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CVNA

Carvana Co.

CVNA

Carvana Co. • NYSE
$374.31 ▲ 4.75% (+16.98)
Market Cap $81.15 B
52w High $413.33
52w Low $148.25
Dividend Yield 0%
P/E 85.07
Volume 2.26M
Outstanding Shares 216.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.647B ▲ $596M ▲ $151M ▼ 2.674% ▼ $1.08 ▼ $449M ▼
Q2-2025 $4.84B ▲ $514M ▲ $183M ▼ 3.781% ▼ $1.35 ▼ $519M ▼
Q1-2025 $4.232B ▲ $493M ▲ $216M ▲ 5.104% ▲ $1.61 ▲ $587M ▲
Q4-2024 $3.547B ▼ $453M ▲ $79M ▼ 2.227% ▼ $0.61 ▼ $378M ▲
Q3-2024 $3.655B $429M $85M 2.326% $0.69 $377M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.707B ▲ $9.853B ▲ $6.902B ▼ $2.279B ▲
Q2-2025 $2.323B ▼ $9.366B ▲ $7.249B ▲ $1.73B ▲
Q1-2025 $2.333B ▲ $8.878B ▲ $7.105B ▼ $1.504B ▲
Q4-2024 $2.18B ▲ $8.484B ▲ $7.109B ▲ $1.26B ▲
Q3-2024 $871M $7.368B $7.082B $611M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $263M ▼ $345M ▲ $-46M ▼ $-8M ▼ $291M ▲ $307M ▲
Q2-2025 $308M ▼ $29M ▼ $-19M ▲ $16M ▲ $26M ▼ $-2M ▼
Q1-2025 $373M ▲ $232M ▲ $-35M ▼ $-53M ▼ $144M ▼ $205M ▲
Q4-2024 $159M ▲ $60M ▼ $-7M ▲ $775M ▲ $828M ▲ $36M ▼
Q3-2024 $148M $403M $-15M $-63M $325M $376M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product and Service Other
Product and Service Other
 $320.00M ▲$390.00M ▲$410.00M ▲$470.00M ▲
Used Vehicle Sales
Used Vehicle Sales
 $2.55Bn ▲$2.98Bn ▲$3.40Bn ▲$4.00Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Over the last few years Carvana has gone from fast‑growing but deeply unprofitable to meaningfully profitable on an operating basis. Revenue surged earlier in the period, dipped when demand and financing conditions tightened, and has since recovered to near prior highs. More important than the top line, gross profit has expanded strongly as the company has cut costs and improved execution in its core operations. Operating income swung from sizable losses to a clear profit recently, showing that the restructuring and efficiency efforts have had real impact. Net results moved from heavy losses to positive earnings, although the jump in profit in the prior year looks unusually strong and likely reflects one‑off financial items as well as operations. The most recent year appears more like a “normalized” profitability step, but it is still early to call this trend fully established. Overall, the story on the income statement is one of a business that was once all about growth at any cost, now pivoting toward disciplined growth with a sharper focus on margins and sustainability, but still exposed to swings in used‑car volumes, pricing, and credit markets.

Balance Sheet

Balance Sheet Carvana’s balance sheet shows both progress and lingering strain. Total assets have grown significantly as the company has scaled its footprint, logistics, and technology. Cash on hand has improved from very thin levels to a more comfortable cushion, reducing immediate liquidity pressure compared with a few years ago. Debt, however, remains heavy relative to the size of the business, even though it has come down from its peak. This leverage amplifies both upside and downside: it helps fund growth but also keeps interest costs and refinancing risk front and center, especially in a higher‑rate environment. Book equity has moved from negative back into positive territory, reflecting the return to profitability and prior recapitalization actions. That’s a clear sign of repair, but given the still‑large debt load, the balance sheet should be viewed as improved but not yet conservative.

Cash Flow

Cash Flow The cash flow picture has improved dramatically. A few years ago the company was burning cash in its day‑to‑day operations, relying on external funding to stay on offense. More recently, operating activities have consistently generated cash, which is a key marker that the core model is starting to stand on its own. Free cash flow has flipped from meaningfully negative to solidly positive. This shift has been helped by both better profitability and more disciplined capital spending. Investment in new facilities and infrastructure has become more measured, suggesting a move from pure land‑grab expansion toward sweating existing assets and extracting efficiency. In short, Carvana is no longer a pure cash‑burn story; it is beginning to fund itself, though maintaining this through future cycles and growth phases remains a critical open question.

Competitive Edge

Competitive Edge Carvana has built a distinct position in the used‑car market by being one of the few truly national, online‑first platforms. Its brand is widely recognized, and the promise of buying a car fully online with delivery or vending‑machine pickup sets it apart from traditional dealerships and many regional competitors. Its main structural advantage comes from vertical integration: it controls sourcing, reconditioning, logistics, financing, and the customer interface. At scale, this can lower unit costs, support sharper pricing, and deliver a more consistent experience than fragmented dealer networks. The nationwide logistics network and marketing reach are difficult and expensive for smaller rivals to replicate. That said, the company operates in a highly competitive, cyclical industry. It faces pressure from large used‑car chains, franchise dealers increasing their digital offerings, and online challengers. Its edge depends on maintaining cost efficiency, customer trust, and technology leadership while managing the inherent volatility of used‑car supply, demand, and credit conditions.

Innovation and R&D

Innovation and R&D Innovation is at the core of Carvana’s strategy. The company’s online platform, end‑to‑end digital purchase process, and distinctive delivery options are all products of sustained investment in technology rather than traditional brick‑and‑mortar expansion. Under the surface, Carvana uses data, artificial intelligence, and proprietary tools like its CARLI system to standardize and optimize every step of vehicle processing, from inspection to reconditioning and logistics. These systems are designed to squeeze out waste, reduce variability between facilities, and improve pricing and inventory decisions over time. Looking ahead, the company is focused on expanding reconditioning capacity, further automating operations, and exploring advanced digital experiences such as richer virtual inspections. It is also extending its reach into adjacent services like financing, insurance, and value‑tracking tools. These efforts, if executed well, deepen customer engagement and can widen the moat, but they also require ongoing investment and flawless operational follow‑through.

Summary

Carvana’s recent financials tell the story of a high‑growth disrupter starting to mature. It has shifted from heavy losses and cash burn to clear signs of operating profitability and positive free cash flow, while gradually repairing a previously stretched balance sheet. The company’s strength lies in its technology‑driven, vertically integrated model and national brand, which together create a differentiated customer experience and potential cost advantages. At the same time, the business remains highly sensitive to used‑car cycles, interest rates, credit conditions, and its own execution on scale and cost control, all while carrying meaningful debt. Overall, Carvana looks like a business that has turned an important corner operationally but still needs to prove that its new level of profitability and cash generation can be sustained through the ups and downs of a cyclical, competitive industry.

NEWS

November 12, 2025 · 7:00 AM UTC

Carvana to Present at Upcoming Wells Fargo 9th Annual TMT Summit

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November 5, 2025 · 7:00 AM UTC

ADESA Launches CarValue™ Retail and Other Enhancements to Digital Auction Tools

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November 4, 2025 · 9:00 AM UTC

Carvana and Stanford Athletics Announce New Multi-Year Partnership

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October 29, 2025 · 4:05 PM UTC

Carvana Announces Record Third Quarter 2025 Results

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October 22, 2025 · 8:00 AM UTC

Carvana Joins LOT Network to Promote Open Innovation and Protect Against Abusive Patent Practices

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