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Financials · CVNA

Carvana Co. (CVNA) financials

For the twelve months ended Sep 30, 2026, Carvana Co. reported $27.45B of revenue and $2.06B of net income.

Revenue, TTM
$27.45B
Revenue growth, YoY
+50.3%
Net income, TTM
$2.06B
Net income growth, YoY
+126.6%
Net margin
7.5%
Free cash flow, TTM
$1.11B
Cash
$3.05B
Total debt
$5.18B
P/E
39.33
P/S
2.96
Market cap
$81.17B
Annual revenue$20.32B
FY2016FY2025
Annual net income$1.41B
FY2016FY2025
Annual free cash flow$889.00M
FY2016FY2025

CVNA revenue and earnings growth

CVNA revenueQ3 2026$8.04B

Quarter YoY
+42.4%
QoQ
+9.0%
FY YoY
+48.6%
5Y CAGR
+29.5%
10Y CAGR
+65.7%

CVNA revenue was $8.04B in fiscal Q3 2026 (ended Sep 30, 2026), up 42.4% from a year earlier and up 9.0% from the prior quarter. For the full fiscal 2025 it was $20.32B, up 48.6% from fiscal 2024. Compound annual growth was +29.5% over 5 years and +65.7% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 11 fiscal years on file.

CVNA net incomeQ3 2026$289.00M

Quarter YoY
+91.4%
QoQ
-43.7%
FY YoY
+570.0%

CVNA net income was $289.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 91.4% from a year earlier and down 43.7% from the prior quarter. For the full fiscal 2025 it was $1.41B, up 570.0% from fiscal 2024. Fiscal 2025 is the highest of the 11 fiscal years on file.

CVNA EPSFY2025$8.45

CVNA diluted EPS was $8.45 for fiscal 2025 (ended Dec 31, 2025).

CVNA free cash flowQ3 2026$491.00M

Quarter YoY
+59.9%
QoQ
+162.6%
FY YoY
+7.5%

CVNA free cash flow was $491.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 59.9% from a year earlier and up 162.6% from the prior quarter. For the full fiscal 2025 it was $889.00M, up 7.5% from fiscal 2024. Fiscal 2025 is the highest of the 11 fiscal years on file.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$20.32B$13.67B$10.77B$13.60B$12.81B$5.59B$3.94B$1.96B$858.87M$365.15M
Cost of revenue$16.13B$10.80B$9.05B$12.36B$10.88B$4.79B$3.43B$1.76B$790.78M$345.95M
Gross profit$4.19B$2.88B$1.72B$1.25B$1.93B$794.00M$507.00M$196.71M$68.09M$19.20M
Selling, general and admin$2.31B$1.87B$1.80B$2.74B$2.03B$1.13B$787.00M$425.26M$223.40M$108.68M
Operating income$1.88B$990.00M-$80.00M-$2.35B------
Interest expense$505.00M$651.00M$632.00M$486.00M$176.00M$131.00M$81.00M$25.02M$7.66M$3.59M
Income tax-$2.79B-$4.00M$25.00M$1.00M$1.00M$0$0$0$0$0
Net income$1.41B$210.00M$450.00M-$1.59B-$135.00M-$171.00M-$115.00M-$55.48M-$62.84M-$93.11M
EPS, basic$10.22$1.72$4.12-$15.74-$1.63-----
EPS, diluted$8.45$1.59$0.75-$15.74-$1.63-$2.63-$2.45---
Diluted shares224.3M132.2M200.6M100.8M82.8M65.0M46.8M---

