Openlane (OPLN) FY2025 results: revenue $1.9 billion, up 8.2% on the year
Openlane, Inc. (OPLN) reported revenue of $1.9 billion for fiscal 2025, the year ended 31 December 2025, up 8.2% on the year before. Net income was $178 million, up 61.7%, and diluted earnings per share $-0.96. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.
Revenue
$1.9 billion
+8.2% on the year
FY2018FY2025
Operating margin
10.2%
10.2% a year earlier
FY2018FY2025
Net income
$178 million
+61.7% on the year
FY2018FY2025
Diluted EPS
-$0.96
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 11 new.
Full-year revenue and income rose: Full-year 2025 total revenue was $1,934.5 million, up from $1,788.5 million. Income from continuing operations was $177.7 million, up from $109.9 million.
Finance Adjusted EBITDA led Marketplace: Full-year Adjusted EBITDA was $156.8 million for Marketplace and $175.8 million for Finance, from $332.6 million consolidated.
Auction fees grew as SaaS fell: Auction and related fees were $833.5 million for 2025, up from $735.3 million. SaaS and other revenue was $257.1 million, down from $295.1 million.
Dealer volume and GMV grew: Marketplace dealer volume rose 15% for 2025. GMV was about $29 billion for the year, up 6%.
Operating cash flow rose 34%: Cash flow from operations was $391.9 million for 2025, up from $292.8 million, and $125.5 million in the fourth quarter. Free cash flow was $336.5 million, up from $239.8 million.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
392
291
235
+34.5%
Capital expenditure
55.4
53.0
52.0
+4.5%
Free cash flow
336
238
183
+41.1%
Free cash flow margin
17.4%
13.3%
10.8%
Depreciation and amortisation
91.7
95.2
102
-3.7%
Share-based compensation
14.6
14.7
16.5
-0.7%
Buybacks
45.6
30.0
22.2
+52.0%
Diluted shares, weighted
107m
109m
109m
-2.1%
Shares outstanding at period end
106m
107m
108m
-0.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,241
1,343
1,327
-7.6%
Redeemable equity
290
612
612
-52.7%
Debt
2,294
1,883
1,989
+21.8%
Operating lease liabilities
53.0
60.4
70.4
-12.3%
Finance lease liabilities
0.0
0.0
n/a
Other liabilities
847
724
728
+17.0%
Total liabilities and equity
4,724
4,622
4,726
+2.2%
Fixed assets
104
149
170
-30.2%
Goodwill
1,244
1,223
1,271
+1.7%
Intangible assets
103
118
136
-12.7%
Cash and equivalents
142
143
93.5
-1.0%
Receivables
314
248
292
+26.6%
Other assets
2,818
2,741
2,764
+2.8%
Total assets
4,724
4,622
4,726
+2.2%
10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.