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Dec 31, 2025
ACV Auctions Q4 2025 Earnings Report
ACV Auctions reported 15% revenue growth and Adjusted EBITDA that exceeded the high-end of guidance for the fourth quarter of 2025.
Key Takeaways
ACV delivered a strong fourth quarter with revenue of $184 million and Adjusted EBITDA of $8 million, driven by market share gains and the continued adoption of dealer solutions. Despite a GAAP net loss of $20 million, the company showed significant year-over-year improvement in operating efficiency and set an optimistic outlook for fiscal year 2026 with expected revenue growth of 11% to 13%.
Fourth quarter revenue grew 15% year-over-year to $184 million, driven by an 11% increase in Marketplace and Service revenue.
Adjusted EBITDA of $8 million exceeded the high end of the company's previous guidance range.
Marketplace Units increased 5% year-over-year to 192,757 units, while GMV grew 2% to $2.3 billion.
The company provided 2026 full-year guidance expecting revenue between $845 million and $855 million, representing 11-13% growth.
Revenue by Segment
Forward Guidance
ACV expects continued growth and margin expansion in 2026, with revenue projected to grow 11% to 13% and Adjusted EBITDA expected to reach $73 million to $77 million.
Positive Outlook
- Full-year 2026 revenue guidance of $845 million to $855 million.
- Projected 2026 Adjusted EBITDA growth of approximately 28% at the midpoint.
- Q1 2026 revenue expected to grow 9% to 12% year-over-year.
- Expected revenue growth to outpace non-GAAP operating expense growth by 300 basis points.
- Anticipated achievement of non-GAAP net income in 2026.
Challenges Ahead
- GAAP net loss expected to continue in 2026, ranging from ($54) to ($50) million.
- Expectation of $68 million in stock-based compensation expense for the full year 2026.
- Q1 2026 GAAP net loss projected between ($14) and ($12) million.
- Guidance assumes normal seasonal patterns which may be subject to macro volatility.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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