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), more than doubling year-over-year.

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

• Continued innovation with AI-driven valuation, expanded product suite, and enhanced data services supported growth.

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

Financial highlights

• Q4 revenue: $184 million (+15% YoY); full-year revenue: $760 million (+19% YoY).

• Q4 Adjusted EBITDA: $8 million (+36% YoY); full-year Adjusted EBITDA: $59 million (more than double YoY).

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

• Operating cash flow grew 20% YoY to $78 million in 2025.

• Auction assurance revenue: 55% of total, up 11% YoY; marketplace services: 39% of total, up 23% YoY; SaaS/data services: 5% of total, up 8% YoY.

Outlook and guidance

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

• Full-year 2026 revenue guidance: $845–$855 million (+11–13% YoY); Adjusted EBITDA: $73–$77 million (up 24–31% YoY).

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

• Non-GAAP OpEx (excl. cost of revenue) to grow ~9% YoY; OpEx growth slowing from 12% in 2025 to 9% in 2026.

• Guidance assumes higher growth in H2 2026 from go-to-market investments and normal seasonal patterns.