Revenue accelerated 8.1% YoY to $129.6M in 2026Q3 with gross margin expanding to 49.3%, though SG&A grew 16.3% YoY, compressing operating margin to 10.9%.
Liquidity Services, Inc. (LQDT) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 |
|---|
| Sales/Revenue | 489.62M | 476.67M | 363.32M | 314.46M | 280.05M | 257.53M | 205.94M | 226.53M | 224.51M | 270.01M | 316.45M | 397.13M | 495.66M | 505.86M | 475.3M | 327.38M | 273.01M | 236.28M | 263.94M | 198.62M | 147.81M | 89.42M | 75.87M |
| Revenue Growth % | 5.18% | 31.2% | 15.54% | 12.29% | 8.74% | 25.05% | -9.09% | 0.9% | -16.85% | -14.67% | -20.31% | -19.88% | -2.02% | 6.43% | 45.19% | 19.91% | 15.55% | -10.48% | 32.89% | 34.37% | 65.31% | 17.85% | - |
| Cost of Goods Sold | 261.65M | 267.85M | 178.15M | 142.32M | 119.41M | 107.68M | 96.02M | 102.41M | 100.09M | 126.23M | 143.13M | 166.01M | 211.66M | 199.49M | 198.12M | 126.39M | 109.38M | 86.59M | 71.3M | 47.04M | 12.16M | 6.29M | 5.74M |
| COGS % of Revenue | - | 56.19% | 49.03% | 45.26% | 42.64% | 41.81% | 46.62% | 45.21% | 44.58% | 46.75% | 45.23% | 41.8% | 42.7% | 39.44% | 41.68% | 38.61% | 40.06% | 36.65% | 27.01% | 23.68% | 8.23% | 7.03% | 7.57% |
| Gross Profit | 227.97M | 208.81M | 185.17M | 172.14M | 160.64M | 149.85M | 109.92M | 124.11M | 124.43M | 143.79M | 173.33M | 231.12M | 284M | 306.36M | 277.18M | 200.98M | 163.64M | 149.69M | 192.64M | 151.58M | 135.65M | 83.13M | 70.13M |
| Gross Margin % | 46.56% | 43.81% | 50.97% | 54.74% | 57.36% | 58.19% | 53.38% | 54.79% | 55.42% | 53.25% | 54.77% | 58.2% | 57.3% | 60.56% | 58.32% | 61.39% | 59.94% | 63.35% | 72.99% | 76.32% | 91.77% | 92.97% | 92.43% |
| Gross Profit Growth % | - | 12.77% | 7.57% | 7.16% | 7.2% | 36.32% | -11.43% | -0.25% | -13.46% | -17.04% | -25% | -18.62% | -7.3% | 10.53% | 37.91% | 22.82% | 9.32% | -22.29% | 27.09% | 11.74% | 63.19% | 18.54% | - |
| Operating Expenses | 183.88M | 173.75M | 161.76M | 146.03M | 113.24M | 122.69M | 113.82M | 143.62M | 146.16M | 184.03M | 207.44M | 375.33M | 233.59M | 238.41M | 195.01M | 163.66M | 135.94M | 136.53M | 174.03M | 135.27M | 122.81M | 77.27M | 63.7M |
| OpEx % of Revenue | - | 36.45% | 44.52% | 46.44% | 40.43% | 47.64% | 55.27% | 63.4% | 65.1% | 68.16% | 65.55% | 94.51% | 47.13% | 47.13% | 41.03% | 49.99% | 49.79% | 57.78% | 65.94% | 68.11% | 83.08% | 86.42% | 83.95% |
| Selling, General & Admin | 105.59M | 93.74M | 86.79M | 77.52M | 71.51M | 66.57M | 64.8M | 133.38M | 139.7M | 173.58M | 181.91M | 210.45M | 235.37M | 215.12M | 179.15M | 151.26M | 85.3M | 86.12M | 129.63M | 30.1M | 101.19M | 61.85M | 50.35M |
| SG&A % of Revenue | - | 19.67% | 23.89% | 24.65% | 25.53% | 25.85% | 31.46% | 58.88% | 62.22% | 64.28% | 57.48% | 52.99% | 47.49% | 42.53% | 37.69% | 46.2% | 31.24% | 36.45% | 49.11% | 15.16% | 68.46% | 69.17% | 66.36% |
| Research & Development | 0 | 0 | 0 | 0 | 55.52M | 47.67M | 42.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.55M | 52.18M | 45.7M | 46.48M | 41.51M | 33.42M | 20.08M | 14.7M | 12.81M |
