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i3 Verticals (IIIV) investor relations material
i3 Verticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Nov, 2025
Executive summary
Completed divestitures of Merchant Services and Healthcare RCM, now focused on public sector software solutions and recurring revenue streams.
Achieved Q4 2025 revenue growth of 7% to $54.9M and full-year growth of 11.5%, with SaaS revenue up 23%.
Recurring revenue and ARR growth outpaced total revenue, with ARR up over 9% year-over-year to $165.3M.
Major contract win with the Supreme Court of Appeals of West Virginia for court management solutions.
Net income from continuing operations was $1.5M for Q4 and $5.6M for the year, up from a prior year loss.
Financial highlights
Q4 2025 revenues rose 7% to $54.9M; full year revenues were $213.2M, up 11.5%.
Recurring revenues increased 9% to $41.3M in Q4, making up 75% of Q4 revenues.
SaaS revenues grew 23–25% year-over-year; payments revenue up 11%.
Adjusted EBITDA for Q4 2025 was $14.4M (26.2% margin); full year adjusted EBITDA was $57.5M, up 14%.
Adjusted diluted EPS from continuing operations was $0.27 for Q4 and $1.05 for the year.
Outlook and guidance
FY 2026 revenue guidance: $217M–$232M; adjusted EBITDA: $58.5M–$65M; adjusted diluted EPS: $1.06–$1.16.
Recurring revenue expected to grow 8%–10% in 2026; non-recurring professional services expected to decline due to project timing.
Long-term organic revenue growth expectation remains high single-digit.
ARR is a key metric for assessing long-term revenue potential and business health.
SaaS revenue growth outpaced overall. Explain why
Reason for Q4 Adjusted EBITDA margin decline
How do divestitures shape 2026 growth strategy
M&A criteria beyond EBITDA/multiple?
Specific projects driving 2027+ PS rebound?
Pricing impact on 2026 net dollar retention?
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Next i3 Verticals earnings date
Q1 20266 Feb, 2026
Next i3 Verticals earnings date
Q1 20266 Feb, 2026
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Frequently asked questions
i3 Verticals Inc provides integrated payment and software solutions for small and medium-sized businesses and public sector entities. The company serves verticals such as education, healthcare, public safety, and nonprofits. It is headquartered in Nashville, Tennessee, and its shares are listed on the NASDAQ.
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