ACVAMEDIUM SIGNALFINANCIAL10-K

ACV Auctions demonstrated solid revenue growth of 19.2% while meaningfully reducing operating losses and improving cash generation, though interest expense increased substantially.

The company appears to be executing well on its growth strategy while making progress toward profitability, with operating losses narrowing by nearly 25% despite continued investment in growth. The combination of strong revenue expansion, improved operating leverage, and positive cash flow trends suggests the business model is maturing and becoming more efficient.

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FINANCIAL ANALYSIS

ACV delivered strong top-line growth with revenue increasing 19.2% to $759.6M, while simultaneously improving operational efficiency as operating losses narrowed from -$84.1M to -$63.2M. The company maintained a healthy balance sheet with cash growing to $271.5M and operating cash flow improving to $78.2M, though interest expense increased substantially reflecting higher debt levels. Overall, the financial picture shows a company successfully scaling its marketplace platform while moving toward profitability.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+59.9%
$979K→$1.6M

Interest expense surged 59.9% — significant debt increase or rising rates materially impacting earnings.

Operating Income
P&L
+24.9%
-$84.1M→-$63.2M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Cash & Equivalents
Balance Sheet
+21.2%
$224.1M→$271.5M

Cash grew 21.2% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
+20.5%
$544.1M→$655.9M

Liabilities increased 20.5% — monitor debt-to-equity ratio and interest coverage.

Operating Cash Flow
Cash Flow
+19.6%
$65.4M→$78.2M

Operating cash flow grew 19.6% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+19.2%
$637.2M→$759.6M

Revenue growing 19.2% — solid top-line momentum, watch margins for quality of growth.

Net Income
P&L
+17%
-$79.7M→-$66.1M

Net income grew 17% — bottom-line growth signals improving overall business health.

Accounts Receivable
Balance Sheet
+16.9%
$168.8M→$197.2M

Receivables grew 16.9% — monitor days sales outstanding for collection efficiency.

Current Assets
Balance Sheet
+13.5%
$593.2M→$673.5M

Current assets grew 13.5% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+10.4%
$381.2M→$420.8M

Current liabilities rose 10.4% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-23
PRIOR — 2025-02-19
ADDED
As of February 16, 2026, there were 174,071,580 outstanding shares of the registrant's Common stock with a par value of $0.001.
In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject.
A significant disruption in service of, or other performance or reliability issues with, our marketplace platform including as a result of network outages, fraud, technical difficulties or other disruptions to our information technology systems, could damage our reputation and result in a loss of customers, which could harm our brand or our business.
Security breaches, cyber-attacks or other similar incidents with respect to our information technology systems could result in disruption of our business operations, reputational harm, loss of business, and other adverse business consequences.
Our digital marketplace offerings include our core auction offering and value-added services, ACV Transportation, ACV Capital, and our Customer Assurance offerings.
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REMOVED
As of February 14, 2025, there were 168,765,167 outstanding shares of the registrant's Class A common stock with a par value of $0.001.
2 Table of Conten t s In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject.
3 Table of Conten t s SUMMARY RISK FACTORS Investing in our Class A Common Stock involves numerous risks, including the risks described in Part I Item 1A.
4 Table of Conten t s MARKET, INDUSTRY AND OTHER DATA The statistical data, estimates and forecasts referenced throughout this Annual Report on Form 10-K are based on independent industry publications or other publicly available information, as well as information based on our internal sources.
As we continue to grow and offer more comprehensive and efficient services, our customers can further benefit from a more streamlined, simple, and consistent experience across the full used vehicle 6 Table of Conten t s lifecycle.
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