Filing Flows › Liquidity Services (LQDT) › Q4 FY25
Liquidity Services (LQDT) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Nov 20, 2025
Liquidity Services (LQDT) reported revenue of $118M for the fourth quarter fiscal 2025 (Q4 FY25), +10% from a year earlier and -1% from the quarter before. Operating margin was 9.3%, net earnings $7.8M (6.6% of revenue).
Liquidity Services, Q4 FY25: revenue $118M (+10% year over year), operating margin 9.3%, net earnings $7.8M, operating cash flow $38.0M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $118M | -1% | +10% |
| Gross profit | $56.5M | +3% | +16% |
| Operating profit | $11.0M | +7% | +51% |
| Net earnings | $7.8M | +6% | +23% |
| Operating cash flow | $38.0M | +97% | +73% |
| Free cash flow | $36.0M | +110% | +88% |
What changed
Revenue was $118.1M in Q4 FY25, up 10% year over year and down 1% from the previous quarter. Product was the largest line at 62% of revenue.
Gross margin was 47.8%, up 2.2 points from Q4 FY24. Operating profit was $11.0M, a 9.3% margin (up 2.5 points year over year). Of the extra revenue versus Q4 FY24, 33% reached operating profit, above the 7% margin then. Operating expenses grew 10% against revenue growth of 10%. The fastest-growing cost line was Sales & marketing (+20%). Net earnings were $7.8M, up 23% year over year. The effective tax rate was 36.1%.
Operating cash flow was $38.0M (up 73% year over year), 486% of net earnings. Non-cash charges added back $2.7M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $22.5M. Capital expenditures of $2.0M left free cash flow of $36.0M.
Questions
What was Liquidity Services' revenue in the fourth quarter fiscal 2025?
Liquidity Services (LQDT) reported revenue of $118M for the fourth quarter fiscal 2025 (Q4 FY25), +10% from a year earlier and -1% from the quarter before.
Was Liquidity Services profitable in the fourth quarter fiscal 2025?
Operating profit was $11.0M (9.3% of revenue) and net earnings $7.8M.
Source: Liquidity Services 10-K on SEC EDGAR.