Filing Flows › Liquidity Services (LQDT) › Q2 FY26 › vs Q2 FY25
Liquidity Services (LQDT) Q2 FY26 vs Q2 FY25 (year over year)
Liquidity Services's revenue rose $4.4M (+4%) from $116M in Q2 FY25 to $121M in Q2 FY26. The biggest changes: Consignment and Other Fee Revenues +$4.3M (+11%); Product +$25K (0%). Gross margin 46.3% against 40.8% (+5.5 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 46.3% | 40.8% | +5.5 pts |
| Operating margin | 8.0% | 5.8% | +2.1 pts |
| Net margin | 6.2% | 6.1% | +0.2 pts |
| Free cash flow margin | 22.7% | 17.0% | +5.7 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Product | $77.9M | $77.8M | $25K | 0% |
| Consignment and Other Fee Revenues | $42.9M | $38.5M | $4.3M | +11% |
| Revenue | $121M | $116M | $4.4M | +4% |
| Gross profit | $55.9M | $47.4M | $8.4M | +18% |
| Cost of revenue | $64.9M | $68.9M | −$4.1M | -6% |
| Other income, net | $1.1M | $903K | $149K | +17% |
| Operating profit | $9.6M | $6.8M | $2.8M | +41% |
| Operating expenses | $46.2M | $40.6M | $5.6M | +14% |
| Pre-tax earnings | $10.7M | $7.7M | $3.0M | +38% |
| Sales & marketing | $16.1M | $13.8M | $2.3M | +17% |
| General & admin | $9.1M | $7.1M | $2.0M | +28% |
| Other operating costs | $21.1M | $19.7M | $1.4M | +7% |
| Net earnings | $7.5M | $7.1M | $471K | +7% |
| Income tax | $3.1M | $655K | $2.5M | +381% |
| Depreciation & amortization | $2.6M | $2.6M | $72K | +3% |
| Share-based compensation | $4.3M | $2.6M | $1.8M | +69% |
| Working capital & other | $15.0M | $9.4M | $5.6M | +59% |
| Operating cash flow | $29.5M | $21.6M | $7.9M | +36% |
| Free cash flow (OCF − capex) | $27.4M | $19.8M | $7.6M | +39% |
| Capital expenditures | $2.1M | $1.9M | $277K | +15% |
Questions
How much did Liquidity Services's revenue grow year over year in Q2 FY26?
Liquidity Services's revenue rose $4.4M (+4%) from $116M in Q2 FY25 to $121M in Q2 FY26.
What drove Liquidity Services's revenue change in Q2 FY26?
Consignment and Other Fee Revenues +$4.3M (+11%); Product +$25K (0%).