| R&D % of Revenue | - | - | - | - | 19.83% | 18.51% | 20.47% | - | - | - | - | - | - | - | 14.21% | 15.94% | 16.74% | 19.67% | 15.73% | 16.82% | 13.59% | 16.44% | 16.89% |
| Other Operating Expenses | 4M | 80.01M | 74.97M | 68.52M | -13.79M | 8.44M | 6.87M | 10.24M | 6.46M | 10.46M | 25.54M | 164.88M | -1.79M | 23.3M | -51.69M | -39.78M | 4.95M | 3.93M | 2.9M | 71.75M | 1.54M | 721K | 531K |
| Operating Income | 44.09M | 35.07M | 23.4M | 26.11M | 47.41M | 27.17M | -3.9M | -19.51M | -21.73M | -40.24M | -34.12M | -144.22M | 50.42M | 67.95M | 82.17M | 37.33M | 27.7M | 13.16M | 18.6M | 16.3M | 12.85M | 5.86M | 6.43M |
| Operating Margin % | 9% | 7.36% | 6.44% | 8.3% | 16.93% | 10.55% | -1.89% | -8.61% | -9.68% | -14.9% | -10.78% | -36.31% | 10.17% | 13.43% | 17.29% | 11.4% | 10.14% | 5.57% | 7.05% | 8.21% | 8.69% | 6.55% | 8.48% |
| Operating Income Growth % | - | 49.83% | -10.35% | -44.93% | 74.49% | 797.15% | 80.02% | 10.22% | 46.01% | -17.96% | 76.34% | -386.04% | -25.8% | -17.3% | 120.12% | 34.78% | 110.39% | -29.24% | 14.11% | 26.92% | 119.27% | -8.91% | - |
| EBITDA | 54.66M | 45.48M | 35.52M | 37.36M | 57.73M | 34.14M | 2.39M | -14.42M | -17.13M | -34.45M | -27.62M | -134.98M | 67.01M | 85.33M | 96.33M | 43.02M | 32.12M | 17.09M | 21.5M | 18.42M | 14.4M | 6.62M | 7M |
| EBITDA Margin % | 11.16% | 9.54% | 9.78% | 11.88% | 20.61% | 13.26% | 1.16% | -6.36% | -7.63% | -12.76% | -8.73% | -33.99% | 13.52% | 16.87% | 20.27% | 13.14% | 11.76% | 7.23% | 8.15% | 9.27% | 9.74% | 7.41% | 9.23% |
| EBITDA Growth % | 30.34% | 28.01% | -4.91% | -35.28% | 69.1% | 1326.54% | 116.6% | 15.83% | 50.28% | -24.74% | 79.54% | -301.43% | -21.46% | -11.43% | 123.91% | 33.95% | 87.9% | -20.49% | 16.73% | 27.91% | 117.41% | -5.4% | - |
| D&A (Non-Cash Add-back) | 10.57M | 10.41M | 12.12M | 11.26M | 10.32M | 6.97M | 6.29M | 5.09M | 4.6M | 5.8M | 6.5M | 9.23M | 16.59M | 17.37M | 14.17M | 5.69M | 4.42M | 3.93M | 2.9M | 2.12M | 1.55M | 765K | 570K |
| EBIT | 48.94M | 39.44M | 27.26M | 26.1M | 22.91M | 27.58M | -3.7M | -19.41M | -21.26M | -39.23M | -15.08M | 11.16M | 32.03M | 73.87M | 83.86M | 44.03M | 27.7M | 13.16M | 18.6M | 16.3M | 12.85M | 5.86M | 6.43M |
| Net Interest Income | 3.49M | 4.38M | 3.85M | 2.91M | 248K | 411K | 924K | 1.45M | 785K | 606K | 1.22M | -171K | -370K | 704K | -2.22M | -1.19M | -428K | 516K | 1.5M | 0 | 0 | 0 | 0 |
| Interest Income | 3.49M | 4.38M | 3.85M | 2.91M | 248K | 411K | 924K | 1.45M | 785K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.22M | 171K | 0 | 704K | 2.22M | 1.19M | 428K | 0 | 1.5M | 2.18M | 430K | 0 | 0 |
| Other Income/Expense | 4.85M | 4.38M | 3.86M | 2.91M | 248K | 411K | 924K | 1.45M | 785K | 606K | 1.22M | -171K | -370K | 704K | -2.22M | -1.19M | -428K | 516K | 1.5M | 2.18M | 430K | -570K | -621K |
