i3 Verticals, Inc. (IIIV) Financial Statements
Industry: Prepackaged Software (Services)
In fiscal 2025, i3 Verticals reported revenue of $213.2M, down 7.3% from $229.9M the year before. Net income was $17.9M (a 8.4% net margin), or $0.72 per diluted share. Gross margin was 1.8% and operating margin was 1.8%. Operating activities generated $5.7M of cash, leaving $3.8M of free cash flow. At fiscal year end, i3 Verticals held $638.4M in total assets against $120.7M in total liabilities, including $66.7M of cash and equivalents.
Open the full interactive i3 Verticals financials → Quarterly statements, key ratios, valuation history and price charts.
i3 Verticals Key Stats
| Share Price | $16.03 |
|---|---|
| Market Cap | $313.3M |
| P/E Ratio | 22.3 |
| Revenue YoY Growth | -7.3% |
| 52-Week Range | $13.82 – $33.11 |
| Shares Outstanding | 19.4 million (basic, 2026 Q3) |
i3 Verticals Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $150.1M | $224.1M | $317.9M | $370.2M | $229.9M | $213.2M |
| Cost of Goods Sold | $0 | $0 | $320.3M | $347.5M | $223.1M | $209.4M |
| Gross Profit | $123.4M | $195.3M | $282.7M | $333.3M | $6.9M | $3.8M |
| Operating Income | $7.8M | -$12,000 | -$2.4M | $22.7M | $6.9M | $3.8M |
| Pre-Tax Income | -$3.8M | -$7.2M | -$18.2M | -$3.9M | -$19.0M | $10.9M |
| Income Tax | -$2.8M | $623,000 | $5.0M | -$1.2M | -$5.7M | $5.3M |
| Net Income | -$419,000 | -$4.5M | -$17.1M | -$811,000 | $113.3M | $17.9M |
| Diluted EPS | -$0.03 | -$0.22 | -$0.77 | -$0.07 | $4.84 | $0.72 |
i3 Verticals Quarterly Results
| 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | |
|---|---|---|---|---|
| Revenue | $36.5M | $52.7M | $57.5M | $53.1M |
| Net Income | $3.1M | $484,000 | $1.5M | $3.5M |
| Diluted EPS | $0.09 | $0.02 | $0.07 | $0.18 |
i3 Verticals Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.6M | $3.6M | $3.5M | $3.1M | $86.5M | $66.7M |
| Current Assets | $38.0M | $58.1M | $83.8M | $85.5M | $153.4M | $137.6M |
| Total Assets | $403.5M | $651.8M | $770.3M | $881.5M | $730.7M | $638.4M |
| Current Liabilities | $38.9M | $96.5M | $111.3M | $93.5M | $164.7M | $70.7M |
| Total Long-Term Debt | $90.8M | $200.6M | $287.0M | $385.1M | $52.4M | — |
| Total Liabilities | $163.4M | $362.2M | $462.6M | $553.2M | $215.3M | $120.7M |
| Shareholders' Equity | $155.6M | $204.8M | $218.4M | $236.7M | $379.7M | $389.6M |
i3 Verticals Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $23.7M | $46.8M | $45.8M | $34.5M | $48.4M | $5.7M |
| Cash From Investing | -$35.4M | -$156.3M | -$113.0M | -$121.5M | $396.1M | $76.5M |
| Cash From Financing | $29.1M | $102.1M | $73.0M | $75.7M | -$367.4M | -$104.4M |
| Free Cash Flow | $20.8M | $44.8M | $43.6M | $30.3M | $45.4M | $3.8M |
Figures from i3 Verticals' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full i3 Verticals financials page for every line item.
i3 Verticals Company Profile
| Ticker | IIIV |
|---|---|
| Exchange | Nasdaq |
| Industry | Prepackaged Software (Services) |
| Headquarters | Nashville, Tennessee |
| Incorporated in | Delaware |
| Fiscal Year End | September 30 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001728688 |
Frequently Asked Questions
What was i3 Verticals' revenue in fiscal 2025?
i3 Verticals (IIIV) reported revenue of $213.2M for fiscal 2025.
What is i3 Verticals' annual revenue history?
i3 Verticals' annual revenue by fiscal year: 2020: $150.1M; 2021: $224.1M; 2022: $317.9M; 2023: $370.2M; 2024: $229.9M; 2025: $213.2M.
What was i3 Verticals' net income in fiscal 2025?
i3 Verticals reported net income of $17.9M for fiscal 2025.
What was i3 Verticals' earnings per share (EPS) in fiscal 2025?
i3 Verticals' diluted EPS was $0.72 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did i3 Verticals generate in fiscal 2025?
i3 Verticals generated $3.8M of free cash flow in fiscal 2025.
What was i3 Verticals' revenue last quarter?
In its most recent reported quarter (2026 Q3), i3 Verticals reported revenue of $53.1M.
How many shares of i3 Verticals are outstanding?
i3 Verticals reported a weighted average of 19.4 million basic shares outstanding in 2026 Q3.
What is i3 Verticals' market cap?
Based on its latest closing price, i3 Verticals (IIIV) has a market capitalization of about $313.3M.
When does i3 Verticals' fiscal year end?
i3 Verticals' fiscal year end, as registered with the SEC, is September 30.
Where is i3 Verticals headquartered?
i3 Verticals lists its business address in Nashville, Tennessee in its SEC filings.