Filing Flows › Heritage Global (HGBL) › Q3 2026 › vs Q3 2025
Heritage Global (HGBL) Q3 2026 vs Q3 2025 (year over year)
Heritage Global's revenue rose $3.2M (+28%) from $11.4M in Q3 2025 to $14.6M in Q3 2026. The biggest changes: Service +$2.3M (+31%); Product +$885K (+23%). Operating margin 7.2% against 11.5% (-4.3 pts).
Heritage Global, Q3 2026: revenue $14.6M (+28% year over year), operating margin 7.2%, net earnings $1.0M, operating cash flow $3.4M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 7.2% | 11.5% | -4.3 pts |
| Net margin | 7.1% | 5.1% | +2.0 pts |
| Free cash flow margin | 17.9% | -2.1% | +19.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Service | $9.8M | $7.5M | $2.3M | +31% |
| Product | $4.8M | $3.9M | $885K | +23% |
| Revenue | $14.6M | $11.4M | $3.2M | +28% |
| Operating profit | $1.0M | $1.3M | −$257K | -20% |
| Costs & expenses | $13.5M | $10.1M | $3.5M | +35% |
| Pre-tax earnings | $961K | $1.3M | −$374K | -28% |
| Other expense, net | $83K | −$34K | $117K | — |
| Income tax benefit | $76K | −$750K | $826K | — |
| Net earnings | $1.0M | $585K | $452K | +77% |
| Depreciation & amortization | $206K | $120K | $86K | +72% |
| Share-based compensation | $174K | $204K | −$30K | -15% |
| Working capital & other | $2.0M | −$848K | $2.8M | — |
| Operating cash flow | $3.4M | $61K | $3.3M | 55× |
| Free cash flow (OCF − capex) | $2.6M | −$233K | $2.8M | — |
| Capital expenditures | $772K | $294K | $478K | +163% |
Questions
How much did Heritage Global's revenue grow year over year in Q3 2026?
Heritage Global's revenue rose $3.2M (+28%) from $11.4M in Q3 2025 to $14.6M in Q3 2026.
What drove Heritage Global's revenue change in Q3 2026?
Service +$2.3M (+31%); Product +$885K (+23%).