Filing Flows › HireQuest (HQI) › Q3 2025
HireQuest (HQI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
HireQuest (HQI) reported revenue of $8.5M for the third quarter 2025 (Q3 2025), -10% from a year earlier and +11% from the quarter before. Operating margin was 28.8%, net earnings $2.3M (27.1% of revenue).
HireQuest, Q3 2025: revenue $8.5M (-10% year over year), operating margin 28.8%, net earnings $2.3M, operating cash flow $1.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.5M | +11% | -10% |
| Operating profit | $2.4M | +134% | — |
| Net earnings | $2.3M | +117% | — |
| Operating cash flow | $1.0M | -60% | -75% |
| Free cash flow | $1.0M | -60% | -75% |
What changed
Revenue was $8.5M in Q3 2025, down 10% year over year and up 11% from the previous quarter. HireQuest Direct was the largest line at 46% of revenue. Northbound, MRI, and SearchPath lost $650K year over year (down 30%), 71% of the total change.
Operating profit was $2.4M, a 28.8% margin (up 57.4 points year over year). Total costs fell 50% while revenue fell 10%. Net earnings were $2.3M. The effective tax rate was 5.6%.
Operating cash flow was $1.0M (down 75% year over year), 45% of net earnings. Non-cash charges added back $752K of depreciation and amortization and $345K of share-based compensation. Working capital and other items used $2.4M. Capital expenditures of $12K left free cash flow of $1.0M.
Questions
What was HireQuest's revenue in the third quarter 2025?
HireQuest (HQI) reported revenue of $8.5M for the third quarter 2025 (Q3 2025), -10% from a year earlier and +11% from the quarter before.
Was HireQuest profitable in the third quarter 2025?
Operating profit was $2.4M (28.8% of revenue) and net earnings $2.3M.
Source: HireQuest 10-Q on SEC EDGAR.