ACV Auctions Inc. (ACVA) · Q2 2026 results and valuation

At 20.0% growth a year (3-year revenue growth), the model's fair value is $20.92 a share — the stock trades 50% below it. Today's price assumes 9.9% growth a year.

1. Guidance

   Costs are expected to grow about 6% in 2026, down from 12% in 2025.

   Source quote

   “In 2026, we expect OpEx growth of approximately 6%, which is a decline from 12% in 2025.”

2. Dropped

   Two price buckets helped cut vehicle processing time roughly in half, with the worst cases now under 15 minutes versus a 30-minute prior average.

   Source quote

   “We've got 2 different price buckets of cars now that are about half the time as it used to be. I would say the worst vehicles are also now under 15 minutes, whereas all cars -- all vehicles were taking us, I would say, 30 minutes on average prior. Then kind of the belly, the middle area, we still got a bit more work to do to become more efficient on our time with the cars that have more issues.”

Management sounded noticeably less positive answering analysts than in its prepared script — one of the biggest drops of any company call. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Sentences that drove the tone

“ACV's second quarter results reinforce our commitment to deliver profitable growth while investing to drive dealer wholesale market share gains and to support key growth initiatives.”

“And third, we are gaining traction with our emerging growth initiatives, including very strong demand for ViPR and momentum in the commercial wholesale segment.”

“ACV Capital also delivers strong performance, with attach rates reaching a new record in the high teens.”