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Gross Merchandise Volume (GMV): $1.57 billion for fiscal year 2025, up 15% year over year.

Revenue: $476.7 million for fiscal year 2025, up 31% year over year.

Adjusted EBITDA: $60.8 million for fiscal year 2025, up 25% year over year.

Adjusted EBITDA Margin: 32.8% for Q4, up over 310 basis points year over year.

Free Cash Flow: $59 million for fiscal year 2025.

Net Income: $28.1 million for fiscal year 2025, up 41% year over year.

Earnings Per Share (EPS): $0.87 GAAP EPS and $1.28 non-GAAP adjusted EPS for fiscal year 2025.

Cash and Cash Equivalents: $185.8 million at the end of Q4 2025.

GovDeals Segment GMV: $903 million for fiscal year 2025, up 8% year over year.

Retail Segment GMV: Up 30% year over year for fiscal year 2025.

Machinio and Software Solutions Revenue: Up 29% year over year for fiscal year 2025.

CapEx: $7.8 million for fiscal year 2025.

Share Repurchases: $16.1 million conducted during Q4 2025.

Guidance for Q1 2026 GMV: Expected to range from $370 million to $405 million.

Guidance for Q1 2026 GAAP Net Income: Expected to range from $5 million to $8 million.

Guidance for Q1 2026 Non-GAAP Adjusted EPS: Estimated to range from $0.25 to $0.35 per share.

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Release Date: November 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Liquidity Services Inc (NASDAQ:LQDT) achieved a record $1.57 billion in GMV for fiscal year 2025, surpassing the $1.5 billion milestone for the first time.

The company reported a 31% year-over-year increase in revenue, reaching nearly $477 million.

Adjusted EBITDA grew by 25% to $60.8 million, marking the highest EBITDA in 11 years.

Liquidity Services Inc (NASDAQ:LQDT) expanded its buyer base to over 6 million registered buyers and set a new record of 4.1 million auction participants.

The GovDeals segment achieved a record $903 million in GMV, up 8% year-over-year, driven by growth in new sellers and record vehicle and equipment sales volumes.

The Retail segment experienced a sequential decline in revenue from the fiscal third quarter due to lower purchase volumes.

Despite strong overall performance, the company anticipates tempered year-over-year consolidated GMV and revenue for the first quarter of fiscal year 2026 due to lower expected inventory purchases by the retail segment.

The effective tax rate for fiscal year 2025 was relatively high at 28.8%.

Liquidity Services Inc (NASDAQ:LQDT) faces ongoing economic uncertainty, which could impact future performance.

The company is still in the early stages of digital transformation in the large fragmented circular economy market, which may present challenges in scaling operations.

Q: Bill, could you elaborate on the new payment solution and other factors positively impacting the adjusted EBITDA margin? A: William Angrick, CEO: The margin improvement is due to inherent operating leverage and integrating AI technologies to maintain service quality while reducing costs. The new payment solution involves both internally developed and third-party functionalities to streamline buyer payments, offering a full range of payment options. This software-driven upgrade enhances efficiency and contributes to our EBITDA margin.

Q: Are the new payment solutions similar to Buy Now Pay Later, or are they internally developed? A: William Angrick, CEO: The payment solutions are about integrating third-party technologies into our processes, not providing credit or Buy Now Pay Later options. It's a software-driven upgrade, not related to financing solutions.

Q: Do you expect consignment sales as a percentage of GMV to remain in the low 80s? A: William Angrick, CEO: I expect the percentage of consignment sales to increase over time.

Q: Can you provide more details on the Retail Rush initiative and its expansion plans? A: William Angrick, CEO: Retail Rush is being tested in Columbus, where winning bidders pick up items. We're using internally developed software for expedited listing and customer pickup. There's potential for national expansion, but we're currently focusing on a single location prototype.

Q: What is the goal with GovDeals, and what do you mean by government adjacent markets? A: William Angrick, CEO: GovDeals aims to serve public sector agencies with recurring asset flows. Government adjacent markets include lessors or service providers who own assets used by governments. We're expanding into markets like used vehicles and construction equipment, offering the same value proposition to commercial sellers as we do for government clients.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.