Liquidity Services (LQDT) financial statements
Liquidity Services reported revenue of $477M in fiscal 2025, up 4.7% a year over 9 years.
Net income was $28M and the operating margin 7.4%, against -10.8% in 2016.
Free cash flow was $59M, and the company returned $16M in net buybacks.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Liquidity Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $316M | $270M | $225M | $227M | $206M | $258M | $280M | $314M | $363M | $477M |
| Cost of revenue | — | $126M | $100M | $102M | $96M | $108M | $119M | $142M | $178M | $268M |
| Gross profit | $162M | $124M | $110M | $113M | $110M | $150M | $161M | $172M | $185M | $209M |
| Selling, general and admin | $77M | $71M | $64M | $71M | $65M | $67M | $72M | $78M | $87M | $94M |
| Operating income | -$34M | -$40M | -$22M | -$20M | -$4M | $27M | $47M | $26M | $23M | $35M |
| Pre-tax income | -$33M | -$40M | -$21M | -$18M | -$3M | $28M | $48M | $29M | $27M | $39M |
| Income tax | $27M | -$451,000 | -$9M | $1M | $801,000 | -$23M | $7M | $8M | $7M | $11M |
| Net income | -$60M | -$39M | -$12M | -$19M | -$4M | $51M | $40M | $21M | $20M | $28M |
| EPS (diluted) | -$1.96 | -$1.25 | -$0.36 | -$0.58 | -$0.11 | $1.45 | $1.20 | $0.65 | $0.63 | $0.87 |
| Diluted shares | 31M | 31M | 32M | 33M | 34M | 35M | 34M | 32M | 32M | 32M |
| Gross margin | 51.2% | 46.1% | 48.9% | 50.0% | 53.4% | 58.2% | 57.4% | 54.7% | 51.0% | 43.8% |
| Operating margin | -10.8% | -14.9% | -9.7% | -8.6% | -1.9% | 10.5% | 16.9% | 8.3% | 6.4% | 7.4% |
| Net margin | -18.9% | -14.5% | -5.2% | -8.5% | -1.8% | 19.8% | 14.4% | 6.7% | 5.5% | 5.9% |
Balance sheet
Fiscal years, from Liquidity Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $135M | $94M | $78M | $66M | $76M | $106M | $98M | $118M | $156M | $186M |
| Receivables | $10M | $12M | $5M | $7M | $5M | $6M | $12M | $8M | $11M | $11M |
| Inventory | $28M | $21M | $10M | $6M | $6M | $12M | $12M | $11M | $17M | $14M |
| Total current assets | $185M | $139M | $103M | $90M | $95M | $132M | $130M | $146M | $199M | $225M |
| Property, plant and equipment | $14M | $17M | $17M | $19M | $18M | $18M | $19M | $17M | $18M | $18M |
| Goodwill | $45M | $45M | $60M | $59M | $60M | $60M | $89M | $89M | $98M | $103M |
| Total assets | $260M | $215M | $202M | $187M | $197M | $256M | $288M | $289M | $347M | $375M |
| Total current liabilities | $85M | $71M | $68M | $69M | $74M | $109M | $124M | $121M | $155M | $162M |
| Total liabilities | $97M | $83M | $72M | $71M | $85M | $121M | $134M | $127M | $164M | $172M |
| Shareholders' equity | $163M | $133M | $130M | $116M | $112M | $135M | $155M | $162M | $183M | $203M |
| Net debt | -$135M | -$94M | -$58M | -$36M | -$76M | -$106M | -$96M | -$110M | -$153M | -$175M |
Cash flow
Fiscal years, from Liquidity Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $46M | -$32M | $619,000 | -$6M | $16M | $65M | $45M | $47M | $70M | $67M |
| Capital spending | $6M | $8M | $4M | $6M | $4M | $5M | $8M | $5M | $9M | $8M |
| Free cash flow | $40M | -$39M | -$4M | -$12M | $12M | $60M | $37M | $42M | $61M | $59M |
| Stock-based compensation | $12M | $7M | $7M | $7M | $6M | $7M | $8M | $8M | $11M | $14M |
| Share buybacks (net) | — | — | $0 | $0 | -$4M | -$31M | -$25M | -$21M | -$9M | -$16M |
| Free cash flow margin | 12.6% | -14.6% | -1.6% | -5.4% | 6.0% | 23.3% | 13.1% | 13.2% | 16.9% | 12.4% |
Questions
What was Liquidity Services's revenue in 2025?
$477M in fiscal 2025, from its 10-K filing.
How much free cash flow does Liquidity Services generate?
$59M in fiscal 2025 (operating cash flow minus capital spending).
From Liquidity Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.