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Carvana (CVNA) stock

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NYSE: CVNA NYSE Automotive Retail Next results ~February 17, 2027

B Fundamentals grade

Carvana operates an online platform for buying and selling used cars in the United States. Customers browse a nationally pooled inventory of over 75,000 vehicles on a mobile-optimised website, using annotated photo technology for a virtual tour of each car before purchase. Vehicles are sourced from customer trade-ins, auctions and wholesale suppliers, then inspected and reconditioned at the company's own sites before being delivered to buyers, including via home delivery or patented vending machines.

Income comes mainly from retail vehicle sales, supplemented by in-house financing arranged through Carvana's own loan platform, and complementary products such as vehicle service contracts, guaranteed asset protection cover, and auto insurance offered with partner Root. Loans originated are later sold through securitisations or to financing partners. Vehicles that fail Carvana's quality standards are sold wholesale through its own marketplace or third-party auctions.

The company is organised around a single integrated operating model rather than separate segments, built around its reconditioning, logistics and technology infrastructure. Its network covers 316 metropolitan areas and reaches over 80% of the US population. Since its 2012 founding, Carvana has sold 2.8 million retail vehicles and generated $84.1 billion in cumulative revenue, employing more than 23,100 people as of 31 December 2025.

Based on Carvana's 10-K filed February 18, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$69

Cash-flow model

Base case. Range ~$51–$92 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 3% above our base value.

Price used: $71.26, November 3, 2026

Carvana valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Carvana files

10-Q filed October 28: Carvana

Carvana's revenue for the twelve months to September 2026 reached $27.5bn, a rise of 50.3% on the year before. That pace has eased from the 54.0% growth recorded a quarter earlier. Among the 17 automotive retail companies we cover, Carvana's growth still ranks first. Free-cash-flow margin, meanwhile, improved to 4.1%, up from 3.0% a year earlier. Taken together, these shifts have lifted the company's fundamentals grade from C+ to B.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Carvana stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.1bn, up 54.0% on a year earlier, faster than 51.7% a quarter earlier. That growth ranks 39 of 931 among all the companies we cover. Free-cash-flow margin held at 3.7%. The diluted share count is up 16.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our valuation models combined value is $27.25 a share, against a share price of $60.45.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 17, 2027 (estimated)

Carvana's trailing-twelve-month revenue grew 50.3% year on year, with a free-cash-flow margin of 4.1%. Where it stands out: revenue growth of 50.3% ranks 1 of 23 automotive retail companies we cover.

Our discounted-cash-flow model values the business at ~$69 per share in the base case (~$51–$92 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 103.8% while net income grew 171.2%: a 67pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 50.3% over the last 12 months, against a median of -0.8% for automotive retail companies we cover.

Things to watch

  • Share dilution. Diluted shares rose 16.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 62% and a beta of 2.1 against the S&P 500.
  • Growth easing. The growth rate is 3.7 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 2.3 points on a year ago.
  • Weak cash conversion. Free cash flow was 65% of net income over the last 12 months.
  • Heavily shorted. 12.5% of the shares available to trade are sold short (7.8 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.39 against an average estimate of $0.44: missed by 12.2%
Revenue
$8.04bn, up 42.4% on a year earlier
Share reaction
+15.3% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
adjusted EBITDA $2.7bn to $3bn (full year 2026)
Next report
October 28, 2026; average EPS estimate $0.39

Carvana's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week+20.3%
  • 1 month+11.7%
  • This year-14.7%
  • 1 year+7.2%
  • 5 years+18.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$27.5B
Operating margin
8.7%
Net margin
6.2%

Growth

Revenue growth
+50.3%
Change in growth rate
−3.7 pts

Cash

Free cash flow (TTM)
$1.1B
FCF margin
4.1%
Stock pay % of revenue
0.4%

Earnings

Last results
October 28, 2026
Next results (est.)
February 17, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Agreement
  8. Insider trade
  9. Insider trade
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Carvana valuation models and calculator

What the price is pricing in

The share price implies about 16.5% a year of cash-flow growth for five years.That is close to the 16.5% a year revenue growth Carvana has delivered.

