OpenNashEarnings

Automotive · NYSE: CVNA

Carvana earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 17 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Carvana reported record Q3 2026 revenue of $8.040 billion, an increase of 42%, with net income of $483 million, an increase of $220 million, and Adjusted EBITDA of $800 million, an increase of $163 million.

Carvana sold 217,385 retail units in the third quarter, up 39% from a year ago and its first quarter above 200,000. Revenue reached $8.040 billion, up 42%. Net income was $483 million (6.0% margin) and Adjusted EBITDA was $800 million (10.0% margin, down from 11.3%). Gross profit per unit fell $365 to $6,997 as Carvana gave customers lower loan rates, and higher fuel prices and benchmark interest rates cost about $200 per unit.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$8.0B+42.4% y/yQ3 2026
Q4 2024: $3.5B (worked out from the annual figure)Q4 ’24$3.5BQ1 2025: $4.2BQ1 ’25$4.2BQ2 2025: $4.8BQ2 ’25$4.8BQ3 2025: $5.6BQ3 ’25$5.6BQ4 2025: $5.6B (worked out from the annual figure)Q4 ’25$5.6BQ1 2026: $6.4BQ1 ’26$6.4BQ2 2026: $7.4BQ2 ’26$7.4BQ3 2026: $8.0BQ3 ’26$8.0B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$3.5B *
Q1 2025$4.2B
Q2 2025$4.8B
Q3 2025$5.6B
Q4 2025$5.6B *
Q1 2026$6.4B
Q2 2026$7.4B
Q3 2026$8.0B
Operating margin8.9%−0.9 pts y/yQ3 2026
Q4 2024: 7.3%Q4 ’247.3%Q1 2025: 9.3%Q1 ’259.3%Q2 2025: 10.6%Q2 ’2510.6%Q3 2025: 9.8%Q3 ’259.8%Q4 2025: 7.6%Q4 ’257.6%Q1 2026: 9.0%Q1 ’269.0%Q2 2026: 9.2%Q2 ’269.2%Q3 2026: 8.9%Q3 ’268.9%
Data
Q4 20247.3%
Q1 20259.3%
Q2 202510.6%
Q3 20259.8%
Q4 20257.6%
Q1 20269.0%
Q2 20269.2%
Q3 20268.9%
Free cash flow$491.0M+59.9% y/yQ3 2026
Q4 2024: $36.0MQ4 ’24$36.0MQ1 2025: $205.0MQ1 ’25$205.0MQ2 2025: -$2.0MQ2 ’25-$2.0MQ3 2025: $307.0MQ3 ’25$307.0MQ4 2025: $379.0MQ4 ’25$379.0MQ1 2026: $56.0MQ1 ’26$56.0MQ2 2026: $187.0MQ2 ’26$187.0MQ3 2026: $491.0MQ3 ’26$491.0M
Data
Q4 2024$36.0M
Q1 2025$205.0M
Q2 2025-$2.0M
Q3 2025$307.0M
Q4 2025$379.0M
Q1 2026$56.0M
Q2 2026$187.0M
Q3 2026$491.0M

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$3.5Bd$4.2B$4.8B$5.6B$5.6Bd$6.4B$7.4B$8.0B
Gross margin21.5%22.0%22.0%20.3%18.8%19.8%18.8%18.9%
Operating income$260.0Md$394.0M$511.0M$552.0M$424.0Md$581.0M$680.0M$714.0M
Operating margin7.3%9.3%10.6%9.8%7.6%9.0%9.2%8.9%
Net income$79.0Md$216.0M$183.0M$151.0M$857.0Md$250.0M$310.0M$289.0M
Operating cash flow$60.0Md$232.0M$29.0Md$345.0Md$430.0Md$107.0M$238.0Md$555.0Md
Capital expenditure$24.0Md$27.0M$31.0Md$38.0Md$51.0Md$51.0M$51.0Md$64.0Md
Free cash flow$36.0M$205.0M-$2.0M$307.0M$379.0M$56.0M$187.0M$491.0M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings