ACV Auctions Inc. (ACVA) Cash Flow Statement
Where ACVA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $78.2M +19.6% vs 2024
- Capital expenditures
- $9.1M 1.2% of revenue
- Free cash flow
- $69.1M 9.1% margin
- Returned to shareholders
- —
- Change in cash
- $47.4M cash at year-end $271.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ACVA operating cash flow, capex and free cash flow
ACVA cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$72.5M2019 | $78.2M2025 | — | |
| Capital expenditures | $6.6M2019 | $9.1M2025 | +5.5%/yr | |
| Free cash flow | −$79.1M2019 | $69.1M2025 | — | |
| Free cash flow margin | −74.0%2019 | 9.1%2025 | +83.1 pts | |
| Stock-based compensation | $998,0002019 | $56.9M2025 | +96.2%/yr | |
| Dividends paid | $2.8M2021 | $5.5M2022 | +97.2%/yr | |
| Share buybacks (net) | $2.8M2021 | $16.0M2023 | +140.6%/yr | |
| Capex / revenue | 6.2%2019 | 1.2%2025 | −5.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ACVA cash flow by activity
ACVA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ACVA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$66.1M | −$79.7M | −$75.3M | −$102.2M | −$78.2M | −$41.0M | −$77.2M |
| Depreciation & amortization | $43.7M | $36.8M | $19.3M | $11.4M | $8.8M | $7.2M | $1.8M |
| Stock-based compensation | $56.9M | $68.0M | $49.6M | $39.3M | $23.2M | $5.7M | $998,000 |
| Change in working capital | $6.2M | $29.5M | −$21.0M | −$34.7M | $125.9M | $35.4M | −$1.3M |
| Other non-cash items | $37.6M | $10.7M | $9.5M | $11.0M | $5.6M | $3.0M | $3.2M |
| Cash from operating activities | $78.2M | $65.4M | −$17.9M | −$75.2M | $85.3M | $10.4M | −$72.5M |
| Investing activities | |||||||
| Capital expenditures | −$9.1M | −$4.5M | −$28.2M | −$23.4M | −$14.0M | −$8.9M | −$6.6M |
| Investments (net) | $46.4M | −$15.9M | −$111.0M | −$307.7M | −$13.8M | −$19.7M | −$24.7M |
| Acquisitions & other investing | −$111.4M | $4.5M | $28.2M | $48.1M | −$101.5M | $8.9M | $6.6M |
| Cash from investing activities | −$74.1M | −$15.9M | −$111.0M | −$283.0M | −$129.3M | −$19.7M | −$24.7M |
| Financing activities | |||||||
| Dividends paid | — | — | — | −$5.5M | −$2.8M | — | — |
| Share repurchases & issuance (net) | — | — | −$16.0M | −$5.5M | −$2.8M | — | — |
| Net borrowing (repayment) | $67.0M | $8.0M | $39.5M | $275.0M | −$7.0M | $4.8M | $4.8M |
| Shares issued | $0 | $0 | $0 | $0 | $385.7M | $55.0M | $162.2M |
| Other financing | −$24.0M | −$15.9M | $7.2M | −$191.2M | $3.0M | $948,000 | −$5.5M |
| Cash from financing activities | $43.0M | −$7.9M | $30.6M | $72.9M | $376.2M | $60.8M | $161.5M |
| Summary | |||||||
| Net change in cash | $47.4M | $41.5M | −$98.2M | −$285.2M | $332.3M | $51.5M | $64.4M |
| Cash at end of period | $271.5M | $224.1M | $182.6M | $280.8M | $566.0M | $233.7M | $182.3M |
| Free cash flow | $69.1M | $60.9M | −$46.1M | −$98.6M | $71.3M | $1.5M | −$79.1M |
| Free cash flow margin | 9.1% | 9.6% | −9.6% | −23.4% | 19.9% | 0.7% | −74.0% |
| Capex / revenue | 1.2% | 0.7% | 5.9% | 5.6% | 3.9% | 4.3% | 6.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$8.2M | −$10.9M | −$19.6M | −$24.5M | −$7.3M | −$14.8M | −$26.1M | −$16.0M | −$17.1M | −$20.5M | −$23.2M | −$18.2M |
| Depreciation & amortization | $12.0M | $11.9M | $11.3M | $11.0M | $10.9M | $10.5M | $10.4M | $9.8M | $8.9M | $7.8M | $6.9M | $5.1M |
