Filing Flows › Heritage Global (HGBL) › Q4 2025
Heritage Global (HGBL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Heritage Global (HGBL) reported revenue of $11.9M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +4% from the quarter before. Operating margin was 6.5%, net earnings $301K (2.5% of revenue).
Heritage Global, Q4 2025: revenue $11.9M (+10% year over year), operating margin 6.5%, net earnings $301K, operating cash flow $1.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.9M | +4% | +10% |
| Operating profit | $775K | -40% | -48% |
| Net earnings | $301K | -49% | — |
| Operating cash flow | $1.6M | 26× | — |
| Free cash flow | $971K | — | — |
What changed
Revenue was $11.9M in Q4 2025, up 10% year over year and up 4% from the previous quarter. Service was the largest line at 67% of revenue.
Operating profit was $775K, a 6.5% margin (down 7.3 points year over year). Operating profit fell $710K even though revenue rose $1.1M versus a year earlier, so costs grew faster than sales. Total costs grew 19% against revenue growth of 10%. Net earnings were $301K. The effective tax rate was 62.4%.
Operating cash flow was $1.6M, 525% of net earnings. Non-cash charges added back $116K of depreciation and amortization and $187K of share-based compensation. Working capital and other items added $1.0M. Capital expenditures of $609K left free cash flow of $1.0M.
Questions
What was Heritage Global's revenue in the fourth quarter 2025?
Heritage Global (HGBL) reported revenue of $11.9M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +4% from the quarter before.
Was Heritage Global profitable in the fourth quarter 2025?
Operating profit was $775K (6.5% of revenue) and net earnings $301K.
Source: Heritage Global 10-K on SEC EDGAR.