Narrated Jabir ibn Abdullah:

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

Just providing some references to simplify.

> 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)**

 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.