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Liquidity Services (LQDT) investor relations material
Liquidity Services Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Nov, 2025
Executive summary
Achieved record annual GMV of $1.57 billion, up 15% year-over-year, and record annual revenue of $477 million, up 31% year-over-year, with all business segments growing top and bottom lines.
Non-GAAP adjusted EBITDA for fiscal 2025 was $60.8 million, up 25% year-over-year; GAAP net income was $28.1 million, up 41% year-over-year.
Surpassed 6 million registered buyers and $15 billion in cumulative GMV, with 4.1 million auction participants for the year.
Platform enhancements included new payment processing, AI-assisted technologies, and the launch of Retail Rush, a localized consumer auction channel.
Board authorized an additional $15 million for share repurchases.
Financial highlights
Q4 2025 GMV was $404.5 million (up 12%), revenue $118.1 million (up 10%), GAAP net income $7.8 million (up 23%), and adjusted EBITDA $18.5 million (up 28%).
Fiscal 2025 adjusted EBITDA reached $60.8 million, up 25% year-over-year, the highest in 11 years.
Free cash flow for the year was $59 million; operating cash flow was $66.8 million.
Q4 segment direct profit records: GovDeals $22.3 million, RSCG $20.3 million.
Q4 consignment sales represented 83% of consolidated GMV.
Outlook and guidance
Fiscal Q1 2026 guidance: GMV $370–$405 million, GAAP net income $5–$8 million, GAAP EPS $0.15–$0.25, adjusted EPS $0.25–$0.35, adjusted EBITDA $13.5–$16.5 million.
Consignment GMV expected to remain in the low 80% range of total GMV; revenue as a percent of GMV slightly below 30%.
CapEx expected at ~$2 million per quarter; free cash flow conversion to remain strong.
Second half of fiscal year expected to show higher GMV and profitability than first half.
FY26 annual effective tax rate expected to range from 28% to 34%.
Consignment shift's role in $100M EBITDA goal
GovDeals expansion into adjacent markets: growth drivers
Growth opportunities for Software Solutions segment
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Next Liquidity Services earnings date
Q1 20265 Feb, 2026
Next Liquidity Services earnings date
Q1 20265 Feb, 2026
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Frequently asked questions
Liquidity Services Inc operates online marketplaces for surplus assets, allowing businesses and government agencies to sell excess inventory and equipment. Its platforms serve industries such as retail, energy, transportation, and manufacturing. The company is headquartered in Bethesda, Maryland, and its shares are listed on the NASDAQ.
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