OPENLANE (OPLN) Q2 2026 earnings summary

Executive summary

• Revenue grew 15% year-over-year to $554.6M–$555M, with net income up 33% to $44.3M and Adjusted EBITDA up 19% to $103.2M.

• Marketplace segment led growth, with vehicles sold up 27%–39% and GMV up 41% to $10.5B.

• U.S. dealer vehicles sold increased 31%, outpacing industry trends and capturing share from physical auctions.

• Commercial vehicles sold rose 39%, driven by new private label customers and off-lease volume growth.

• Series A Preferred Shares converted to common, eliminating preferred dividends and adding 17.1 million shares.

Financial highlights

• Total Q2 revenue: $554.6M–$555M, up 15% year-over-year; Net income: $44.3M, up 33%; Adjusted EBITDA: $103.2M, up 19%.

• Adjusted EBITDA margin improved to 18.6% from 18.0% YoY.

• Marketplace GMV: $10.5B, up 41%; U.S. dealer GMV up 58%, Canada dealer GMV down 15%.

• Operating profit for the quarter was $67.5M, up from $47.4M year-over-year.

• Cash and cash equivalents at quarter-end were $189.7M, with $400M+ revolver capacity.

Outlook and guidance

• Full-year 2026 guidance raised: Net income $163–$176M, Adjusted EBITDA $385–$400M, Operating Adjusted EPS $1.40–$1.50.

• Growth in U.S. dealer and commercial expected to moderate in H2 due to tougher comps.

• Continued investments in go-to-market and operational infrastructure planned for H2 2026.

• Capital expenditures for 2026 projected at $55–$60M.

• Expect off-lease supply to scale through 2026, benefiting volumes.