Carvana Co. Class A Common Stock (CVNA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.38	$0.42	+10.5%	—	$7.4B	—
Q1 26	$0.3	$0.34	+13.3%	—	$6.4B	—
Q4 25	$0.24	$0.84	+250.0%	—	$5.6B	—
Q3 25	$0.26	$0.21	-19.2%	—	$5.6B	—
Q2 25	$0.21	$0.26	+23.8%	—	$4.8B	—
Q1 25	$0.15	$0.3	+100.0%	—	$4.2B	—
Q4 24	$0.05	$0.12	+140.0%	—	$3.5B	—
Q3 24	$0.04	$0.13	+225.0%	—	$3.7B	—
Q2 24	-$0.01	$0.03	+400.0%	—	$3.4B	—
Q1 24	-$0.15	$0.05	+133.3%	—	$3.1B	—
Q4 23	-$0.18	-$0.35	-94.4%	—	$2.4B	—
Q3 23	-$0.79	-$0.46	+41.8%	—	$2.8B	—
Q2 23	-$0.21	-$0.19	+9.5%	—	$3B	—
Q1 23	-$2	-$1.51	+24.5%	—	$2.6B	—
Q4 22	-$2.27	$0.39	+117.2%	—	$2.8B	—
Q3 22	-$1.94	-$2.67	-37.6%	—	$3.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.04	—	—	$20.3B	—
FY24	—	$1.72	—	—	$13.7B	—
FY23	—	$4.12	—	—	$10.8B	—
FY22	—	-$15.7	—	—	$13.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$365.1M	$858.9M	$2B	$3.9B	$5.6B	$12.8B	$13.6B	$10.8B	$13.7B	$20.3B
YoY change	+180%	+135.2%	+127.7%	+101.5%	+41.8%	+129.4%	+6.17%	-20.8%	+26.9%	+48.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	365.1M	858.9M	2B	3.9B	5.6B	12.8B	13.6B	10.8B	13.7B	20.3B
Cost of revenue	346M	790.8M	1.8B	3.4B	4.8B	10.9B	12.4B	9B	10.8B	16.1B
Gross profit	19.2M	68.1M	196.7M	507M	794M	1.9B	1.2B	1.7B	2.9B	4.2B
Gross margin	5.26%	7.93%	10.1%	12.9%	14.2%	15.1%	9.16%	16%	21%	20.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	108.7M	223.4M	425.3M	787M	1.1B	2B	2.7B	1.8B	1.9B	2.3B
Operating expenses	108.7M	223.4M	425.3M	787M	1.1B	2B	2.7B	1.8B	1.9B	2.3B
Operating income	-89.5M	-155.3M	-228.5M	-280M	-332M	-104M	-1.5B	-72M	990M	1.9B
Operating margin	-24.5%	-18.1%	-11.7%	-7.11%	-5.94%	-0.81%	-11%	-0.67%	7.24%	9.26%
Non-operating income, net	-46K	-1.3M	-1.2M	-4M	1M	-6M	-917M	879M	61M	-2.3B
Pretax income	-93.1M	-164.3M	-254.7M	-365M	-462M	-286M	-2.9B	175M	400M	-890M
Income tax	0	0	0	0	0	1M	1M	25M	-4M	-2.8B
Net income	-93.1M	-164.3M	-254.7M	-365M	-462M	-287M	-2.9B	150M	404M	1.9B
Net margin	-25.5%	-19.1%	-13%	-9.26%	-8.27%	-2.24%	-21.3%	1.39%	2.95%	9.32%
EBITDA	-84.9M	-145.1M	-206.2M	-243M	-257M	-5M	-1.3B	281M	1.4B	-94M
EPS	-6.21	-1.31	-2.24	-2.45	-2.63	-1.63	-15.7	4.12	1.72	2.04
Diluted EPS	-6.21	-1.31	-2.24	-2.45	-2.63	-1.63	-15.7	0.75	1.59	1.69

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.8B	2.4B	3.1B	3.4B	3.7B	3.5B	4.2B	4.8B	5.6B	5.6B	6.4B	7.4B
Cost of revenue	2.3B	2B	2.5B	2.7B	2.8B	2.8B	3.3B	3.8B	4.5B	4.6B	5.2B	6B
Gross profit	482M	402M	591M	715M	807M	763M	929M	1.1B	1.1B	1.1B	1.3B	1.4B
Gross margin	17.4%	16.6%	19.3%	21%	22.1%	21.5%	22%	22%	20.3%	18.8%	19.8%	18.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	433M	439M	456M	455M	469M	494M	535M	551M	595M	627M	690M	704M
