olivLaw · US equity research
Carvana Co. CVNA
Retail-Auto Dealers & Gasoline Stations · SIC 5500 · Vertical: Retail-Auto Dealers & Gasoline Stations (SIC 5500)
Carvana is the largest e-commerce platform for buying and selling used cars in the US, with a vertically integrated model that combines online sales, its own financing and proprietary logistics. In 2026 the company has grown sales volume quickly, while the market remains very fragmented and Carvana holds a small share, which makes the question of how far growth can go relevant. The key figures are cumulative revenue of 97.9 billion USD since inception and a 37.7% increase in retail unit sales in the second quarter of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Carvana Co. (CVNA) stock was 77.56 USD (+8.81% on the day), with market capitalisation 0 USD, P/E 9.2 on diluted EPS of 8.45 USD over the last 12 months, beta 2.22, 52-week range 56.26–95.69 USD. Latest reported quarter (Q3 2026): revenue of 8.0 bn USD (+42.4% YoY), net income of 289.0 m USD (+91.4% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 51.26 – 73.86
- above the upper band · %B 1.16 · band width 36.1%
- SMA 50 / 200
- 65.85 / 68.94
- mixed trend
- MACD (12, 26, 9)
- 1.94 / -0.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.7% | −1.1% | +22.8 pp | — |
| 3 months | +11.6% | −0.5% | +12.1 pp | — |
| 6 months | −0.4% | +4.4% | −4.8 pp | — |
| Year to date | −8.1% | +12.3% | −20.4 pp | — |
| 1 year | +25.2% | +13.5% | +11.6 pp | −5.6% |
| 3 years | +1,101.4% | +76.4% | +1,025.0 pp | −0.4% |
| 5 years | +30.2% | +63.7% | −33.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.5 bn | 4.2 bn | 4.8 bn | 5.6 bn | 5.6 bn | 6.4 bn | 7.4 bn | 8.0 bn |
| Cost of revenue | 2.8 bn | 3.3 bn | 3.8 bn | 4.5 bn | 4.6 bn | 5.2 bn | 6.0 bn | 6.5 bn |
| Gross profit | 763.0 m | 929.0 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.3 bn | 1.4 bn | 1.5 bn |
| SG&A | 494.0 m | 535.0 m | 551.0 m | 595.0 m | 627.0 m | 690.0 m | 704.0 m | 805.0 m |
| Operating income | 260.0 m | 394.0 m | 511.0 m | 552.0 m | 424.0 m | 581.0 m | 680.0 m | 714.0 m |
| Interest expense | 148.0 m | 139.0 m | 143.0 m | 125.0 m | 98.0 m | 99.0 m | 101.0 m | 98.0 m |
| Income tax | -3.0 m | 2.0 m | 0 | -4.0 m | -2.8 bn | 36.0 m | 66.0 m | 69.0 m |
| Net income | 79.0 m | 216.0 m | 183.0 m | 151.0 m | 857.0 m | 250.0 m | 310.0 m | 289.0 m |
| Diluted EPS | — | — | 0.26 ≈ | 0.21 ≈ | — | — | — | — |
| Operating cash flow | 60.0 m | 232.0 m | 29.0 m ≈ | 345.0 m ≈ | 430.0 m | 107.0 m | 238.0 m ≈ | 555.0 m ≈ |
| Capex | 24.0 m | 27.0 m | 31.0 m ≈ | 38.0 m ≈ | 51.0 m | 51.0 m | 51.0 m ≈ | 64.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 10.0, median 14.1, max 25.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 3.9 bn | 5.6 bn | 12.8 bn | 13.6 bn | 10.8 bn | 13.7 bn | 20.3 bn |
| Revenue YoY | +127.7% | — | +41.8% | +129.4% | +6.2% | −20.8% | +26.9% | +48.6% |
| Net income | -55.5 m | -115.0 m | -171.0 m | -135.0 m | -1.6 bn | 450.0 m | 210.0 m | 1.4 bn |
| Net income YoY | unavailable | — | unavailable | unavailable | unavailable | unavailable | −53.3% | +570.0% |
| Diluted EPS | unavailable | -2.45 | -2.63 | -1.63 | -15.74 | 0.75 | 1.59 | 8.45 |
| Diluted EPS YoY | unavailable | — | unavailable | unavailable | unavailable | unavailable | +112.0% | +431.4% |
| net % | -2.8% | -2.9% | -3.1% | -1.1% | -11.7% | 4.2% | 1.5% | 6.9% |
| Free cash flow | -558.0 m | -988.0 m | -968.0 m | -3.2 bn | -1.8 bn | 716.0 m | 827.0 m | 889.0 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.3 bn USD
- Financial debt
- 5.0 bn USD
- Net debt
- 2.7 bn USD
