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Exzeo Group vs i3 Verticals: XZO and IIIV compared
Exzeo Group is the larger company: $55.2M of revenue in its latest quarter (Q3 2026) against $53.1M for i3 Verticals (Q3 FY26). i3 Verticals is growing faster (+2% against 0% a year earlier). Exzeo Group is more profitable, with an operating margin of 47.4% against -1.7%.
Where the money goes: XZO and IIIV
Exzeo Group (XZO) · Q3 2026
Exzeo Group, Q3 2026: revenue $55.2M (0% year over year), operating margin 47.4%, net earnings $22.3M, operating cash flow $31.7M. The chart follows the revenue to costs, profit and cash.
i3 Verticals (IIIV) · Q3 FY26
i3 Verticals, Q3 FY26: revenue $53.1M (+2% year over year), operating margin -1.7%, net earnings $5.7M, operating cash flow $14.3M. The chart follows the revenue to costs, profit and cash.
| Exzeo Group (XZO) | i3 Verticals (IIIV) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 FY26 |
| Revenue | $55.2M | $53.1M |
| Revenue growth, Y/Y | 0% | +2% |
| Gross margin | 62.1% | — |
| Operating margin | 47.4% | -1.7% |
| Net earnings | $22.3M | $5.7M |
| Net margin | 40.5% | 10.7% |
| Operating cash flow | $31.7M | $14.3M |
| Free cash flow | $31.4M | $13.0M |
| Market value | — | $312M |
| P/E | — | 36.7× |
| Analysts’ mean target | — | $25.50 |
Where the revenue comes from
Exzeo Group
- Underwriting and Management Services: $45.9M (83%)
- Claim Services: $6.6M (12%)
- Technology Service: $2.7M (5%)
i3 Verticals
- Software and other related revenue: $39.8M (75%)
- Proprietary payments revenue: $13.3M (25%)
Questions
Which is bigger, Exzeo Group or i3 Verticals?
Exzeo Group is the larger company: $55.2M of revenue in its latest quarter (Q3 2026) against $53.1M for i3 Verticals (Q3 FY26).
Is Exzeo Group or i3 Verticals growing faster?
i3 Verticals is growing faster (+2% against 0% a year earlier).
Which is more profitable, Exzeo Group or i3 Verticals?
Exzeo Group is more profitable, with an operating margin of 47.4% against -1.7%.
More: Exzeo Group earnings · how Exzeo Group makes money · i3 Verticals earnings · how i3 Verticals makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 7, 2026). Fiscal quarters can end on different dates. Not investment advice.