Operating expenses	433M	439M	457M	456M	470M	503M	535M	553M	596M	627M	690M	704M
Operating income	49M	-37M	134M	259M	337M	260M	394M	511M	552M	424M	581M	680M
Operating margin	1.77%	-1.53%	4.38%	7.6%	9.22%	7.33%	9.31%	10.6%	9.78%	7.57%	9.03%	9.22%
Non-operating income, net	874M	0	87M	-37M	-33M	44M	120M	-60M	-168M	-2.2B	-41M	—
Pretax income	770M	-202M	48M	49M	147M	156M	375M	308M	259M	-1.8B	441M	579M
Income tax	29M	-2M	-1M	1M	-1M	-3M	2M	0	-4M	-2.8B	36M	66M
Net income	741M	-200M	49M	48M	148M	159M	373M	308M	263M	951M	405M	513M
Net margin	26.7%	-8.25%	1.6%	1.41%	4.05%	4.48%	8.81%	6.36%	4.66%	17%	6.3%	6.95%
EBITDA	132M	45M	303M	300M	381M	384M	589M	519M	463M	-1.7B	609M	749M
EPS	7.05	—	0.24	0.15	0.69	0.61	1.61	0.27	0.22	1.21	0.35	0.43
Diluted EPS	3.6	—	0.23	0.14	0.64	0.56	1.51	0.26	0.21	0.84	0.34	0.42

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	58.3M	—	—	—	—	—	1.2B	—	—	67B
Enterprise value	—	188M	—	—	—	—	—	7B	—	—	47.2B
Shares outstanding	15M	15.2M	30M	46.8M	65M	82.8M	100.8M	109.3M	122.3M	688.2M	688.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	7.72	—	—	32
P/S	—	0.07	—	—	—	—	—	0.11	—	—	2.67
P/B	—	0.21	—	—	—	—	—	-3.01	—	—	10.8
EV/EBITDA	—	-1.3	—	—	—	—	—	24.8	—	—	18.8
EV/Sales	—	0.22	—	—	—	—	—	0.65	—	—	1.88
Earnings yield	—	—	—	—	—	—	—	13%	—	—	3.13%
FCF yield	—	-477.7%	—	—	—	—	—	61.9%	—	—	0.63%
PEG	—	—	—	—	—	—	—	—	—	—	0.54

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	5.26%	7.93%	10.1%	12.9%	14.2%	15.1%	9.16%	16%	21%	20.6%	18.8%
Operating margin	-24.5%	-18.1%	-11.7%	-7.11%	-5.94%	-0.81%	-11%	-0.67%	7.24%	9.26%	9.22%
Net margin	-25.5%	-19.1%	-13%	-9.26%	-8.27%	-2.24%	-21.3%	1.39%	2.95%	9.32%	6.26%
ROE	-69%	-58.8%	-112%	-190.2%	-57.6%	-54.7%	274.8%	-39.1%	29.4%	45.1%	58.8%
ROA	-27.7%	-25.6%	-25.7%	-17.7%	-15.2%	-4.09%	-33.3%	2.12%	4.76%	14.4%	11.7%
ROIC	-33.6%	-37.9%	-29.2%	-16.2%	-14%	-1.76%	-21.3%	-1.14%	18.9%	27.2%	29.3%
Return on tangible assets	-27.7%	-25.6%	-26.7%	-18%	-15.4%	-4.11%	-33.8%	2.15%	4.8%	14.5%	14.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.4	1.6	2.01	1.57	4.12	1.69	1.77	2.16	3.64	4.31	3.93
Quick ratio	0.46	0.86	0.76	0.69	1.9	0.6	1.05	1.41	2.44	2.73	2.33
Debt / equity	1.26	1.08	2.79	8.42	2.33	11	-8.37	-17.5	4.4	1.31	1.11
Debt / assets	0.51	0.47	0.64	0.79	0.62	0.82	1.01	0.95	0.71	0.42	0.39
Net debt / EBITDA	-1.55	-0.89	-2.69	-6.34	-6.11	-1.1K	-6.21	20.7	2.83	-28.8	16
Interest coverage	-25	-20.5	-9.18	-3.51	-2.53	-0.63	-4.95	1.28	1.61	-0.76	-0.31
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	14.3%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	24.3	56.4	65.1	84.1	86	154.7	134.9	98.5	111.8	29.5	35.3
EPS (basic)	-6.21	-1.31	-2.24	-2.45	-2.63	-1.63	-15.7	4.12	1.72	2.04	2.04
EPS (diluted)	-6.21	-1.31	-2.24	-2.45	-2.63	-1.63	-15.7	0.75	1.59	1.69	1.89
Book value per share	9	18.3	7.57	4.1	12.3	6.34	-10.4	-3.51	11.2	6.11	5.6
FCF per share	-18.7	-18.3	-18.6	-21.1	-14.9	-38.1	-18.2	6.55	6.76	1.29	1.26
Cash per share	2.61	11.3	2.62	1.62	4.63	4.87	7.49	8.2	17.8	4.09	4.35
Capex per share	2.64	5.15	4.78	4.93	5.54	6.73	4.64	0.14	0.65	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	10.8%	9.14%	7.35%	5.86%	6.44%	4.35%	3.44%	0.14%	0.59%	—	—
Capex / operating cash flow	-15.1%	-38.6%	-34.1%	-29.9%	-48.1%	-19.2%	-20.9%	0.83%	11.1%	—	—
Payout ratio	0%	0%	-1.81%	0%	0%	—	—	—	—	—	0%
Dividend yield	—	0%	—	—	—	—	—	—	—	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.8B	$2.4B	$3.1B	$3.4B	$3.7B	$3.5B	$4.2B	$4.8B	$5.6B	$5.6B	$6.4B	$7.4B
YoY change	-18.1%	-14.6%	+17.5%	+14.9%	+31.8%	+46.3%	+38.3%	+41.9%	+54.5%	+58%	+52%	+52.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	39.2M	172.7M	78.9M	76M	301M	403M	755M	896M	2.2B	2.8B
Receivables	5.7M	14.1M	33.1M	39.9M	79M	206M	253M	266M	303M	245M
Inventory	185.5M	227.4M	412.2M	762.7M	1B	3.1B	1.9B	1.1B	1.6B	2.4B
Total current assets	275.2M	489.7M	662.9M	1.4B	1.9B	4.9B	4.6B	3.3B	4.9B	6.5B
Property, plant & equipment	55.9M	87.9M	173.1M	437.3M	588M	1.3B	2.5B	2.1B	1.8B	1.8B
Goodwill & intangibles	—	0	36.4M	33.2M	30M	26M	140M	104M	68M	114M
Total assets	335.8M	641.1M	991M	2.1B	3B	7B	8.7B	7.1B	8.5B	13.2B
Accounts payable	6.2M	10.5M	29.1M	54M	67M	114M	216M	224M	236M	236M
Short-term debt	166.4M	253.9M	208.1M	617.6M	105M	2.2B	1.7B	857M	376M	285M
Total current liabilities	196.4M	306M	329.5M	864.9M	467M	2.9B	2.6B	1.5B	1.3B	1.5B
Long-term debt	4.4M	48.5M	425.3M	999.1M	1.8B	3.6B	7.1B	5.8B	5.7B	5.2B
Total liabilities	200.8M	361.6M	763.6M	1.9B	2.2B	6.5B	9.8B	7.5B	7.1B	9B
Shareholders' equity	135M	279.5M	227.4M	191.9M	802M	525M	-1.1B	-384M	1.4B	4.2B
Total debt	170.8M	302.4M	633.4M	1.6B	1.9B	5.8B	8.8B	6.7B	6B	5.5B
Net debt	131.6M	129.7M	554.6M	1.5B	1.6B	5.4B	8.4B	6.2B	4.3B	3.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	544M	896M	252M	542M	871M	2.2B	2.3B	2.3B	2.6B	2.8B	2.9B	3.1B
Receivables	318M	266M	351M	349M	363M	303M	369M	320M	352M	245M	339M	377M
Inventory	1.1B	1.1B	1.2B	1.2B	1.3B	1.6B	1.5B	2B	2.3B	2.4B	2.7B	3.3B
Total current assets	3.2B	3.3B	3.2B	3.5B	3.8B	4.9B	5.1B	5.7B	6.3B	6.5B	7.2B	8B
Property, plant & equipment	2.2B	2.1B	2B	2B	1.9B	1.8B	1.8B	1.7B	1.7B	1.8B	1.8B	1.8B
