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Carvana

CVNA · Consumer Discretionary

Last earnings Oct 28, 2026

Key results

Net incomequarter

$500 million

Moving to the margins we are generating in the third quarter we produced just under $500 million of Net income and $800 million of Adjusted EBITDA resulting in a 6% Net income margin and a 10% Adjusted EBITDA margin.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

GAAP operating marginquarter

8.9%

GAAP Operating margin was 8.9%, a decrease from 9.8%

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

GAAP operating incomequarter

$714 million

GAAP Operating income was $714 million, an increase of $162 million Basic and diluted net earnings per Class A share were $0.40 and $0.39, respectively, based on 721 million and 740 million shares of Class A common stock outstanding, respectively Assuming full conversion of LLC units and other dilutive effects

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Net income in Q3 2025 was negatively impacted by $120 million associated with changes in the fair value of warrants.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

We again paired industry-leading growth with industry-leading profitability, generating Net income margin of 6.0% and Adjusted EBITDA margin of 10.0%.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Revenuequarter

39%

Q3 2026 Highlights In Q3 2026, Carvana sold 217,385 retail units (+39% YoY) for total revenue of $8.040 billion (+42% YoY), both all-time quarterly records.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Net Income of $483 million and Net income margin of 6.0% Record Adjusted EBITDA of $800 million and Adjusted EBITDA margin of 10.0%

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Record GAAP operating incomequarter

$714 million

Record GAAP Operating Income of $714 million and

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

AI analysis

Q4 2026 · reported Oct 28, 2026

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Net income · Q4 2026
$500M
EX-99 · Oct 28, 2026
GAAP operating income · Q4 2026
$714M
EX-99 · Oct 28, 2026
GAAP operating margin · Q4 2026
8.9%
EX-99 · Oct 28, 2026
Record GAAP operating income · Q4 2026
$714M
+5.0% vs prior quarter computed from stated figures
EX-99 · Oct 28, 2026

Headline figures

MetricQ4 2026Prior qtrYear ago
Net income$500 million$500 million—
GAAP operating margin8.9%——
GAAP operating income$714 million$680 million—
Revenue39%——
Record GAAP operating income$714 million$680 million—

EX-99 · Oct 28, 2026

Guidance · company-stated

Adjusted EBITDA

“2 in the higher end of our previously communicated range of $2.7 to $3.0 billion”

Guidance stated in the release for the full year 2026; figures as stated.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

GAAP operating margin8.9%

Capital allocation

(2) Super senior debt capacity and pari passu senior debt capacity represents basket capacity to incur additional debt that could be senior or pari passu in lien priority to the collateral securing the obligations under the Senior Secured Notes and the Term Loan B, subject to the terms and conditions set forth in the indentures governing the Senior Secured Notes and the credit agreement governing the Term Loan B.

Our total liquidity potential is composed of cash and cash equivalents, availability under existing short-term revolving credit facilities, additional capacity under the indentures governing our Senior Secured Notes and the credit agreement governing our Term Loan B, and additional unpledged securities that can be financed using traditional asset-based financing.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

We achieved these results despite a backdrop of rapid increases in both interest rates and fuel prices

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Adjusted EBITDA: “Adjusted EBITDA 2 in the higher end of our previously communicated range of $2.7 to $3.0 billion”

Adjusted EBITDA (“the full year 2026”)
“Looking toward the fourth quarter, we expect the following as long as the environment remains stable A sequential increase in retail units sold, and Adjusted EBITDA 2 in the higher end of our previously communicated range of $2.7 to $3.0 billion for the full year 2026.”

Guidance stated in the release for the full year 2026; figures as stated.

Capital allocation

(2) Super senior debt capacity and pari passu senior debt capacity represents basket capacity to incur additional debt that could be senior or pari passu in lien priority to the collateral securing the obligations under the Senior Secured Notes and the Term Loan B, subject to the terms and conditions set forth in the indentures governing the Senior Secured Notes and the credit agreement governing the Term Loan B.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Our total liquidity potential is composed of cash and cash equivalents, availability under existing short-term revolving credit facilities, additional capacity under the indentures governing our Senior Secured Notes and the credit agreement governing our Term Loan B, and additional unpledged securities that can be financed using traditional asset-based financing.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Adjusted EBITDA is defined as net income plus income tax provision (benefit), interest expense, net, other operating expense, net, other expense, net, depreciation and amortization expense in cost of sales and SG A expenses, share-based compensation expense in cost of sales and SG A expenses, and loss on debt extinguishment, minus revenue related to our Warrants.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Adjusted EBITDA is defined as net income plus (minus) income tax provision (benefit), interest expense, net, other operating expense, net, other expense, net, depreciation and amortization expense in cost of sales and SG A expenses, share-based compensation expense in cost of sales and SG A expenses, and loss on debt extinguishment, minus revenue related to our Warrants.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Substantially all of the Company's assets and liabilities represent the assets and liabilities of Carvana Group, except the Company's Senior Secured Notes, Term Loan B, and Senior Unsecured Notes (each as defined in Note 9 Debt Instruments) which were issued by Carvana Co.

