAAP gross margin was 79.4%, up from 78% a year ago; non-GAAP operating income was $34.3 million versus $21.3 million last year; and non-GAAP diluted EPS was $0.41 versus $0.27. Free cash flow was $45.9 million, up over 20% year over year, and cash and cash equivalents were $162.8 million. FY26 total revenue was $577.8 million, up 15%; subscription revenue was $422.8 million, up 27%; license revenue was $103.4 million, down 14%; non-GAAP gross margin was 78.5% versus 77.3%; non-GAAP operating income was $108.6 million versus $75.6 million; non-GAAP EPS was $1.27 versus $0.94; and free cash flow was $144.7 million, or 25% of revenue. FY27 guidance calls for Q1 subscription revenue of $123.7 million to $124.7 million, total revenue of $159.3 million to $160.3 million, non-GAAP operating income of $33.4 million to $34.4 million, and non-GAAP EPS of $0.39 to $0.41. Full-year FY27 guidance is subscription revenue of $528.7 million to $532.7 million, total revenue of $656.5 million to $660.5 million, non-GAAP operating income of $134.7 million to $138.7 million, and non-GAAP EPS of $1.58 to $1.62.

John Hall framed fiscal 2026 as the year Intapp moved Firm AI “from thesis to category,” with Celeste now generally available and positioned as a differentiated platform for the business side of highly regulated firms. He emphasized that Intapp’s advantage comes from 25 years of firm-specific data, workflows, and compliance infrastructure, and he repeatedly argued that generic AI tools cannot address conflicts, mandates, and other firm-level workflows. His tone was confident and expansive, highlighting strong pipeline, large enterprise wins, and the belief that the company is building toward a much larger opportunity.

David Morton emphasized that the business is increasingly aligned to the AI opportunity and that operating leverage improved through FY26 as subscription revenue scaled and cloud migrations accelerated. He pointed to subscription revenue of $115 million in Q4, total revenue of $152.5 million, non-GAAP gross margin of 79.4%, and free cash flow of $45.9 million, while noting $162.8 million in cash and $75 million remaining under the repurchase authorization. He said margins are building toward FY29 targets, share repurchases continued, and the company replaced and upsized its revolver in July, preserving flexibility as it invests into the agentic TAM.

Analysts focused on why margins and operating leverage improved despite license revenue pressure, and management said the main drivers were SaaS mix, cloud migration, improved services gross profit, G&A efficiency, and lower sales-and-marketing costs from better product innovation. Questions also probed cloud migration mix, token usage and cost control in Celeste, and the monetization model; management said Celeste is designed to manage tokenomics, is model-agnostic, and monetizes through platform fees plus usage fees. On sales motion, John Hall said the opportunity is strongest with senior business leaders and enterprise buyers, while David Morton said SaaS conversions typically create about a 20% to 30% multiplier, with Celeste creating additional upside beyond that.