- Equity
- 4.2 bn USD
- Total assets
- 13.2 bn USD
- Debt / equity
- 1.20x
- Current ratio
- 4.31x
- ROE
- 50.4%
- ROA
- 13.0%
- FCF margin
- 4.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.6 bn | 12.8 bn | 13.6 bn | 10.8 bn | 13.7 bn | 20.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 4.8 bn | 10.9 bn | 12.4 bn | 9.0 bn | 10.8 bn | 16.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 794.0 m | 1.9 bn | 1.2 bn | 1.7 bn | 2.9 bn | 4.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 1.1 bn | 2.0 bn | 2.7 bn | 1.8 bn | 1.9 bn | 2.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | — | — | -2.4 bn | -80.0 m | 990.0 m | 1.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Interest expense | 131.0 m | 176.0 m | 486.0 m | 632.0 m | 651.0 m | 505.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 0 | 1.0 m | 1.0 m | 25.0 m | -4.0 m | -2.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -171.0 m | -135.0 m | -1.6 bn | 450.0 m | 210.0 m | 1.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -2.63 | -1.63 | -15.74 | 0.75 | 1.59 | 8.45 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 65.0 m | 82.8 m | 100.8 m | 200.6 m | 132.2 m | 224.3 m | SEC (XBRL)· 18 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 301.0 m | 403.0 m | 434.0 m | 530.0 m | 1.7 bn | 2.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 79.0 m | 206.0 m | 253.0 m | 266.0 m | 303.0 m | 245.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 1.0 bn | 3.1 bn | 1.9 bn | 1.2 bn | 1.6 bn | 2.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 1.9 bn | 4.9 bn | 4.6 bn | 3.3 bn | 4.9 bn | 6.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 9.0 m | 9.0 m | 0 | — | 0 | 10.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 6.0 m | 4.0 m | 70.0 m | 52.0 m | 34.0 m | 47.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 3.0 bn | 7.0 bn | 8.7 bn | 7.1 bn | 8.5 bn | 13.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 67.0 m | 141.0 m | 232.0 m | 231.0 m | 236.0 m | 236.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 79.0 m | 2.2 bn | 1.6 bn | 777.0 m | 302.0 m | 211.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 1.6 bn | 3.2 bn | 6.6 bn | 5.4 bn | 5.3 bn | 4.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 467.0 m | 2.9 bn | 2.6 bn | 1.5 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 2.2 bn | 6.5 bn | 9.8 bn | 7.5 bn | 7.1 bn | 9.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 802.0 m | 525.0 m | -1.1 bn | -384.0 m | 1.4 bn | 4.2 bn | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -608.0 m | -2.6 bn | -1.3 bn | 803.0 m | 918.0 m | 1.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 360.0 m | 557.0 m | 512.0 m | 87.0 m | 91.0 m | 147.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | -968.0 m ≈ | -3.2 bn ≈ | -1.8 bn ≈ | 716.0 m ≈ | 827.0 m ≈ | 889.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -346.0 m | -627.0 m | -2.6 bn | 31.0 m | -13.0 m | -230.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 1.2 bn | 3.5 bn | 3.9 bn | -868.0 m | 261.0 m | -137.0 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 0 USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · insufficient data
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 29.4% | 88 (vs peers) | 20% |
| Net margin · Quality | 6.2% | 88 (vs peers) | 12% |
| FCF conversion · Quality | 65.2% | 50 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 14.3% | 100 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.1x | 70 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet82/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality78/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CARVANA CO. (CVNA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 20.3 bn USD in 2025; YoY growth 48.6%; net margin 6.2%; ROE 51.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 29.4%