SEC original ↗Carvana — 10-Q Quarterly report10-QOct 28, 2026

Liquidity Historically, the Company's capital and liquidity needs have been primarily satisfied through its debt and equity financings, operating cash flows, and short-term revolving facilities.

SEC original ↗Carvana — 10-Q Quarterly report10-QOct 28, 2026

Strategy & priorities

In line with our focus on GAAP metrics, in 2027 we will convert our mid-term goal to selling 3 million retail units annually at a 12.5% Operating margin between 2030 and 2035.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Now that we are solidly in our long-term profitable growth phase, we will align our financial outlook more closely with the mid-term and long-term goals that guide our strategy.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Over the last 2 years, we have focused on balancing growth, customer experiences, and unit economics.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Looking forward, we will continue investing in our infrastructure ahead of future growth.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

These forward-looking statements reflect Carvana s current expectations and projections with respect to, among other things, its financial condition, results of operations, plans, objectives, strategy, future performance, and business.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Risks & headwinds

Such forward-looking statements are subject to various risks and uncertainties.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Legal Proceedings 62 Item 1A.

SEC original ↗Carvana — 10-Q Quarterly report10-QOct 28, 2026

What changed vs prior quarter

Net income — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

GAAP operating income — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Carvana — Earnings release (8-K exhibit)EX-99Oct 28, 2026

Documents

Earnings deck slides

1 deck with slide view

Competitors

Competitors & peers

Named in the company’s own filings

Carmax Inc. (KMX)“Our current and future competitors include: traditional used vehicle dealerships such as CarMax; internet and online automotive sites, such as Amazon, Autobytel, AutoTrader, Cars, Carfax, CarGurus, eBay Motors, Edmunds, Google, KBB, and TrueCar; providers of offline, membership-based car-buying services such as the Costco Auto Program; new and used vehicle dealers or marketplaces with e-commerce b”Amazon (AMZN)“Our current and future competitors include: traditional used vehicle dealerships such as CarMax; internet and online automotive sites, such as Amazon, Autobytel, AutoTrader, Cars, Carfax, CarGurus, eBay Motors, Edmunds, Google, KBB, and TrueCar; providers of offline, membership-based car-buying services such as the Costco Auto Program; new and used vehicle dealers or marketplaces with e-commerce b”CarGurus, Inc. (CARG)“Our current and future competitors include: traditional used vehicle dealerships such as CarMax; internet and online automotive sites, such as Amazon, Autobytel, AutoTrader, Cars, Carfax, CarGurus, eBay Motors, Edmunds, Google, KBB, and TrueCar; providers of offline, membership-based car-buying services such as the Costco Auto Program; new and used vehicle dealers or marketplaces with e-commerce b”Costco (COST)“Our current and future competitors include: traditional used vehicle dealerships such as CarMax; internet and online automotive sites, such as Amazon, Autobytel, AutoTrader, Cars, Carfax, CarGurus, eBay Motors, Edmunds, Google, KBB, and TrueCar; providers of offline, membership-based car-buying services such as the Costco Auto Program; new and used vehicle dealers or marketplaces with e-commerce b”General Motors (GM)“Our current and future competitors include: traditional used vehicle dealerships such as CarMax; internet and online automotive sites, such as Amazon, Autobytel, AutoTrader, Cars, Carfax, CarGurus, eBay Motors, Edmunds, Google, KBB, and TrueCar; providers of offline, membership-based car-buying services such as the Costco Auto Program; new and used vehicle dealers or marketplaces with e-commerce b”Tesla, Inc. (TSLA)“Our current and future competitors include: traditional used vehicle dealerships such as CarMax; internet and online automotive sites, such as Amazon, Autobytel, AutoTrader, Cars, Carfax, CarGurus, eBay Motors, Edmunds, Google, KBB, and TrueCar; providers of offline, membership-based car-buying services such as the Costco Auto Program; new and used vehicle dealers or marketplaces with e-commerce b”

Filings

45 documents

Earnings releases

43 documents

Presentations

1 document

Transcripts

0 documents

No transcripts for Carvana are held in this edition of the library.

Mentioned by

7 companies

Other tracked companies whose held documents mention Carvana by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.