i3 Verticals (IIIV) financial statements
i3 Verticals reported revenue of $213M in fiscal 2025, up 0.7% a year over 9 years.
Net income was $18M and the operating margin 1.8%, against 2.0% in 2016.
Free cash flow was -$4M, and the company returned $38M in net buybacks.
The diluted share count rose 27% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from i3 Verticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $200M | $263M | $324M | $376M | $150M | $224M | $188M | $190M | $191M | $213M |
| Cost of revenue | $141M | $189M | $215M | $243M | $0 | $0 | — | — | — | — |
| Gross profit | $46M | $57M | $83M | $107M | $123M | $195M | $283M | $333M | — | — |
| Selling, general and admin | $20M | $27M | $41M | $63M | $78M | $135M | $157M | $106M | $101M | $115M |
| Operating income | $4M | $8M | $12M | $6M | $8M | -$12,000 | -$23M | -$4M | $4M | $4M |
| Pre-tax income | -$2M | $1M | -$5M | $386,000 | -$4M | -$7M | -$39M | -$28M | -$22M | $11M |
| Income tax | $243,000 | $177,000 | $337,000 | -$177,000 | -$3M | $623,000 | $152,000 | -$4M | -$5M | $5M |
| Net income | -$2M | $902,000 | -$7M | -$3M | -$419,000 | -$4M | -$17M | -$811,000 | $113M | $18M |
| EPS (diluted) | — | — | $0.08 | -$0.29 | -$0.03 | -$0.22 | -$0.77 | -$0.07 | $4.73 | $0.72 |
| Diluted shares | — | — | 27M | 10M | 27M | 32M | 22M | 33M | 34M | 34M |
| Gross margin | 22.8% | 21.6% | 25.7% | 28.4% | 82.2% | 87.2% | 150.6% | 175.7% | — | — |
| Operating margin | 2.0% | 2.9% | 3.8% | 1.7% | 5.2% | -0.0% | -12.3% | -2.3% | 2.3% | 1.8% |
| Net margin | -1.0% | 0.3% | -2.1% | -0.8% | -0.3% | -2.0% | -9.1% | -0.4% | 59.3% | 8.4% |
Balance sheet
Fiscal years, from i3 Verticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $955,000 | $572,000 | $1M | $16M | $4M | $3M | $3M | $87M | $67M |
| Receivables | — | $8M | $12M | $15M | $18M | $38M | $53M | $51M | $51M | $58M |
| Inventory | — | $930,000 | $1M | $1M | $1M | $2M | $4M | $2M | $2M | $3M |
| Total current assets | — | $16M | $17M | $21M | $38M | $58M | $84M | $86M | $153M | $138M |
| Property, plant and equipment | — | $1M | $3M | $5M | $5M | $6M | $6M | $10M | $8M | $7M |
| Goodwill | $35M | $59M | $84M | $168M | $187M | $292M | $215M | $230M | $243M | $248M |
| Total assets | $100M | $140M | $175M | $349M | $404M | $652M | $770M | $884M | $731M | $638M |
| Total current liabilities | — | $20M | $26M | $35M | $39M | $97M | $111M | $93M | $165M | $71M |
| Long-term debt | — | $107M | $32M | $139M | $91M | $201M | $287M | $388M | $0 | $0 |
| Total liabilities | — | $129M | $63M | $207M | $163M | $362M | $463M | $556M | $215M | $121M |
| Shareholders' equity | — | — | $39M | $80M | $156M | $205M | $218M | $237M | $380M | $390M |
| Net debt | -$4M | $110M | $36M | $138M | $75M | $197M | $284M | $385M | -$60M | -$67M |
Cash flow
Fiscal years, from i3 Verticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10M | $8M | $18M | $27M | $24M | $45M | $44M | $37M | $48M | $6M |
| Capital spending | $3M | $2M | $3M | $3M | $6M | $8M | $12M | $16M | $15M | $10M |
| Free cash flow | $7M | $6M | $15M | $24M | $18M | $36M | $31M | $21M | $33M | -$4M |
| Stock-based compensation | $0 | $0 | $2M | $6M | $10M | $21M | $26M | $28M | $26M | $18M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$38M |
| Free cash flow margin | 3.6% | 2.4% | 4.6% | 6.3% | 11.9% | 16.3% | 16.7% | 11.0% | 17.5% | -2.1% |
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Open IIIV in InvestinglyQuestions
What was i3 Verticals's revenue in 2025?
$213M in fiscal 2025, from its 10-K filing.
How much free cash flow does i3 Verticals generate?
-$4M in fiscal 2025 (operating cash flow minus capital spending).
From i3 Verticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.