  • Priced in16.5%
  • Last 12 months50.3%
  • 3 years a year34.9%
  • 5 years a year16.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($71.26, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$69
Price used
$71.26close November 3, 2026
Implied change
▼ 3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Carvana's free cash flow after stock-based pay with after-tax interest added back ($1.5B, FY2026 Q3 TTM), growing 24.1% and 17.4% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$51–~$92 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Carvana's free cash flow after stock-based pay ( $1.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Carvana as an operating company, with every model that fits that kind of business. Cost of equity 11.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.38 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$69 ~$51–$92 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$32 ~$20–$42 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$28 ~$19–$40 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$49 ~$28–$69 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Carvana with Automotive Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −20%
  • Last year's free-cash-flow margin change, if it persists ▲ +28%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $24$35$49$67$91$122
8.5% $17$25$35$48$65$87
10% $13$19$27$37$50$66

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025
Share price$18.41$47.91$46.36$0.95$10.59$40.67$84.40
Market value$1.7bn$6.2bn$7.7bn$191m$2.1bn$5.4bn$18.9bn
+ Net debt (− = net cash)$1.2bn$1.5bn$4.4bn$9.3bn$6.3bn$4.2bn$2.9bn
Enterprise value$2.9bn$7.7bn$12.1bn$9.5bn$8.5bn$9.5bn$21.9bn
Multiples
Price / sales 0.4x1.1x0.6x0.0x0.2x0.4x0.9x
Price / earnings ————4.7x25.6x13.5x
Price / free cash flow ————3.0x6.5x21.3x
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

20 /100

Weak moat

How hard Carvana's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -13.7% of total assets over 9 years.

  • Pricing power 6 / 20

    Gross margin has been a median 13.9%, moving by 4.4 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Net margin has been a median -2.3%; its worst year was -13.3%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -17.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (25 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.66 −2% $29.7bn +46%
Next $2.31 +39% $37.3bn +26%

Next year's EPS estimate has moved +3.4% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.6% on 90 days ago. In the last 30 days, 4 analysts raised Carvana's forecast and 1 cut it.

Consensus EPS forecast Carvana, last 90 days
$1.40 $1.60 $1.80 $2.00 $2.20 $2.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.54 Current fiscal year, 60 days ago: $1.55 Current fiscal year, 30 days ago: $1.57 Current fiscal year, 7 days ago: $1.56 Current fiscal year, Now: $1.66 $1.66 Next fiscal year, 90 days ago: $2.23 Next fiscal year, 60 days ago: $2.24 Next fiscal year, 30 days ago: $2.29 Next fiscal year, 7 days ago: $2.26 Next fiscal year, Now: $2.31 $2.31

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.54$2.23
60 days ago $1.55$2.24
30 days ago $1.57$2.29
7 days ago $1.56$2.26
Now $1.66$2.31

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.44 $0.39 −12.2%
Jun 2026 $0.38 $0.42 +10.1%
Mar 2026 $0.30 $0.34 +11.7%
Dec 2025 $0.24 $0.84 +259.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Adjusted EBITDA full year 2026 $2.7bn to $3bn Non-GAAP Narrowed
    “Adjusted EBITDA 2 in the higher end of our previously communicated range of $2.7 to $3.0 billion for the full year 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Carvana's revenue by +24.1% next year and +17.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+29.2%, weight 68%) and the company's own record (+13.0%, weight 32%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1667%
Hold729%
Sell14%

Monthly trend

  1. Oct 2026610724
  2. Sep 2026610724
  3. Aug 2026610724
  4. Jul 2026610724

Counts of recommendations published by analysts covering Carvana, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.5%
of tradable shares
Days to cover
7.76
at average volume
Short interest, 1 month
+8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.1%
of shares
Employees
23,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +17.4%

$61.31 on October 31, 2025 to $72.00

ThenNowEffect
Revenue (last 12 months) $16.3bn $25.1bn +54.0%
Net margin 3.5% 6.3% +80.9%
P/E multiple 62.8x 31.2x −50.3%
Share count 577m 680m −15.1%

Biggest factor: p/e multiple.

Last 3 years +1015.2%

$6.46 on November 3, 2023 to $72.00

ThenNowEffect
Revenue (last 12 months) $11.8bn $25.1bn +112.4%
P/S multiple 0.3x 2.0x +573.3%
Share count 530m 680m −22.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CVNA−3%−98%+1017%+284%+108%−15%
Industry peers (median)+38%−16%+16%−3%−17%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CVNA50%17%67%75%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CVNA−45%−98%−54%−24%−43%−41%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since April 28, 2017: 99% from August 10, 2021 to December 27, 2022. Getting back needed a 9849% gain, reached on July 31, 2025, 947 days after the low.