| Pretax Income | 48.94M | 39.44M | 27.26M | 29.02M | 47.65M | 27.58M | -2.97M | -18.06M | -20.94M | -39.64M | -32.9M | -144.39M | 50.05M | 68.66M | 79.95M | 36.14M | 24.21M | 13.68M | 20.1M | 18.48M | 13.28M | 5.29M | 5.81M |
| Pretax Margin % | 9.99% | 8.27% | 7.5% | 9.23% | 17.02% | 10.71% | -1.44% | -7.97% | -9.33% | -14.68% | -10.4% | -36.36% | 10.1% | 13.57% | 16.82% | 11.04% | 8.87% | 5.79% | 7.61% | 9.3% | 8.98% | 5.91% | 7.66% |
| Income Tax | 15.68M | 11.35M | 7.27M | 8.04M | 7.33M | -23.37M | 801K | 1.2M | -9.33M | -451K | 27.02M | -39.57M | 19.66M | 27.55M | 31.65M | 15.46M | 12.19M | 7.96M | 8.55M | 7.46M | 5.29M | 1.17M | 541K |
| Effective Tax Rate % | 32.04% | 28.77% | 26.67% | 27.71% | 15.38% | -84.74% | -26.94% | -6.64% | 44.54% | 1.14% | -82.14% | 27.41% | 39.28% | 40.13% | 39.59% | 42.78% | 50.37% | 58.19% | 42.52% | 40.37% | 39.88% | 22.05% | 9.31% |
| Net Income | 33.26M | 28.09M | 19.99M | 20.98M | 40.32M | 50.95M | -3.77M | -19.26M | -11.62M | -39.19M | -59.93M | -104.81M | 30.39M | 41.1M | 48.3M | 8.51M | 12.01M | 5.72M | 11.55M | 11.02M | 7.98M | 4.12M | 5.27M |
| Net Margin % | 6.79% | 5.89% | 5.5% | 6.67% | 14.4% | 19.78% | -1.83% | -8.5% | -5.17% | -14.51% | -18.94% | -26.39% | 6.13% | 8.13% | 10.16% | 2.6% | 4.4% | 2.42% | 4.38% | 5.55% | 5.4% | 4.61% | 6.94% |
| Net Income Growth % | 24.82% | 40.53% | -4.7% | -47.98% | -20.85% | 1450% | 80.41% | -65.82% | 70.36% | 34.61% | 42.83% | -444.9% | -26.07% | -14.89% | 467.39% | -29.14% | 110.05% | -50.5% | 4.85% | 38.07% | 93.62% | -21.77% | - |
| Net Income (Continuing) | 33.26M | 28.09M | 19.99M | 20.98M | 40.32M | 50.95M | -3.77M | -19.26M | -11.62M | -39.19M | -59.93M | -104.81M | 30.39M | 41.1M | 48.3M | 20.68M | 15.07M | 5.72M | 11.55M | 11.02M | 7.98M | 4.12M | 5.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.01 | 0.87 | 0.63 | 0.65 | 1.20 | 1.45 | -0.11 | -0.58 | -0.36 | -1.25 | -1.96 | -3.50 | 0.97 | 1.26 | 1.47 | 0.29 | 0.44 | 0.21 | 0.41 | 0.39 | 0.31 | 0.18 | 0.29 |
| EPS Growth % | 22.89% | 38.1% | -3.08% | -45.83% | -17.24% | 1418.18% | 81.03% | -61.11% | 71.2% | 36.22% | 44% | -460.82% | -23.02% | -14.29% | 406.9% | -34.09% | 109.52% | -48.78% | 5.13% | 25.81% | 72.22% | -37.93% | - |
| EPS (Basic) | - | 0.91 | 0.66 | 0.68 | 1.25 | 1.53 | -0.11 | -0.58 | -0.36 | -1.25 | -1.96 | -3.50 | 0.97 | 1.30 | 1.57 | 0.31 | 0.44 | 0.21 | 0.41 | 0.40 | 0.33 | 0.22 | 0.31 |
| Diluted Shares Outstanding | 32.85M | 32.41M | 31.63M | 32.07M | 33.72M | 35.02M | 33.61M | 33.06M | 32.1M | 31.4M | 30.64M | 29.99M | 31.4M | 32.66M | 32.78M | 29.08M | 27.41M | 27.85M | 28.15M | 28.15M | 26.09M | 22.6M | 18.17M |
| Basic Shares Outstanding | 31.24M | 30.93M | 30.5M | 31.08M | 32.29M | 33.33M | 33.61M | 33.06M | 32.1M | 31.35M | 30.57M | 29.95M | 31.24M | 31.62M | 30.85M | 27.74M | 27.1M | 27.7M | 27.96M | 27.77M | 24.08M | 19.04M | 17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 383.09% |
Quick answers to the most common questions about buying LQDT stock.
