Free cash flow remains highly volatile, swinging from a $74.7 million inflow in 2026Q1 to a -$33.8 million outflow in 2023Q4, largely driven by unpredictable working capital movements.
| Cash from Operations | 88.12M | 78.23M | 65.4M | -17.89M | -75.17M | 85.29M | 10.37M | -72.46M |
| Operating CF Margin % | - | 10.3% | 10.26% | -3.72% | -17.83% | 23.8% | 4.98% | -67.82% |
| Operating CF Growth % | -116.9% | 19.63% | 465.65% | 76.21% | -188.14% | 722.63% | 114.31% | - |
| Net Income | -62.22M | -66.14M | -79.7M | -75.26M | -102.19M | -78.18M | -41.02M | -77.22M |
| Depreciation & Amortization | 45.12M | 43.74M | 36.81M | 19.29M | 11.38M | 8.75M | 7.24M | 1.84M |
| Stock-Based Compensation | 40.29M | 56.86M | 68.01M | 49.65M | 39.32M | 23.22M | 5.71M | 998K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 54.82M | 37.59M | 10.73M | 9.46M | 10.99M | 5.62M | 3.02M | 3.22M |
| Working Capital Changes | 10.11M | 6.18M | 29.55M | -21.02M | -34.67M | 125.88M | 35.42M | -1.3M |
| Change in Receivables | -29.6M | -31.02M | 17.47M | 14.41M | 47.17M | -120.16M | -29.23M | -51.95M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 50.43M | 46.82M | 16.17M | -34.61M | -73.09M | 242.86M | 66.22M | 46.41M |
| Cash from Investing | -57.98M | -74.05M | -15.86M | -110.97M | -282.98M | -129.27M | -19.67M | -24.68M |
| Capital Expenditures | -19.19M | -9.1M | -4.54M | -2.33M | -3.21M | -2.57M | -3.5M | -3.37M |
| CapEx % of Revenue | 2.46% | 1.2% | 0.71% | 0.48% | 0.76% | 0.72% | 1.68% | 3.16% |
| Acquisitions | 0 | 0 | -156.47M | -29.62M | -18.91M | -64.5M | -5.5M | -14.84M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -88.71M | -111.35M | -37.62M | -71.11M | -58.17M | -48.42M | -10.67M | -6.47M |
| Cash from Financing | 18.85M | 42.97M | -7.87M | 30.63M | 72.93M | 376.25M | 60.76M | 161.53M |
| Debt Issued (Net) | 31.73M | 63.73M | 8M | 39.5M | 75M | -6.97M | 4.81M | 0 |
| Equity Issued (Net) | 3.5M | 6.11M | 0 | -16.02M | 0 | 385.74M | 55M | 162.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -16.02M | 0 | 0 | 0 | 0 |
| Other Financing | -16.38M | -26.87M | -15.87M | 7.16M | -2.07M | -2.52M | 948K | -674K |
| Net Change in Cash | 49.09M | 47.43M | 41.49M | -98.18M | -285.24M | 332.27M | 51.45M | 64.39M |
| Free Cash Flow | 69.69M | 69.13M | 60.86M | -46.05M | -98.57M | 71.26M | 1.48M | -79.05M |
| FCF Margin % | 8.92% | 9.1% | 9.55% | -9.57% | -23.38% | 19.88% | 0.71% | -73.99% |
| FCF Growth % | 30.71% | 13.6% | 232.14% | 53.28% | -238.32% | 4705.19% | 101.88% | - |
| FCF per Share | 0.40 | 0.41 | 0.37 | -0.29 | -0.63 | 0.46 | 0.01 | -0.51 |
| FCF Conversion (FCF/Net Income) | -1.12x | -1.18x | -0.82x | 0.24x | 0.74x | -1.09x | -0.25x | 0.94x |
| Interest Paid | 0 | 0 | 3.05M | 0 | 493K | 368K | 171K | 0 |
| Taxes Paid | 0 | 0 | 769K | 715K | 388K | 261K | 59K | 30K |
Operational labor cost intensity
According to recent financial disclosures, ACVA exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio reaching an extreme -7.02 in 2026Q1, suggesting that reported losses are significantly mitigated by non-cash adjustments and volatile working capital movements rather than core operational profitability.
The wide divergence between net income and operating cash flow indicates that the company's cash generation is heavily reliant on timing differences in working capital rather than sustainable earnings. Investors should monitor whether this reliance on accruals persists as the company attempts to scale its marketplace operations.
As reported in quarterly filings, ACVA's free cash flow trajectory remains highly erratic, swinging from a peak of $74.7 million in 2026Q1 to a low of -$33.8 million in 2023Q4, which underscores the company's struggle to maintain consistent cash conversion amidst its ongoing expansion and investment phase.
The lack of a stable FCF trend suggests that the business model is highly sensitive to seasonal fluctuations and the timing of large-scale operational expenditures. This volatility complicates the assessment of the company's long-term ability to self-fund its growth without recurring to external financing or equity dilution.
Based on reported figures, working capital changes have become the primary driver of quarterly cash flow, with a significant $55.9 million inflow in 2026Q1 contrasting sharply with the $23.7 million outflow seen in 2025Q4, highlighting the company's dependence on managing dealer payables and receivables to maintain liquidity.
These dramatic shifts in working capital suggest that ACVA's cash position is highly susceptible to the payment cycles of its dealer partners. Such reliance on working capital management may indicate that the underlying marketplace operations are not yet generating sufficient organic cash to offset the company's high fixed-cost base.
Analysis of recent SEC filings shows that ACVA maintains a relatively low capital intensity, with CapEx/Revenue ratios generally hovering between 0.4% and 1.5%, excluding the anomalous 5.6% spike in 2026Q1, which suggests the platform model does not require heavy investment in physical infrastructure to support its growth.
The ability to scale with minimal capital expenditure is a key feature of the digital marketplace model, yet it appears insufficient to drive overall cash flow positivity given the high variable costs of the inspection network. This suggests that the primary constraint on profitability is operational labor rather than capital investment.
Quick answers to the most common questions about buying ACVA stock.
ACV Auctions Inc. (ACVA) generated $78.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ACV Auctions Inc. (ACVA) generated $69.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ACV Auctions Inc. (ACVA) spent $9.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.