- Net margin: 6.2%
- Revenue CAGR 3Y: 14.3%
- Interest coverage: 6.1x
- Current ratio: 4.1x
- P/E (TTM): 0.0x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Auto Dealers & Gasoline Stations (SIC 5500) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CPRTCopart, Inc. | 30.2 bn | 21.0 | 16.2% | 31.8% | +0.4% | −16% / −35% |
| CASYCasey’s General Stores, Inc. | 24.9 bn | 32.5 | 20.0% | 4.1% | +10.2% | +18% / +145% |
| PAGPenske Automotive Group, Inc. | 13.9 bn | 15.5 | 15.5% | 2.8% | −0.2% | +31% / +42% |
| MUSAMurphy USA Inc. | 9.1 bn | 14.1 | 99.0% | 2.9% | −4.2% | +30% / +36% |
| KMXCarmax, Inc. | 7.8 bn | 26.9 | 4.7% | 1.1% | −1.8% | +43% / −14% |
| LADLithia Motors, Inc. | 6.8 bn | 9.1 | 11.8% | 2.1% | +4.0% | −1% / +18% |
| ANAutonation, Inc. | 5.9 bn | 8.8 | 30.2% | 2.6% | +3.2% | −13% / +36% |
| OPLNOPENLANE, Inc. | 4.5 bn | 22.8 | 13.1% | 9.2% | +8.2% | +44% / +151% |
| ABGAsbury Automotive Group, Inc. | 3.8 bn | 8.3 | 11.8% | 2.7% | +4.7% | −10% / −0% |
| GPIGroup 1 Automotive, Inc | 3.3 bn | 8.6 | 12.4% | 1.7% | +13.2% | −32% / −3% |
| NXXTNextnrg, Inc. | 427.3 m | — | — | -61.3% | +194.7% | +108% / −43% |
| VRMVroom, Inc. | 36.5 m | — | -45.0% | — | −54.2% | −66% / unavailable |
| KXINKaixin Holdings | 12.2 m | — | -307.2% | -41,788.4% | unavailable | −96% / −100% |
| CRMTAmerica’s Car-Mart, Inc. | 10.5 m | — | -43.0% | -18.6% | −7.9% | −94% / −98% |
| JZXNJiuzi Holdings Inc. | 1.4 m | — | -90.7% | -353.5% | +105.9% | −86% / −100% |
| RUSHARush Enterprises, Inc. | — | 14.0 | 11.8% | 3.7% | −4.7% | +33% / +75% |
| CVNACarvana Co. | 0 | 0.0 | 51.5% | 6.2% | +48.6% | +25% / +1,101% |
| CWHCamping World Holdings, Inc. | 0 | — | -33.2% | -1.6% | +4.4% | −52% / −74% |
| SAHSonic Automotive, Inc. | — | 10.3 | 19.4% | 1.3% | +6.5% | +2% / +25% |
1- and 3-year price returns: for CVNA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 3 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 5 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Carvana is the largest e-commerce platform for buying and selling used cars in the US, with a vertically integrated model that combines online sales, its own financing and proprietary logistics. In 2026 the company has grown sales volume quickly, while the market remains very fragmented and Carvana holds a small share, which makes the question of how far growth can go relevant. The key figures are cumulative revenue of 97.9 billion USD since inception and a 37.7% increase in retail unit sales in the second quarter of 2026.
SWOT
Strengths
- The company has a vertically integrated model, controlling acquisition, reconditioning, financing and delivery, which gives it lower variable costs than traditional dealers.
- Its proprietary logistics network and nationally pooled inventory offer a wider selection and shorter delivery times for customers.
- Its in-house credit system, trained on years of origination data, allows fast approvals and the sale of loans to investors.
Weaknesses
- The business relies heavily on selling auto loans, so profit is sensitive to access to capital markets and credit conditions.
- The company carries significant debt, and covenants in its financing agreements limit financial flexibility.
- Gross profit per vehicle fell year over year in the second quarter of 2026, although margins remain high for the industry 3.
