--- title: "OPENLANE | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 494.3 M" type: "news" locale: "en" url: "https://longbridge.com/en/news/276224405.md" published_at: "2026-02-18T12:03:30.000Z" --- # OPENLANE | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 494.3 M Revenue: As of FY2025 Q4, the actual value is USD 494.3 M, beating the estimate of USD 473.65 M. EPS: As of FY2025 Q4, the actual value is USD -1.77, missing the estimate of USD 0.185. EBIT: As of FY2025 Q4, the actual value is USD 52.1 M. OPENLANE, Inc. reported its financial results for the three months and year ended December 31, 2025 . #### Consolidated Financial Performance - **Total Operating Revenues**: $494.3 million for the three months ended December 31, 2025, an increase of 9% compared to $455.0 million in the prior year period . For the year ended December 31, 2025, total operating revenues were $1,934.5 million, an 8% increase from $1,788.5 million in the prior year . - **Operating Profit**: $42.5 million for the three months ended December 31, 2025, compared to $79.0 million in the prior year period . For the year ended December 31, 2025, operating profit was $196.6 million, compared to $182.2 million in the prior year . - **Net Income (Income from continuing operations)**: $59.5 million for the three months ended December 31, 2025, an increase of 14% from $52.3 million in the prior year period . For the year ended December 31, 2025, net income was $177.7 million, compared to $109.9 million in the prior year . - **Income from Continuing Operations Attributable to Common Stockholders**: -$188.0 million for the three months ended December 31, 2025, compared to $31.0 million in the prior year period . For the year ended December 31, 2025, this figure was -$103.1 million, compared to $49.2 million in the prior year . - **EBITDA**: $91.9 million for the three months ended December 31, 2025, compared to $124.4 million in the prior year period . For the year ended December 31, 2025, EBITDA was $408.7 million, compared to $396.8 million in the prior year . - **Adjusted EBITDA**: $76.0 million for the three months ended December 31, 2025, a 5% increase from $72.7 million in the prior year period . For the year ended December 31, 2025, Adjusted EBITDA was $332.6 million, up from $293.4 million in the prior year . The full year 2025 Adjusted EBITDA was reported as $333 million . - **Operating Expenses**: - **Cost of services**: $275.5 million for Q4 2025 and $1,041.7 million for FY 2025 . - **Finance interest expense**: $27.3 million for Q4 2025 and $109.9 million for FY 2025 . - **Provision for credit losses**: $12.9 million for Q4 2025 and $42.4 million for FY 2025 . - **Selling, general and administrative**: $112.8 million for Q4 2025 and $445.2 million for FY 2025 . - **Depreciation and amortization**: $23.3 million for Q4 2025, up 1% from $23.0 million in the prior year period; $91.7 million for FY 2025, down 4% from $95.2 million in the prior year . - **Interest Expense**: $9.9 million for the three months ended December 31, 2025, an increase of 115% from $4.6 million in the prior year period, primarily due to new term loan debt . For the year ended December 31, 2025, interest expense was $18.1 million, a decrease of 17% from $21.8 million in the prior year, primarily due to repayment of senior note debt . - **Other Expense (Income), Net**: Other expense of $0.9 million for the three months ended December 31, 2025, a decrease from $5.4 million other expense in the prior year period, mainly due to reduced foreign currency losses . For the year ended December 31, 2025, other income was $13.7 million, an increase from $2.5 million other expense in the prior year, mainly due to foreign currency gains . - **Effective Tax Rate**: -87.7% for the three months ended December 31, 2025, and 7.5% for the year ended December 31, 2025, both favorably impacted by the release of a $35.8 million valuation allowance against the U.S. net deferred tax asset . #### Marketplace Segment Performance - **Total Marketplace Revenue**: $384.7 million for the three months ended December 31, 2025, a 10% increase from $348.8 million in the prior year period, driven by a 3% increase in vehicles sold . For the year ended December 31, 2025, total marketplace revenue was $1,500.8 million, an 11% increase from $1,357.4 million in the prior year, partly due to a 15% increase in dealer consignment vehicles sold . - **Gross Profit**: $109.1 million for the three months ended December 31, 2025, a 6% increase from $103.2 million in the prior year period . Gross profit as a percentage of revenue was 28.4% for Q4 2025, down from 29.6% in the prior year period, mainly due to increased purchased vehicle sales . For the year ended December 31, 2025, gross profit was $457.8 million, a 16% increase from $393.4 million in the prior year . Gross profit as a percentage of revenue was 30.5% for FY 2025, up from 29.0% in the prior year, due to lower Canadian DST and increased prices . - **Operational Metrics**: - **Total Vehicles Sold**: 357,000 units for Q4 2025, up from 347,000 units in the prior year period; 1,472,000 units for FY 2025, up from 1,446,000 units in the prior year . The full year total vehicles sold was nearly 1.5 million . - **Gross Merchandise Value (GMV)**: $7.1 billion for Q4 2025, up from $6.6 billion in the prior year period; $28.8 billion for FY 2025, up from $27.1 billion in the prior