Filing Flows › Liquidity Services (LQDT) › Q2 FY26 › vs Q1 FY26
Liquidity Services (LQDT) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Liquidity Services's revenue fell $487K (-0.4%) from $121M in Q1 FY26 to $121M in Q2 FY26. The biggest changes: Consignment and Other Fee Revenues −$987K (-2%); Product +$500K (+0.6%). Gross margin 46.3% against 47.0% (-0.8 pts).
Liquidity Services, Q2 FY26: revenue $121M (+4% year over year), operating margin 8.0%, net earnings $7.5M, operating cash flow $29.5M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 46.3% | 47.0% | -0.8 pts |
| Operating margin | 8.0% | 7.7% | +0.2 pts |
| Net margin | 6.2% | 6.2% | +0.1 pts |
| Free cash flow margin | 22.7% | -2.3% | +25.0 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Product | $77.9M | $77.4M | $500K | +0.6% |
| Consignment and Other Fee Revenues | $42.9M | $43.9M | −$987K | -2% |
| Revenue | $121M | $121M | −$487K | -0.4% |
| Gross profit | $55.9M | $57.0M | −$1.2M | -2% |
| Cost of revenue | $64.9M | $64.2M | $676K | +1% |
| Other income, net | $1.1M | $1.1M | −$94K | -8% |
| Operating profit | $9.6M | $9.4M | $249K | +3% |
| Operating expenses | $46.2M | $47.7M | −$1.4M | -3% |
| Pre-tax earnings | $10.7M | $10.5M | $155K | +1% |
| Sales & marketing | $16.1M | $17.0M | −$904K | -5% |
| General & admin | $9.1M | $9.8M | −$693K | -7% |
| Other operating costs | $21.1M | $20.9M | $185K | +0.9% |
| Net earnings | $7.5M | $7.5M | $33K | +0.4% |
| Income tax | $3.1M | $3.0M | $122K | +4% |
| Depreciation & amortization | $2.6M | $2.6M | $57K | +2% |
| Share-based compensation | $4.3M | $6.2M | −$1.8M | -30% |
| Working capital & other | $15.0M | −$16.8M | $31.8M | — |
| Operating cash flow | $29.5M | −$526K | $30.1M | — |
| Free cash flow (OCF − capex) | $27.4M | −$2.8M | $30.2M | — |
| Capital expenditures | $2.1M | $2.3M | −$127K | -6% |
Questions
How much did Liquidity Services's revenue grow quarter over quarter in Q2 FY26?
Liquidity Services's revenue fell $487K (-0.4%) from $121M in Q1 FY26 to $121M in Q2 FY26.
What drove Liquidity Services's revenue change in Q2 FY26?
Consignment and Other Fee Revenues −$987K (-2%); Product +$500K (+0.6%).