Filing Flows › Liquidity Services (LQDT) › Q3 FY26 › vs Q2 FY26
Liquidity Services (LQDT) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Liquidity Services's revenue rose $8.8M (+7%) from $121M in Q2 FY26 to $130M in Q3 FY26. The biggest changes: Consignment and Other Fee Revenues +$4.9M (+11%); Product +$4.0M (+5%). Gross margin 49.3% against 46.3% (+3.0 pts).
Liquidity Services, Q3 FY26: revenue $130M (+8% year over year), operating margin 10.9%, net earnings $10.4M, operating cash flow $31.2M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 49.3% | 46.3% | +3.0 pts |
| Operating margin | 10.9% | 8.0% | +2.9 pts |
| Net margin | 8.0% | 6.2% | +1.8 pts |
| Free cash flow margin | 22.7% | 22.7% | -0.0 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Product | $81.8M | $77.9M | $4.0M | +5% |
| Consignment and Other Fee Revenues | $47.7M | $42.9M | $4.9M | +11% |
| Revenue | $130M | $121M | $8.8M | +7% |
| Gross profit | $63.8M | $55.9M | $8.0M | +14% |
| Cost of revenue | $65.7M | $64.9M | $880K | +1% |
| Other income, net | $1.4M | $1.1M | $308K | +29% |
| Operating profit | $14.1M | $9.6M | $4.5M | +47% |
| Operating expenses | $49.7M | $46.2M | $3.4M | +7% |
| Pre-tax earnings | $15.5M | $10.7M | $4.8M | +45% |
| Sales & marketing | $17.6M | $16.1M | $1.5M | +9% |
| General & admin | $10.1M | $9.1M | $1.1M | +12% |
| Other operating costs | $21.9M | $21.1M | $875K | +4% |
| Net earnings | $10.4M | $7.5M | $2.9M | +39% |
| Income tax | $5.1M | $3.1M | $1.9M | +61% |
| Depreciation & amortization | $2.7M | $2.6M | $43K | +2% |
| Share-based compensation | $5.3M | $4.3M | $922K | +21% |
| Working capital & other | $12.8M | $15.0M | −$2.2M | -15% |
| Operating cash flow | $31.2M | $29.5M | $1.6M | +6% |
| Free cash flow (OCF − capex) | $29.4M | $27.4M | $2.0M | +7% |
| Capital expenditures | $1.8M | $2.1M | −$375K | -18% |
Questions
How much did Liquidity Services's revenue grow quarter over quarter in Q3 FY26?
Liquidity Services's revenue rose $8.8M (+7%) from $121M in Q2 FY26 to $130M in Q3 FY26.
What drove Liquidity Services's revenue change in Q3 FY26?
Consignment and Other Fee Revenues +$4.9M (+11%); Product +$4.0M (+5%).