revenue
845–855 $million
FY 2026
official guidance
ACV AUCTIONS INC.
Last · —$10.50+0.03 (+0.29%)live · yahoo · 2h ago
Market cap$1.78B—
P/E · TTM—fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $801.3M |
|---|---|
| Operating income | $-15.3M |
| Net income | $-19.1M |
| Free cash flow | $36.1M |
| Operating margin | -1.9% |
| Net margin | -2.4% |
| Return on equity | -4.9% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Hold/ selective buy, not a clean post-call buy.
ACV delivered $214 million of revenue (+10%), $21 million of adjusted EBITDA, and reaffirmed FY26 revenue guidance of $845 million-$855 million and EBITDA guidance of $73 million-$77 million; however, marketplace units and GMV were approximately flat while conversion weakened materially. The investment case depends on second-half market stabilization, field investments, and unproven ViPR/commercial-wholesale acceleration, while management prioritized EBITDA protection over faster growth despite analyst concern about a faster-scaling competitor.
Themes
- Conversion Rate
- Marketplace Units
- No Reserve
- Field Investment
- Vipr
- Commercial Wholesale
Near term
Q3 guidance calls for revenue of $219 million-$225 million (+10%-13%) and adjusted EBITDA of $21 million-$24 million, implying a 10%-11% margin; execution against this guidance will test management’s expected second-half recovery.
Conversion-rate normalization is the immediate swing factor: management cited a 300-350 basis-point quarterly contraction and a roughly 600-basis-point impact on unit growth, with dealer wholesale down 8% in July.
Approximately $10 million of 2026 go-to-market investment, including inspectors and sales staff, is expected to support acceleration in Q3 and Q4; management said field headcount should rise 15%-20% by year-end.
No-reserve sales reached the mid-20% range of units, with a long-term target near 30%; this supports conversion and EBITDA but structurally raises cost of revenue.
Longer term
Transport revenue grew 19% with 125,000 transports delivered, while ACV Capital’s attach rate reached the high teens; these services are becoming the main near-term monetization lever as marketplace units remain stagnant.
Record adjusted EBITDA per unit, up 11% year over year, and operating-expense leverage support a credible margin-expansion story; management indicated pro forma incremental EBITDA margins would have been around 30% excluding the field investment.
ViPR could expand ACV from a digital wholesale marketplace into dealer sourcing, appraisal, service-upsell, and wholesale workflow software. Management cited engagement with more than half of the top 50 dealer groups, but commercial-scale demand remains early and largely unquantified.
Commercial wholesale could diversify the business, with a top-five fleet consignor, a large captive-finance integration, rental-car relationships, and a second greenfield location in Chicago; management expects a more meaningful contribution particularly in Q4.
Competitive positioning remains unresolved. An analyst explicitly challenged ACV’s choice to protect EBITDA while a competitor is scaling rapidly in a large TAM; management pointed to more field hiring but did not provide a quantified market-share or unit-growth target.
The ClearCar/ACV MAX/ViPR bundle may strengthen the dealer ecosystem: top-100 ClearCar customers reportedly doubled quarterly wholesale transactions on ACV after adoption. This is encouraging evidence, but it is a customer cohort claim rather than disclosed company-wide incremental volume.
Red flags
The core marketplace is not yet reaccelerating: 211,472 units and $2.7 billion of GMV were approximately flat year over year despite 10% consolidated revenue growth, making growth increasingly dependent on ARPU and ancillary services.
Management’s full-year outlook assumes modestly higher second-half growth and dealer-wholesale stabilization, but the call offered no quantitative evidence that the price dislocation between buyers and sellers is resolving beyond anecdotal commentary.
The 600-basis-point conversion impact had a dramatic effect on units, and management’s claim that the issue is temporary and self-correcting remains unverified.
Revenue margin is compressing from the higher no-reserve mix and marketplace services face diesel-cost volatility. Management could not quantify the diesel impact when asked directly.
ViPR adoption metrics remain soft: management cited dealer-reported gains of 20-50 vehicles per month and pipeline enthusiasm, but no realized company-wide unit contribution, contract count, revenue, retention, or wholesale-commitment mix.
The $242 million cash balance includes $175 million of marketplace float, so reported liquidity overstates unrestricted operating cash. Positive operating cash flow is only expected in the second half of 2026, and the company has $205 million of debt.
The CFO transition is occurring during a period of macro pressure and strategic investment. The incoming CFO is an internal promotion, which reduces disruption risk, but external validation of the finance transition is limited.
Forward outlook
revenue growth
11–13 pct
FY 2026
official guidance
adjusted eps
—
FY 2026
official guidance
ebitda
73–77 $million
FY 2026
official guidance
revenue
219–225 $million
Q3 2026
official guidance
revenue growth
10–13 pct
Q3 2026
official guidance
ebitda
21–24 $million
Q3 2026
official guidance
operating margin
10–11 pct
Q3 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-23
- Net Margin Sharply Negative
- Accumulated Deficit High
Red flags
- Net Margin Sharply Negative — Net margin -8.7%
- Accumulated Deficit High — Accumulated deficit / equity 132%
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
$0.07
Est. revenue
222.5M