Filing Flows › i3 Verticals (IIIV) › Q4 FY25
i3 Verticals (IIIV) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Nov 21, 2025
i3 Verticals (IIIV) reported revenue of $54.9M for the fourth quarter fiscal 2025 (Q4 FY25), +7% from a year earlier and +6% from the quarter before. Operating margin was 2.7%, net earnings $3.1M (5.6% of revenue).
i3 Verticals, Q4 FY25: revenue $54.9M (+7% year over year), operating margin 2.7%, net earnings $3.1M, operating cash flow $14.0M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $54.9M | +6% | +7% |
| Operating profit | $1.5M | — | -57% |
| Net earnings | $3.1M | -76% | -97% |
| Operating cash flow | $14.0M | +90% | -8% |
| Free cash flow | $13.5M | +99% | -7% |
What changed
Revenue was $54.9M in Q4 FY25, up 7% year over year and up 6% from the previous quarter. Software and related services revenue was the largest line at 70% of revenue.
Operating profit was $1.5M, a 2.7% margin (down 4.0 points year over year). Operating profit fell $1.9M even though revenue rose $3.6M versus Q4 FY24, so costs grew faster than sales. Total costs grew 12% against revenue growth of 7%. The fastest-growing cost line was SG&A (+15%). Net earnings were $3.1M, down 97% year over year. The effective tax rate was 32.2%. Non-operating items added $4.7M, 76% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $14.0M (down 8% year over year), 333% of net income including minority interests. Non-cash charges added back $7.1M of depreciation and amortization and $3.2M of share-based compensation. Capital expenditures of $425K left free cash flow of $13.5M.
Questions
What was i3 Verticals' revenue in the fourth quarter fiscal 2025?
i3 Verticals (IIIV) reported revenue of $54.9M for the fourth quarter fiscal 2025 (Q4 FY25), +7% from a year earlier and +6% from the quarter before.
Was i3 Verticals profitable in the fourth quarter fiscal 2025?
Operating profit was $1.5M (2.7% of revenue) and net earnings $3.1M.
Source: i3 Verticals 10-K on SEC EDGAR.