Intapp Inc (INTA) Q3 2025 Earnings: Cloud Dominance and Strategic Momentum Fuel Growth

Intapp, Inc. (NASDAQ: INTA) delivered a robust Q3 2025 earnings report, showcasing accelerating cloud growth, strategic product innovation, and operational resilience. With cloud ARR now comprising 77% of total ARR and SaaS revenue surging 28% year-over-year, the company is solidifying its position as a leader in professional services software. Let’s unpack the key takeaways and what they mean for investors.

Cloud Growth: The Engine of Expansion

Intapp’s cloud transformation continues to drive results. In Q3, cloud ARR reached $351.8 million, a 28% YoY increase, while total ARR rose 19% to $454.7 million. The cloud net revenue retention rate held steady at 119%, reflecting strong upsell opportunities within its client base. SaaS revenue hit $84.9 million, aligning with the company’s strategic focus on high-margin recurring revenue.

The shift to cloud-first solutions is paying dividends. Notably, international revenue grew 20% YoY, accounting for over one-third of total revenue, signaling effective global expansion. This momentum positions Intapp to capitalize on the $20 billion addressable market for professional services software.

Strategic Initiatives Driving Long-Term Value

AI Integration and Product Innovation
Intapp is leveraging AI to deepen its value proposition. The launch of DealCloud Activator—an AI-powered platform embedding best practices into workflows—and upgrades to Intapp Time highlight its “applied AI” strategy. Unlike competitors requiring large capital expenditures, Intapp is focusing on vertical-specific solutions that reduce complexity for clients. CEO John Hall emphasized that this approach is “resilient to economic cycles,” as demand for cloud and AI tools remains strong across law, accounting, and private capital sectors.

Acquisitions and Vertical Expansion
The acquisition of TermSheet, a real assets software company, expands Intapp’s reach into sectors like private equity and real estate. Management noted TermSheet’s integration will deepen client relationships and open new revenue streams. With DealCloud now recognized as a “Deal Origination Solution of the Year” at industry awards, the strategy is resonating with clients.

Partnerships and Ecosystem Growth
Intapp’s partner ecosystem grew to over 140 partners, including key integrations with Moody’s, Equilar, and Legalytics. The annual Amplify event, which drew 400+ clients, further showcased its AI roadmap and ecosystem strength. This network effect is critical for retaining and upselling clients in competitive markets.

Operational and Financial Resilience

Intapp’s balance sheet remains a key advantage. Free cash flow hit $35.1 million (27% of revenue), with $323.2 million in cash and equivalents. Non-GAAP operating income jumped 81% YoY to $20.3 million, while gross margins expanded to 77.9%, driven by SaaS scalability.

The company also provided cautious yet optimistic guidance:
- Q4 SaaS revenue: $89–$90 million
- Full-year SaaS: $330.8–$331.8 million
- Non-GAAP diluted EPS: $0.22–$0.24

Challenges and Risks

Despite the positives, risks persist. Intapp’s calculated billings fell short of estimates, and SaaS revenue missed the high end of guidance, hinting at execution risks. GuruFocus flagged three unspecified warning signs, which may relate to macroeconomic pressures or integration challenges with TermSheet. Additionally, outsourcing professional services revenue by 6% YoY—a strategic shift to prioritize higher-margin SaaS—could test near-term profitability.

Conclusion: A Bullish Case with Caution

Intapp’s Q3 results underscore its transition to a cloud-driven, AI-enabled software powerhouse. With 77% of ARR now from cloud, $351.8 million in cloud ARR, and a 77.9% gross margin, the company is delivering the scale and margins investors seek. Strategic moves like DealCloud Activator and the TermSheet acquisition position it to capture share in high-growth verticals.

The $323 million cash balance and 27% free cash flow conversion further insulate it from volatility. While risks like billings volatility and macroeconomic uncertainty remain, Intapp’s focus on enterprise clients (70% of its $20B TAM) and SaaS-driven growth creates a compelling long-term story.

Investors should monitor execution on the TermSheet integration and whether Q4 guidance is met. If Intapp can sustain its cloud ARR growth rate and maintain retention above 115%, it could outperform peers like Workday (WDAY) and Adobe (ADBE) in vertical-specific software. For now, the data points to a buy with a hold on macro risks.

In the professional services software landscape, Intapp is proving that cloud dominance and applied AI aren’t just trends—they’re the future.