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i3 Verticals cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$13.0M in Q3 FY26 · $49.9M over twelve months

Operating cash flow$14.3M
Capital spending−$1.3M
Free cash flow+$13.0M
Cash / net income2.5×

Analysis

In Q3 FY26, i3 Verticals generated $14.3M of operating cash flow and spent $1.3M on capital projects, leaving free cash flow of $13.0M. That is $6.1M more than in Q3 FY25 ($6.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was $52.4M; the largest uses were buybacks ($137M), acquisitions ($60.0M), other investing ($8.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($114M), asset & business sales ($448K); the cash balance fell by $50.4M.

Operating cash flow was $14.3M against net income of $5.7M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: gains on investments −$9.9M, deferred revenue +$7.5M, depreciation & amortization +$7.3M.

Free cash flow

i3 Verticals: free cash flow by quarteri3 Verticals: free cash flow by quarter$14.6MQ4 FY24$11.0MQ1 FY25−$27.6MQ2 FY25$6.8MQ3 FY25$13.5MQ4 FY25$13.8MQ1 FY26$9.6MQ2 FY26$13.0MQ3 FY26
Operating cash flow less capital spending.
i3 Verticals: operating cash flow against capital spendingi3 Verticals: operating cash flow against capital spendingOperating cash flowCapital spending$15.1M$530KQ4 FY24$11.5M$471KQ1 FY25−$27.1M$501KQ2 FY25$7.4M$544KQ3 FY25$14.0M$425KQ4 FY25$14.1M$315KQ1 FY26$10.0M$407KQ2 FY26$14.3M$1.3MQ3 FY26
Latest (Q3 FY26): Operating cash flow $14.3M, Capital spending $1.3M.

Capital allocation, year by year

i3 Verticals: where the cash came from (up) and went (down), by fiscal yeari3 Verticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY21: Operating cash flow $44.5MFY21: Net borrowing $104MFY21: Shares issued $1.6MFY21: Capital spending −$1.9MFY21: Acquisitions −$142M$151MFY21FY22: Operating cash flow $43.8MFY22: Net borrowing $80.6MFY22: Shares issued $18.4MFY22: Capital spending −$2.3MFY22: Acquisitions −$101M$143MFY22FY23: Operating cash flow $37.2MFY23: Net borrowing $83.5MFY23: Shares issued $180KFY23: Capital spending −$4.2MFY23: Acquisitions −$102M$121MFY23FY24: Operating cash flow $48.4MFY24: Net borrowing −$359MFY24: Shares issued $25KFY24: Asset sales $436MFY24: Capital spending −$3.0MFY24: Acquisitions −$19.1M$484MFY24FY25: Operating cash flow $5.7MFY25: Shares issued $300KFY25: Asset sales $1.5MFY25: Capital spending −$1.9MFY25: Acquisitions −$11.0MFY25: Buybacks −$37.6M$7.5MFY25
Over these 5 years operating cash flow totalled $180M; the largest uses were acquisitions ($375M) and net borrowing ($359M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.6M
Debtnone
Net cash$2.6M

i3 Verticals funds itself: free cash flow was $49.9M over the last twelve months, with $2.6M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

i3 Verticals: sources (+) and uses (−) of cash, Q3 FY26i3 Verticals: sources (+) and uses (−) of cash, Q3 FY26Buybacks−$48.1MNet borrowing (+) / repaid (−)$33.3MOperating cash flow$14.3MCash drawn (+) / kept (−)$4.7MOther investing−$2.2MCapital spending−$1.3MOther financing−$641KTaxes on employees’ shares−$4K
i3 Verticals: sources (+) and uses (−) of cash, TTM to Q3 FY26i3 Verticals: sources (+) and uses (−) of cash, TTM to Q3 FY26Buybacks−$137MNet borrowing (+) / repaid (−)$114MAcquisitions−$60.0MOperating cash flow$52.4MCash drawn (+) / kept (−)$50.4MOther investing−$8.4MOther financing−$5.2MTaxes on employees’ shares−$4.7MCapital spending−$2.5MAsset & business sales$448KShares issued$279K

From profit to cash

i3 Verticals: net income to operating cash flow, Q3 FY26i3 Verticals: net income to operating cash flow, Q3 FY26Net income$5.7MDepreciation & amortization$7.3MStock-based pay$5.1MDeferred taxes$983KGains on investments−$9.9MOther non-cash$1.0MDeferred revenue$7.5MOperating cash flow$14.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$14.3M−$1.3M—−$48.1M$33.3M—$4.7M$13.0M
Q2 FY26$10.0M−$407K—−$50.9M$81.0M—$29.1M$9.6M
Q1 FY26$14.1M−$315K—−$37.9M—$129K$28.2M$13.8M
Q4 FY25$14.0M−$425K———$150K−$11.5M$13.5M
Q3 FY25$7.4M−$544K−$11.0M−$26.1M−$12.0M—−$45.5M$6.8M
Q2 FY25−$27.1M−$501K—−$308K$12.0M—$78.9M−$27.6M
Q1 FY25$11.5M−$471K—−$11.2M—$150K$390K$11.0M
Q4 FY24$15.1M−$530K−$18.0M—−$351M—−$75.9M$14.6M

i3 Verticals: income statement and cash flow

i3 Verticals, Q3 FY26: revenue $53.1M (+2% year over year), operating margin -1.7%. The chart follows the revenue to costs, profit and cash.

i3 Verticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.