year . The full year GMV was $29 billion . - **Auction Fees Per Vehicle Sold**: $361 for Q4 2025, a 12% increase from $323 in the prior year period; $357 for FY 2025, a 16% increase from $307 in the prior year . - **SaaS and Other Revenue**: Decreased by $7.1 million, or 10%, to $62.1 million for Q4 2025, primarily due to the sale of the automotive key business . Decreased by $38.0 million, or 13%, to $257.1 million for FY 2025, primarily due to the same reason . - **Purchased Vehicle Sales**: Increased by $21.5 million, or 22%, to $117.1 million for Q4 2025 . Increased by $83.2 million, or 25%, to $410.2 million for FY 2025 . - **Provision for Credit Losses**: Increased by $1.3 million, or 87%, to $2.8 million for Q4 2025 . Decreased by $1.6 million, or 24%, to $5.1 million for FY 2025 . - **Selling, General and Administrative**: Increased by $10.7 million, or 12%, to $99.0 million for Q4 2025, driven by increases in stock-based and incentive-based compensation . Increased by $31.6 million, or 9%, to $391.2 million for FY 2025, driven by increases in incentive-based compensation and sales-related expenses . #### Finance Segment Performance - **Total Finance Revenue**: $109.6 million for the three months ended December 31, 2025, a 3% increase from $106.2 million in the prior year period, due to increased loan values and loan transaction units . For the year ended December 31, 2025, total finance revenue was $433.7 million, a 1% increase from $431.1 million in the prior year, due to increased loan values and loan transaction units . - **Net Finance Margin**: 13.2% (annualized) for Q4 2025, a decrease of 0.5% from 13.7% in the prior year period . For FY 2025, net finance margin was 13.5%, a decrease of 0.2% from 13.7% in the prior year . - **Operational Metrics**: - **Finance Interest Expense**: Decreased by $1.0 million, or 4%, to $27.3 million for Q4 2025, due to a decrease in the average interest rate on securitization obligations . Decreased by $13.6 million, or 11%, to $109.9 million for FY 2025, due to the same reason . - **Finance Provision for Credit Losses**: Decreased by $0.5 million, or 5%, to $10.1 million for Q4 2025, representing 1.6% of average receivables managed . Decreased by $10.3 million, or 22%, to $37.3 million for FY 2025, representing 1.6% of average receivables managed . - **Total Loan Transaction Units**: 413,000 units for Q4 2025, up from 405,000 units in the prior year period; 1,681,000 units for FY 2025, up from 1,645,000 units in the prior year . The full year facilitated 1.7 million finance transactions . - **Total Receivables Managed**: $2,423.5 million as of December 31, 2025, up from $2,314.0 million in the prior year . - **Average Receivables Managed**: $2,466.5 million for Q4 2025, up from $2,259.6 million in the prior year period; $2,389.8 million for FY 2025, up from $2,239.3 million in the prior year . The full year managed an average of $2.4 billion in receivables . - **Allowance for Credit Losses**: $27.5 million, or 1.1% of total receivables managed, as of December 31, 2025, up from $19.8 million, or 0.9%, in the prior year . - **Receivables Delinquent as a Percentage of Total Receivables Managed**: 0.4% as of December 31, 2025, down from 0.8% in the prior year . - **Selling, General and Administrative**: Increased by $2.4 million, or 21%, to $13.8 million for Q4 2025, due to increases in stock-based and incentive-based compensation and severance . Increased by $5.0 million, or 10%, to $54.0 million for FY 2025, due to increases in incentive-based compensation, postage, and stock-based compensation . #### Liquidity and Capital Resources - **Cash and Cash Equivalents**: $141.5 million as of December 31, 2025, compared to $143.0 million as of December 31, 2024 . - **Working Capital**: $407.7 million as of December 31, 2025, compared to $286.0 million as of December 31, 2024 . - **Amounts Available Under Revolving Credit Facilities**: $409.9 million as of December 31, 2025, compared to $397.9 million as of December 31, 2024 . - **Cash Flow from Operating Activities (Continuing Operations)**: $391.9 million for the year ended December 31, 2025, compared to $292.8 million in the prior year, primarily due to increased profitability and changes in operating assets and liabilities . Cash flow from operating activities for Q4 2025 was $125.5 million, a 284% increase from $32.7 million in Q4 2024 . The full year 2025 cash flow from operations was $392 million . - **Cash Flow from Investing Activities (Continuing Operations)**: -$149.0 million for the year ended December 31, 2025, compared to -$70.9 million in the prior year, primarily due to an increase in finance receivables held for investment and purchases of property and equipment . - **Cash Flow from Financing Activities (Continuing Operations)**: -$257.9 million for the year ended December 31, 2025, compared to -$173.9 million in the prior year, primarily due to share repurchases, debt payments, and dividends . - **Adjusted Free Cash Flow**: $111.6 million in Q4 2025, a substantial increase of 620% from $15.5 million in Q4 2024 . #### Outlook / Guidance OPENLANE, Inc. anticipates Adjusted EBITDA for the full year 2026 to be in the range of $350 million to $370 million . Operating Adjusted EPS is projected to be between $1.24 and $1.38, with capital expenditures expected to be $55 million to $60 million . 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