Company file · CVNA
Carvana
Carvana's revenue rose 48.6% in FY2025, to $20.3B, and net income rose 570.0% to $1.4B
Revenue rose 48.6% to $20.3B in FY2025, from $13.7B in FY2024. Net income rose 570.0% to $1.4B. Used Vehicle Sales was the largest product or service, at 72% of revenue.
Key facts
Carvana (NYSE: CVNA) closed fiscal 2025 on Dec 31, 2025 with revenue of $20.3B, up 48.6% from a year before; net income came to $1.4B, up 570.0%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $8.0B, up 42.4% on the same stretch of the prior year, and net income of $289M. Broken down by product or service, Used Vehicle Sales led with 72% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 18, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By product or service, FY2025
- LineAmountSharevs FY2024
- Used Vehicle Sales$14.5B72%+50.2%
- Wholesale Sales and Revenues$4.1B20%+42.6%
- Product and Service, Other$1.7B9%+50.6%
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Used Vehicle Sales (72%), Wholesale Sales and Revenues (20%) and Product and Service, Other (9%), as shares of total revenue. Total revenue was $20.3B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Carvana 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
By product or service
Source: Carvana 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 48.6% in FY2025 to $20.3B, from $13.7B a year earlier. 10-K, FY2025
- Net income rose 570.0% in FY2025 to $1.4B, from $210M. 10-K, FY2025
- Operating cash flow rose 12.9% in FY2025 to $1.0B. 10-K, FY2025
- Total debt fell 9.3% in FY2025 to $5.0B. 10-K, FY2025
The bear case
- Diluted shares rose 69.6% in FY2025, which spreads profit across more shares. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include consumer spending; competition; costs. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Carvana is in the automotive retail industry, part of the consumer discretionary sector. The SEC files it under Retail-Auto Dealers & Gasoline Stations.
The full description of Carvana's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the automotive retail industry. They are not a summary of Carvana’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Consumer spendingShoppers cut back on non-essentials when budgets are tight.
- CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
- CostsWages, freight and product costs can squeeze margins.
- Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
- Brand and reputationProduct problems or public criticism can hurt demand.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $10.8B | $13.7B | $20.3B |
| Net income | $450M | $210M | $1.4B |
| Operating cash flow | $803M | $918M | $1.0B |
| Cash & equivalents (year end) | $530M | $1.7B | $2.3B |
| Total debt (year end) | $6.2B | $5.6B | $5.0B |
| Diluted shares | 201M | 132M | 224M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Market cap and enterprise value
- Noncash investing and financing
- Off-balance-sheet arrangements
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 25, 2026 | Dec 31, 2025 |
| 10-K | Feb 18, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Carvana
How does Carvana make money?
Fiscal 2025 revenue: $20.3B. By product or service in FY2025: Used Vehicle Sales (72%), Wholesale Sales and Revenues (20%) and Product and Service, Other (9%), as shares of total revenue. Total revenue was $20.3B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What was Carvana's revenue in fiscal 2025?
$20.3B, up 48.6% from fiscal 2024 ($13.7B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $10.8B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
Is Carvana profitable?
Net income was $1.4B in fiscal 2025 (up 570.0%; fiscal 2024 was $210M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $289M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What did Carvana report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $8.0B (up 42.4% from $5.6B) and net income $289M (up 91.4% from $151M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
How much cash and debt does Carvana have?
As of Sep 30, 2026: $3.0B of cash and cash equivalents, $5.2B of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.
What are the main risks Carvana faces?
Carvana's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the automotive retail industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.
Where do these Carvana numbers come from?
The 10-K filed Feb 18, 2026 (fiscal 2025) and the 10-Q filed Oct 28, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Carvana
- Viking Global Investors: 12,322,311 shares, reported value $811.1M at Jun 30, 2026 (+343.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Lone Pine Capital: 10,520,666 shares, reported value $692.5M at Jun 30, 2026 (+499.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Durable Capital Partners: 6,720,882 shares, reported value $442.4M at Jun 30, 2026 (+575.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 5,122,450 shares, reported value $337.2M at Jun 30, 2026 (+326.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Sachem Head Capital: 4,475,000 shares, reported value $294.5M at Jun 30, 2026 (+466.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Whale Rock Capital: 4,267,080 shares, reported value $280.9M at Jun 30, 2026 (+386.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- D1 Capital Partners: 3,779,517 shares, reported value $248.8M at Jun 30, 2026 (+465.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Coatue Management: 3,278,865 shares, reported value $215.8M at Jun 30, 2026 (+381.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Maverick Capital: 2,638,673 shares, reported value $173.7M at Jun 30, 2026 (+527.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 2,093,072 shares, reported value $137.8M at Jun 30, 2026 (+952.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 308,928 shares, reported value $20.3M at Jun 30, 2026 (+542.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 168,143 shares, reported value $11.1M at Jun 30, 2026 (+750.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Polen Capital Management: 37,504 shares, reported value $2.5M at Jun 30, 2026 (+410.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 4, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in CVNA
- The editor holds no position in Carvana (CVNA). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell CVNA from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 2, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CVNA, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| CarvanaCVNA | FY2025 | $20.3B | +48.6% | $1.4B |
| O'Reilly AutomotiveORLY | FY2025 | $17.8B | +6.4% | $2.5B |
| AmazonAMZN | FY2025 | $716.9B | +12.4% | $77.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.