i3 Verticals (IIIV) Cash Flow: Operating & Free Cash Flow

i3 Verticals Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for i3 Verticals, Inc. (IIIV) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020	Sep 2019	Sep 2018	Sep 2017
Operating Activities
Net Income	26.50	175.13	-2.65	-23.22	-7.84	-0.98	0.56	-4.96	0.90
Depreciation & Amortization	29.84	37.45	36.46	29.42	24.42	18.22	16.56	11.84	10.09
Deferred Income Tax	4.97	0.43	-5.94	2.59	-0.29	-3.21	-0.59	-0.68	0.06
Stock Based Compensation	18.34	26.34	27.88	26.23	20.86	10.45	6.12	1.57	0.00
Change in Working Capital	-53.46	17.16	-39.47	-26.84	-0.99	-1.03	1.19	-1.04	-1.16
Change in Accounts Receivable	-7.41	9.58	-7.66	-15.77	-10.94	-1.03	2.43	-2.32	-2.43
Change in Inventory	0.00	0.00	0.00	0.00	0.91	-0.86	-2.06	0.24	1.87
Change in Accounts Payable	1.01	-3.24	1.67	1.54	3.88	0.24	-1.77	1.17	-0.38
Change in Other Working Capital	-13.20	-2.66	-32.49	-24.46	5.15	0.62	2.59	-0.12	-0.21
Other Operating Activities	-15.54	-2.66	14.95	38.16	10.61	0.27	2.74	11.35	-2.00
Net Cash from Operating Activities	5.69	48.41	37.17	43.76	46.77	23.72	26.60	18.08	7.73
Investing Activities
Capital Expenditures	-1.94	-14.96	-4.20	-2.27	-8.20	-5.95	-3.11	-4.49	-2.10
Acquisitions	-11.00	-19.10	-102.00	-100.72	-149.50	-27.69	-137.04	-32.36	-44.18
Purchases of Investments	0.00	-5.37	0.30	0.60	-1.82	-1.79	-3.59	-1.21	-1.63
Sales/Maturities of Investments	-8.21	-17.37	0.30	0.60	3.20	3.04	2.30	3.42	1.46
Other Investing Activities	96.10	-0.09	-1.25	-0.44	0.00	-3.04	-2.30	-3.42	-1.46
Net Cash from Investing Activities	76.46	396.15	-121.52	-113.05	-156.32	-35.43	-143.73	-38.06	-47.90
Financing Activities
Debt Repayment	-26.22	-747.30	82.79	-255.10	104.40	-20.56	101.62	-64.65	27.60
Common Stock Issued	0.12	0.03	0.18	17.69	0.00	82.90	111.69	89.51	12.50
Common Stock Repurchased	-37.60	-0.71	-0.49	0.69	0.00	-10.88	-90.03	-4.64	0.00
Other Financing Activities	-36.59	-6.49	-10.19	-23.24	-2.29	-22.35	-4.19	-0.97	9.75
Net Cash from Financing Activities	-104.41	-367.36	72.99	75.12	102.10	29.11	119.09	19.24	37.35
Summary
Effect of Forex Changes on Cash	2.41	0.00	10.98	0.00	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	-22.26	77.20	-11.37	5.83	-7.44	17.40	1.96	-0.73	-2.82
Cash at Beginning of Period	86.53	12.40	3.49	17.93	20.60	3.20	1.24	1.97	3.78
Cash at End of Period	66.67	89.60	3.11	23.77	13.16	20.60	3.20	1.24	0.96
Free Cash Flow	3.75	33.45	32.97	41.49	38.57	17.77	23.49	13.59	5.63
Supplemental Disclosures
Interest Paid	0.93	29.49	21.48	8.99	4.43	-	-	-	-
Income Taxes Paid	34.87	7.33	3.24	1.08	0.29	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About i3 Verticals Cash Flow

What is i3 Verticals's free cash flow?

i3 Verticals generated free cash flow of $3.75M in fiscal 2025 (fiscal year ended Sep 30, 2025), operating cash flow of $5.69M minus $1.94M of capital expenditures. That was down 88.8% from $33.45M a year earlier. Free cash flow equaled 1.8% of revenue.

How much does i3 Verticals spend on capital expenditures?

i3 Verticals spent $1.94M on capital expenditures in fiscal 2025, compared with $14.96M a year earlier. That equals 34.1% of operating cash flow.

Does i3 Verticals pay dividends or buy back shares?

Yes. In fiscal 2025 i3 Verticals returned $37.60M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition