Revenue growth has accelerated to 52% YoY as of 2026Q1, with gross margins stabilizing at 19.8% compared to the 14.8% trough observed in 2023Q4.
| Sales/Revenue | 22.52B | 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 % | 51.72% | 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 | 18.02B | 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 | 4.5B | 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 % | 19.97% | 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 | 2.43B | 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 | 2.46B | 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 | 0 | 3M | 0 | 198M | 0 | 0 | -72.03M | -39.95M | -19.02M | -14.37M | -6.56M | -3.3M | -1.91M |
| Operating Income | 2.07B | 1.88B | 1B | -80M | -1.49B | -104M | -332.4M | -280.3M | -228.55M | -155.31M | -89.48M | -35.33M | -15.11M |
| Operating Margin % | 9.19% | 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 | 2.34B | 2.16B | 1.31B | 272M | -1.23B | 1M | -258.61M | -239.04M | -205.01M | -143.74M | -84.82M | -32.53M | -13.4M |
| EBITDA Margin % | 10.39% | 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 % | 50.35% | 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) | 271M | 275M | 305M | 352M | 261M | 105M | 73.79M | 41.27M | 23.54M | 11.57M | 4.66M | 2.8M | 1.71M |
| EBIT | -318M | -385M | 1.05B | 807M | -2.41B | -110M | -330.95M | -284.03M | -229.73M | -156.66M | -89.53M | -35.37M | -15.13M |
| Net Interest Income | -465M | -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 | 465M | 505M | 651M | 632M | 486M | 176M | 131.53M | 80.61M | 25.02M | 7.66M | 3.59M | 1.41M | 108K |
| Other Income/Expense | -2.89B | -2.77B | -602M | 255M | -1.4B | -182M | -130.08M | -84.34M | -26.2M | -9.01M | -3.63M | -1.45M | -130K |
| Pretax Income | -824M | -890M | 400M | 175M | -2.89B | -286M | -462.48M | -364.64M | -254.75M | -164.32M | -93.11M | -36.78M | -15.24M |
| Pretax Margin % | -3.66% | -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 | -2.75B | -2.79B | -4M | 25M | 1M | 1M | -255K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 333.86% | 312.92% | -1% | 14.29% | -0.03% | -0.35% | 0.06% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 1.6B | 1.41B | 210M | 450M | -1.59B | -135M | -171.14M | -114.66M | -55.48M | -18.31M | -10.15M | -36.78M | -15.24M |
| Net Margin % | 7.09% | 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 % | 301% | 570% | -53.33% | 128.36% | -1075.56% | 21.12% | -49.26% | -106.68% | -202.93% | -80.44% | 72.41% | -141.37% | - |
| Net Income (Continuing) | 1.93B | 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 | 912M | 762M | 115M | -627M | -535M | 219M | 413.9M | 93.83M | 154.02M | 153.81M | 0 | 0 | 0 |
| EPS (Diluted) | 2.16 | 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 % | 249.82% | 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 | 740.42M | 1.12B | 661.03M | 1B | 504.14M | 414.02M | 324.9M | 234.24M | 150.22M | 76.2M | 75M | 75M | 75M |
| Basic Shares Outstanding | 713.75M | 688.17M | 611.72M | 546.62M | 504.14M | 414.02M | 324.9M | 234.24M | 150.22M | 76.2M | 75M | 75M | 75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Used vehicle price volatility
As reported in recent financial filings, Carvana's quarterly revenue reached $6.4 billion in 2026Q1, representing a 52% year-over-year growth rate, which suggests that the company's centralized logistics model is successfully capturing market share despite broader industry headwinds and a challenging consumer credit environment for high-ticket purchases.
The acceleration in top-line growth indicates that the company's pivot toward operational efficiency is yielding higher throughput across its existing IRC network. Investors should monitor whether this growth is sustainable or if it relies on aggressive pricing strategies that could eventually pressure unit margins.
Based on the provided income statement data, gross margins have stabilized near 20% as of 2026Q1, reflecting a significant recovery from the 14.8% lows observed in 2023Q4, which suggests that management's focus on reconditioning efficiency and inventory turnover is beginning to materialize in the bottom line.
While the margin expansion is encouraging, it remains sensitive to the 'Other GPU' component, which is heavily influenced by the gain-on-sale of automotive finance receivables. This reliance on non-retail revenue streams warrants further investigation into the long-term durability of these margins if credit market conditions tighten.
According to the latest quarterly results, operating income reached $581 million in 2026Q1, demonstrating that the company is successfully scaling its fixed-cost infrastructure, as operating margins improved to 9.0% compared to the negative territory reported in the final quarter of 2023.
The ability to grow operating income faster than gross profit suggests that the company is achieving better absorption of its IRC and logistics overhead. However, this leverage is a double-edged sword, as any significant decline in unit volume could lead to rapid deleveraging and margin compression.
As indicated by the 2025Q4 net income spike to $857 million, the company's bottom-line performance appears subject to significant non-operating volatility, which suggests that investors should be cautious about extrapolating current profitability levels without adjusting for potential one-time gains or accounting-driven fluctuations in loan sale valuations.
The discrepancy between operating income and net income in certain periods highlights the risk that reported earnings may not fully reflect core operational cash generation. Short-term fluctuations in used car pricing could trigger inventory write-downs, potentially reversing the recent trend of positive net income.
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.