All Praise to Allah Subhanahu  wa Taala and blessings of him be on Prophet Muhammad peace be upon him his family and companions

Just providing some references to simplify.
 
Narrated Jabir ibn Abdullah:

> The Prophet (ﷺ) sacrificed two horned rams which were white with black
> markings and had been castrated. When he made them face the qiblah, he
> said: I have turned my face towards Him. Who created the heavens and
> the earth, following Abraham's religion, the true in faith, and I am
> not one of the polytheists. My prayer, and my service of sacrifice, my
> life and my death are all for Allah, the Lord of the Universe, Who has
> no partner. That is what I was commanded to do, and I am one of the
> Muslims. O Allah it comes from Thee and is given to Thee from Muhammad
> and his people. In the name of Allah, and Allah is Most Great. He then
> made sacrifice.(Abi Dawud)

and 

> It was narrated that Zaid bin Arqam said: “The Companions of the
> Messenger of Allah (ﷺ) said: ‘O Messenger of Allah, what are these
> sacrifices?’ He said: ‘The Sunnah of your father Ibrahim.’ They said:
> ‘What is there for us in them, O Messenger of Allah?’ He said: ‘For
> every hair, one merit.’ They said: ‘What about wool, O Messenger of
> Allah?’ He said: ‘For every hair of wool, one merit.’”(Ibn Majah)

**And for all religion We have appointed a rite [of sacrifice] that they may mention the name of Allah over what He has provided for them of [sacrificial] animals. For your god is one God, so to Him submit. And, [O Muhammad], give good tidings to the humble [before their Lord](Quran 22:34)**

> So pray to your Lord and sacrifice [to Him alone].(Quran 108:2)


 Al-Bara' b. 'Azib reported Allah's Messenger (ﷺ) having said:

> The first (act) with which we started our day (the day of 'Id-ul Adha)
> was that we offered prayer. We then returned and sacrificed the
> animals and he who did that in fact adhered to our Sunnah (practice).
> And he who slaughtered the (animal on that day before the 'Id prayer),
> for him (the slaughtering of animal was directed to the acquiring of)
> meat for his family, and there is nothing of the sort of sacrifice in
> it. It was Abu Burda b. Niyar who had slaughtered (the animal before
> the 'Id prayer). He said: I have a small lamb, of less than one year,
> but better than that of more than a year. Thereupon Allah's Messenger
> (ﷺ) said: Sacrifice it, but it will not suffice (as a sacrifice) for
> anyone after you.(Muslim)

Allah Swt and His Messenger knows best.