ACV Auctions (ACVA) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $184 million, up 15% year-over-year, and full-year revenue was $760 million, up 19% year-over-year, both at the high end of guidance.

• Adjusted EBITDA for Q4 was $8 million (up from $6 million), and $59 million for the year (up from $28 million in 2024), reflecting significant margin improvement.

• Marketplace units grew to 193,000 in Q4 and 829,000 for 2025, reflecting increased platform engagement and market share.

• Growth was driven by dealer wholesale, expansion of dealer network, strong performance in ACV Transport and Capital, and continued investment in AI-driven solutions and product innovation.

• Strong capital position with $271 million in cash and equivalents as of year-end 2025.

Financial highlights

• Q4 Adjusted EBITDA grew 36% year-over-year to $8 million, with full-year Adjusted EBITDA at $59 million, more than double 2024's $28 million.

• Q4 marketplace and service revenue was $160 million, up 11% year-over-year; full-year marketplace and service revenue was $678 million, up 18%.

• Non-GAAP net loss for Q4 was $1 million; full-year non-GAAP net income was $30 million.

• Operating cash flow grew 20% year-over-year to $78 million in 2025.

• Ended Q4 with $271 million in cash and $190 million in debt, including $171 million of marketplace float.

Outlook and guidance

• Q1 2026 revenue expected at $200–$204 million (9–12% growth); Adjusted EBITDA $14–$16 million (7–8% margin).

• Full-year 2026 revenue guidance: $845–$855 million (11–13% growth); Adjusted EBITDA $73–$77 million (approx. 28% growth), with margins approaching 9%.

• 2026 GAAP net loss projected at ($54) million to ($50) million; non-GAAP net income of $31 million to $35 million.

• Non-GAAP OpEx (excluding cost of revenue) to grow ~9% year-over-year.

• Revenue growth expected to accelerate in the second half of 2026 as go-to-market investments mature.