Business Description

ACV Auctions Inc. operates a digital wholesale automotive marketplace that connects buyers and sellers of used vehicles. Headquartered in Buffalo, New York, the company provides a B2B platform for franchise and independent dealers, fleet operators, and rental companies to source and sell inventory. It differentiates itself through proprietary inspection technology, AI-powered condition reports, and value-added services like transportation and short-term inventory financing.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues759,606637,156481,234421,529
Cost of Sales361,408304,441244,454236,653
Gross Profit398,198332,715236,780184,876
Selling, General & Administrative Expenses234,991217,435166,510143,637
Depreciation & Amortization Expenses43,72436,68518,98810,926
Other Operating Expenses182,674162,700140,959136,522
Operating Profit(63,191)(84,105)(89,677)(106,209)
Interest and Investment Income8,0089,33716,5075,082
Interest Expense(9,620)(4,244)(1,565)(979)
Non-Operating Income(1,612)5,09314,9424,103
Total Non-Operating Income(3,224)10,18629,8848,206
Income Before Provision for Income Taxes(64,803)(79,012)(74,735)(102,106)
Provision for Income Taxes1,33868852687
Consolidated Net Income(66,141)(79,700)(75,261)(102,193)
Net Income Attributable to Common Shareholders(66,141)(79,700)(75,261)(102,193)
Basic EPS-0.39-0.48-0.47-0.65
Diluted EPS-0.39-0.48-0.47-0.65
Basic Weighted Average Shares Outstanding170,584164,851159,953156,994
Diluted Weighted Average Shares Outstanding170,584164,851159,953156,994
Shares Outstanding173,179168,029161,843158,456
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents271,497224,065182,571280,752
Short-Term Investments—46,036228,761215,926
Total Cash and Cash Equivalents271,497270,101411,332496,678
Accounts Receivable197,225168,770164,009168,732
Other Receivables180,486139,045119,03478,047
Total Trade Receivables377,711307,815283,043246,779
Other Current Assets24,29515,28112,52411,317
Total Current Assets673,503593,197706,899754,774
Net Property, Plant & Equipment12,8527,6254,9185,710
Net Intangible Assets162,988159,38789,96356,283
Goodwill183,725180,478103,37991,755
Other Long-Term Assets52,54343,46217,7656,400
Total Assets1,085,611984,149922,924914,922
Accounts Payable390,830345,605305,845323,661
Accrued Expenses30,01935,56128,09624,556
Total Current Liabilities420,849381,166333,941348,217
Long-Term Debt190,000123,000115,00075,500
Other Long-Term Liabilities45,07939,97917,4555,481
Total Long-Term Liabilities235,079162,979132,45580,981
Total Liabilities655,928544,145466,396429,198
Common Stock173168162158
Additional Paid-in Capital996,628944,891880,510836,695
Accumulated Other Comprehensive Income1,338(2,740)(1,529)(3,775)
Retained Earnings(568,456)(502,315)(422,615)(347,354)
Total Common Shareholders' Equity429,683440,004456,528485,724
Total Shareholders' Equity429,683440,004456,528485,724
Total Liabilities and Shareholders' Equity1,085,611984,149922,924914,922
FY 2025FY 2024FY 2023FY 2022
Net Income(66,141)(79,700)(75,261)(102,193)
Depreciation & Amortization43,74336,80819,28511,378
Share-Based Compensation Expense56,86268,01049,64839,324
Other Adjustments37,59210,7309,45910,991
Changes in Trade Receivables(31,022)17,46614,40647,170
Changes in Accounts Payable46,82316,167(34,612)(73,087)
Changes in Other Operating Activities(9,625)(4,084)(810)(8,758)
Cash from Operating Activities78,23265,397(17,885)(75,175)
Capital Expenditure(9,098)(4,539)(2,330)(3,211)
Proceeds from Sale of Property, Plant & Equipment—14,083——
Purchases of Intangible Assets(35,555)(29,702)(25,840)(20,185)
Purchases of Investments(28,921)(35,979)(146,032)(269,678)
Proceeds from Sale of Investments75,322218,754138,12666,990
Payments for Business Acquisitions—(156,475)(29,623)(18,913)
Other Investing Activities(75,799)(22,005)(45,273)(37,982)
Cash from Investing Activities(74,051)(15,863)(110,972)(282,979)
Issuance of Long-Term Debt423,500491,500420,000275,000
Repayments of Long-Term Debt(356,500)(483,500)(380,500)(200,000)
Net Issuance / (Repayments) of Long-Term Debt67,0008,00039,50075,000
Issuance of Common Shares6,10713,3467,3273,391
Repurchases of Common Shares(26,868)(27,131)(16,025)(5,458)
Net Issuance / (Repurchases) of Common Shares(20,761)(13,785)(8,698)(2,067)
Other Financing Activities(3,265)(2,089)(169)—
Cash from Financing Activities42,974(7,874)30,63372,933
Effect of Exchange Rate Changes on Cash and Cash Equivalents277(166)43(21)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash47,43241,494(98,181)(285,242)

Key Metrics & Ratios

MetricValue
Market Cap$1.39B
P/E-20.56x
P/S1.83x
EV/EBITDA-67.23x
Return on Equity-15.2%
Return on Invested Capital-16.1%
Current Ratio1.60x
Free Cash Flow Margin9.1%

Margins

Gross margin
52.4%
Operating margin
-8.3%
Net margin
-8.7%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026 $204M +11.8% -4.5% $-9M
Q4 2025 $184M +15.1% -9.7% $-18M
Q3 2025 $200M +16.5% -11.9% $-24M
Q2 2025 $194M +20.6% -3.7% $-7M
Q1 2025 $183M — -7.9% $-14M
Q4 2024 $160M — -16.2% $-26M
Q3 2024 $171M — -10.0% $-17M
Q2 2024 $161M — -11.6% $-19M

More on ACV Auctions Inc.

Figures compiled from public company filings.

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