For fiscal year 2025, Liquidity Services, Inc. (LQDT) reported total revenue of $476.7M. This represents a 528.3% increase compared to $75.9M in 2004.
Liquidity Services, Inc. (LQDT) is profitable, generating $28.1M in net income for the fiscal year ending 2025 with a net profit margin of 5.9%.
Liquidity Services, Inc. (LQDT) reported an operating income of $35.1M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Liquidity Services, Inc. (LQDT) generated $208.8M in gross profit for the year, representing a gross profit margin of 43.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin pressure from SG&A inflation
Metrics are mathematically derived from official filings.
Revenue Acceleration Amidst Mix Shifts
LQDT's revenue grew 31.2% YoY in the latest quarter, reaching $129.6M, driven by strong volume in retail liquidation and government surplus, though the mix shift toward purchase transactions may inflate reported growth.
The 8.1% sequential revenue increase in 2026Q3 follows a period of deceleration in early 2025, suggesting renewed momentum. However, the accounting nuance between purchase and consignment models means that reported revenue growth may overstate organic platform activity. Investors should monitor GMV trends to assess the durability of this acceleration, especially as the company approaches its $2B GMV target.
Gross Margin Expansion Signals Mix Improvement
Gross margin expanded to 49.3% in 2026Q3, up from 45.7% a year earlier, reflecting a favorable shift toward consignment-based revenue, which carries higher incremental margins.
The 360 basis point YoY improvement in gross margin suggests that the company is successfully transitioning to an asset-light model, reducing the drag from purchase transactions. This trend is consistent with management's strategic pivot and should support long-term profitability. However, the sustainability of this margin expansion depends on the mix of consignment versus purchase volumes, which can fluctuate with market conditions.
Operating Leverage Emerging from Scale
Operating income grew 38.2% YoY to $14.1M in 2026Q3, outpacing revenue growth of 8.1%, indicating that SG&A costs are scaling slower than gross profit, a sign of improving operating leverage.
The operating margin of 10.9% in 2026Q3 is the highest in the past ten quarters, up from 8.5% in the year-ago period. This suggests that the company is beginning to realize the benefits of its platform investments, with incremental revenue flowing through to the bottom line. However, the absolute level of SG&A remains high, and investors should watch for any reacceleration in expense growth that could reverse this trend.
Earnings Quality Tempered by SBC and Tax Rate
Net income of $10.4M in 2026Q3 includes $5.3M in stock-based compensation, representing over half of operating income, which may understate true cash earnings power.
The high level of SBC relative to operating income suggests that reported EPS may be flattered by non-cash charges, and investors should adjust for this when valuing the company. Additionally, the effective tax rate appears to be lower than the statutory rate, which could be a source of earnings volatility. The EPS miss versus consensus in the quarter, despite strong revenue growth, highlights the sensitivity of earnings to operating costs and tax items.
SG&A Inflation Pressures Operating Margins
SG&A expenses rose to $27.8M in 2026Q3, up 16.3% YoY, outpacing revenue growth of 8.1%, indicating that the company is investing heavily in its platform and sales force.
The increase in SG&A is likely tied to technology enhancements and marketing efforts to expand the buyer-seller ecosystem. While these investments are necessary to support growth, they have compressed operating margins in the past, and the recent improvement in operating leverage suggests that the company is gaining efficiency. However, the EPS miss in the quarter indicates that cost pressures may be more acute than anticipated, and investors should monitor SG&A trends closely.
Margin Compression Risk from Mix and Costs
Despite strong revenue growth, the 7.36% operating margin remains below peers like Copart (36.5%) and eBay (20.5%), suggesting that LQDT's business model is inherently more operationally intensive.
The company's gross margin of 43.8% is competitive, but its operating margin is significantly lower, indicating that SG&A and other operating costs are a larger drag. This could be due to the physical handling of goods in the RSCG segment and the need for specialized sales teams. If the company cannot achieve sufficient scale to dilute these fixed costs, margin expansion may be limited. Additionally, any shift back toward purchase transactions would pressure gross margins, and rising fuel and labor costs could further squeeze profitability.