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Sep 30, 2025
i3 Verticals Q4 2025 Earnings Report
i3 Verticals reported solid Q4 results with moderate revenue growth and positive net income.
Key Takeaways
i3 Verticals delivered a profitable Q4 2025 with increased revenue and adjusted EPS, driven by strong SaaS momentum and a growing public sector presence.
Q4 revenue reached $54.9 million, up from $51.3 million YoY
Net income was $1.2 million, down from $6.5 million YoY
Adjusted EPS rose to $0.27 from $0.12 in Q4 2024
SaaS revenue grew 23% YoY, supporting long-term growth strategy
Forward Guidance
i3 Verticals expects continued growth in FY 2026, supported by investments in public sector software and strategic contracts.
Positive Outlook
- FY26 revenue guidance of $217M–$232M
- Adjusted EBITDA guidance of $58.5M–$65M
- Adj. EPS forecasted between $1.06–$1.16
- Strong cash position of $66.7M to support growth
- New court contract in West Virginia demonstrates traction
Challenges Ahead
- Slight decline in Q4 adjusted EBITDA YoY
- EBITDA margin compressed to 26.2% from 28.5%
- Net income declined from prior year Q4
- Cash from operating activities was significantly lower YoY
- Increased investment spending could pressure near-term margins
Historical Earnings Impact
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Avg. Return Before/After Earnings
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