Price behaviour

52-week range
$56.26 – $95.69
From 52-week high
−24.8%
vs 50-day average
+9.4%
vs 200-day average
+4.2%
Volatility (1 year)
62%
Beta vs S&P 500
2.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±16.6%
After a week
7 up, 4 down
typical move ±16.2%
After a month
8 up, 3 down
typical move ±23.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +15.3% 0.0% — —
July 29, 2026 −7.0% +0.1% +5.2% +12.1%
April 29, 2026 −2.6% +1.0% −4.2% −10.2%
February 18, 2026 −5.2% +0.2% −4.6% −16.2%
October 29, 2025 −15.8% −1.1% −14.5% +3.4%
July 30, 2025 +15.9% −0.5% +5.5% +12.1%
May 7, 2025 +10.3% +1.1% +18.0% +31.9%
February 19, 2025 −12.9% −0.2% −18.2% −34.8%
October 30, 2024 +18.5% −2.3% +14.5% +24.8%
July 31, 2024 +15.6% +0.2% +1.5% +18.4%
May 1, 2024 +40.5% +0.6% +38.0% +20.6%
February 22, 2024 +40.1% +2.1% +53.7% +74.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Carvana’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.92× the last 60 days’ realised volatility , richer than 7% of the 175 stocks we screen today.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CVNA Carvana Grade B $71.26

Own 100 shares, sell the $80.00 call expiring December 4, 2026 (31 days) for $1.67 a share — $167 per contract.

Bid $1.67, ask $1.93, quoted Tue 3 Nov, 14:22 New York time with CVNA at $71.26. Option prices move with the shares: check the live chain at your broker before trading.

  • If CVNA ends below $80.00: you keep your shares and the $167 — 2.3% extra on the position, 27.6% a year at that pace.
  • If it ends above $80.00: your shares are sold at $80.00, a total return of 14.6% including the premium — at or above our value of ~$69.
$1.0k $0 −$1.4k Our value $69.00 Break-even $69.59 Price $71.26
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$167
Annualised
27.6%
Break-even
$69.59
Max gain
$1,041
Chance of selling
~26%

Collar

Own the shares, buy the $64.00 put and sell the $82.00 call, both expiring December 18, 2026 (45 days).