Opportunities
- Its share is small in a very large and fragmented industry, leaving room for growth if more customers buy online.
- Expanding production capacity at ADESA locations could raise volume without building entirely new facilities.
- Complementary products and new lines of business could raise revenue per vehicle sold.
Threats
- Demand for used cars is sensitive to economic slowdowns and rising interest rates.
- Competition from traditional dealers and online platforms could reduce margins or market share.
- Regulatory changes, trade policies and tariffs could alter costs and vehicle supply.
Risks
- Dependence on financinghigh
The company relies on selling auto loans for a substantial part of its gross profit. If access to capital becomes more expensive or more limited, results could be affected.
- Demand sensitive to the economyhigh
Cars are discretionary purchases, and a recession or a drop in disposable income could reduce sales and used vehicle prices.
- Indebtedness and contractual limitsmedium
Obligations under secured notes and loan agreement terms may limit the company's ability to raise further funds or pay distributions.
- Service quality and reputationmedium
Complaints about title and registration delivery or vehicle quality, along with negative social media coverage, could weaken customer trust.
- Control by the controlling shareholdermedium
The founding family and affiliated entities control the company, and their interests may differ from those of other shareholders, especially in related-party dealings.
Investment thesis
What would need to be true (bull case)
- Retail unit sales grew by more than a third in the second quarter of 2026 while the industry declined, which points to a rising share in a large market 23.
- Profitability margins reported in 2026 are high for the industry, suggesting the vertically integrated model can deliver strong financial results at larger scale.
- Existing reconditioning capacity and room to expand could support higher volumes without proportional investment in new infrastructure.
What would break the thesis
- If interest rates stay high, the affordability of monthly payments could fall and demand for used cars could slow.
- Gross profit per vehicle declined from the prior year, and further margin pressure could weigh on the company's ability to fund growth.
- The company depends on loan sales and favorable capital market conditions, so profit could be vulnerable if those conditions deteriorate.
What to watch
- Change in retail unit sales versus the prior quarter, per the company's guidance for the third quarterQ3 2026
- Delivery against the full-year 2026 Adjusted EBITDA guidance of 2.7 to 3.0 billion USD2026
- Start of production at the first full buildout at an ADESA location, expected in early 20272027
- Trend in gross profit per vehicle and financing conditions in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Carvana Co. is a Delaware holding company formed in 2016 to operate Carvana Group, LLC and its subsidiaries, and its Class A shares trade on the NYSE under the symbol CVNA 1. The company builds its business on acquiring vehicles directly from customers, at auctions and from wholesale suppliers, then reconditioning them in its own inspection centers and delivering them to homes or through vending machines. Total revenue since 2012 through June 30, 2026 was 97.9 billion USD 2, and in fiscal 2025 it sold 596,641 retail vehicles, up 43.3% 1.
Revenue comes from four sources: retail vehicle sales, which totaled 14.5 billion USD in 2025 1, wholesale sales of trade-ins and customer-sourced vehicles, at 4.1 billion USD 1, and other revenue from gains on sold auto loans and commissions on complementary products such as service contracts, GAP coverage and auto insurance, at 1.7 billion USD 1. Complementary products are the high-margin part of the business, since their revenue equals gross profit.
The company describes its advantage in three areas: vertical integration of the supply chain, an in-house financing system that gives nearly instant approval, and a proprietary hub and spoke logistics network. Inventory is pooled nationally, so a customer anywhere can see the same selection of more than 77,000 vehicles on the website as of June 30, 2026 2. The company says its reconditioning capacity is about 1.5 million cars per year 3.
Segments
Wholesale and other revenue
Wholesale sales cover vehicles that do not meet retail inventory standards, as well as fees from the wholesale marketplace used by third parties. Revenue from this category was 4.1 billion USD in 2025 1. Other revenue, which includes loan sale gains and complementary product commissions, was 1.7 billion USD in the same year 1. Both categories are largely tied to retail sales volume.
