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Carvana cash flow statement

In fiscal 2025, Carvana's operations generated $1.04bn of cash; it spent $147m on capital projects, leaving free cash flow of $889m.

Cash flow statement

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

Fiscal year2015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations−54−240−200−414−757−608−2,594−1,3248039181,0361,330
Stock-based pay016243325396973919697
Capital spending1440781442313605575128791147217
Free cash flow−67−280−278−558−988−968−3,151−1,8367168278891,113
Free cash flow after stock pay−68−280−284−582−1,021−993−3,190−1,9056437367931,016
Dividends paid34005————————
Shares issued————————4531,264536—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Carvana's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Carvana.