Revenue surged 52.4% YoY to $7.4B in 2026Q2, with operating margin expanding to 9.2% from 4.4% in 2024Q1, though gross margin has slightly declined to 18.8% from 21.2% in 2025Q2.
Carvana Co. (CVNA) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 25.06B | 20.32B | 13.67B | 10.77B | 13.6B | 12.81B | 5.59B | 3.94B | 1.96B | 858.87M | 365.15M | 130.39M | 41.68M |
| Revenue Growth % | 53.98% | 48.63% | 26.94% | -20.82% | 6.17% | 129.37% | 41.79% | 101.48% | 127.68% | 135.21% | 180.04% | 212.85% | - |
| Cost of Goods Sold | 20.2B | 16.13B | 10.96B | 9.05B | 12.6B | 10.99B | 4.86B | 3.47B | 1.78B | 802.35M | 350.61M | 131.85M | 43.81M |
| COGS % of Revenue | - | 79.37% | 80.17% | 83.99% | 92.64% | 85.75% | 87.08% | 88.15% | 91.09% | 93.42% | 96.02% | 101.12% | 105.11% |
| Gross Profit | 4.85B | 4.19B | 2.71B | 1.72B | 1B | 1.83B | 721.57M | 466.75M | 174.27M | 56.52M | 14.54M | -1.45M | -2.13M |
| Gross Margin % | 19.37% | 20.63% | 19.83% | 16.01% | 7.36% | 14.25% | 12.92% | 11.85% | 8.91% | 6.58% | 3.98% | -1.12% | -5.11% |
| Gross Profit Growth % | - | 54.63% | 57.25% | 72.23% | -45.18% | 153.06% | 54.6% | 167.83% | 208.32% | 288.77% | 1099.93% | 31.7% | - |
| Operating Expenses | 2.62B | 2.31B | 1.71B | 1.8B | 2.49B | 1.93B | 1.05B | 747.05M | 402.82M | 211.83M | 104.02M | 33.88M | 12.98M |
| OpEx % of Revenue | - | 11.37% | 12.5% | 16.75% | 18.31% | 15.06% | 18.87% | 18.96% | 20.6% | 24.66% | 28.49% | 25.98% | 31.14% |
| Selling, General & Admin | 2.62B | 2.31B | 1.71B | 1.61B | 2.49B | 1.93B | 1.13B | 787M | 421.84M | 226.2M | 110.58M | 37.18M | 14.88M |
| SG&A % of Revenue | - | 11.36% | 12.5% | 14.91% | 18.31% | 15.06% | 20.16% | 19.98% | 21.57% | 26.34% | 30.28% | 28.51% | 35.71% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 3M | 0 | 198M | 0 | 0 | -72.03M | -39.95M | -19.02M | -14.37M | -6.56M | -3.3M | -1.91M |
| Operating Income | 2.24B | 1.88B | 1B | -80M | -1.49B | -104M | -332.4M | -280.3M | -228.55M | -155.31M | -89.48M | -35.33M | -15.11M |
| Operating Margin % | 8.93% | 9.26% | 7.33% | -0.74% | -10.95% | -0.81% | -5.95% | -7.11% | -11.69% | -18.08% | -24.5% | -27.1% | -36.25% |
| Operating Income Growth % | - | 87.72% | 1352.5% | 94.63% | -1332.69% | 68.71% | -18.58% | -22.64% | -47.16% | -73.57% | -153.25% | -133.86% | - |
| EBITDA | 2.51B | 2.16B | 1.31B | 272M | -1.23B | 1M | -258.61M | -239.04M | -205.01M | -143.74M | -84.82M | -32.53M | -13.4M |
| EBITDA Margin % | 10.01% | 10.61% | 9.56% | 2.53% | -9.03% | 0.01% | -4.63% | -6.07% | -10.48% | -16.74% | -23.23% | -24.95% | -32.16% |
| EBITDA Growth % | 39.23% | 64.96% | 380.51% | 122.13% | -123000% | 100.39% | -8.19% | -16.6% | -42.62% | -69.46% | -160.73% | -142.72% | - |
| D&A (Non-Cash Add-back) | 272M | 275M | 305M | 352M | 261M | 105M | 73.79M | 41.27M | 23.54M | 11.57M | 4.66M | 2.8M | 1.71M |
| EBIT | -130M | -385M | 1.05B | 807M | -2.41B | -110M | -330.95M | -284.03M | -229.73M | -156.66M | -89.53M | -35.37M | -15.13M |
| Net Interest Income | -423M | -505M | -651M | -632M | -486M | -176M | -131.53M | -80.61M | -25.02M | -7.66M | -3.59M | -1.41M | -108K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 423M | 505M | 651M | 632M | 486M | 176M | 131.53M | 80.61M | 25.02M | 7.66M | 3.59M | 1.41M | 108K |
| Other Income/Expense | -2.79B | -2.77B | -602M | 255M | -1.4B | -182M | -130.08M | -84.34M | -26.2M | -9.01M | -3.63M | -1.45M | -130K |
| Pretax Income | -553M | -890M | 400M | 175M | -2.89B | -286M | -462.48M | -364.64M | -254.75M | -164.32M | -93.11M | -36.78M | -15.24M |
| Pretax Margin % | -2.21% | -4.38% | 2.93% | 1.62% | -21.27% | -2.23% | -8.28% | -9.25% | -13.03% | -19.13% | -25.5% | -28.21% | -36.56% |
| Income Tax | -2.69B | -2.79B | -4M | 25M | 1M | 1M | -255K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 485.53% | 312.92% | -1% | 14.29% | -0.03% | -0.35% | 0.06% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 1.57B | 1.41B | 210M | 450M | -1.59B | -135M | -171.14M | -114.66M | -55.48M | -18.31M | -10.15M | -36.78M | -15.24M |
| Net Margin % | 6.26% | 6.92% | 1.54% | 4.18% | -11.67% | -1.05% | -3.06% | -2.91% | -2.84% | -2.13% | -2.78% | -28.21% | -36.56% |
| Net Income Growth % | 178.51% | 570% | -53.33% | 128.36% | -1075.56% | 21.12% | -49.26% | -106.68% | -202.93% | -80.44% | 72.41% | -141.37% | - |
| Net Income (Continuing) | 2.13B | 1.9B | 404M | 150M | -2.89B | -287M | -462.22M | -364.64M | -254.75M | -164.32M | -93.11M | -36.78M | -15.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.11B | 762M | 115M | -627M | -535M | 219M | 413.9M | 93.83M | 154.02M | 153.81M | 0 | 0 | 0 |
| EPS (Diluted) | 2.12 | 1.69 | 0.32 | 0.15 | -3.15 | -0.33 | -0.53 | -0.49 | -0.41 | -0.26 | -0.14 | -0.54 | -0.20 |
| EPS Growth % | 170.43% | 431.45% | 112% | 104.76% | -865.64% | 38.02% | -7.35% | -20.69% | -54.96% | -92.65% | 74.63% | -162.75% | - |
