Intapp reported 22% year-over-year revenue growth in Q2 FY26, driven by continued strength in subscription bookings and professional services engagements. Annual recurring revenue (ARR) expanded by 24% to $324 million, and net dollar retention remained above 110%. Total customer count rose to 1,230, with 68% of revenue now stemming from license renewals and upsells, underscoring healthy contract expansion across its legal and financial services client base.

While Intapp’s stock has traded down almost 50% since its June 2025 peak, none of the company's core metrics are under threat. Gross margin improved to 76%, operating leverage advanced as R&D spend grew only 18% despite robust product roadmap investment, and free cash flow turned positive for the first time in six quarters. Management reiterated full-year guidance for low-double-digit adjusted EBITDA margins, highlighting that the valuation disconnect is driven by broader SaaS rotation rather than any deterioration in Intapp’s fundamentals.

Intapp’s software, tailored to highly regulated professional firms, stands apart from general workflow SaaS peers exposed to AI hype and sell-offs. Less than 10% of its R&D budget is allocated to generative AI experiments, with the majority focused on risk and compliance modules that address evolving regulatory requirements. This targeted approach insulates Intapp from the volatility affecting companies perceived as AI-dependent, positioning it to capture incremental wallet share as firms prioritize governance over lab-scale innovation.