LQDT

MKT CAP:$1B

Liquidity Services, Inc.

Market Cap

$1B

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Specialty Retail·🇺🇸·NASDAQ

Stock Price

$33.98+$4.39 (+14.84%)

Apr 20, 2026

Company Details

Liquidity Services, Inc. provides e-commerce marketplaces, self-directed auction listing tools, and value-added services. It operates through four segments: Retail Supply Chain Group, Capital Assets Group, GovDeals, and Machinio. The compan...

CEO

William Paul Angrick

IPO Date

Feb 27, 2006

Website

www.liquidityservices.com

Key Metrics TTM

Revenue

$476M

+14.8% YoY

Net Income

$30M

EPS (Diluted)

$0.92

Free Cash Flow

$70M

Revenue / Share

$14.73

Gross Margin

44.8%

Operating Margin

7.9%

Net Margin

6.3%

FCF Margin

14.7%

P/S

2.3x

P/E

36.3x

Earnings Reports

Q2 2026

May 14, 2026

PENDING

Q1 2026

Feb 5, 2026

$121M-0.9%EPS $0.23

FY 2025

Nov 20, 2025

$477M+31.2%EPS $0.87

Q4 2025

Nov 20, 2025

$118M+10.4%EPS $0.24

Q3 2025

Aug 7, 2025

$120M+28.1%EPS $0.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$68M	$39M	$13M
Q3 22	$70M	$41M	$19M
Q4 22	$75M	$41M	$11M
Q1 23	$72M	$41M	$5M
Q2 23	$81M	$41M	$5M
Q3 23	$81M	$46M	$8M
Q4 23	$80M	$45M	$8M
Q1 24	$71M	$40M	$2M
Q2 24	$91M	$47M	$7M
Q3 24	$94M	$49M	$8M
Q4 24	$107M	$49M	$7M
Q1 25	$122M	$50M	$7M
Q2 25	$116M	$47M	$7M
Q3 25	$120M	$55M	$10M
Q4 25	$118M	$56M	$11M
Q1 26	$121M	$54M	$9M

Valuation

Quarter	P/S	P/E
Q2 22	3.9x	19.1x
Q3 22	3.9x	16.7x
Q4 22	3.9x	26.8x
Q1 23	3.8x	26.6x
Q2 23	3.6x	32.8x
Q3 23	3.5x	46.9x
Q4 23	3.4x	51.5x
Q1 24	3.4x	57.1x
Q2 24	3.3x	53.0x
Q3 24	3.2x	54.3x
Q4 24	3.0x	54.1x
Q1 25	2.6x	45.2x
Q2 25	2.5x	42.8x
Q3 25	2.3x	40.6x
Q4 25	2.3x	38.5x
Q1 26	2.3x	36.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$13M	$11M
Q3 22	$17M	$14M
Q4 22	$14M	$12M
Q1 23	-$11M	-$12M
Q2 23	$33M	$31M
Q3 23	$10M	$9M
Q4 23	$15M	$13M
Q1 24	-$9M	-$11M
Q2 24	$35M	$32M
Q3 24	$22M	$20M
Q4 24	$22M	$19M
Q1 25	-$12M	-$14M
Q2 25	$22M	$20M
Q3 25	$19M	$17M
Q4 25	$38M	$36M
Q1 26	-$526.0K	-$3M

Capital Expenditures

Quarter	CapEx
Q2 22	$2M
Q3 22	$3M
Q4 22	$2M
Q1 23	$1M
Q2 23	$1M
Q3 23	$1M
Q4 23	$1M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M
Q1 26	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+10.5%	-1.5%
Q3 22	+0.3%	-16.2%
Q4 22	+6.9%	+3.1%
Q1 23	+8.4%	+8.6%
Q2 23	+19.3%	+37.8%
Q3 23	+15.6%	+41.7%
Q4 23	+6.3%	+12.7%
Q1 24	-1.3%	+3.1%
Q2 24	+12.3%	+11.4%
Q3 24	+15.9%	+18.2%
Q4 24	+33.7%	+38.3%
Q1 25	+71.5%	+65.4%
Q2 25	+27.3%	+29.1%
Q3 25	+28.1%	+27.9%
Q4 25	+10.4%	+7.5%
Q1 26	-0.9%	-2.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$2M	2.9%
Q3 22	$2M	2.7%
Q4 22	$2M	3.1%
Q1 23	$2M	2.9%
Q2 23	$2M	2.2%
Q3 23	$2M	2.7%
Q4 23	$2M	2.7%
Q1 24	$2M	3.2%
Q2 24	$2M	2.6%
Q3 24	$3M	2.8%
Q4 24	$4M	3.6%
Q1 25	$3M	2.8%
Q2 25	$3M	2.2%
Q3 25	$4M	2.9%
Q4 25	$5M	4.2%
Q1 26	$6M	5.1%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$7M	$11M
Q3 22	$6M	$11M
Q4 22	—	$11M
Q1 23	$7M	$11M
Q2 23	$6M	$12M
Q3 23	$7M	$13M
Q4 23	$7M	$14M
Q1 24	$8M	$13M
Q2 24	$8M	$14M
Q3 24	$9M	$14M
Q4 24	$8M	$14M
Q1 25	$8M	$15M
Q2 25	$7M	$14M
Q3 25	$8M	$16M
Q4 25	$9M	$17M
Q1 26	$10M	$17M

Revenue Segments

Quarter	Product	Service Fee
Q2 22	$37M	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$84M	$0	$84M
Q3 22	$88M	$0	$88M
Q4 22	$96M	$2M	$98M
Q1 23	$76M	$4M	$80M
Q2 23	$96M	$6M	$101M
Q3 23	$98M	$8M	$106M
Q4 23	$110M	$8M	$118M
Q1 24	$99M	$8M	$107M
Q2 24	$109M	$8M	$117M
Q3 24	$130M	$6M	$137M
Q4 24	$153M	$2M	$156M
Q1 25	$129M	$10M	$139M
Q2 25	$138M	$11M	$149M
Q3 25	$156M	$11M	$167M
Q4 25	$175M	$11M	$186M
Q1 26	$170M	$12M	$181M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	34M	-2.5%	-4.4%
Q3 22	33M	-2.7%	-6.7%
Q4 22	33M	-0.0%	-7.0%
Q1 23	33M	-0.4%	-5.5%
Q2 23	32M	-2.5%	-5.5%
Q3 23	32M	-1.9%	-4.7%
Q4 23	32M	+0.8%	-4.0%
Q1 24	32M	+0.6%	-3.0%
Q2 24	31M	-1.5%	-2.1%
Q3 24	31M	+0.0%	-0.2%
Q4 24	32M	+0.5%	-0.4%
Q1 25	32M	+1.8%	+0.8%
Q2 25	33M	+1.0%	+3.4%
Q3 25	32M	-0.1%	+3.3%
Q4 25	32M	-0.6%	+2.2%
Q1 26	32M	-0.1%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$111.2K	614
Q3 22	$113.8K	614
Q4 22	$102.3K	735
Q1 23	$98.3K	735
Q2 23	$110.8K	735
Q3 23	$109.9K	735
Q4 23	$111.7K	716
Q1 24	$99.6K	716
Q2 24	$127.7K	716
Q3 24	$130.7K	716
Q4 24	$136.9K	781
Q1 25	$156.6K	781
Q2 25	$149.0K	781
Q3 25	$153.5K	781
Q4 25	$151.2K	781
Q1 26	$155.2K	781

Revenue / Employee