Carvana (CVNA) Financials

$301.87 -3.34 (-1.09%)

As of 05/20/2025 03:58 PM Eastern

Annual Income Statements for Carvana

This table shows Carvana's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	210	450	-1,587	-135	-171	-115	-61	-64	-93	-37
Consolidated Net Income / (Loss)	404	150	-2,894	-287	-462	-365	-255	-164	-93	-37
Net Income / (Loss) Continuing Operations	404	150	-2,894	-287	-462	-365	-255	-164	-93	-37
Total Pre-Tax Income	400	175	-2,893	-286	-462	-365	-255	-164	-93	-37
Total Operating Income	990	-80	-2,351	-104	-332	-280	-229	-155	-89	-35
Total Gross Profit	2,876	1,724	1,246	1,929	794	507	197	68	19	1.35
Total Revenue	13,673	10,771	13,604	12,814	5,587	3,940	1,955	859	365	130
Operating Revenue	13,673	10,771	13,604	12,814	5,587	3,940	1,955	859	365	130
Total Cost of Revenue	10,797	9,047	12,358	10,885	4,793	3,433	1,759	791	346	129
Operating Cost of Revenue	10,797	9,047	12,358	10,885	4,793	3,433	1,759	791	346	129
Total Operating Expenses	1,886	1,804	3,597	2,033	1,126	787	425	223	109	37
Selling, General & Admin Expense	1,874	1,796	2,736	2,033	1,126	787	425	223	109	37
Other Operating Expenses / (Income)	12	8.00	14	-	-	-	-	-	-	-
Impairment Charge	0.00	0.00	847	0.00	0.00	-	-	-	-	-
Total Other Income / (Expense), net	-590	255	-542	-182	-130	-85	-26	-9.01	-3.63	-1.45
Interest Expense	663	-246	486	176	131	81	25	7.66	3.59	1.41
Other Income / (Expense), net	73	9.00	-56	-6.00	1.00	-4.00	-1.18	-1.35	-0.05	-0.04
Income Tax Expense	-4.00	25	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	194	-300	-1,307	-152	-291	-250	-199	-101	0.00	0.00
Basic Earnings per Share	$1.72	$4.12	($15.74)	($1.63)	($2.63)	($2.45)	($2.03)	($1.31)	($0.68)	($0.27)
Weighted Average Basic Shares Outstanding	122.34M	109.32M	100.83M	82.81M	64.98M	46.85M	30.04M	15.24M	15M	-
Diluted Earnings per Share	$1.59	$0.75	($15.74)	($1.63)	($2.63)	($2.45)	($2.03)	($1.31)	($0.68)	($0.27)
Weighted Average Diluted Shares Outstanding	132.21M	200.58M	100.83M	82.81M	64.98M	46.85M	30.04M	15.24M	15M	-
Weighted Average Basic & Diluted Shares Outstanding	213.17M	201.90M	188.97M	173.00M	64.98M	46.85M	30.04M	15.24M	15M	-

This table shows Carvana's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	216	79	85	18	28	-114	782	-58	-160	-806	-283
Consolidated Net Income / (Loss)	373	159	148	48	49	-200	741	-105	-286	-1,441	-508
Net Income / (Loss) Continuing Operations	373	159	148	48	49	-200	741	-105	-286	-1,441	-508
Total Pre-Tax Income	375	156	147	49	48	-202	770	-105	-288	-1,441	-508
Total Operating Income	394	260	337	259	134	-38	48	42	-132	-1,300	-297
Total Gross Profit	929	763	807	715	591	402	482	499	341	193	359
Total Revenue	4,232	3,547	3,655	3,410	3,061	2,424	2,773	2,968	2,606	2,837	3,386
Operating Revenue	4,232	3,547	3,655	3,410	3,061	2,424	2,773	2,968	2,606	2,837	3,386
Total Cost of Revenue	3,303	2,784	2,848	2,695	2,470	2,022	2,291	2,469	2,265	2,644	3,027
Operating Cost of Revenue	3,303	2,784	2,848	2,695	2,470	2,022	2,291	2,469	2,265	2,644	3,027
Total Operating Expenses	535	503	470	456	457	440	434	457	473	1,493	656
Selling, General & Admin Expense	535	494	469	455	456	439	433	452	472	632	656
Other Operating Expenses / (Income)	0.00	9.00	1.00	1.00	1.00	1.00	1.00	5.00	1.00	-	-
Total Other Income / (Expense), net	-19	-104	-190	-210	-86	-164	722	-147	-156	-141	-211
Interest Expense	141	154	161	175	173	165	-725	155	159	153	153
Other Income / (Expense), net	122	50	-29	-35	87	1.00	-3.00	8.00	3.00	12	-58
Income Tax Expense	2.00	-3.00	-1.00	1.00	-1.00	-2.00	29	0.00	-2.00	-	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	157	80	63	30	21	-86	-41	-47	-126	-635	-225
Basic Earnings per Share	$1.61	$0.64	$0.69	$0.15	$0.24	($0.87)	$7.05	($0.55)	($1.51)	($7.83)	($2.67)
Weighted Average Basic Shares Outstanding	134.06M	122.34M	123.88M	118.93M	116.30M	109.32M	110.84M	106.22M	106.01M	100.83M	105.86M
Diluted Earnings per Share	$1.51	$0.57	$0.64	$0.14	$0.24	($0.79)	$3.60	($0.55)	($1.51)	($7.83)	($2.67)
Weighted Average Diluted Shares Outstanding	142.59M	132.21M	133.56M	128.47M	212.24M	200.58M	205.96M	106.22M	106.01M	100.83M	105.86M
