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How Liquidity Services (LQDT) makes money

Liquidity Services (LQDT) made $130M of revenue in the third quarter fiscal 2026 (Q3 FY26), +8% from a year earlier. Product brought in $81.8M (63%); Consignment and Other Fee Revenues brought in $47.7M (37%). Of every dollar of revenue, 49¢ was left as gross profit, 11¢ was left as operating profit, 8¢ was left as net earnings.

Drawing the Sankey…

Liquidity Services revenue by segment, Q3 FY26Liquidity Services revenue by segment, Q3 FY26Product$81.8MConsignment and Other Fee Revenues$47.7M
Liquidity Services: revenue by line, Q4 FY24 to Q3 FY26Liquidity Services: revenue by line, Q4 FY24 to Q3 FY26ProductConsignment and Other…Product: $81.8M latest$81.8MConsignment and Other Fee Revenues: $47.7M latest$47.7MQ4 FY24Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26
The mix barely moved between Q4 FY24 and Q3 FY26.
Liquidity Services revenue by quarterLiquidity Services revenue by quarter$107MQ4 FY24$116MQ2 FY25$120MQ3 FY25$118MQ4 FY25$121MQ1 FY26$121MQ2 FY26$130MQ3 FY26
Liquidity Services: where each dollar of revenue goesLiquidity Services: where each dollar of revenue goesCost of revenue51¢Gross profit49¢Operating expenses38¢Operating profit11¢Income tax4¢Net earnings8¢Operating cash flow24¢Free cash flow23¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Product$81.8M63.2%+5%+7%
Consignment and Other Fee Revenues$47.7M36.8%+11%+10%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$130M100.0%
Cost of revenue$65.7M50.7%
Gross profit$63.8M49.3%
Operating expenses$49.7M38.4%
Operating profit$14.1M10.9%
Income tax$5.1M3.9%
Net earnings$10.4M8.0%
Operating cash flow$31.2M24.1%
Free cash flow$29.4M22.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$130M+8%
Q2 FY26$121M+4%
Q1 FY26$121M-0.9%
Q4 FY25$118M+10%
Q3 FY25$120M+28%
Q2 FY25$116M+27%
Q4 FY24$107M+34%

From Liquidity Services' 10-Q filed Aug 6, 2026 (on EDGAR).

Questions

How does Liquidity Services make money?

Liquidity Services (LQDT) made $130M of revenue in the third quarter fiscal 2026 (Q3 FY26), +8% from a year earlier. Product brought in $81.8M (63%); Consignment and Other Fee Revenues brought in $47.7M (37%). Of every dollar of revenue, 49¢ was left as gross profit, 11¢ was left as operating profit, 8¢ was left as net earnings.

What is Liquidity Services' biggest business?

Product: $81.8M in the third quarter fiscal 2026, 63% of revenue, +7% from a year earlier.

What is Liquidity Services' profit margin?

Net earnings were $10.4M, 8.0% of revenue, in the third quarter fiscal 2026; the operating margin was 10.9%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.