ACVA is no longer listed. Its last trade on record was Oct 16, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Revenue grew 10.4% YoY in Q2-26 to $213.9M, but gross margin fell to 49.9% from 76.8% in Q4-25, and operating margin improved to -2.8% yet remained negative.
ACV Auctions Inc. (ACVA) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 801.34M | 759.61M | 637.16M | 481.23M | 421.53M | 358.44M | 208.36M | 106.85M |
| Revenue Growth % | 13.3% | 19.22% | 32.4% | 14.16% | 17.6% | 72.03% | 95% | - |
| Cost of Goods Sold | 300.56M | 288.12M | 248.21M | 244.45M | 236.65M | 204.75M | 113.05M | 82.78M |
| COGS % of Revenue | - | 37.93% | 38.96% | 50.8% | 56.14% | 57.12% | 54.26% | 77.47% |
| Gross Profit | 500.78M | 471.49M | 388.95M | 236.78M | 184.88M | 153.68M | 95.31M | 24.07M |
| Gross Margin % | 62.49% | 62.07% | 61.04% | 49.2% | 43.86% | 42.88% | 45.74% | 22.53% |
| Gross Profit Growth % | - | 21.22% | 64.26% | 28.07% | 20.3% | 61.25% | 295.98% | - |
| Operating Expenses | 557.63M | 533.17M | 473.05M | 326.46M | 291.08M | 230.49M | 135.96M | 103.35M |
| OpEx % of Revenue | - | 70.19% | 74.24% | 67.84% | 69.05% | 64.3% | 65.25% | 96.73% |
| Selling, General & Admin | 233.02M | 234.99M | 217.44M | 165.27M | 143.64M | 121.17M | 64.88M | 62.44M |
| SG&A % of Revenue | - | 30.94% | 34.13% | 34.34% | 34.08% | 33.8% | 31.14% | 58.44% |
| Research & Development | 16.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 298.18M | 255.62M | 161.18M | 147.45M | 109.32M | 71.07M | 40.91M |
| Operating Income | -56.85M | -61.69M | -84.11M | -89.68M | -106.21M | -76.81M | -40.65M | -79.28M |
| Operating Margin % | -7.09% | -8.12% | -13.2% | -18.63% | -25.2% | -21.43% | -19.51% | -74.2% |
| Operating Income Growth % | - | 26.65% | 6.21% | 15.57% | -38.28% | -88.96% | 48.73% | - |
| EBITDA | -10.61M | -17.96M | -47.3M | -70.39M | -94.83M | -68.05M | -33.4M | -77.38M |
| EBITDA Margin % | -1.32% | -2.36% | -7.42% | -14.63% | -22.5% | -18.99% | -16.03% | -72.42% |
| EBITDA Growth % | 53.87% | 62.02% | 32.81% | 25.77% | -39.35% | -103.76% | 56.84% | - |
| D&A (Non-Cash Add-back) | 46.24M | 43.72M | 36.81M | 19.29M | 11.38M | 8.75M | 7.25M | 1.9M |
| EBIT | -49.59M | -55.18M | -74.77M | -73.17M | -101.13M | -76.68M | -39.9M | -77.19M |
| Net Interest Income | -4.21M | -1.61M | 5.09M | 14.94M | 4.1M | -653K | 115K | 2.09M |
| Interest Income | 7.25M | 8.01M | 9.34M | 16.51M | 5.08M | 129K | 748K | 2.09M |
| Interest Expense | 11.46M | 9.62M | 4.24M | 1.56M | 979K | 782K | 633K | 0 |
| Other Income/Expense | -4.21M | -3.12M | 5.09M | 14.94M | 4.1M | -653K | 115K | 2.09M |
| Pretax Income | -61.06M | -64.8M | -79.01M | -74.73M | -102.11M | -77.46M | -40.53M | -77.19M |
| Pretax Margin % | -7.62% | -8.53% | -12.4% | -15.53% | -24.22% | -21.61% | -19.45% | -72.24% |
| Income Tax | 2.08M | 1.34M | 688K | 526K | 87K | 724K | 489K | 27K |
| Effective Tax Rate % | -3.41% | -2.06% | -0.87% | -0.7% | -0.09% | -0.93% | -1.21% | -0.03% |
| Net Income | -63.15M | -66.14M | -79.7M | -75.26M | -102.19M | -78.18M | -41.02M | -77.22M |
| Net Margin % | -7.88% | -8.71% | -12.51% | -15.64% | -24.24% | -21.81% | -19.69% | -72.27% |
| Net Income Growth % | 1.77% | 17.01% | -5.9% | 26.35% | -30.71% | -90.59% | 46.88% | - |
| Net Income (Continuing) | -63.15M | -66.14M | -79.7M | -75.26M | -102.19M | -78.18M | -41.02M | -77.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.37 | -0.39 | -0.48 | -0.47 | -0.65 | -0.50 | -0.27 | -0.50 |
| EPS Growth % | 6.18% | 18.75% | -2.13% | 27.69% | -30% | -85.19% | 46% | - |
| EPS (Basic) | - | -0.39 | -0.48 | -0.47 | -0.65 | -0.50 | -0.27 | -0.50 |
| Diluted Shares Outstanding | 171.04M | 170.58M | 164.85M | 159.95M | 156.99M | 156.08M | 154.15M | 154.15M |
| Basic Shares Outstanding | 171.04M | 170.58M | 164.85M | 159.95M | 156.99M | 156.08M | 154.15M | 154.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ACVA stock.
