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what it is
ACV Auctions runs an online wholesale car auction and data business for dealers.
how it gets paid
FY2025 revenue was $760M. Marketplace and service revenue was $678M (~89% of the total), per the Q4/FY2025 release.
why it's growing
Revenue grew 19% year over year. The company is still GAAP-loss-making while adjusted EBITDA reached $59M for FY2025.
what just happened
Q4 2025 revenue was $184M (+15% vs. prior year). Q4 GAAP diluted EPS was $(0.11); FY2025 GAAP diluted EPS was $(0.39).
At a glance
B+ balance sheet — decent shape, but not bulletproof
$(0.39) FY2025 GAAP diluted EPS
$760M FY2025 revenue (+19% vs. prior year)
$59M FY2025 adjusted EBITDA (non-GAAP)
1.3 beta
xvary composite: 49/100 — below average
What they do
ACV Auctions runs an online wholesale car auction and data business for dealers.
ACV has 2,900 employees built around one job: making wholesale car deals easier. You get auctions, inspection reports, and remarketing channels in one flow, so switching means rebuilding your whole process. That is not a website swap. That is a workflow replacement.
How they make money
$760M
FY2025 revenue · +19% vs. prior year (company reported)
Marketplace and service revenue
$678M
+18%
Other revenue (incl. ancillary)
~$82M
The products that matter
online wholesale vehicle auctions
Marketplace & services
$678M · ~89% of FY2025 revenue
This is the core engine the company reports: marketplace and service revenue of $678M in FY2025, up 18% year over year on a reported basis.
core engine
inspection and transaction support
Ancillary & other revenue
~$82M · balance of FY2025 total
The remainder of the $760M top line sits outside the marketplace-and-service bucket — transport, financing, and other attach revenue. When arbitration or cost lines move, this is where margin debates show up.
trust layer
Key numbers
$760M
annual revenue
This is the size of the business. It is big enough to matter and still too small to hide losses.
$59M
FY2025 adjusted EBITDA
Non-GAAP, but it is the metric management used for FY2025 guidance. GAAP net loss was $(66)M for the year — do not confuse the two.
$220M
long-term debt
This is the balance-sheet bill you have to live with while the company is still negative on earnings.
2,900
employees
That many people tells you this is not a lightweight app. It is a heavy operating machine.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $220M (21% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ACVA right now.
source: institutional data · return history unavailable
What just happened
FY2025 filed
ACV posted $184M in Q4 revenue while adjusted EBITDA reached $8M.
Q4 revenue was up 15% vs. prior year, with full-year 2025 revenue reaching $760M (+19%). Adjusted EBITDA more than doubled to $59M.
$184M
revenue
$(0.11)
Q4 2025 GAAP EPS
$(0.39)
FY2025 GAAP EPS
the number that mattered
The $184M Q4 quarter shows ACV can scale. The path to profitability is closing with adjusted EBITDA more than doubling to $59M for the full year.
snap-source: ACV Q4/FY2025 results (Feb. 23, 2026) — investors.acvauto.com · Form 10-K
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What could go wrong
the #1 risk is elevated arbitration costs on wholesale vehicle transactions.
med
arbitration costs stay elevated
Management said arbitration costs ran above historical norms in Q3 and Q4 2025. If that persists, the marketplace loses its software-like margin narrative fast.
existing company risk framing puts annual gross profit pressure at roughly $15M–$25M.
med
used car wholesale demand stays soft
This is still a transaction-driven business. If dealers trade less inventory in a weak used car market, platform volume and related services both feel it.
the current risk framing says $76M–$114M of forecast revenue could be exposed.
med
competition limits take rates and dealer loyalty
There is no evidence of deep pricing power here. More competition in digital wholesale auctions would pressure take rates and make dealer retention more expensive.
the likely damage is slower revenue growth and a longer path from scale to profit.
weak wholesale demand alone puts $76M–$114M of forecast revenue at risk, and that is before you count the $15M–$25M gross-profit hit tied to arbitration pressure.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings date
Q1 2026 earnings report
Expected around May 6, 2026. You want to see whether the arbitration fix shows up quickly, because management already admitted the issue spanned two quarters.
key metric
arbitration cost trend
This is the number that mattered in the last report. If costs stay above historical norms, every revenue beat matters less.
demand
used vehicle marketplace activity
ACVA can grow through share gains, but a weak wholesale market makes every growth target harder and every expense ratio look worse.
trust signal
dealer confidence after disputes
The platform only works if buyers trust what they are getting. Rising claims are not just a cost issue — they are a product-quality issue.
Analyst rankings
risk profile
below average
risk rank 4 — more volatile than most — brace for bigger swings.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for ACVA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$8
current price
n/a
target midpoint · n/a from current
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