i3 Verticals Reports Q2 Profit Turnaround, Completes $60M Acquisition, and Fully Utilizes $60M Share Buyback Program
IIIV is trading near its 52-week low of $19.89 (6.3% above the low) on elevated volume (1.8× avg).
Summary
i3 Verticals, Inc. reported a return to GAAP profitability in Q2 FY26, completed a $60 million acquisition, and fully utilized its $60 million share repurchase program, demonstrating active portfolio and capital management.
Key Events · Earnings and Guidance · IIIV
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Q2 FY26 Net Income Turnaround
Net income attributable to i3 Verticals, Inc. for the three months ended March 31, 2026, improved significantly to $1.464 million, compared to a net loss of $(0.154) million in the same period last year. Basic EPS also improved to $0.07 from $(0.01).
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Revenue Growth
Revenue for the three months ended March 31, 2026, increased by 6.2% to $57.518 million, up from $54.135 million in the prior year quarter. Year-to-date revenue grew 3.6% to $110.189 million.
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Completed $60M Acquisition
On January 1, 2026, the company completed the acquisition of a transportation market business for $60 million in cash, plus up to $20 million in contingent consideration (fair value $7.6 million). This acquisition was funded by the revolving credit facility and cash on hand.
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Aggressive Share Repurchases
The company repurchased 3,743,574 shares of Class A Common Stock for $89.296 million during the six months ended March 31, 2026. Additionally, since March 31, 2026, an extra 992,058 shares were repurchased for $21.946 million, fully expending the new $60 million share repurchase program initiated on February 5, 2026.
Analysis · IIIV · Technology
i3 Verticals, Inc. reported a significant turnaround in GAAP net income for the second fiscal quarter, moving from a loss in the prior year to a profit. This positive financial performance is coupled with strategic capital allocation, including the completion of a $60 million acquisition in the transportation market and the full utilization of its $60 million share repurchase program. While the acquisition increased long-term debt, the company maintains strong liquidity and compliance with debt covenants. The aggressive share repurchases, totaling over $111 million across two programs, signal management's confidence in the company's valuation and could be accretive to earnings per share.
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At the time of this filing, IIIV was trading at $21.14 on NASDAQ in the Technology sector, with a market capitalization of approximately $644.3M. The 52-week trading range was $19.89 to $33.97. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.