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$2.33B$1.76B$530.00M$628.00M$636.00M$329.00M$118.00M$88.00M$187.12M$49.45M
Receivables$245.00M$303.00M$266.00M$253.00M$206.00M$79.00M$39.86M$33.12M$14.11M$5.69M
Inventory$2.41B$1.61B$1.15B$1.88B$3.15B$1.04B$762.70M$412.24M$227.45M$185.51M
Current assets$6.55B$4.87B$3.32B$4.59B$4.89B$1.92B$1.36B$662.85M$489.72M$275.24M
Goodwill$10.00M$0-$0$9.00M$9.00M$9.35M$9.35M$0-
Total assets$13.20B$8.48B$7.07B$8.70B$7.01B$3.04B$2.06B$991.01M$641.14M$335.83M
Current liabilities$1.52B$1.34B$1.54B$2.59B$2.89B$467.00M$864.87M$329.51M$306.03M$196.42M
Short-term debt$211.00M$302.00M$777.00M$1.64B$2.15B$79.00M$606.64M$208.10M--
Long-term debt$4.83B$5.26B$5.42B$6.57B$3.21B$1.62B$883.06M$425.35M$48.47M$4.40M
Total debt$5.04B$5.56B$6.19B$8.21B$5.36B$1.70B$1.49B$633.45M$48.47M$4.40M
Total liabilities$9.00B$7.11B$7.46B$9.75B$6.49B$2.23B$1.87B$763.59M$361.59M$200.82M
Shareholders' equity$3.44B$1.38B-$384.00M-$1.05B$525.00M$802.00M$192.00M$227.00M$279.54M-$115.96M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$1.04B$918.00M$803.00M-$1.32B-$2.59B-$608.00M-$757.00M-$414.34M-$199.92M-$240.22M
Capital expenditures$147.00M$91.00M$87.00M$512.00M$557.00M$360.00M$231.00M$143.67M$78.49M$39.54M
Free cash flow$889.00M$827.00M$716.00M-$1.84B-$3.15B-$968.00M-$988.00M-$558.01M-$278.41M-$279.76M
Investing cash flow-$230.00M-$13.00M$31.00M-$2.58B-$627.00M-$346.00M-$228.00M-$150.34M-$78.49M-$39.54M
Financing cash flow-$137.00M$261.00M-$868.00M$3.90B$3.53B$1.17B$1.01B$466.26M$416.09M$283.96M
Dividends paid-------$4.62M$0$0
Stock-based compensation$96.00M$91.00M$73.00M$69.00M$39.00M$25.00M$33.00M$24.09M$5.61M$555.0K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY48.6%26.9%-20.8%6.2%129.4%41.8%101.5%127.7%135.2%180.0%
Net income growth, YoY570.0%-53.3%--------
Gross margin20.6%21.0%16.0%9.2%15.1%14.2%12.9%10.1%7.9%5.3%
Operating margin9.3%7.2%-0.7%-17.3%------
Net margin6.9%1.5%4.2%-11.7%-1.1%-3.1%-2.9%-2.8%-7.3%-25.5%
Free cash flow margin4.4%6.0%6.6%-13.5%-24.6%-17.3%-25.1%-28.5%-32.4%-76.6%
Return on equity40.9%15.3%---25.7%-21.3%-59.9%-24.4%-22.5%-
Return on assets10.7%2.5%6.4%-18.2%-1.9%-5.6%-5.6%-5.6%-9.8%-27.7%
Current ratio4.313.642.161.771.694.121.572.011.601.40
Debt to equity1.464.04--10.212.117.762.790.17-

Source: XBRL data Carvana Co. files with the SEC, latest filing dated Oct 28, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

CVNA peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
CVNA$27.45B+50.3%$2.06B7.5%$81.17B
KMX$27.63B+4.8%$292.44M1.1%$7.31B
CARG$993.99M+13.5%$184.01M18.5%$3.01B
CARS$725.94M+0.9%$42.98M5.9%$714.7M
VRM$157.84M-4.7%-$56.61M-35.9%$34.2M

CVNA FAQ

8 questions
  • What is CVNA revenue?
    Carvana Co. (CVNA) reported $27.45B of revenue for the twelve months ended Sep 30, 2026. That is up 50.3% from the year before. Revenue for fiscal 2025 was $20.32B.
  • Is CVNA profitable?
    Yes. Carvana Co. earned $2.06B in net income for the twelve months ended Sep 30, 2026, a net margin of 7.5%.
  • How much cash and debt does CVNA have?
    Carvana Co. reported $3.05B in cash and cash equivalents and $5.18B of debt on its most recent balance sheet in SEC filings.
  • How fast is CVNA revenue growing?
    Carvana Co.'s revenue changed +48.6% in fiscal 2025, to $20.32B. Its compound annual growth rate was +29.5% over 5 years and +65.7% over 10 years.
  • What is CVNA gross margin?
    Carvana Co.'s gross profit was $5.23B on $27.45B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 19.0%.
  • What is CVNA free cash flow?
    Carvana Co. generated $1.11B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $1.33B less capital expenditures.
  • When did CVNA last report financial results?
    The latest statements here come from Carvana Co.'s 10-Q filed on Oct 28, 2026, covering the period ended Sep 30, 2026.
  • Where does this CVNA financial data come from?
    Quantisnow builds these statements from the structured XBRL data Carvana Co. files with the SEC. It is provided for information only and is not investment advice.