Goodwill & intangibles	112M	104M	96M	86M	78M	68M	74M	68M	76M	114M	118M	130M
Total assets	7B	7.1B	7B	7.2B	7.4B	8.5B	8.9B	9.4B	9.9B	13.2B	13.8B	14.6B
Accounts payable	250M	224M	272M	275M	231M	236M	204M	257M	291M	236M	320M	391M
Short-term debt	632M	857M	469M	275M	285M	376M	372M	384M	393M	285M	308M	382M
Total current liabilities	1.4B	1.5B	1.3B	1.1B	1.2B	1.3B	1.3B	1.4B	1.5B	1.5B	1.8B	2B
Long-term debt	5.8B	5.8B	6B	5.9B	5.9B	5.7B	5.7B	5.7B	5.2B	5.2B	5.2B	5.2B
Total liabilities	7.2B	7.5B	7.3B	7.1B	7.1B	7.1B	7.1B	7.2B	6.9B	9B	9.1B	9.4B
Shareholders' equity	-202M	-384M	-311M	115M	286M	1.4B	1.8B	2.1B	3B	4.2B	4.6B	5.1B
Total debt	6.4B	6.7B	6.4B	6.1B	6.1B	6B	6B	6.1B	5.6B	5.5B	5.5B	5.6B
Net debt	5.8B	6.2B	6.2B	5.6B	5.3B	4.3B	4.2B	4.3B	3.5B	3.2B	3.1B	3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-93.1M	-164.3M	-254.7M	-365M	-462M	-287M	-2.9B	150M	404M	1.9B
Depreciation & amortization	4.7M	11.6M	23.5M	41M	74M	105M	261M	352M	305M	275M
Stock-based compensation	555K	5.6M	24.1M	33M	25M	39M	69M	73M	91M	96M
Change in working capital	-136.9M	-34.2M	-151.8M	-293.8M	-320M	-2.3B	1.4B	730M	-437M	-715M
Operating cash flow	-261.7M	-203.3M	-421.8M	-773.8M	-748M	-2.9B	-2.2B	1.8B	722M	1B
Capital expenditure	-39.5M	-78.5M	-143.7M	-231M	-360M	-557M	-468M	-15M	-80M	—
Investing cash flow	-47.7M	-82.7M	-150.3M	-228M	-346M	-627M	-2.6B	31M	-13M	-85M
Dividends paid	0	0	-4.6M	0	0	—	—	—	—	—
Share repurchases	-398K	—	-12K	0	0	—	—	—	—	—
Financing cash flow	-3.6M	-449.6M	-1.4B	-3.2B	-3.8B	-9.1B	-9.6B	-8.4B	-3.4B	-4.2B
Net change in cash	-313M	-735.6M	-2B	-4.2B	-4.9B	-12.6B	-14.4B	-6.6B	-2.7B	-3.3B
Free cash flow	-279.8M	-278.4M	-558M	-988M	-968M	-3.2B	-1.8B	716M	827M	889M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	741M	-200M	49M	48M	148M	159M	373M	308M	263M	951M	405M	513M
Depreciation & amortization	87M	82M	82M	76M	73M	74M	73M	68M	65M	69M	69M	69M
Stock-based compensation	18M	21M	22M	23M	24M	22M	23M	27M	24M	22M	26M	25M
Change in working capital	263M	-11M	-107M	-28M	-129M	-173M	48M	-432M	-207M	-22M	-393M	-624M
Operating cash flow	1.5B	-173M	58M	298M	340M	26M	402M	-65M	345M	430M	107M	238M
Capital expenditure	6M	-4M	-13M	-19M	-26M	-22M	-26M	-31M	—	—	—	—
Investing cash flow	16M	9M	7M	2M	-15M	-7M	-35M	-19M	-9M	-79M	20M	-3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-2.6B	-506M	-1.6B	-1.5B	-914M	267M	-628M	-1.6B	-951M	-1.1B	-1.1B	-1.2B
Net change in cash	-1.1B	-670M	-1.5B	-1.2B	-589M	286M	-261M	-1.6B	-615M	-719M	-971M	-959M
Free cash flow	580M	-257M	83M	332M	376M	36M	205M	-2M	307M	379M	56M	187M

Carvana Co. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement