Board Approves $200M Share Buyback Following $150M Repurchase Completion
Intapp’s Board of Directors authorized a new $200.0 million common stock repurchase program on January 29, 2026. This approval follows the completion of a $150.0 million share buyback authorized on August 7, 2025, bringing total repurchase capacity to $350.0 million.
1. Fundamentals Strengthened Post-Q2 FY26
In its fiscal second quarter ended December 31, 2025, Intapp reported SaaS revenue of $102.5 million, up 28% year-over-year, and total revenue of $140.2 million, a 16% increase versus the prior year. Cloud ARR rose 31% to $433.6 million, representing 81% of total ARR, while total ARR climbed 22% to $535.0 million. On a GAAP basis the company narrowed its operating loss to $7.2 million from $10.2 million a year ago, and reduced its net loss to $5.9 million from $10.2 million. Non-GAAP operating income improved by 47% to $27.7 million, and non-GAAP net income reached $27.6 million, up from $17.4 million in Q2 FY25. Non-GAAP diluted net income per share was $0.33, compared with $0.21 in the prior-year quarter.
2. Share Price Decline Reflects Sector Rotation, Not Fundamentals
INTA’s share price has fallen by nearly 50% since mid-2025, a move that is unconnected to the company’s underlying performance or valuation metrics. Rather, the decline mirrors a broader rotation within the enterprise SaaS space—where generalist workflow applications have been hit by AI-related repricing—while Intapp’s niche focus on highly regulated legal and financial markets insulates it from the same disruption risks. Key profitability and capital‐efficiency metrics, including a shift to positive non-GAAP operating income and expanding subscription metrics, remain robust despite sector-wide sentiment shifts.
3. Outlook and Capital Return Priorities
Management reiterated guidance for Q3 FY26 SaaS revenue of $105–106 million and total revenue of $143.8–144.8 million, alongside non-GAAP operating income of $23.1–24.1 million and non-GAAP diluted net income per share of $0.27–0.29. Full-year SaaS revenue is forecast at $415–419 million, with total revenue of $570.3–574.3 million and non-GAAP diluted EPS of $1.20–1.24. The company concluded Q2 with $191.2 million in cash and equivalents and returned $150.1 million to shareholders through the repurchase of 3.4 million shares. In late January, Intapp’s board approved an additional $200 million stock repurchase authorization, underscoring its commitment to disciplined capital allocation and shareholder value creation.