# Carvana (CVNA) Q2 2026 earnings

Results filed 2026-07-29 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/cvna/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1690820/000169082026000054/0001690820-26-000054-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $7.376 billion | an increase of 52% | GAAP |
| Net income | $513 million | +$205 million YoY | GAAP |
| Diluted EPS per Class A share | $0.42 | from $0.26 a year ago | GAAP |
| GAAP Operating income | $680 million | an increase of $169 million | GAAP |
| Adjusted EBITDA | $769 million | +$168 million YoY | non-GAAP |
| Adjusted EBITDA margin | 10.4% | a decrease from 12.4% | non-GAAP |
| Net income margin | 7.0% | an increase from 6.4% | GAAP |

## Segments and operating metrics

| Name | 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 | $5,507 | 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 |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Adjusted EBITDA | full year 2026 | $2.7 to $3.0 billion |

## Key takeaways

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.