Carvana Co. (CVNA) quarterly cash flow statement — complete operating, investing & financing history
Carvana Co. (CVNA) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 238M | 107M | 430M | 345M | 29M | 232M | 60M | 403M | 354M | 101M | -239M | 599M | 509M | -66M | -739M | -98M | 106M | -593M | -1.17B | -283M |
| Operating CF Margin % | 3.23% | 1.66% | 7.67% | 6.11% | 0.6% | 5.48% | 1.69% | 11.03% | 10.38% | 3.3% | -9.86% | 21.6% | 17.15% | -2.53% | -26.05% | -2.89% | 2.73% | -16.96% | -31.23% | -8.13% |
| Operating CF Growth % | 720.69% | -53.88% | 616.67% | -14.39% | -91.81% | 129.7% | 125.1% | -32.72% | -30.45% | 253.03% | 67.66% | 711.22% | 380.19% | 88.87% | 36.95% | 65.37% | 117.46% | -11.47% | -624.76% | -4.32% |
| Net Income | 513M | 405M | 857M | 263M | 308M | 373M | 159M | 148M | 18M | 28M | -200M | 741M | -105M | -286M | -1.44B | -508M | -439M | -506M | -182M | -68M |
| Depreciation & Amortization | 69M | 69M | 69M | 65M | 68M | 73M | 74M | 73M | 76M | 82M | 82M | 87M | 90M | 93M | 82M | 78M | 64M | 37M | 33M | 26M |
| Stock-Based Compensation | 25M | 26M | 0 | 24M | 27M | 23M | 22M | 24M | 23M | 22M | 21M | 18M | 19M | 15M | 12M | 15M | 14M | 28M | 11M | 10M |
| Deferred Taxes | 63M | 35M | -2.78B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -44M | 29M | 15M | 0 | 0 | 0 | 0 | 0 | 29M | 10M |
| Other Non-Cash Items | 391M | -284M | 2.23B | 146M | 41M | -265M | -111M | 261M | 229M | -33M | -5M | -479M | 433M | -285M | 12M | -41M | -28M | -96M | -85M | -36M |
| Working Capital Changes | -823M | -144M | 60M | -153M | -415M | 28M | -84M | -103M | 8M | 2M | -93M | 203M | 57M | 397M | 596M | 358M | 495M | -56M | -978M | -225M |
| Change in Receivables | -41M | -96M | 105M | -34M | 46M | -68M | 58M | -17M | -1M | -87M | 51M | 13M | 5M | -91M | 105M | 69M | -24M | -5M | -37M | 0 |
| Change in Inventory | -586M | -247M | -58M | -272M | -518M | 114M | -301M | -84M | -56M | -14M | -66M | 213M | 179M | 385M | 716M | 305M | 466M | -133M | -856M | -304M |
| Change in Payables | 199M | 163M | 82M | 117M | 56M | -20M | 89M | 26M | 36M | 109M | -82M | -60M | -125M | 101M | -46M | 33M | 5M | 117M | 96M | 103M |
| Cash from Investing | -52M | -31M | -130M | -46M | -19M | -35M | -7M | -15M | 2M | 7M | 9M | 16M | 25M | -19M | -15M | -43M | -2.32B | -208M | -275M | -178M |
| Capital Expenditures | -51M | -51M | -51M | -38M | -31M | -27M | -24M | -27M | -22M | -18M | -18M | -19M | -18M | -32M | -61M | -90M | -141M | -220M | -167M | -196M |
| CapEx % of Revenue | 0.69% | 0.79% | 0.91% | 0.67% | 0.64% | 0.64% | 0.68% | 0.74% | 0.65% | 0.59% | 0.74% | 0.69% | 0.61% | 1.23% | 2.15% | 2.66% | 3.63% | 6.29% | 4.45% | 5.63% |
| Acquisitions | -29M | -11M | -109M | -27M | 0 | -24M | 2M | 1M | 3M | 5M | 14M | 25M | 21M | -7M | -7M | 0 | -2.19B | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2M | 0 | 0 | 31M | 0 | 16M | 0 | 11M | 0 | 0 | 27M | 35M | 43M | 20M | 53M | 0 | 13M | 0 | 0 | 0 |
| Cash from Financing | 45M | 7M | -92M | -8M | 16M | -53M | 775M | -63M | -76M | -375M | 208M | -676M | -551M | 151M | 905M | -579M | 2.87B | 707M | 1.68B | 555M |
| Debt Issued (Net) | 9M | 54M | -93M | -552M | 10M | -34M | -128M | -61M | -424M | -374M | 228M | -1.07B | -549M | 151M | 905M | -569M | 1.7B | 717M | 1.7B | 573M |
| Equity Issued (Net) | -33M | 1M | 10M | 552M | 17M | 5M | 917M | -2M | 350M | 0 | -3M | 453M | -2M | 0 | 0 | 4M | 1.23B | 2M | -15M | -8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -36M | 0 | 0 | 0 | 0 | 0 | 0 | -2M | 0 | 0 | -3M | 0 | -2M | 0 | 0 | 0 | 0 | 0 | -15M | -8M |
| Other Financing | 69M | -48M | -9M | -8M | -11M | -24M | -14M | 0 | -2M | -1M | -17M | -60M | 0 | 0 | 0 | -14M | -57M | -12M | -2M | -10M |
| Net Change in Cash | 231M | 83M | 208M | 291M | 26M | 144M | 828M | 325M | 280M | -267M | -22M | -61M | -17M | 66M | 151M | -720M | 655M | -94M | 232M | 94M |
| Free Cash Flow | 187M | 56M | 379M | 307M | -2M | 205M | 36M | 376M | 332M | 83M | -257M | 580M | 491M | -98M | -800M | -188M | -35M | -813M | -1.34B | -479M |
| FCF Margin % | 2.54% | 0.87% | 6.76% | 5.44% | -0.04% | 4.84% | 1.01% | 10.29% | 9.74% | 2.71% | -10.6% | 20.92% | 16.54% | -3.76% | -28.2% | -5.55% | -0.9% | -23.25% | -35.68% | -13.76% |
| FCF Growth % | 9450% | -72.68% | 952.78% | -18.35% | -100.6% | 146.99% | 114.01% | -35.17% | -32.38% | 184.69% | 67.88% | 408.51% | 1502.86% | 87.95% | 40.25% | 60.75% | 95.13% | -32.41% | -431.97% | -29.36% |
| FCF per Share | 0.25 | 0.08 | 0.34 | 0.42 | -0.00 | 0.29 | 0.05 | 0.56 | 0.52 | 0.14 | -0.45 | 1.05 | 0.92 | -0.18 | -1.51 | -0.36 | -0.07 | -1.80 | -3.08 | -1.13 |
| FCF Conversion (FCF/Net Income) | 0.77x | 0.43x | 0.50x | 2.28x | 0.16x | 1.07x | 0.76x | 4.74x | 19.67x | 3.61x | 2.10x | 0.77x | -8.78x | 0.41x | 0.92x | 0.35x | -0.45x | 2.28x | 13.17x | 8.84x |
| Interest Paid | 0 | 0 | 0 | 0 | 26M | 139M | 30M | 23M | 34M | 0 | 0 | 194M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 5M | 1M | -1M | 1M | 3M | 0 | 0 | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |