Carvana (CVNA) · Automotive
Carvana Q2 2026 earnings: summary, key numbers & outlook
Results filed 29 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Carvana reported record Q2 2026 retail units sold of 197,325 (+38%), revenue of $7.376 billion (+52%), Net income of $513 million and Adjusted EBITDA of $769 million.
Carvana had a record second quarter. It sold 197,325 retail vehicles, up 38% from a year ago, and revenue rose 52% to $7.376 billion. Net income was $513 million, up from $308 million, and Adjusted EBITDA was $769 million. Profit per car fell, though: total gross profit per unit was $7,014, down $412, and Adjusted EBITDA margin slipped to 10.4% from 12.4%.
Management expects retail units sold to rise sequentially in Q3 and Adjusted EBITDA of $2.7 to $3.0 billion for full-year 2026, versus $2.24 billion last year, as long as the environment stays stable. The main tension is margin: higher benchmark interest rates cut Other GPU, and new FTC rules on dealer fees and macro, tariff and regulatory uncertainty could affect results as Carvana keeps investing in capacity ahead of growth.
Key numbers
- Revenue · GAAP
- $7.376 billion
- Net income · GAAP
- $513 million
- Diluted EPS per Class A share · GAAP
- $0.42
- GAAP Operating income · GAAP
- $680 million
- Adjusted EBITDA · non-GAAP
- $769 million
- Adjusted EBITDA margin · non-GAAP
- 10.4%
- Net income margin · GAAP
- 7.0%
an increase of 52%
+$205 million YoY
from $0.26 a year ago
an increase of $169 million
+$168 million YoY
a decrease from 12.4%
an increase from 6.4%
| Segment or metric | Value | Change |
|---|---|---|
| Retail units sold | 197,325 | an increase of 38% |
| Total gross profit per unit (GAAP) | $7,014 | a decrease of $412 |
| Non-GAAP Total GPU | $7,125 | a decrease of $455 |
| Retail vehicle sales, net | $5.5B | 61.7% |
| Wholesale vehicle unit sales | 105,052 | 44.4% |
| Retail gross profit per retail unit | $3,547 | (2.4)% |
| Other gross profit per retail unit | $2,666 | (7.1)% |
| Integrated ADESA retail production sites | 19 | three additional in the quarter |
Where each number comes from
- Revenue: “Revenue totaled $7.376 billion, an increase of 52% •Total Gross profit was $1.384 billion, an increase of 30%”
- Net income: “Record Net Income of $513 million (+$205 million YoY) •Record Adjusted EBITDA of $769 million (+$168 million YoY)”
- Diluted EPS per Class A share: “Basic and diluted net earnings per Class A share were $0.43 and $0.42, respectively, based on 718 million and 740 million shares”
- GAAP Operating income: “GAAP Operating income was $680 million, an increase of $169 million •Basic and diluted net earnings per Class A share were $0.43”
- Adjusted EBITDA: “Adjusted EBITDA margin was 10.4%, a decrease from 12.4% ◦Adjusted EBITDA totaled $769 million •GAAP Operating income was $680 million”
- Adjusted EBITDA margin: “Adjusted EBITDA margin was 10.4%, a decrease from 12.4% ◦Adjusted EBITDA totaled $769 million”
- Net income margin: “Net income margin was 7.0%, an increase from 6.4% ◦Net income totaled $513 million •Adjusted EBITDA margin was 10.4%”
- Retail units sold: “Retail units sold totaled 197,325, an increase of 38% •Revenue totaled $7.376 billion, an increase of 52%”
- Total gross profit per unit (GAAP): “Total Gross profit per unit ("GPU") was $7,014, a decrease of $412 •Non-GAAP Total GPU was $7,125”
- Non-GAAP Total GPU: “Non-GAAP Total GPU was $7,125, a decrease of $455 •Net income margin was 7.0%, an increase from 6.4%”
- Retail vehicle sales, net: “Retail vehicle sales, net | $5,507 | $3,405 | 61.7% | $10,335 | $6,385 | 61.9%”
- Wholesale vehicle unit sales: “Wholesale vehicle unit sales | 105,052 | 72,770 | 44.4% | 188,626 | 136,224 | 38.5%”
- Retail gross profit per retail unit: “Per retail unit gross profit: Retail vehicle gross profit | $3,547 | $3,636 | (2.4)% | $3,361 | $3,427 | (1.9)%”
- Other gross profit per retail unit: “Other gross profit | 2,666 | 2,869 | (7.1)% | 2,734 | 2,886 | (5.3)% Total gross profit | $7,014”
- Integrated ADESA retail production sites: “we integrated retail production capabilities at three additional ADESA locations, bringing our total integrated sites to 19”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $7.4B | +52.4% | +14.7% |
| Operating income | $680.0M | +33.1% | +17.0% |
| Net income | $310.0M | +69.4% | +24.0% |
| Free cash flow | $187.0M | — | +233.9% |
| Gross margin | 18.8% | −3.2 pts | −1.0 pts |
| Operating margin | 9.2% | −1.4 pts | +0.2 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted EBITDA | full year 2026 | $2.7 to $3.0 billion |
Key takeaways
Record volume drove 52% revenue growth
Carvana sold 197,325 retail units, up 38%, and revenue totaled $7.376 billion, up 52%. Retail vehicle sales, net grew 61.7% to $5,507 million.
Net income rose to $513 million
Net income was $513 million versus $308 million a year ago, and the margin was 7.0% versus 6.4%. Diluted EPS was $0.42 versus $0.26.
Adjusted EBITDA margin fell to 10.4%
Adjusted EBITDA was $769 million, up from $601 million, but the margin dropped from 12.4%. SG&A of $704 million rose from $551 million.
Gross profit per unit declined year over year
Total GPU was $7,014, down $412, though up $231 sequentially. Retail GPU was higher on industry pricing while Other GPU was lower on rising benchmark rates.
Full-year Adjusted EBITDA guided to $2.7-$3.0 billion
Management guided to $2.7 to $3.0 billion versus $2.24 billion last year, plus a sequential rise in Q3 retail units. Carvana has fully built out capacity for approximately 1.5 million retail units.
Charts
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 |
Data
| Q4 2024 | 7.3% |
| Q1 2025 | 9.3% |
| Q2 2025 | 10.6% |
| Q3 2025 | 9.8% |
| Q4 2025 | 7.6% |
| Q1 2026 | 9.0% |
| Q2 2026 | 9.2% |
| Q3 2026 | 8.9% |
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.
Questions
What were Carvana's Q2 2026 headline results?
Carvana sold 197,325 retail units (+38%) and reported revenue of $7.376 billion (+52%), Net income of $513 million and Adjusted EBITDA of $769 million.
How did profitability change from a year ago?
Net income margin rose to 7.0% from 6.4%, but Adjusted EBITDA margin fell to 10.4% from 12.4%. Total GPU fell $412 to $7,014.
What is Carvana's 2026 outlook?
Carvana expects Adjusted EBITDA of $2.7 to $3.0 billion for full-year 2026, up from $2.24 billion last year, and a sequential increase in Q3 retail units sold.
What is Carvana's liquidity position?
At June 30, 2026, cash and cash equivalents were $2,630 million and total liquidity resources were $7,024 million, with long-term debt excluding current portion of $4,854 million.
What are the main risks?
Carvana cites macroeconomic conditions including tariffs, fuel costs and the conflict in Iran, plus FTC rulemaking, its substantial indebtedness and its ability to scale. Rising benchmark rates also lowered Other GPU.
Documents
SEC filing