| EPS (Basic) | - | 2.04 | 0.34 | 0.82 | -3.15 | -0.33 | -0.53 | -0.49 | -0.41 | -0.26 | -0.14 | -0.54 | -0.20 |
| Diluted Shares Outstanding | 739.96M | 1.12B | 661.03M | 1B | 504.14M | 414.02M | 324.9M | 234.24M | 150.22M | 76.2M | 75M | 75M | 75M |
| Basic Shares Outstanding | 717.69M | 688.17M | 611.72M | 546.62M | 504.14M | 414.02M | 324.9M | 234.24M | 150.22M | 76.2M | 75M | 75M | 75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CVNA stock.
For fiscal year 2025, Carvana Co. (CVNA) reported total revenue of $20.32B. This represents a 48658.4% increase compared to $41.7M in 2014.
Carvana Co. (CVNA) is profitable, generating $1.41B in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
Carvana Co. (CVNA) reported an operating income of $1.88B, resulting in an operating profit margin of 9.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Carvana Co. (CVNA) generated $4.19B in gross profit for the year, representing a gross profit margin of 20.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue growth sustainability
Metrics are mathematically derived from official filings.
Accelerating Revenue Momentum
Carvana's revenue surged 52.4% year-over-year in 2026Q2, reaching $7.4B, according to the latest quarterly report, marking a clear acceleration from the 14.9% growth seen in 2024Q2.
The sequential acceleration from 2024Q2's 14.9% to 2026Q2's 52.4% indicates a robust demand environment and successful market share gains. This growth appears driven by volume expansion rather than pricing, as gross margin has remained relatively stable around 19-21%. Investors should monitor whether this pace is sustainable given the cyclical nature of auto sales.
Gross Margin Stability Amid Expansion
Gross margin has held steady near 19-21% over the past ten quarters, with 2026Q2 at 18.8%, as reported in financial statements, suggesting pricing power is maintained despite rapid revenue growth.
The consistency in gross margin despite significant revenue scaling indicates that Carvana's unit economics are not deteriorating as it grows. This stability may reflect efficient inventory management and a competitive pricing strategy. However, the slight dip from 21.2% in 2025Q2 to 18.8% in 2026Q2 warrants monitoring for potential margin pressure.
Operating Leverage Driving Profitability
Operating income grew from $135M in 2024Q1 to $680M in 2026Q2, with operating margin expanding from 4.4% to 9.2%, as per SEC filings, demonstrating significant operating leverage.
SG&A expenses have grown at a slower pace than revenue, with SG&A as a percentage of revenue declining from roughly 14.7% in 2024Q1 to 9.5% in 2026Q2. This suggests that Carvana is scaling its overhead efficiently, converting revenue growth into operating profit. The trend indicates that the company's fixed cost base is being spread over a larger revenue base, enhancing profitability.
Earnings Quality Boosted by One-Time Items
Net income in 2025Q4 spiked to $857M with diluted EPS of $1.19, far above the typical $150-300M range, as reported in financial statements, suggesting a significant non-operating gain.
The 2025Q4 net income is disproportionately high relative to operating income of $424M, implying a one-time tax benefit or other non-operating item. Excluding this anomaly, net income has been consistently positive and growing, but investors should adjust for such items to assess underlying earnings power. The absence of stock-based compensation in that quarter also inflates reported EPS.
COGS Dominates Cost Structure
Cost of goods sold accounts for roughly 80% of revenue, with 2026Q2 COGS at $6.0B, as per the income statement, leaving limited room for cost reduction without impacting gross margin.
The primary cost driver is COGS, which is inherent to the dealership model. SG&A is the next largest cost, but it has been well-controlled, declining as a percentage of revenue. R&D is not separately disclosed, suggesting it is minimal or included in SG&A. Management's expense discipline appears focused on maintaining gross margin while scaling SG&A efficiently.
Sustainability of Growth and Margins
Despite strong growth, gross margin has slightly declined from 21.2% in 2025Q2 to 18.8% in 2026Q2, and revenue growth may face cyclical headwinds, as per reported figures.
Short-sellers might argue that the rapid revenue growth is unsustainable as the used car market normalizes, and that gross margin compression could accelerate if competition intensifies. Additionally, the reliance on one-time items for earnings spikes raises questions about the quality of recurring profitability. Investors should monitor whether Carvana can maintain its growth trajectory without sacrificing margins.