Weighted Average Basic & Diluted Shares Outstanding	214.14M	213.17M	207.63M	206.94M	202.57M	201.90M	199.65M	189.44M	189.08M	188.97M	188.85M

This table details how cash moves in and out of Carvana's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1,166	-34	-8.00	307	211	30	-98	138	66	36
Net Cash From Operating Activities	918	803	-1,324	-2,594	-608	-757	-414	-200	-240	-54
Net Cash From Continuing Operating Activities	918	803	-1,324	-2,594	-608	-757	-414	-200	-179	-54
Net Income / (Loss) Continuing Operations	404	150	-2,894	-287	-462	-365	-255	-164	-93	-37
Consolidated Net Income / (Loss)	404	150	-2,894	-287	-462	-365	-255	-164	-93	-37
Depreciation Expense	305	352	261	105	74	41	24	12	4.66	2.80
Amortization Expense	15	24	27	11	8.00	6.00	2.31	1.65	0.00	0.00
Non-Cash Adjustments To Reconcile Net Income	386	-206	-90	-554	-28	-194	-39	-16	40	0.08
Changes in Operating Assets and Liabilities, net	-192	483	1,372	-1,869	-200	-245	-147	-33	-130	-20
Net Cash From Investing Activities	-13	31	-2,583	-627	-346	-228	-150	-78	-40	-16
Net Cash From Continuing Investing Activities	-13	31	-2,583	-627	-346	-228	-150	-78	-40	-16
Purchase of Property, Plant & Equipment	-91	-87	-512	-557	-360	-231	-144	-78	-40	-14
Acquisitions	0.00	-7.00	-2,196	0.00	0.00	-	-6.67	0.00	0.00	-
Sale of Property, Plant & Equipment	11	72	44	0.00	0.00	-	-	-	-	-
Other Investing Activities, net	67	53	81	56	14	3.00	0.00	0.00	-	-2.12
Net Cash From Financing Activities	261	-868	3,899	3,528	1,165	1,015	466	416	284	106
Net Cash From Continuing Financing Activities	261	-868	3,899	3,528	1,165	1,015	466	416	284	106
Repayment of Debt	-4,278	-8,147	-13,741	-12,684	-5,641	-4,246	-1,947	-870	-289	-100
Issuance of Debt	3,287	6,841	16,417	16,250	5,765	4,968	2,247	982	411	125
Issuance of Common Equity	1,271	453	1,231	2.00	1,064	299	172	206	0.08	0.00
Other Financing Activities, net	-19	-15	-8.00	-40	-23	-6.00	-1.71	-0.66	0.00	50

This table details how cash moves in and out of Carvana's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	144	828	325	280	-267	-22	-61	-17	66	151	-720
Net Cash From Operating Activities	232	60	403	354	101	-239	599	509	-66	-739	-98
Net Cash From Continuing Operating Activities	232	60	403	354	101	-239	599	509	-66	-739	-98
Net Income / (Loss) Continuing Operations	373	159	148	48	49	-200	741	-105	-286	-1,441	-508
Consolidated Net Income / (Loss)	373	159	148	48	49	-200	741	-105	-286	-1,441	-508
Depreciation Expense	73	74	73	76	82	82	87	90	93	82	78
Amortization Expense	2.00	2.00	4.00	4.00	5.00	4.00	6.00	6.00	8.00	7.00	8.00
Non-Cash Adjustments To Reconcile Net Income	-234	-79	295	199	-29	-14	-422	491	-261	170	-64
Changes in Operating Assets and Liabilities, net	18	-96	-117	27	-6.00	-111	187	27	380	443	388
Net Cash From Investing Activities	-35	-7.00	-15	2.00	7.00	9.00	16	25	-19	-15	-43
Net Cash From Continuing Investing Activities	-35	-7.00	-15	2.00	7.00	9.00	16	25	-19	-15	-43
Purchase of Property, Plant & Equipment	-27	-24	-27	-22	-18	-18	-19	-18	-32	-61	-90
Acquisitions	-24	-	-	-	0.00	-	-	-	-7.00	-7.00	-
Sale of Property, Plant & Equipment	1.00	2.00	1.00	3.00	5.00	14	25	21	12	44	-
Other Investing Activities, net	15	15	11	21	20	13	10	22	8.00	9.00	47
Net Cash From Financing Activities	-53	775	-63	-76	-375	208	-676	-551	151	905	-579
Net Cash From Continuing Financing Activities	-53	775	-63	-76	-375	208	-676	-551	151	905	-579
Repayment of Debt	-648	-655	-975	-1,392	-1,256	-764	-2,387	-3,270	-1,726	-1,481	-3,035
Issuance of Debt	613	526	914	966	881	975	1,268	2,721	1,877	2,386	2,456
Issuance of Common Equity	5.00	921	-	-	-	-	453	-	-	-	1.00
Other Financing Activities, net	-23	-17	-2.00	-	-	-3.00	-10	-	-	-	-1.00

This table presents Carvana's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Total Assets	8,484	7,071	8,698	7,015	3,035	2,058	991	641	336
Total Current Assets	4,869	3,321	4,594	4,892	1,923	1,359	663	490	275
Cash & Equivalents	1,716	530	434	403	301	76	79	173	39
Restricted Cash	44	64	194	233	28	42	9.85	14	10
Short-Term Investments	464	366	321	382	131	99	-	-	-
Note & Lease Receivable	612	807	1,334	356	275	287	105	-	25
Accounts Receivable	303	266	253	206	79	40	33	14	5.69
Inventories, net	1,608	1,150	1,876	3,149	1,036	763	412	227	186
Other Current Assets	122	138	182	163	73	53	24	61	9.82
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	297	149	61
Total Noncurrent Assets	3,615	3,750	4,104	2,123	1,112	698	31	2.74	0.00
Noncurrent Note & Lease Receivables	440	455	536	369	-	123	0.00	-	-
Intangible Assets	34	52	70	4.00	6.00	7.23	8.87	0.00	-
Other Noncurrent Operating Assets	3,141	3,243	3,498	1,741	1,097	558	13	2.74	0.00
Total Liabilities & Shareholders' Equity	8,484	7,071	8,698	7,015	3,035	2,058	991	641	336
Total Liabilities	7,109	7,455	9,751	6,490	2,233	1,866	764	362	201
Total Current Liabilities	1,338	1,536	2,592	2,890	467	865	330	306	196
Short-Term Debt	376	857	1,735	2,205	105	618	208	254	166
Accounts Payable	856	596	777	656	342	234	121	52	30
Other Current Liabilities	106	83	80	29	20	13	0.00	-	-
Total Noncurrent Liabilities	5,771	5,919	7,159	3,600	1,766	1,001	434	56	4.40
Long-Term Debt	5,256	5,416	6,574	3,208	1,617	883	425	48	4.40
Other Noncurrent Operating Liabilities	515	503	585	392	1.00	118	8.73	7.09	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,375	-384	-1,053	525	802	192	227	280	-116
Total Preferred & Common Equity	1,260	243	-518	306	388	98	80	126	-116
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	97	-
Total Common Equity	1,260	243	-518	306	388	98	80	29	-116
Common Stock	2,676	1,869	1,558	795	742	281	148	42	-
Retained Earnings	-1,416	-1,626	-2,076	-489	-354	-183	-68	-13	-
Noncontrolling Interest	115	-627	-535	219	414	94	148	154	-

This table presents Carvana's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	8,878	7,368	7,170	6,983	7,025	7,849	8,646	9,621
Total Current Assets	5,137	3,765	3,477	3,232	3,186	3,912	4,616	4,469
Cash & Equivalents	1,858	871	542	252	544	541	488	316
Restricted Cash	46	61	65	75	72	136	206	161
Accounts Receivable	369	363	349	351	318	335	342	359
Inventories, net	1,503	1,305	1,221	1,162	1,085	1,302	1,485	2,577
Other Current Assets	1,361	702	879	1,392	796	165	2,095	221
Plant, Property, & Equipment, net	2,743	0.00	0.00	2,919	0.00	0.00	3,195	0.00
Total Noncurrent Assets	998	3,603	3,693	832	3,839	3,937	835	5,152
Noncurrent Note & Lease Receivables	430	452	466	447	473	-	519	-
Goodwill	2.00	-	-	-	-	-	-	847
Intangible Assets	35	39	43	48	56	61	65	76
Other Noncurrent Operating Assets	531	3,112	3,184	337	3,310	3,876	251	4,229
Total Liabilities & Shareholders' Equity	8,878	7,368	7,170	6,983	7,025	7,849	8,646	9,621
Total Liabilities	7,105	7,082	7,055	7,294	7,227	9,255	9,968	9,247
Total Current Liabilities	1,347	1,159	1,118	1,274	1,395	2,179	2,850	1,878
Short-Term Debt	372	285	275	469	629	1,360	1,904	788
Accounts Payable	836	772	742	705	681	739	864	1,009
Other Current Liabilities	139	102	101	100	85	80	82	81
Total Noncurrent Liabilities	5,758	5,923	5,937	6,020	5,832	7,076	7,118	7,369
Long-Term Debt	5,269	5,431	5,428	5,544	5,305	6,542	6,553	6,616
Capital Lease Obligations	402	429	444	424	450	466	493	669
Other Noncurrent Operating Liabilities	87	63	65	52	77	68	72	84
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,773	286	115	-311	-202	-1,406	-1,322	374
Total Preferred & Common Equity	1,504	611	526	289	339	-697	-660	274
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,504	611	526	289	339	-697	-660	274
Common Stock	2,704	2,106	2,106	1,887	1,851	1,597	1,576	1,544
Retained Earnings	-1,200	-1,495	-1,580	-1,598	-1,512	-2,294	-2,236	-1,270
Noncontrolling Interest	269	-325	-411	-600	-541	-709	-662	100

This table displays calculated financial ratios and metrics derived from Carvana's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	26.94%	-20.82%	6.17%	129.35%	41.80%	101.49%	127.68%	135.21%	180.04%	0.00%
EBITDA Growth	353.44%	114.39%	-35,416.67%	102.41%	-5.06%	-16.24%	-42.14%	-69.02%	-160.58%	0.00%
EBIT Growth	1,597.18%	97.05%	-2,088.18%	66.77%	-16.55%	-23.63%	-46.64%	-74.99%	-153.12%	0.00%
NOPAT Growth	1,558.19%	95.83%	-2,160.58%	68.67%	-18.57%	-22.51%	-47.16%	-73.57%	-153.25%	0.00%
Net Income Growth	169.33%	105.18%	-908.36%	37.88%	-26.58%	-43.28%	-55.03%	-76.49%	-153.13%	0.00%
EPS Growth	112.00%	104.76%	-865.64%	38.02%	-7.35%	-20.69%	-54.96%	-92.65%	-151.85%	0.00%
Operating Cash Flow Growth	14.32%	160.65%	48.96%	-326.64%	19.68%	-82.70%	-107.25%	16.78%	-348.95%	0.00%
Free Cash Flow Firm Growth	-12.49%	143.18%	-9.06%	-186.96%	-7.77%	-67.34%	-117.37%	22.50%	0.00%	0.00%
Invested Capital Growth	-2.96%	-21.85%	28.19%	122.42%	49.93%	91.06%	95.58%	54.02%	0.00%	0.00%
Revenue Q/Q Growth	8.95%	-3.69%	-6.31%	17.69%	14.87%	15.17%	19.55%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	32.22%	132.34%	-109.80%	-78.57%	6.44%	-8.65%	-14.19%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	48.46%	94.63%	-93.33%	-44.74%	2.66%	-10.21%	-14.88%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	33.32%	92.62%	-103.55%	-6.12%	0.24%	-9.50%	-14.88%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	797.78%	113.75%	-77.00%	-10.81%	-6.43%	-12.20%	-18.17%	0.00%	0.00%	0.00%
EPS Q/Q Growth	591.30%	111.92%	-75.67%	-25.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	48.30%	165.02%	24.64%	-63.87%	20.97%	-29.37%	-19.14%	5.46%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	26.06%	-12.44%	32.87%	-34.71%	-11.82%	-10.15%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	-5.02%	-5.12%	-17.23%	25.80%	15.49%	15.11%	19.83%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.03%	16.01%	9.16%	15.05%	14.21%	12.87%	10.06%	7.93%	5.26%	1.03%
EBITDA Margin	10.11%	2.83%	-15.58%	0.05%	-4.46%	-6.02%	-10.43%	-16.70%	-23.24%	-24.98%
Operating Margin	7.24%	-0.74%	-17.28%	-0.81%	-5.94%	-7.11%	-11.69%	-18.08%	-24.50%	-27.10%
EBIT Margin	7.77%	-0.66%	-17.69%	-0.86%	-5.92%	-7.21%	-11.75%	-18.24%	-24.52%	-27.12%
Profit (Net Income) Margin	2.95%	1.39%	-21.27%	-2.24%	-8.27%	-9.26%	-13.03%	-19.13%	-25.50%	-28.21%
Tax Burden Percent	101.00%	85.71%	100.03%	100.35%	100.00%	100.00%	100.00%	100.00%	99.99%	100.00%
Interest Burden Percent	37.63%	-246.48%	120.19%	260.00%	139.58%	128.52%	110.89%	104.89%	104.01%	103.99%
Effective Tax Rate	-1.00%	14.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	20.59%	-1.22%	-29.32%	-2.04%	-12.61%	-17.44%	-27.42%	-33.39%	-48.87%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	6.93%	2.23%	-50.56%	-9.42%	-29.65%	-35.93%	-56.13%	-80.39%	-99.09%	0.00%
Return on Net Nonoperating Assets (RNNOA)	60.94%	-19.66%	1,125.53%	-41.21%	-80.36%	-156.63%	-73.08%	-45.88%	-89.04%	0.00%
Return on Equity (ROE)	81.53%	-20.88%	1,096.21%	-43.26%	-92.96%	-174.07%	-100.50%	-79.27%	-137.91%	0.00%
Cash Return on Invested Capital (CROIC)	23.60%	23.31%	-54.03%	-77.98%	-52.56%	-80.02%	-92.09%	-75.93%	-248.87%	0.00%
Operating Return on Assets (OROA)	13.67%	-0.90%	-30.64%	-2.19%	-13.00%	-18.63%	-28.15%	-32.07%	-26.66%	0.00%
Return on Assets (ROA)	5.19%	1.90%	-36.84%	-5.71%	-18.14%	-23.94%	-31.22%	-33.64%	-27.72%	0.00%
Return on Common Equity (ROCE)	123.66%	-4.00%	440.15%	-22.62%	-45.47%	-73.80%	-21.47%	16.70%	118.46%	0.00%
Return on Equity Simple (ROE_SIMPLE)	32.06%	61.73%	558.69%	-93.79%	-119.07%	-372.02%	-319.69%	-130.68%	80.29%	0.00%
Net Operating Profit after Tax (NOPAT)	1,000	-69	-1,646	-73	-232	-196	-160	-109	-63	-25
NOPAT Margin	7.31%	-0.64%	-12.10%	-0.57%	-4.16%	-4.97%	-8.18%	-12.66%	-17.15%	-18.97%
Net Nonoperating Expense Percent (NNEP)	13.67%	-3.45%	21.24%	7.38%	17.05%	18.49%	28.72%	47.00%	50.22%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	14.27%	-1.16%	-22.68%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	78.97%	83.99%	90.84%	84.95%	85.79%	87.13%	89.94%	92.07%	94.74%	98.97%
SG&A Expenses to Revenue	13.71%	16.67%	20.11%	15.87%	20.15%	19.97%	21.75%	26.01%	29.76%	28.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.79%	16.75%	26.44%	15.87%	20.15%	19.97%	21.75%	26.01%	29.76%	28.13%
Earnings before Interest and Taxes (EBIT)	1,063	-71	-2,407	-110	-331	-284	-230	-157	-90	-35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,383	305	-2,119	6.00	-249	-237	-204	-143	-85	-33
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	20.74	24.84	0.00	64.83	43.57	94.99	15.95	10.63	0.00	0.00
Price to Tangible Book Value (P/TBV)	21.32	31.61	0.00	67.71	45.33	114.32	20.67	10.63	0.00	0.00
Price to Revenue (P/Rev)	1.91	0.56	0.04	1.55	3.03	2.37	0.65	0.35	0.00	0.00
Price to Earnings (P/E)	124.45	13.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.80%	7.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.20	2.18	1.16	4.97	8.47	7.25	2.54	1.70	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	2.17	1.00	0.54	1.91	3.35	2.72	1.00	0.78	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	21.44	35.16	0.00	4,075.38	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	27.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	29.66	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	32.31	13.35	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	25.88	8.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.10	-16.34	-7.89	10.31	2.33	7.82	2.79	1.08	1.26	0.00
Long-Term Debt to Equity	3.82	-14.10	-6.24	6.11	2.20	4.60	1.87	0.17	0.03	0.00
Financial Leverage	8.80	-8.82	-22.26	4.37	2.71	4.36	1.30	0.57	0.90	0.00
Leverage Ratio	15.70	-10.97	-29.76	7.57	5.12	7.27	3.22	2.36	2.49	0.00
Compound Leverage Factor	5.91	27.05	-35.77	19.69	7.15	9.34	3.57	2.47	2.59	0.00
Debt to Total Capital	80.38%	106.52%	114.51%	91.16%	69.99%	88.66%	73.58%	51.96%	55.85%	0.00%
Short-Term Debt to Total Capital	5.37%	14.55%	23.91%	37.13%	3.93%	36.49%	24.17%	43.63%	54.41%	0.00%
Long-Term Debt to Total Capital	75.01%	91.97%	90.60%	54.02%	66.06%	52.17%	49.41%	8.33%	1.44%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.69%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.64%	-10.65%	-7.37%	3.69%	15.49%	5.54%	17.16%	26.43%	82.07%	0.00%
Common Equity to Total Capital	17.98%	4.13%	-7.14%	5.15%	14.52%	5.80%	9.26%	4.92%	-37.92%	0.00%
Debt to EBITDA	4.07	20.57	-3.92	902.17	-7.51	-6.33	-3.11	-2.11	-2.01	0.00
Net Debt to EBITDA	2.46	17.42	-3.47	732.50	-5.66	-5.42	-2.67	-0.80	-1.43	0.00
Long-Term Debt to EBITDA	3.80	17.76	-3.10	534.67	-7.09	-3.73	-2.09	-0.34	-0.05	0.00
Debt to NOPAT	5.63	-91.48	-5.05	-74.35	-8.05	-7.66	-3.96	-2.78	-2.73	0.00
Net Debt to NOPAT	3.41	-77.48	-4.47	-60.37	-6.07	-6.55	-3.40	-1.06	-1.94	0.00
Long-Term Debt to NOPAT	5.26	-78.98	-3.99	-44.07	-7.59	-4.51	-2.66	-0.45	-0.07	0.00
Altman Z-Score	4.50	1.96	0.62	3.85	6.44	4.62	2.51	1.35	0.00	0.00
Noncontrolling Interest Sharing Ratio	-51.67%	80.86%	59.85%	47.70%	51.09%	57.60%	78.64%	121.07%	185.89%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.64	2.16	1.77	1.69	4.12	1.57	2.01	1.60	1.40	0.00
Quick Ratio	2.31	1.28	0.90	0.47	1.68	0.58	0.66	0.61	0.35	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,146	1,309	-3,033	-2,781	-969	-899	-537	-247	-319	0.00
Operating Cash Flow to CapEx	1,147.50%	5,353.33%	-282.91%	-465.71%	-168.89%	-327.71%	-288.40%	-254.71%	-607.56%	-383.57%
Free Cash Flow to Firm to Interest Expense	1.73	0.00	-6.24	-15.80	-7.40	-11.10	-21.48	-32.28	-88.92	0.00
Operating Cash Flow to Interest Expense	1.38	0.00	-2.72	-14.74	-4.64	-9.35	-16.56	-26.10	-66.97	-37.90
Operating Cash Flow Less CapEx to Interest Expense	1.26	0.00	-3.69	-17.90	-7.39	-12.20	-22.30	-36.35	-77.99	-47.77
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.76	1.37	1.73	2.55	2.19	2.58	2.40	1.76	1.09	0.00
Accounts Receivable Turnover	48.06	41.51	59.28	89.92	94.01	107.97	82.81	86.77	64.15	0.00
Inventory Turnover	7.83	5.98	4.92	5.20	5.33	5.84	5.50	3.83	1.86	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	8.78	8.21	6.03	0.00
Accounts Payable Turnover	14.87	13.18	17.25	21.81	16.63	19.29	20.27	19.25	11.51	0.00
Days Sales Outstanding (DSO)	7.59	8.79	6.16	4.06	3.88	3.38	4.41	4.21	5.69	0.00
Days Inventory Outstanding (DIO)	46.62	61.04	74.21	70.17	68.49	62.46	66.38	95.30	195.72	0.00
Days Payable Outstanding (DPO)	24.54	27.70	21.16	16.73	21.95	18.92	18.01	18.96	31.70	0.00
Cash Conversion Cycle (CCC)	29.67	42.14	59.20	57.49	50.42	46.92	52.78	80.55	169.71	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,783	4,929	6,307	4,920	2,212	1,475	772	395	256	0.00
Invested Capital Turnover	2.82	1.92	2.42	3.59	3.03	3.51	3.35	2.64	2.85	0.00
Increase / (Decrease) in Invested Capital	-146	-1,378	1,387	2,708	737	703	377	138	256	0.00
Enterprise Value (EV)	29,657	10,723	7,327	24,452	18,730	10,697	1,963	670	0.00	0.00
Market Capitalization	26,134	6,037	502	19,838	16,906	9,320	1,271	304	0.00	0.00
Book Value per Share	$6.07	$1.22	($2.74)	$1.77	$2.26	$0.97	$0.55	$0.22	($7.73)	$0.00
Tangible Book Value per Share	$5.90	$0.96	($3.11)	$1.70	$2.17	$0.81	$0.43	$0.22	($7.73)	$0.00
Total Capital	7,007	5,889	7,256	5,938	2,672	1,693	861	582	306	0.00
Total Debt	5,632	6,273	8,309	5,413	1,870	1,501	633	302	171	0.00
Total Long-Term Debt	5,256	5,416	6,574	3,208	1,765	883	425	48	4.40	0.00
Net Debt	3,408	5,313	7,360	4,395	1,410	1,283	545	115	121	0.00
Capital Expenditures (CapEx)	80	15	468	557	360	231	144	78	40	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,683	1,682	2,788	3,189	1,101	895	453	250	196	0.00
Debt-free Net Working Capital (DFNWC)	3,907	2,642	3,737	4,207	1,561	1,112	541	438	245	0.00
Net Working Capital (NWC)	3,531	1,785	2,002	2,002	1,456	495	333	184	79	0.00
Net Nonoperating Expense (NNE)	596	-219	1,248	214	230	169	95	56	30	12
Net Nonoperating Obligations (NNO)	3,408	5,313	7,360	4,395	1,410	1,283	545	115	121	0.00
Total Depreciation and Amortization (D&A)	320	376	288	116	82	47	26	13	4.66	2.80
Debt-free, Cash-free Net Working Capital to Revenue	12.31%	15.62%	20.49%	24.89%	19.71%	22.71%	23.15%	29.16%	53.61%	0.00%
Debt-free Net Working Capital to Revenue	28.57%	24.53%	27.47%	32.83%	27.94%	28.23%	27.69%	50.95%	67.15%	0.00%
Net Working Capital to Revenue	25.82%	16.57%	14.72%	15.62%	26.06%	12.55%	17.05%	21.39%	21.59%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.72	$4.12	($15.74)	($1.63)	($2.63)	($2.45)	($2.24)	($1.31)	($0.68)	($0.27)
Adjusted Weighted Average Basic Shares Outstanding	122.34M	109.32M	100.83M	82.81M	172.26M	151.76M	145.54M	132.75M	15M	0.00
Adjusted Diluted Earnings per Share	$1.59	$0.75	($15.74)	($1.63)	($2.63)	($2.45)	($2.24)	($1.31)	($0.68)	($0.27)
Adjusted Weighted Average Diluted Shares Outstanding	132.21M	200.58M	100.83M	82.81M	172.26M	151.76M	145.54M	132.75M	15M	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($2.63)	($2.45)	($2.24)	($1.31)	($0.68)	($0.27)
Adjusted Weighted Average Basic & Diluted Shares Outstanding	213.17M	201.90M	188.97M	173.00M	64.98M	46.85M	30.04M	15.24M	15M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	693	-69	-1,053	-73	-232	-196	-160	-109	-63	-25
Normalized NOPAT Margin	5.07%	-0.64%	-7.74%	-0.57%	-4.16%	-4.97%	-8.18%	-12.66%	-17.15%	-18.97%
Pre Tax Income Margin	2.93%	1.62%	-21.27%	-2.23%	-8.27%	-9.26%	-13.03%	-19.13%	-25.50%	-28.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.60	0.00	-4.95	-0.63	-2.53	-3.51	-9.18	-20.45	-24.96	-25.05
NOPAT to Interest Expense	1.51	0.00	-3.39	-0.41	-1.77	-2.42	-6.39	-14.19	-17.46	-17.52
EBIT Less CapEx to Interest Expense	1.48	0.00	-5.92	-3.79	-5.27	-6.36	-14.93	-30.70	-35.98	-34.93
NOPAT Less CapEx to Interest Expense	1.39	0.00	-4.35	-3.58	-4.52	-5.27	-12.14	-24.44	-28.48	-27.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.81%	0.00%	0.00%	-91.17%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.82%	0.00%	-0.86%	-92.45%

This table displays calculated financial ratios and metrics derived from Carvana's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	38.26%	46.33%	31.81%	14.89%	17.46%	-14.56%	-18.10%	-23.58%	-25.48%	-24.41%	-2.70%
EBITDA Growth	91.88%	687.76%	178.99%	108.22%	1,200.00%	104.09%	151.30%	157.94%	92.98%	-1,232.22%	-3,088.89%
EBIT Growth	133.48%	937.84%	584.44%	348.00%	271.32%	97.13%	112.68%	115.53%	70.81%	-922.22%	-1,675.00%
NOPAT Growth	186.49%	1,096.24%	634.52%	762.97%	248.04%	97.08%	122.22%	112.92%	69.23%	-1,150.00%	-1,191.30%
Net Income Growth	661.22%	179.50%	-80.03%	145.71%	117.13%	86.12%	245.87%	76.08%	43.48%	-691.76%	-647.06%
EPS Growth	556.52%	172.15%	-82.22%	125.45%	115.89%	89.91%	234.83%	76.60%	47.75%	-645.71%	-602.63%
Operating Cash Flow Growth	129.70%	125.10%	-32.72%	-30.45%	253.03%	67.66%	711.22%	380.19%	88.87%	36.95%	65.37%
Free Cash Flow Firm Growth	-78.07%	-69.59%	-79.84%	-49.50%	205.25%	158.83%	163.09%	141.57%	65.91%	17.40%	-94.70%
Invested Capital Growth	1.95%	-2.96%	-3.06%	-12.03%	-16.37%	-21.85%	-31.82%	-24.12%	19.18%	28.19%	94.84%
Revenue Q/Q Growth	19.31%	-2.95%	7.18%	11.40%	26.28%	-12.59%	-6.57%	13.89%	-8.14%	-16.21%	-12.82%
EBITDA Q/Q Growth	53.11%	0.26%	26.64%	-1.30%	528.57%	-64.49%	-5.48%	621.43%	97.66%	-345.72%	-6.75%
EBIT Q/Q Growth	66.45%	0.65%	37.50%	1.36%	697.30%	-182.22%	-10.00%	138.76%	89.98%	-262.82%	-10.25%
NOPAT Q/Q Growth	47.89%	-21.90%	33.73%	85.48%	730.38%	-157.59%	57.12%	131.82%	89.74%	-337.71%	8.62%
Net Income Q/Q Growth	134.59%	7.43%	208.33%	-2.04%	124.50%	-126.99%	805.71%	63.29%	80.15%	-183.66%	-15.72%
EPS Q/Q Growth	164.91%	-10.94%	357.14%	-41.67%	105.66%	-121.94%	754.55%	63.58%	80.72%	-193.26%	-13.62%
Operating Cash Flow Q/Q Growth	286.67%	-85.11%	13.84%	250.50%	142.26%	-139.90%	17.68%	871.21%	91.07%	-654.08%	-192.45%
Free Cash Flow Firm Q/Q Growth	-32.14%	-17.52%	-48.61%	-23.75%	37.74%	-45.31%	28.68%	258.92%	47.17%	41.36%	15.21%
Invested Capital Q/Q Growth	23.60%	-5.02%	-3.78%	-9.74%	8.15%	-5.12%	-12.69%	-14.19%	9.94%	-17.23%	-2.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.95%	21.51%	22.08%	20.97%	19.31%	16.58%	17.38%	16.81%	13.09%	6.80%	10.60%
EBITDA Margin	13.97%	10.88%	10.53%	8.92%	10.06%	2.02%	4.98%	4.92%	-1.07%	-42.26%	-7.94%
Operating Margin	9.31%	7.33%	9.22%	7.60%	4.38%	-1.57%	1.73%	1.42%	-5.07%	-45.82%	-8.77%
EBIT Margin	12.19%	8.74%	8.43%	6.57%	7.22%	-1.53%	1.62%	1.68%	-4.95%	-45.40%	-10.48%
Profit (Net Income) Margin	8.81%	4.48%	4.05%	1.41%	1.60%	-8.25%	26.72%	-3.54%	-10.97%	-50.79%	-15.00%
Tax Burden Percent	99.47%	101.92%	100.68%	97.96%	102.08%	99.01%	96.23%	100.00%	99.31%	100.00%	100.00%
Interest Burden Percent	72.67%	50.32%	47.73%	21.88%	21.72%	545.95%	1,711.11%	-210.00%	223.26%	111.88%	143.10%
Effective Tax Rate	0.53%	-1.92%	-0.68%	2.04%	-2.08%	0.00%	3.77%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	23.48%	21.04%	22.77%	15.52%	7.88%	-2.10%	2.91%	1.69%	-7.07%	-77.73%	-15.46%
ROIC Less NNEP Spread (ROIC-NNEP)	23.11%	18.61%	19.00%	12.23%	6.66%	-4.84%	13.90%	-0.18%	-9.83%	-86.77%	-21.21%
Return on Net Nonoperating Assets (RNNOA)	161.98%	163.73%	2,295.61%	-118.15%	-58.57%	42.69%	1,021.64%	4.78%	108.54%	1,931.76%	-204.80%
Return on Equity (ROE)	185.46%	184.77%	2,318.38%	-102.62%	-50.69%	40.58%	1,024.55%	6.47%	101.47%	1,854.03%	-220.26%
Cash Return on Invested Capital (CROIC)	19.45%	23.60%	17.77%	19.86%	20.72%	23.31%	23.34%	10.44%	-39.90%	-54.03%	-78.35%
Operating Return on Assets (OROA)	22.82%	15.36%	14.70%	10.21%	10.37%	-2.09%	2.18%	2.17%	-7.75%	-78.61%	-20.32%
Return on Assets (ROA)	16.50%	7.88%	7.06%	2.19%	2.30%	-11.27%	35.91%	-4.55%	-17.19%	-87.95%	-29.08%
Return on Common Equity (ROCE)	227.45%	280.23%	26,219.79%	-13.59%	-11.52%	7.77%	3,651.43%	1.89%	46.34%	744.42%	-134.15%
Return on Equity Simple (ROE_SIMPLE)	48.40%	0.00%	7.37%	121.29%	167.82%	0.00%	-321.83%	335.72%	405.15%	0.00%	-596.72%
Net Operating Profit after Tax (NOPAT)	392	265	339	254	137	-27	46	29	-92	-910	-208
NOPAT Margin	9.26%	7.47%	9.28%	7.44%	4.47%	-1.10%	1.67%	0.99%	-3.55%	-32.08%	-6.14%
Net Nonoperating Expense Percent (NNEP)	0.37%	2.43%	3.77%	3.30%	1.22%	2.74%	-10.99%	1.88%	2.76%	9.03%	5.74%
Return On Investment Capital (ROIC_SIMPLE)	5.01%	3.78%	-	-	-	-0.45%	-	-	-	-12.54%	-
Cost of Revenue to Revenue	78.05%	78.49%	77.92%	79.03%	80.69%	83.42%	82.62%	83.19%	86.91%	93.20%	89.40%
SG&A Expenses to Revenue	12.64%	13.93%	12.83%	13.34%	14.90%	18.11%	15.61%	15.23%	18.11%	22.28%	19.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.64%	14.18%	12.86%	13.37%	14.93%	18.15%	15.65%	15.40%	18.15%	52.63%	19.37%
Earnings before Interest and Taxes (EBIT)	516	310	308	224	221	-37	45	50	-129	-1,288	-355
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	591	386	385	304	308	49	138	146	-28	-1,199	-269