  • Net cost of $0.43 a share ($43.00 per contract of 100 shares).
  • Worst case at expiry: -10.8%, if the shares fall below $64.00 (-10.2% from today).
  • Best case at expiry: +14.5%, if the shares rise above $82.00 (+15.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $69.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Carvana in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Carvana
$10B $15B $20B $25B $30B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $10.8B Revenue (TTM), FY24 Q1: $11.2B Revenue (TTM), FY24 Q2: $11.7B Revenue (TTM), FY24 Q3: $12.6B Revenue (TTM), FY24 Q4: $13.7B Revenue (TTM), FY25 Q1: $14.8B Revenue (TTM), FY25 Q2: $16.3B Revenue (TTM), FY25 Q3: $18.3B Revenue (TTM), FY25 Q4: $20.3B Revenue (TTM), FY26 Q1: $22.5B Revenue (TTM), FY26 Q2: $25.1B Revenue (TTM), FY26 Q3: $27.5B $27.5B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $10.8B
FY24 Q1 $11.2B
FY24 Q2 $11.7B
FY24 Q3 $12.6B
FY24 Q4 $13.7B
FY25 Q1 $14.8B
FY25 Q2 $16.3B
FY25 Q3 $18.3B
FY25 Q4 $20.3B
FY26 Q1 $22.5B
FY26 Q2 $25.1B
FY26 Q3 $27.5B
Revenue growth, TTM YoY Carvana
-40% -20% 0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -20.8% Revenue growth, TTM YoY, FY24 Q1: -11.7% Revenue growth, TTM YoY, FY24 Q2: -1.1% Revenue growth, TTM YoY, FY24 Q3: 12.2% Revenue growth, TTM YoY, FY24 Q4: 26.9% Revenue growth, TTM YoY, FY25 Q1: 32.2% Revenue growth, TTM YoY, FY25 Q2: 39.5% Revenue growth, TTM YoY, FY25 Q3: 45.5% Revenue growth, TTM YoY, FY25 Q4: 48.6% Revenue growth, TTM YoY, FY26 Q1: 51.7% Revenue growth, TTM YoY, FY26 Q2: 54.0% Revenue growth, TTM YoY, FY26 Q3: 50.3% 50.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -20.8%
FY24 Q1 -11.7%
FY24 Q2 -1.1%
FY24 Q3 12.2%
FY24 Q4 26.9%
FY25 Q1 32.2%
FY25 Q2 39.5%
FY25 Q3 45.5%
FY25 Q4 48.6%
FY26 Q1 51.7%
FY26 Q2 54.0%
FY26 Q3 50.3%
Operating margin (TTM) Carvana
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -0.7% Operating margin (TTM), FY24 Q1: 1.7% Operating margin (TTM), FY24 Q2: 3.5% Operating margin (TTM), FY24 Q3: 5.5% Operating margin (TTM), FY24 Q4: 7.2% Operating margin (TTM), FY25 Q1: 8.4% Operating margin (TTM), FY25 Q2: 9.2% Operating margin (TTM), FY25 Q3: 9.4% Operating margin (TTM), FY25 Q4: 9.3% Operating margin (TTM), FY26 Q1: 9.2% Operating margin (TTM), FY26 Q2: 8.9% Operating margin (TTM), FY26 Q3: 8.7% 8.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -0.7%
FY24 Q1 1.7%
FY24 Q2 3.5%
FY24 Q3 5.5%
FY24 Q4 7.2%
FY25 Q1 8.4%
FY25 Q2 9.2%
FY25 Q3 9.4%
FY25 Q4 9.3%
FY26 Q1 9.2%
FY26 Q2 8.9%
FY26 Q3 8.7%
FCF margin (TTM) Carvana
2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.6% FCF margin (TTM), FY24 Q1: 8.0% FCF margin (TTM), FY24 Q2: 6.3% FCF margin (TTM), FY24 Q3: 4.3% FCF margin (TTM), FY24 Q4: 6.0% FCF margin (TTM), FY25 Q1: 6.4% FCF margin (TTM), FY25 Q2: 3.8% FCF margin (TTM), FY25 Q3: 3.0% FCF margin (TTM), FY25 Q4: 4.4% FCF margin (TTM), FY26 Q1: 3.3% FCF margin (TTM), FY26 Q2: 3.7% FCF margin (TTM), FY26 Q3: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.6%
FY24 Q1 8.0%
FY24 Q2 6.3%
FY24 Q3 4.3%
FY24 Q4 6.0%
FY25 Q1 6.4%
FY25 Q2 3.8%
FY25 Q3 3.0%
FY25 Q4 4.4%
FY26 Q1 3.3%
FY26 Q2 3.7%
FY26 Q3 4.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Carvana took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $20.3B
  2. Cost of revenue $16.1B · 79.4%
  3. Gross profit $4.2B · 20.6%
  4. Selling, general and admin $2.3B · 11.4%
  5. Operating income $1.9B · 9.3%
  6. Interest and other $474M · 2.3%
  7. Net income $1.4B · 6.9%

Shares of revenue. Source: Carvana's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.1 0.4 0.9 2.0 3.9 5.6 12.8 13.6 10.8 13.7 20.3 27.5
Gross profit 0.0 0.0 0.1 0.2 0.5 0.8 1.9 1.2 1.7 2.9 4.2 5.2
Operating income — — — — — — — −2.4 −0.1 1.0 1.9 2.4
Net income −0.0 −0.1 −0.1 −0.1 −0.1 −0.2 −0.1 −1.6 0.5 0.2 1.4 1.7
Diluted EPS — — — — −$1.23 −$1.31 −$0.81 −$7.87 $0.75 $1.59 $8.45 —
Growth (year on year)
Revenue — +180.0% +135.2% +127.7% +101.5% +41.8% +129.4% +6.2% −20.8% +26.9% +48.6% +50.3%
Operating income — — — — — — — — — — +90.0% +39.7%
Net income — — — — — — — — — −53.3% — +171.2%
Diluted EPS — — — — — — — — — +112.0% — —
Margins
Gross margin 1.0% 5.3% 7.9% 10.1% 12.9% 14.2% 15.1% 9.2% 16.0% 21.0% 20.6% 19.0%
Operating margin — — — — — — — −17.3% −0.7% 7.2% 9.3% 8.7%
Net margin −28.2% −25.5% −7.3% −2.8% −2.9% −3.1% −1.1% −11.7% 4.2% 1.5% 6.9% 6.2%
Free-cash-flow margin −51.7% −76.6% −32.4% −28.5% −25.1% −17.3% −24.6% −13.5% 6.6% 6.0% 4.4% 4.1%
Cash flow
Cash from operations −0.1 −0.2 −0.2 −0.4 −0.8 −0.6 −2.6 −1.3 0.8 0.9 1.0 1.3
Capital spending 0.0 0.0 0.1 0.1 0.2 0.4 0.6 0.5 0.1 0.1 0.1 0.2
Free cash flow −0.1 −0.3 −0.3 −0.6 −1.0 −1.0 −3.2 −1.8 0.7 0.8 0.9 1.1
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay −0.1 −0.3 −0.3 −0.6 −1.0 −1.0 −3.2 −1.9 0.6 0.7 0.8 1.0
Balance sheet
Cash 0.0 0.0 0.2 0.1 0.1 0.3 0.4 0.4 0.5 1.7 2.3 3.0
Total debt 0.0 0.3 0.3 0.8 1.3 1.8 4.8 9.7 6.9 5.9 5.3 5.5
Net debt (negative = net cash) −0.0 0.3 0.1 0.8 1.2 1.5 4.4 9.3 6.3 4.2 2.9 2.4
Diluted shares — — — — 94m 130m 166m 202m 201m 132m 224m —
Returned to shareholders
Dividends 0.0 0.0 0.0 0.0 — — — — — — — —
Total returned 0.0 0.0 0.0 0.0 — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $15.2bn
Short-term assets $8.6bnLonger-term assets $6.6bn
What it owes, and who funded it · $13.9bn
Short-term liabilities $2.1bnLonger-term liabilities $7.4bnShareholders' equity $4.4bn
  • Short-term assets cover short-term liabilities $8.6bn of assets due within a year against $2.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.6bn short-term assets against $7.4bn of longer-dated liabilities.
  • More cash than debt $3.0bn of cash against $5.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 119% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 4108% to 119% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $5.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.4bn against $396m of interest.

