Filing Flows › Liquidity Services (LQDT) › Q2 FY26
Liquidity Services (LQDT) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 7, 2026
Liquidity Services (LQDT) reported revenue of $121M for the second quarter fiscal 2026 (Q2 FY26), +4% from a year earlier and -0.4% from the quarter before. Operating margin was 8.0%, net earnings $7.5M (6.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $121M | -0.4% | +4% |
| Gross profit | $55.9M | -2% | +18% |
| Operating profit | $9.6M | +3% | +41% |
| Net earnings | $7.5M | +0.4% | +7% |
| Operating cash flow | $29.5M | — | +36% |
| Free cash flow | $27.4M | — | +39% |
What changed
Revenue was $120.7M in Q2 FY26, up 4% year over year and roughly flat from the previous quarter. Product was the largest line at 64% of revenue. Consignment and Other Fee Revenues added $4.3M year over year (up 11%), 99% of the total change.
Gross margin was 46.3%, up 5.5 points from Q2 FY25. Operating profit was $9.6M, a 8.0% margin (up 2.1 points year over year). Of the extra revenue versus Q2 FY25, 65% reached operating profit, above the 6% margin then. Operating expenses grew 14% against revenue growth of 4%. The fastest-growing cost line was General & admin (+28%). Net earnings were $7.5M, up 7% year over year. The effective tax rate was 29.5%.
Operating cash flow was $29.5M (up 36% year over year), 393% of net earnings. Non-cash charges added back $2.6M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items added $15.0M. Capital expenditures of $2.1M left free cash flow of $27.4M.
Questions
What was Liquidity Services' revenue in the second quarter fiscal 2026?
Liquidity Services (LQDT) reported revenue of $121M for the second quarter fiscal 2026 (Q2 FY26), +4% from a year earlier and -0.4% from the quarter before.
Was Liquidity Services profitable in the second quarter fiscal 2026?
Operating profit was $9.6M (8.0% of revenue) and net earnings $7.5M.
Source: Liquidity Services 10-Q on SEC EDGAR.