Financing and complementary products
Financing runs through the company's own origination platform, which uses credit algorithms trained on over ten years of Carvana-originated loans 1. Customers can receive financing terms almost instantly, and loans can be sold through securitization or to financial partners. Complementary products include service contracts, GAP waiver coverage and auto insurance offered in partnership with Root, Inc. 1.
Market context
The US used car sales market is very large, with about 37 million transactions in 2024 according to Cox Automotive, as cited in the company's filing 1. It is also highly fragmented, since the top ten used auto retailers hold less than 10% of the market 1. Carvana estimates its own share at about 1.6% 1, and in its July 2026 release it cited a 2% share of used retail and 1.5% of all automotive retail 3.
The company argues that e-commerce is gaining ground in automotive retail, although the segment has lagged other retail categories. According to FRED data cited in the filing, e-commerce made up about 20% of non-automotive retail transactions in 2025 1. If customers become more willing to buy expensive goods online, the e-commerce share of auto retail could rise, which would support the company's growth.
Trends
- Growth of online auto commercetailwind
If customers' habit of buying big-ticket goods online keeps growing, digital platforms could take a larger share of the fragmented used car market. Carvana says it is well placed to benefit from this shift 1.
- Pressure from interest ratesheadwind
High and volatile interest rates affect the affordability of monthly payments and can reduce demand for used vehicles. The company's own borrowing costs could also rise, and access to capital markets could become more expensive 1.
- Rising industry retail pricesmixed
In the second quarter of 2026, industry retail prices rose partly because of FTC guidance requiring dealers to include mandatory fees in advertised prices. Carvana followed the market on retail pricing but kept customer-facing interest rates stable 3. This helps margins where prices rise, but could weigh on demand if prices climb too far.
- Tariffs and the supply chainheadwind
Trade policies and tariffs can change vehicle supply, the cost of parts and customer buying behavior. For fiscal 2025 the company said tariffs did not materially affect its results, but developments remain uncertain 1.
Competitive position
The market is highly competitive, with tens of thousands of automotive retailers in the US. The company lists as competitors traditional used car dealers, online listing and car-buying sites, membership-based car-buying services and dealers or marketplaces with online platforms 1. The main competitive factors are transparency, convenience, price, selection and vehicle quality 1.
The company says its cost advantage over rivals comes from its vertically integrated model with lower variable costs, and that its profitability is higher. Management states that its net income and Adjusted EBITDA margins in the second quarter of 2026 made it one of the most profitable automotive retailers in the sector 3. Rivals could narrow the gap if more players adopt similar online models.
- CarMaxKMX
Traditional US used car dealership chain, cited in the annual report as a direct competitor.
- AmazonAMZN
E-commerce platform with an auto section, named among the online competitors.
- Cars.com
Online car listing platform named among internet and automotive website competitors.
- CarGurusCARG
Online car listing and valuation platform named among internet competitors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Carvana Stock Has Lost 33% From Its High While the Business Sets Records. Is the Fear Overdone?Yahoo Finance — News · 21 Sept 2026 · EN
- Beyond AI Buzz: Carvana (CVNA) Shines as Hidden GemYahoo Finance — News · 09 Sept 2026 · EN
- Morgan Stanley delivers bold Carvana stock verdictYahoo Finance — News · 05 Sept 2026 · EN
- Carvana Shares Slide as a Federal Probe Into an Outside Billionaire Investor Rattles the StockYahoo Finance — News · 29 Aug 2026 · EN
- Carvana Rebounds as Report on Walter’s Pledged Stake Allays FearBloomberg Markets · 19 Aug 2026 · EN
- Carvana shares are under pressure this week as Mark Walter probe fuels investor jittersCNBC World · 19 Aug 2026 · EN
- Walter Probe Weighs on Carvana as Investors Suspect Share SaleBloomberg Markets · 18 Aug 2026 · EN
- Carvana Bears Reap $500 Million as Stock Sinks on Profit MissBloomberg Markets · 30 Jul 2026 · EN
- Carvana Sinks on Forecast; Chipotle Raises Guidance | Stock MoversBloomberg Markets · 30 Jul 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report14 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report06 May 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement25 Mar 2026
- Annual report18 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Carvana Co. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Carvana Co. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Carvana Co. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.