Liquidity Services Q2 GMV $389.9M, Revenue $120.7M, EBITDA Up 37%
Liquidity Services posted Q2 FY26 GMV of $389.9 million (↑6%), revenue of $120.7 million (↑4%), GAAP net income of $7.5 million (↑7%) and non-GAAP EBITDA of $16.7 million (↑37%), with cash balances of $204.0 million. RSCG GMV rose 10% while GovDeals and CAG delivered 5% and 3% gains.
1. Q2 FY26 Financial Results
Liquidity Services reported GMV of $389.9 million for the quarter ended March 31, 2026, marking a 6% year-over-year increase. Revenue reached $120.7 million (+4%), GAAP net income was $7.5 million (+7%), and non-GAAP adjusted EBITDA grew 37% to $16.7 million, supported by a cash balance of $204.0 million and no debt.
2. Segment Performance
The RSCG segment delivered a 10% GMV increase driven by strong consignment demand and direct-to-consumer sales, boosting segment direct profit by 29%. GovDeals GMV rose 5% with an 11% revenue gain and 12% direct profit growth, while the CAG segment achieved a 3% GMV lift and 12% revenue increase. Machinio & Software Solutions revenue grew 12% on subscription expansion.
3. Operational Drivers and Outlook
Operating leverage expanded through multi-channel buyer optimization and cost efficiencies, enhancing recovery rates and transaction margins. Winter weather disruptions moderated real estate activity in GovDeals, while platform investments and a robust pipeline underpin growth plans in heavy equipment and software services.