From Carvana's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Sales & admin spending
10.3%
of revenue
Days sales outstanding
4 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in automotive retail
Last 12 months unless stated CVNA AN KMX MUSA PAG GPI Median
Revenue, last 12 months $27.5bn $27.4bn $27.6bn $23.3bn $32.6bn $21.8bn $8.6bn
Revenue growth, last 12 months 50.3% −1.8% 4.8% 20.2% 1.4% −3.4% −0.8%
Revenue growth, 3-year average 34.9% 0.7% 0.8% 2.1% 3.6% 7.6% 2.1%
Revenue growth, latest quarter 42.4% −0.4% 19.5% 34.8% 4.5% −6.7% 1.2%
Gross margin 19.0% 17.7% 10.3% — 16.0% 15.9% 23.4%
Operating margin 8.7% 4.6% — 4.2% 3.7% 3.6% 3.7%
Operating margin, 3-year average 7.9% 4.7% — 3.9% 4.0% 4.0% 4.0%
Net margin 6.2% 2.6% 1.1% 2.9% 2.8% 1.7% 1.3%
Cash from operations / revenue 4.8% 1.1% 5.8% 4.9% 2.5% 2.2% 2.5%
Free-cash-flow margin 4.1% 0.1% 4.1% 2.9% 1.5% 1.0% 1.1%
Free-cash-flow margin, 3-year average 3.8% −0.5% 3.0% 2.3% 2.1% 1.0% 2.2%
Stock pay / revenue 0.4% 0.2% 0.4% 0.1% 0.1% 0.1% 0.3%
Change in share count 16.7% −11.1% −6.4% −6.6% −1.1% −7.7% −1.1%

Median of all 23 companies we cover in automotive retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 automotive retail companies
Measure Company Peer median Rank
Revenue growth Growth 50.3% -0.8% 1 of 23
Change in growth rate Growth -3.7pp -0.5pp 16 of 23
Gross margin Profitability 19.0% 27.7% 11 of 20
Operating margin Profitability 8.7% 3.7% 4 of 21
Net margin Profitability 6.2% 1.3% 3 of 23
Free-cash-flow margin Cash generation 4.1% 1.1% 6 of 23
Stock pay as % of revenue Cash generation 0.4% 0.3% 13 of 22
Long-term debt as % of assets Balance sheet 32.1% 28.4% 12 of 19
Days sales outstanding Balance sheet 4 days 9 days 2 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Used Vehicle Sales $14.5B 71.5% ▲ 50.2%
Wholesale Sales and Revenues $4.1B 19.9% ▲ 42.6%
Other $1.7B 8.5% ▲ 50.6%

From Carvana's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

13F filings for June 30, 2026
Reported value
$48.6B
Institutions reporting
803
Shares held vs prior quarter
▲ 390.7%
Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Price T Rowe Associates Inc $5.6B 84.7M 11.5% ▲ 376.3%
Capital Research Global Investors $4.2B 63.4M 8.6% ▲ 484.5%
Blackrock, Inc. $3.2B 48.5M 6.6% ▲ 320.5%
Vanguard Capital Management LLC $3B 45.6M 6.2% ▲ 406.9%
FMR LLC $2.2B 33.6M 4.5% ▲ 351.3%
Vanguard Portfolio Management LLC $2.1B 32.2M 4.4% ▲ 406.6%
State Street Corp $1.9B 29.4M 4.0% ▲ 417.1%
Capital International Investors $1.5B 23.3M 3.1% ▲ 598.9%
Cas Investment Partners, LLC $1.5B 22.6M 3.1% ▲ 396.8%
Greenoaks LLC $1.4B 21.3M 2.9% ▲ 407.9%
Geode Capital Management, LLC $1.1B 16.7M 2.2% ▲ 325.6%
Capital World Investors $935M 14.2M 1.9% ▲ 445.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Carvana's complete shareholder register. Values are as reported by the filers ; 15 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3.1M 5 trades by 1 insider, last 12 months Insider sales History → $264M 371 trades by 11 insiders · 92% under pre-set plans
Net ▼ $261M net selling
Insider Date Trade Shares Price Value
Taira Thomas President, Special Projects October 12, 2026 Sell pre-set plan 5,597 $65.00 $363,805
Jenkins Mark W. Chief Financial Officer October 1, 2026 Sell pre-set plan 5,869 $63.04 $369,982
Jenkins Mark W. Chief Financial Officer October 1, 2026 Sell pre-set plan 24,761 $62.73 $1.6M
Jenkins Mark W. Chief Financial Officer October 1, 2026 Sell pre-set plan 13,318 $61.47 $818,657
Jenkins Mark W. Chief Financial Officer October 1, 2026 Sell pre-set plan 9,362 $60.60 $567,337
Jenkins Mark W. Chief Financial Officer October 1, 2026 Sell pre-set plan 10,440 $59.44 $620,554
Palmer Stephen R Vice President of Accounting October 1, 2026 Sell pre-set plan 2,320 $62.82 $145,742
Palmer Stephen R Vice President of Accounting October 1, 2026 Sell pre-set plan 920 $61.64 $56,709
Palmer Stephen R Vice President of Accounting October 1, 2026 Sell pre-set plan 840 $60.75 $51,030
Palmer Stephen R Vice President of Accounting October 1, 2026 Sell pre-set plan 920 $59.48 $54,722
Taira Thomas President, Special Projects September 14, 2026 Sell pre-set plan 14,109 $70.68 $997,224
Taira Thomas President, Special Projects September 14, 2026 Sell pre-set plan 2,680 $70.05 $187,734

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 2 sales of Carvana shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded May 15, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026
  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded February 18, 2026, filed March 16, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 17, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 18, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Carvana was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Carvana in brief

What does Carvana do?
Carvana is a US-listed company in the automotive retail industry. Its financial year ends in December.
What is Carvana's stock ticker?
Carvana trades under the ticker CVNA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Carvana's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Carvana reported revenue of $27.5B, 50.3% higher than a year earlier, according to its SEC filings.
What is Carvana's free cash flow?
Carvana's free-cash-flow margin is 4.1% of revenue over the trailing twelve months, ranking 6 of the 23 automotive retail companies we cover.
What is Carvana's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Carvana's free cash flow after stock-based pay gives ~$69 per share in the base case, and ~$51–$92 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Carvana's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Price T Rowe Associates Inc, Capital Research Global Investors and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Carvana's market cap?
On December 31, 2025, Carvana's market capitalisation was about $18.9B, with a price-to-earnings ratio of 13.5 and net debt of $2.9B. Market figures come from third-party market data and may be delayed.
How much debt does Carvana have?
Carvana's debt-to-equity ratio is 118.9%, from its latest balance sheet (4107.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Carvana's competitors?
In our Automotive Retail peer group, the companies closest to Carvana are Autonation, Inc., Carmax Inc, Murphy USA Inc., Penske Automotive Group, Inc. and Group 1 Automotive Inc. The side-by-side comparison below sets their revenue, margins and growth against Carvana's.
Are insiders buying or selling Carvana stock?
Over the last 12 months, Carvana's directors and officers reported 5 open-market purchases and 371 sales on Form 4. The insider trading page charts every trade.
When is Carvana's next earnings date?
Around February 17, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Carvana announces its own schedule.