For fiscal year 2025, ACV Auctions Inc. (ACVA) reported total revenue of $759.6M. This represents a 610.9% increase compared to $106.8M in 2019.
ACV Auctions Inc. (ACVA) reported a net loss of $66.1M for the fiscal year ending 2025.
ACV Auctions Inc. (ACVA) reported an operating income of $-61.7M, resulting in an operating profit margin of -8.1%. This margin reflects the operational efficiency of the business before interest and taxes.
ACV Auctions Inc. (ACVA) generated $471.5M in gross profit for the year, representing a gross profit margin of 62.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Labor-intensive inspection model scalability
Metrics are mathematically derived from official filings.
Revenue Momentum Persists Despite Deceleration
ACVA's revenue grew 10.4% YoY in Q2-26 to $213.9M, a slowdown from 20.6% in Q2-25, yet sequential gains suggest continued market share capture in dealer wholesale.
The 10.4% YoY growth in Q2-26 marks a deceleration from the 20.6% pace a year earlier, but the sequential increase from $204.2M in Q1-26 indicates sustained demand. Management's maintained guidance of $219M-$225M for the next quarter implies a moderated sequential growth rate, suggesting the record quarter was strong but not an inflection. The growth appears driven by Marketplace Services adoption and dealer wholesale share gains, as highlighted in recent commentary, rather than broad market tailwinds.
Gross Margin Volatility Masks Structural Ceiling
Gross margin swung from 76.8% in Q4-25 to 49.9% in Q2-26, reflecting mix shifts between high-margin Marketplace and lower-margin Services revenue, with the latter likely weighing on overall profitability.
The dramatic gross margin fluctuation—from 76.8% in Q4-25 to 49.9% in Q2-26—suggests significant revenue mix changes, likely due to the gross recognition of transportation services. While the 62% average gross margin over the past year indicates a high-value service, the labor-intensive inspection model caps permanent expansion. Investors should monitor whether increased adoption of Marketplace Services can offset the dilutive impact of logistics revenue on reported gross margins.
Operating Leverage Elusive as Costs Scale
Despite revenue growth, operating losses persist, with Q2-26 Op margin at -2.8%, the best in five quarters, but SG&A and R&D combined still exceed gross profit, indicating limited operating leverage.
Even with record revenue, ACVA's operating income remained negative at -$6.0M in Q2-26, though the -2.8% margin is a notable improvement from -16.2% in Q4-24. The company's cost structure—with SG&A at $53.8M and R&D at $16.6M—eats into gross profit, leaving little room for profitability. The linear relationship between listing volume and inspector headcount suggests that operating leverage may remain elusive unless geographic density improves inspector efficiency.
SBC Distorts Path to Profitability
Stock-based compensation of $14.8M in Q2-26 exceeded the operating loss of $6.0M, indicating that reported losses understate cash burn and that GAAP profitability remains distant without SBC adjustments.
SBC has consistently exceeded operating losses, with Q2-26 SBC at $14.8M versus an operating loss of $6.0M, implying that cash-based operating income would be positive if SBC were excluded. However, this also highlights that reported net losses are not fully reflective of cash consumption, and the company's path to GAAP profitability is prolonged. The tax rate appears minimal, with net losses closely tracking operating losses, suggesting no significant tax benefit is being recognized.
SG&A Discipline Shows Signs of Improvement
SG&A as a percentage of revenue fell to 25.2% in Q2-26 from 35.5% in Q4-24, indicating improved cost discipline, though R&D spending was absent in most quarters, possibly due to capitalization or reclassification.
SG&A efficiency has improved markedly, with the ratio dropping from 35.5% in Q4-24 to 25.2% in Q2-26, suggesting management is gaining control over overhead as revenue scales. However, R&D is reported as zero in most quarters, which is unusual for a tech-enabled platform and may indicate that development costs are being capitalized or expensed elsewhere. The spike in SG&A to $72.8M in Q3-25 warrants attention, as it may reflect one-time costs or increased competition.
Scalability Doubts Persist Amid Labor Intensity
The persistent operating losses, despite revenue growth, raise questions about the scalability of ACVA's inspection-heavy model, as each new listing requires a physical inspection, limiting margin expansion potential.
Short-sellers would argue that ACVA's gross margin, while high, is structurally capped by the need for field inspectors, and the lack of operating leverage despite 10 quarters of data suggests the model may not achieve traditional software-like profitability. The recent revenue beat and maintained guidance could be seen as management tempering expectations, and the competitive threat from OPENLANE's digital-first strategy may force ACVA to increase spending on marketing or lower fees, further pressuring margins. The company's reliance on SBC to attract talent also dilutes shareholders, and the absence of R&D expenses in most quarters raises questions about the sustainability of its technology advantage.