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How i3 Verticals (IIIV) makes money

i3 Verticals (IIIV) made $53.1M of revenue in the third quarter fiscal 2026 (Q3 FY26), +2% from a year earlier. Software and other related revenue brought in $39.8M (75%); Proprietary payments revenue brought in $13.3M (25%).

Drawing the Sankey…

i3 Verticals revenue by segment, Q3 FY26i3 Verticals revenue by segment, Q3 FY26Software and other related revenue$39.8MProprietary payments revenue$13.3M
i3 Verticals revenue by quarteri3 Verticals revenue by quarter$60.9MQ4 FY24$54.1MQ2 FY25$51.9MQ3 FY25$54.9MQ4 FY25$52.7MQ1 FY26$57.5MQ2 FY26$53.1MQ3 FY26
i3 Verticals: where each dollar of revenue goesi3 Verticals: where each dollar of revenue goesIncome tax2¢Operating cash flow27¢Free cash flow24¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Software and other related revenue$39.8M75.0%-2%+3%
Proprietary payments revenue$13.3M25.0%-8%+1%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$53.1M100.0%
Income tax$1.3M2.5%
Operating cash flow$14.3M26.9%
Free cash flow$13.0M24.4%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$53.1M+2%
Q2 FY26$57.5M+6%
Q1 FY26$52.7M+0.9%
Q4 FY25$54.9M+7%
Q3 FY25$51.9M-7%
Q2 FY25$54.1M-7%
Q4 FY24$60.9M+4%

From i3 Verticals' 10-Q filed Aug 7, 2026 (on EDGAR).

Questions

How does i3 Verticals make money?

i3 Verticals (IIIV) made $53.1M of revenue in the third quarter fiscal 2026 (Q3 FY26), +2% from a year earlier. Software and other related revenue brought in $39.8M (75%); Proprietary payments revenue brought in $13.3M (25%).

What is i3 Verticals' biggest business?

Software and other related revenue: $39.8M in the third quarter fiscal 2026, 75% of revenue, +3% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.