| Stock-based compensation | $14.8M | $13.5M | $13.5M | $11.3M | $15.5M | $16.6M | $20.0M | $18.3M | $15.0M | $14.8M | $13.4M | $12.9M |
| Change in working capital | −$61.5M | $55.9M | −$23.7M | −$13.7M | −$8.4M | $52.0M | −$9.6M | $5.8M | −$5.0M | $38.4M | −$25.2M | −$17.0M |
| Other non-cash items | $1.8M | $6.1M | $6.1M | $26.1M | $3.1M | $2.3M | $2.2M | $3.4M | $2.7M | $2.5M | $1.7M | $2.5M |
| Cash from operating activities | −$41.0M | $76.5M | −$12.4M | $10.3M | $13.7M | $66.6M | −$3.2M | $21.1M | $4.5M | $43.0M | −$26.5M | −$14.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.1M | −$1.8M | −$11.0M | −$11.5M | −$5.9M | −$10.1M | −$8.0M | −$8.5M | −$9.1M | −$8.6M | −$7.3M | −$7.1M |
| Investments (net) | $0 | $0 | $50.4M | −$31.1M | −$62.8M | −$30.9M | −$28.2M | $16.3M | $16.9M | −$20.9M | −$24.8M | −$27.0M |
| Acquisitions & other investing | −$16.0M | −$13.0M | $11.3M | $11.5M | $5.9M | $10.1M | $8.0M | $8.5M | $9.1M | $8.6M | $7.3M | $7.1M |
| Cash from investing activities | −$19.1M | −$14.8M | $50.7M | −$31.1M | −$62.8M | −$30.9M | −$28.2M | $16.3M | $16.9M | −$20.9M | −$24.8M | −$27.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$3.8M |
| Share repurchases & issuance (net) | −$50.2M | — | — | — | — | — | −$7.1M | $13.1M | −$6.0M | −$7.1M | −$4.7M | −$4.6M |
| Net borrowing (repayment) | $5.0M | $10.0M | −$30.0M | $33.5M | $20.0M | $43.5M | $8.0M | $5.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$49.7M | −$2.1M | −$2.2M | −$5.7M | −$4.6M | −$11.5M | $2.1M | −$18.0M | −$10.3M | $12.4M | $12.3M | $4.6M |
| Cash from financing activities | −$94.9M | $7.9M | −$32.2M | $27.8M | $15.4M | $32.0M | $3.1M | $98,000 | −$16.3M | $5.3M | $7.6M | −$3.9M |
| Summary | ||||||||||||
| Net change in cash | −$155.1M | $69.5M | $6.2M | $7.0M | −$33.5M | $67.8M | −$28.5M | $37.6M | $5.1M | $27.3M | −$43.7M | −$45.7M |
| Cash at end of period | $185.8M | $341.0M | $271.5M | $265.3M | $258.4M | $291.9M | $224.1M | $252.5M | $215.0M | $209.8M | $182.6M | $226.2M |
| Free cash flow | −$44.1M | $74.7M | −$23.4M | −$1.3M | $19.6M | $56.5M | −$11.2M | $12.6M | −$4.6M | $34.4M | −$33.8M | −$21.9M |
| Free cash flow margin | −20.6% | 36.6% | −12.7% | −0.6% | 10.1% | 31.0% | −7.0% | 7.3% | −2.9% | 23.6% | −28.6% | −18.4% |
| Capex / revenue | 1.5% | 0.9% | 6.0% | 5.8% | 3.0% | 5.5% | 5.0% | 5.0% | 5.7% | 5.9% | 6.2% | 6.0% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ACVA cash generation
In fiscal 2025 (ended December 31, 2025), ACV Auctions generated $78.2 million of cash from operations (up 19.6%) and spent $9.1 million on capital expenditures, leaving free cash flow of $69.1 million, 9.1% of revenue. Cash and equivalents rose by $47.4 million over the year.
Related: ACVA income statement, ACVA balance sheet. See the ACVA stock overview for the latest quote and news.
ACVA cash flow FAQ
What is ACV Auctions's free cash flow?
ACV Auctions's free cash flow was $69.1 million in fiscal 2025: $78.2 million of operating cash flow minus $9.1 million of capital expenditures It was $60.9 million a year earlier..
How much cash does ACV Auctions generate from operations?
ACV Auctions generated $78.2 million of cash from operating activities in fiscal 2025.
How much does ACV Auctions spend on capital expenditures?
ACV Auctions spent $9.1 million on capital expenditures in fiscal 2025, 1.2% of revenue, compared with $4.5 million the year before.