10-Q · May 6, 2026
ACV Auctions reported Q1 2026 revenue of $204.2 million, a 12% increase year-over-year, exceeding estimates by $2.4 million. Despite the revenue beat, the company continued to incur operating losses, with a reported net…
Earnings analysis · 10-Q
ACVA earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
ACV delivered Q2 revenue of $213.941 million, approximately 4.9% above Q1 2026 and 10.3% above Q2 2025, but GAAP EPS of negative $0.05 missed the $0.03 consensus estimate. Liquidity was meaningful at $242.3 million of…
Read full summary
ACV delivered Q2 revenue of $213.941 million, approximately 4.9% above Q1 2026 and 10.3% above Q2 2025, but GAAP EPS of negative $0.05 missed the $0.03 consensus estimate. Liquidity was meaningful at $242.3 million of cash versus $205.0 million of variable-rate borrowings, although the $50.0 million accelerated share repurchase reduced financial flexibility. The filing reported no material changes to previously disclosed risk factors, while the company’s previously issued full-year outlook remained reaffirmed.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.05
What stood out
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Revenue growth accelerated
Q2 revenue was $213.941 million, up from $203.9 million in Q1 2026 and $194.0 million in Q2 2025, representing approximately 4.9% sequential growth and 10.3% year-over-year growth.
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Liquidity remains substantial
Cash and cash equivalents totaled $242.3 million as of June 30, 2026, providing liquidity against $205.0 million of bank borrowings.
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Controls remained effective
Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2026, with no material change in internal control over financial reporting during the quarter.
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Share repurchase advanced
The company repurchased 5.993 million shares during the quarter at an average price of $5.72 per share, leaving approximately $34.380 million available under the repurchase program.
What to watch
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Variable-rate debt exposure
The company had $205.0 million of borrowings indexed to SOFR, so higher rates would increase interest expense; management states that a hypothetical 100-basis-point rate change would not have a material impact on the financial statements.
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Buyback consumes cash
The May 12 accelerated share repurchase required a $50.0 million prepayment, while only approximately 6.0 million initial shares were delivered; final shares depend on the stock’s volume-weighted average price and the transaction is expected to be completed by the fourth quarter of fiscal 2026.
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Expanded executive severance obligations
New executive severance agreements provide cash severance of up to 1.5 times salary for the CEO outside a change in control and up to 2.0 times salary during the change-in-control protection period, plus accelerated equity vesting and up to 24 months of healthcare coverage.
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No formal risk-factor update
Item 1A states that there were no material changes to the risk factors disclosed in the Annual Report; however, the filing continues to identify potential adverse effects from the company’s existing risks and uncertainties.
Management's outlook
The filing does not provide new numeric guidance in the extracted MD&A. The company’s August 10, 2026 earnings release reaffirmed FY2026 revenue guidance of $845 million-$855 million, Adjusted EBITDA guidance of $73 million-$77 million, and GAAP net loss guidance of $44 million-$49 million; Q3 revenue guidance was $219 million-$225 million.
Earlier filings 4
10-K · February 23, 2026
ACV Auctions describes a technology- and data-driven marketplace strategy centered on a ‘virtuous cycle’ of more buyers/sellers and richer vehicle data; in 2025 it reported $10.4 billion Marketplace GMV with 22,062…
10-Q · May 7, 2025
ACV reported Q1 revenue of $182.697M, up $37.008M (25.4%) versus Q1 2024, with gross margin expanding to 54.4% from 53.0% and an improved operating loss of $14.431M (operating margin -7.9% vs -15.5%). Net loss per share…
10-K · February 21, 2024
ACV positions itself as a data- and technology-driven digital marketplace for wholesale used vehicles, stressing scale (17,121 active Marketplace Buyers; 11,505 active Marketplace Sellers) and $8.8 billion Marketplace…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.