10-Q · May 5, 2026
OPENLANE, Inc. reported Q1 2026 results with revenue of $527.9 million, exceeding analysts' expectations of $493.6 million, and an EPS of $0.35, surpassing estimates of $0.31. The company also demonstrated strong cash…
Earnings analysis · 10-Q
OPLN earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
OPENLANE delivered a strong Q2 top-line and profit improvement, with revenue up 15% year over year to $554.6 million and diluted EPS rising to $0.32 from $0.15. Marketplace volume was the main growth driver, while…
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OPENLANE delivered a strong Q2 top-line and profit improvement, with revenue up 15% year over year to $554.6 million and diluted EPS rising to $0.32 from $0.15. Marketplace volume was the main growth driver, while Finance profitability improved despite muted revenue growth. The quarter was mixed sequentially: revenue increased 5% from Q1, but gross margin fell to 44.7% from 48.5%, operating margin declined to 12.2% from 18.7%, and EPS slipped from $0.35 to $0.32. Liquidity remains solid, though declining Marketplace yields, transportation costs, and rising Finance delinquencies warrant attention.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $0.32
What stood out
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Revenue growth remains strong; EPS up YoY
Q2 revenue rose $72.9 million, or 15%, year over year to $554.6 million, and increased $26.6 million, or 5%, from Q1 2026 revenue of $528 million. Diluted EPS was $0.32, up from $0.15 a year earlier but down from $0.35 in Q1.
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Marketplace volume and GMV accelerated
Marketplace revenue increased 19% to $447.3 million as vehicles sold rose 27% to 481,000 and GMV increased to $10.5 billion from $7.5 billion. Commercial vehicles sold grew 39% to 276,000, aided by a new private-label customer and higher off-lease volume.
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Operating profit expanded sharply YoY
Operating profit rose 42% to $67.5 million from $47.4 million, while adjusted EBITDA increased 19% to $103.2 million from $86.7 million. Operating margin was 12.2%, although down from 18.7% in Q1 2026.
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Liquidity and operating cash flow improved
Operating cash flow for the first six months increased $18.2 million to $212.4 million. Cash and cash equivalents rose to $189.7 million from $141.5 million at year-end, while working capital increased to $478.3 million from $407.7 million.
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Finance profit rose despite lower yields
Finance operating profit increased 9% to $38.6 million despite only 1% revenue growth, helped by finance interest expense declining 4% to $25.7 million and credit provision declining 12% to $7.5 million.
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Off-lease supply outlook supports volume
Management expects higher off-lease vehicle supply as leases mature in 2026 and beyond. It also expects long-run Finance credit losses to be approximately 2% or under of average receivables managed; Q2's annualized provision was 1.2%.
What to watch
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Mix and fuel costs pressure Marketplace yield
Marketplace auction-and-related-fee yield declined 40 basis points year over year to 2.5% from 2.9%, reflecting a higher mix of lower-yield commercial vehicles and higher average vehicle values. Marketplace gross margin also declined to 31.6% from 32.1%, including $4.9 million of transportation-margin compression.
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Growing credit book and higher delinquencies
Finance receivables managed increased to $2.623 billion from $2.424 billion at December 31, while delinquencies doubled to 0.6% of receivables from 0.3% a year earlier. The allowance increased to $30.0 million from $27.5 million at year-end.
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Variable-rate debt increases rate sensitivity
Corporate interest expense increased 223% to $10.0 million following the 2025 incremental term loans. A hypothetical 100-basis-point increase in SOFR/CORRA would raise six-month interest expense by approximately $2.8 million.
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No formal risk-factor update in this 10-Q
No new or revised risk factors were identified in Item 1A; the filing directs investors to the 2025 Form 10-K risk factors. Current operating exposure includes $2.623 billion of finance receivables managed and $1.897 billion of related gross securitization obligations.
Management's outlook
The 10-Q does not provide company revenue or EPS guidance; the MD&A expects fiscal 2026 capital expenditures of approximately $55 million to $60 million, versus $26.9 million spent in the first six months.
Earlier filings 4
10-K · February 18, 2026
OPENLANE positions itself as a leading digital wholesale used-vehicle marketplace with an integrated platform (marketplace, data/AI, logistics and floorplan financing). The company reports ~1.5 million vehicle…
10-Q · August 6, 2025
OPENLANE reported Q2 2025 revenue of $481.7M, up $37.9M (+8.5%) year-over-year and up $21.6M (+4.7%) sequentially (Q1 implied from six-months). Operating profit rose to $47.4M (operating margin ~9.8%) from $23.9M a year…
10-Q · May 8, 2025
OPENLANE reported Q1 2025 revenue of $460.1M, up $30.2M (+7.0%) versus Q1 2024 ($429.9M) and down versus the prior quarter ($494M). Operating profit improved to $51.7M (operating margin ~11.2%) from $36.8M a year ago…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.