Revenue growth remains highly erratic, swinging from a 71.5% surge in 2025Q1 to a 0.9% contraction in 2026Q1, while gross margins have compressed significantly to 44.1% as of 2026Q2.
| 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 | 479.92M | 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 % | 9.26% | 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 | 261.02M | 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 | 218.9M | 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 % | 45.61% | 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 | 178.73M | 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 | 101.75M | 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 | 40.17M | 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 % | 8.37% | 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 | 50.72M | 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 % | 10.57% | 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 % | 26.29% | 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) | 10.55M | 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 | 41.31M | 35.07M | 23.4M | 26.1M | 22.91M | 27.17M | -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 | 3.42M | 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 | 3.42M | 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 | 4.57M | 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 | 44.73M | 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 % | 9.32% | 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 | 14.49M | 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 % | 32.39% | 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 | 30.24M | 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 % | 6.3% | 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 % | 19.84% | 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) | 30.24M | 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) | 0.94 | 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 % | 17.72% | 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 | 32.3M | 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 | 30.84M | 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% |
Operational margin sensitivity
As reported in financial statements, Liquidity Services experienced significant revenue fluctuations over the last ten quarters, with growth rates swinging from a 71.5% surge in 2025Q1 to a 0.9% contraction in 2026Q1, highlighting the inherent volatility of its transactional marketplace model across diverse asset categories.
The inconsistency in top-line performance suggests that the company's revenue is highly sensitive to the timing of large-scale asset liquidations and inventory gluts. Investors should monitor whether the recent deceleration in 2026 reflects a structural cooling in secondary market demand or merely the lumpy nature of government and corporate contract cycles.
Based on the provided income statement data, gross margins have trended downward from a peak of 55.8% in 2024Q1 to 44.1% in 2026Q2, suggesting that the company may be facing increased competitive pressure or a shift in the mix toward lower-margin inventory purchase transactions.
The erosion of gross profitability implies that the company's pricing power may be constrained by the competitive landscape of secondary marketplaces. If this trend persists, it may indicate that the shift toward an asset-light consignment model is not yet providing the expected structural margin expansion.
According to recent quarterly filings, operating margins have struggled to scale, hovering between 2.3% and 9.3% over the past ten periods, which indicates that SG&A expenses are rising in tandem with gross profit rather than providing the expected operating leverage for a digital marketplace.
The inability to significantly expand operating margins despite revenue growth suggests that the business remains operationally intensive, likely due to the physical logistics required in the Retail Supply Chain Group. This implies that the company's platform-based scalability may be limited by the overhead costs of managing physical asset flows.
Based on reported figures, stock-based compensation has remained a consistent expense, reaching $4.3 million in 2026Q2, which represents a meaningful portion of the $9.6 million operating income and suggests that reported EPS may be bolstered by equity-based incentives rather than purely organic operational efficiency.
The persistent level of stock-based compensation warrants further investigation into the company's long-term incentive alignment and its impact on shareholder dilution. Investors should consider whether the current net income levels are sustainable if these non-cash expenses continue to consume a significant share of operating profits.
While the company positions itself as a scalable circular economy platform, the data shows that operating income has failed to consistently exceed 10% of revenue, suggesting that the business model may be more vulnerable to logistical cost inflation than the market currently anticipates.
Short-term observers might argue that the company's reliance on physical handling in the RSCG segment prevents it from achieving the high-margin profile of pure-play digital marketplaces. This risk profile suggests that the company's valuation should be scrutinized against its actual ability to decouple revenue growth from rising operational overhead.
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.