ISC delivered record full-year 2025 revenue of CAD $257.8M (+4% YoY) and adjusted EBITDA of $103.1M. Q4 diluted EPS came in at $0.76, beating the analyst forecast of $0.54 by 40%. Annual diluted EPS stood at $1.43. After-hours movement showed a 1.39% stock price dip despite the strong beat.
About Information Services Corporation
Information Services Corporation (TSX: ISC) is a Regina, Saskatchewan-based provider of registry and information management services for public data and records. Founded on January 1, 2000, and listed on the Toronto Stock Exchange on July 9, 2013, ISC operates through three segments: Registry Operations, Services, and Technology Solutions. The company manages critical public data including land titles, personal property registries, and corporate registries primarily on behalf of the Government of Saskatchewan, while also expanding into private-sector information services and digital registry technology globally.
As of March 20, 2026, ISC carries a market capitalization of approximately CAD $865 million and an enterprise value of CAD $1.01 billion. The company employs 577 people and trades with a trailing P/E ratio of approximately 32.35 and a forward P/E of 15.56. The dividend yield stands at approximately 1.99%, with a declared quarterly dividend of $0.23 per Class A share. ISC’s stock has gained approximately 84.6% over the trailing 52-week period as of mid-March 2026.
Top Financial Highlights
- Total Q4 2025 revenue was $65.5 million, a 5% increase from $62.2 million in Q4 2024
- Full-year 2025 revenue hit a record $257.8 million, up 4% from $247.4 million in 2024
- Q4 net income was $4.9 million ($0.26 per basic and diluted share), down from $5.3 million ($0.29/share) in Q4 2024
- Full-year net income rose to $26.8 million ($1.44 basic EPS, $1.43 diluted EPS), up from $20.2 million ($1.11/share) in 2024
- Adjusted EPS (diluted) for Q4 was $0.76, beating consensus forecast of $0.54 by 40.07%
- Adjusted EBITDA for Q4 reached $27.1 million (41.3% margin), vs $21.0 million (33.8% margin) in Q4 2024
- Full-year adjusted EBITDA was a record $103.1 million (40.0% margin), up from $90.3 million (36.5%) in 2024
- Operating cash flow for Q4 was $26.3 million, up $4.0 million YoY
- Full-year adjusted free cash flow was $74.7 million, up 32% from $56.4 million in 2024
- Cash on hand stood at $19.5 million as of December 31, 2025, vs $21.0 million at year-end 2024
- Total debt reduced to $153.1 million from $167.6 million; net leverage improved to 2.25x (within target of 2.0x–2.5x), achieved ahead of the planned mid-2026 timeline
- Gross margin improved to 78.5% for FY 2025, up from 75.8% in FY 2024
- 2026 guidance: revenue of $273.0M–$283.0M and adjusted EBITDA of $100.0M-$107.0M
Beat or Miss?
| Metric | Reported (Q4 2025) | Estimated/Expected | Difference/Analysis |
| Revenue (Q4) | CAD $65.52M | CAD $65.73M | Miss by ~$0.21M (0.3%) – minimal shortfall |
| Adjusted EPS (Q4, diluted) | CAD $0.76 | CAD $0.54 | Beat by $0.22 (+40.07%) – strong operational outperformance |
| Net Income (Q4) | CAD $4.9M | N/A | Declined YoY due to elevated share-based compensation |
| Full-Year Revenue | CAD $257.8M | CAD ~$257.0M–$267.0M (prior guidance) | In line with guidance range |
| Full-Year Adjusted EBITDA | CAD $103.1M | CAD ~$97.0M–$104.0M (prior guidance) | Surpassed expectations |
| Net Leverage | 2.25x | 2.0x–2.5x target by mid-2026 | Achieved six months ahead of schedule |
What Leadership Is Saying?
CEO Shawn Peters on Strategy and Vision: “2025 marked ISC’s strongest year on record. The Company met revenue and surpassed adjusted EBITDA expectations and delivered on a number of key milestones, including achieving our long-term net leverage target six months ahead of schedule. Looking ahead, I’m excited about ISC’s potential in 2026. By keeping our people and our customers at the forefront of everything we do, we expect to continue delivering exceptional results under a strategy informed by the outcome of our Strategic Review.”
CFO Bob Antochow on Financials and Segment Outlook: “2025 was another year of strong performance with results for adjusted EBITDA exceeding our expectations. The positive performance for the year was driven by a number of factors. Revenue was $257.8 million for the year ended December 31, 2025, an increase of 4% compared to $247.4 million in the prior year.
This growth was led by strong results across the Saskatchewan Registries division of registry operations and in particular, the Land Registry which benefited from higher average real estate values. We see Recovery Solutions being strong in 2026 with auto delinquencies still remaining high. Because that is a higher margin business, we expect that to keep the margin of services up at what we have seen for the past year.”
Historical Performance
Year-Over-Year Comparison: Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $65.52M | $62.19M | 5.40% |
| Registry Operations Revenue | $36.4M | $33.1M | 10.00% |
| Services Revenue | $26.4M | $26.7M | -1.10% |
| Technology Solutions Revenue | $2.7M | $2.4M | 12.70% |
| Net Income | $4.87M | $5.30M | -8.10% |
| Adjusted Net Income | $14.26M | $9.33M | 52.80% |
| Adjusted EBITDA | $27.1M | $21.0M | 29.00% |
| Adjusted EBITDA Margin | 41.30% | 33.80% | +7.5 pp |
| Operating Cash Flow | $26.3M | $22.3M | 17.90% |
| Adjusted EPS (diluted) | $0.76 | $0.50 | 52.00% |
Competitor Comparison
Key Competitor: Dye and Durham (TSX: DND)
| Category | ISC Q4 2025 | Dye and Durham Q2 FY2025 (latest comparable) | Change (%) Notes |
| Revenue | CAD $65.5M | CAD $107.0M | ISC is smaller but growing; DND declined 7% H1 YoY |
| Net Income | CAD $4.9M | CAD loss (EPS -$0.32) | ISC profitable; DND reported a net loss for the period |
| Adjusted EBITDA | CAD $27.1M (41.3% margin) | CAD ~$50.4M adj. EBITDA H1 (24% YoY decline) | ISC margin significantly stronger |
| Full-Year Revenue | CAD $257.8M | CAD ~$430M (FY2025 preliminary) | DND larger in revenue; ISC outperforms on profitability |
| Leverage | 2.25x net leverage | High leverage, active debt reduction underway | ISC achieved target ahead of schedule |
| Stock Direction | Record year; strong EPS beat | New strategic plan; stock rose 2.19% despite miss | ISC fundamentally stronger |
How the Market Reacted?
ISC released its Q4 and full-year 2025 results after market close on March 19, 2026, following which the stock closed at CAD $47.46 on earnings day with a modest intraday decline of 0.29%. On the following trading day, March 20, 2026, shares fell a further 2.53% to close at CAD $46.26 despite the strong adjusted EPS beat of 40% above consensus.
The muted reaction reflects a pattern consistent with prior quarters – ISC’s Q3 2025 results, which also beat EPS estimates by over 60%, similarly saw a slight stock dip of 0.17%. The broader sentiment toward ISC remains bullish given its record financial year, improving margins, deleveraging ahead of schedule, and a positive 2026 revenue guidance range of $273M–$283M, with institutional investors likely watching the ongoing Strategic Review for potential value-unlocking catalysts.
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