CVNA · Carvana Co. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.43B | - | $5.65B | $4.84B | $4.23B | - | $3.65B | $3.41B | $3.06B | - |
| Cost of Revenue | $5.16B | - | $4.50B | $3.78B | $3.30B | - | $2.85B | $2.69B | $2.47B | - |
| Gross Profit | $1.27B | - | $1.15B | $1.06B | $929.00M | - | $807.00M | $715.00M | $591.00M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $690.00M | - | $595.00M | $551.00M | $535.00M | - | $469.00M | $455.00M | $456.00M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | $581.00M | - | $552.00M | $511.00M | $394.00M | - | $48.00M | $259.00M | $134.00M | - |
| Interest Expense | $99.00M | - | $125.00M | $143.00M | $173.00M | - | $153.00M | $173.00M | $173.00M | - |
| Income Tax | $36.00M | - | ($4.00M) | $0 | $2.00M | - | ($1.00M) | $1.00M | ($1.00M) | - |
| Net Income | $250.00M | - | $151.00M | $183.00M | $216.00M | - | $85.00M | $18.00M | $28.00M | - |
| EPS - Basic | - | - | - | - | - | - | - | - | $0.05 | - |
| EPS - Diluted | - | - | - | - | - | - | - | - | $0.05 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.41B | $2.33B | $2.14B | $1.86B | $1.86B | $1.72B | $871.00M | $542.00M | $252.00M | $530.00M |
| Accounts Receivable | $339.00M | $245.00M | $352.00M | $320.00M | $369.00M | $303.00M | $363.00M | $349.00M | $351.00M | $266.00M |
| Inventory | $2.66B | $2.41B | $2.32B | $2.02B | $1.50B | $1.61B | $1.30B | $1.22B | $1.16B | $1.15B |
| Accounts Payable | $320.00M | $236.00M | $291.00M | $257.00M | $226.00M | $236.00M | $231.00M | $275.00M | $272.00M | $231.00M |
| Current Assets | $7.20B | $6.55B | $6.26B | $5.67B | $5.14B | $4.87B | $3.77B | $3.48B | $3.23B | $3.32B |
| Total Assets | $13.77B | $13.20B | $9.85B | $9.37B | $8.88B | $8.48B | $7.37B | $7.17B | $6.98B | $7.07B |
| Current Liabilities | $1.76B | $1.52B | $1.55B | $1.42B | $1.35B | $1.34B | $1.16B | $1.12B | $1.27B | $1.54B |
| Long-term Debt | $4.85B | $4.83B | $4.81B | $5.32B | $5.27B | $5.26B | $5.43B | $5.43B | $5.54B | $5.42B |
| Total Liabilities | $9.14B | $9.00B | $6.90B | $7.25B | $7.11B | $7.11B | $7.08B | $7.05B | $7.29B | $7.46B |
| Stockholders' Equity | $3.72B | $3.44B | $2.28B | $1.73B | $1.50B | $1.26B | $611.00M | $526.00M | $289.00M | $243.00M |
| Retained Earnings | $241.00M | ($9.00M) | ($866.00M) | ($1.02B) | ($1.20B) | ($1.42B) | ($1.50B) | ($1.58B) | ($1.60B) | ($1.63B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $107.00M | - | - | - | $232.00M | - | - | - | $101.00M | - |
| Investing Cash Flow | ($31.00M) | - | - | - | ($35.00M) | - | - | - | $7.00M | - |
| Financing Cash Flow | $7.00M | - | - | - | ($53.00M) | - | - | - | ($375.00M) | - |
| CapEx | $51.00M | - | - | - | $27.00M | - | - | - | $18.00M | - |
| Free Cash Flow | $56.00M | - | - | - | $205.00M | - | - | - | $83.00M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 19.8% | - | 20.3% | 22.0% | 22.0% | - | 22.1% | 21.0% | 19.3% | - |
| Operating margin | 9.0% | - | 9.8% | 10.6% | 9.3% | - | 1.3% | 7.6% | 4.4% | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | 3.9% | - | 2.7% | 3.8% | 5.1% | - | 2.3% | 0.5% | 0.9% | - |
| Free cash flow margin | 0.9% | - | - | - | 4.8% | - | - | - | 2.7% | - |
| FCF / Net income | 0.22 | - | - | - | 0.95 | - | - | - | 2.96 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 10.7% | - | 10.5% | 11.4% | 12.6% | - | 12.8% | 13.3% | 14.9% | - |
| Effective tax rate | 12.6% | - | -2.7% | 0.0% | 0.9% | - | -1.2% | 5.3% | -3.7% | - |
| Return on assets | 1.8% | - | 1.5% | 2.0% | 2.4% | - | 1.2% | 0.3% | 0.4% | - |
| Return on equity | 6.7% | - | 6.6% | 10.6% | 14.4% | - | 13.9% | 3.4% | 9.7% | - |
| Return on invested capital | 5.9% | - | 7.8% | 7.2% | 5.8% | - | 0.8% | 4.1% | 2.3% | - |
| Liquidity | ||||||||||
| Current ratio | 4.09 | 4.31 | 4.05 | 4.00 | 3.81 | 3.64 | 3.25 | 3.11 | 2.54 | 2.16 |
| Quick ratio | 2.57 | 2.73 | 2.55 | 2.58 | 2.70 | 2.44 | 2.12 | 2.02 | 1.62 | 1.41 |
| Cash ratio | 1.37 | 1.53 | 1.38 | 1.31 | 1.38 | 1.28 | 0.75 | 0.48 | 0.20 | 0.35 |
| Leverage | ||||||||||
| Debt / Equity | 1.30 | 1.40 | 2.11 | 3.08 | 3.50 | 4.17 | 8.89 | 10.32 | 19.18 | 22.29 |
| Debt / Assets | 0.35 | 0.37 | 0.49 | 0.57 | 0.59 | 0.62 | 0.74 | 0.76 | 0.79 | 0.77 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 5.9x | - | 4.4x | 3.6x | 2.3x | - | 0.3x | 1.5x | 0.8x | - |
| Equity multiplier | 3.70 | 3.84 | 4.32 | 5.41 | 5.90 | 6.73 | 12.06 | 13.63 | 24.16 | 29.10 |
| Liabilities / Assets | 0.66 | 0.68 | 0.70 | 0.77 | 0.80 | 0.84 | 0.96 | 0.98 | 1.04 | 1.05 |
| Efficiency | ||||||||||
| Asset turnover | 0.47 | - | 0.57 | 0.52 | 0.48 | - | 0.50 | 0.48 | 0.44 | - |
| Inventory turnover | 1.94 | - | 1.94 | 1.87 | 2.20 | - | 2.18 | 2.21 | 2.13 | - |
| Days sales outstanding | 19d | - | 23d | 24d | 32d | - | 36d | 37d | 42d | - |
| Days inventory outstanding | 188d | - | 188d | 196d | 166d | - | 167d | 165d | 172d | - |
| Days payable outstanding | 23d | - | 24d | 25d | 25d | - | 30d | 37d | 40d | - |
| Cash conversion cycle | 185d | - | 187d | 195d | 173d | - | 174d | 165d | 173d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | 366.3x | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 52.0% | - | 54.5% | 41.9% | 38.3% | - | 31.8% | 14.9% | 17.5% | - |
| Revenue CAGR (3y) | 35.1% | - | 18.6% | 7.6% | 6.6% | - | 1.6% | 0.7% | 10.9% | - |
| Revenue CAGR (5y) | 23.4% | - | 29.6% | 34.0% | 31.0% | - | 27.3% | 28.2% | 32.3% | - |
| Gross profit growth (YoY) | 36.8% | - | 42.3% | 48.8% | 57.2% | - | 67.4% | 43.3% | 73.3% | - |
| Operating income growth (YoY) | 47.5% | - | 1050.0% | 97.3% | 194.0% | - | - | - | - | - |
| Net income growth (YoY) | 15.7% | - | 77.6% | 916.7% | 671.4% | - | -89.1% | - | - | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -72.7% | - | - | - | 147.0% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 147.3% | 173.1% | 273.0% | 228.9% | 420.4% | 418.5% | 80.2% | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$20.32B totalReportable Segment$20.32B · 100.0%
Product / service
$14.94B totalUsed Vehicle Sales$14.54B · 97.3%
Product And Service Other$347.00M · 2.3%
Wholesale Sales And Revenues$39.00M · 0.3%
Wholesale Marketplace Revenues$12.00M · 0.1%
Peer comparison
Same SIC group: Retail-Auto Dealers & Gasoline Stations
Comparing CARVANA CO. against the 5 most active filers in the same SIC group.