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	18.63	20.74	35.28	28.62	34.69	24.84	13.19	0.00	0.00	0.00	7.84
Price to Tangible Book Value (P/TBV)	19.10	21.32	37.69	31.17	41.60	31.61	15.80	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.89	1.91	1.72	1.29	0.89	0.56	0.40	0.23	0.08	0.04	0.15
Price to Earnings (P/E)	70.42	124.45	1,268.18	21.08	15.71	13.42	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.42%	0.80%	0.08%	4.74%	6.36%	7.45%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	5.49	6.20	5.16	3.78	2.68	2.18	1.80	1.58	1.24	1.16	1.25
Enterprise Value to Revenue (EV/Rev)	2.19	2.17	2.07	1.69	1.38	1.00	0.83	0.80	0.68	0.54	0.65
Enterprise Value to EBITDA (EV/EBITDA)	19.47	21.44	24.84	24.73	24.23	35.16	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	23.88	27.90	36.29	43.62	55.68	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	25.91	29.66	34.65	50.12	84.37	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	30.92	32.31	41.98	24.25	16.01	13.35	30.79	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	28.48	25.88	28.59	17.80	11.78	8.19	6.24	13.06	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.41	4.10	21.49	53.45	-20.70	-16.34	-31.60	-5.95	-6.77	-7.89	21.59
Long-Term Debt to Equity	3.20	3.82	20.49	51.06	-19.19	-14.10	-28.49	-4.98	-5.33	-6.24	19.48
Financial Leverage	7.01	8.80	120.80	-9.66	-8.80	-8.82	73.51	-26.44	-11.04	-22.26	9.66
Leverage Ratio	10.85	15.70	171.35	-11.63	-9.57	-10.97	96.78	-33.86	-12.78	-29.76	13.85
Compound Leverage Factor	7.88	7.90	81.78	-2.54	-2.08	-59.91	1,656.00	71.10	-28.53	-33.29	19.81
Debt to Total Capital	77.32%	80.38%	95.55%	98.16%	105.08%	106.52%	103.27%	120.20%	117.33%	114.51%	95.57%
Short-Term Debt to Total Capital	4.76%	5.37%	4.43%	4.39%	7.66%	14.55%	10.17%	19.53%	24.96%	23.91%	9.33%
Long-Term Debt to Total Capital	72.56%	75.01%	91.12%	93.77%	97.42%	91.97%	93.09%	100.66%	92.37%	90.60%	86.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.44%	1.64%	-5.05%	-6.56%	-9.79%	-10.65%	-8.75%	-10.18%	-8.68%	-7.37%	1.18%
Common Equity to Total Capital	19.24%	17.98%	9.50%	8.40%	4.72%	4.13%	5.48%	-10.01%	-8.65%	-7.14%	3.24%
Debt to EBITDA	3.63	4.07	5.87	7.69	10.04	20.57	-6.77	-6.20	-5.12	-3.92	-7.99
Net Debt to EBITDA	2.48	2.46	4.54	6.41	9.53	17.42	-5.72	-5.45	-4.72	-3.47	-7.17
Long-Term Debt to EBITDA	3.40	3.80	5.60	7.35	9.31	17.76	-6.10	-5.19	-4.03	-3.10	-7.21
Debt to NOPAT	4.83	5.63	8.19	15.59	34.96	-91.48	-6.87	-7.15	-6.27	-5.05	-9.99
Net Debt to NOPAT	3.31	3.41	6.33	12.98	33.18	-77.48	-5.81	-6.28	-5.78	-4.47	-8.96
Long-Term Debt to NOPAT	4.53	5.26	7.81	14.89	32.41	-78.98	-6.19	-5.98	-4.93	-3.99	-9.01
Altman Z-Score	4.55	4.20	3.81	3.10	2.55	1.97	1.99	1.56	1.37	1.05	1.67
Noncontrolling Interest Sharing Ratio	-22.64%	-51.67%	-1,030.95%	86.75%	77.28%	80.86%	-256.40%	70.85%	54.33%	59.85%	39.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.81	3.64	3.25	3.11	2.54	2.16	2.28	1.80	1.62	1.77	2.38
Quick Ratio	1.65	2.31	1.46	1.17	0.47	1.28	0.88	1.06	0.29	0.90	0.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	279	411	498	970	1,272	1,351	2,471	1,920	-1,208	-2,297	-3,917
Operating Cash Flow to CapEx	892.31%	272.73%	1,550.00%	1,863.16%	776.92%	-5,975.00%	0.00%	0.00%	-330.00%	-4,347.06%	-108.89%
Free Cash Flow to Firm to Interest Expense	1.98	2.67	3.10	5.54	7.35	8.19	0.00	12.39	-7.60	-15.01	-25.60
Operating Cash Flow to Interest Expense	1.65	0.39	2.50	2.02	0.58	-1.45	0.00	3.28	-0.42	-4.83	-0.64
Operating Cash Flow Less CapEx to Interest Expense	1.46	0.25	2.34	1.91	0.51	-1.47	0.00	3.30	-0.54	-4.94	-1.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.87	1.76	1.74	1.55	1.44	1.37	1.34	1.29	1.57	1.73	1.94
Accounts Receivable Turnover	41.23	48.06	36.86	34.12	32.40	41.51	33.04	30.92	46.23	59.28	54.08
Inventory Turnover	8.73	7.83	8.40	7.51	6.99	5.98	5.28	4.99	4.77	4.92	5.33
Fixed Asset Turnover	5.24	0.00	0.00	0.00	3.67	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	15.09	14.87	13.81	12.80	11.79	13.18	11.44	12.10	14.17	17.25	15.16
Days Sales Outstanding (DSO)	8.85	7.59	9.90	10.70	11.27	8.79	11.05	11.80	7.90	6.16	6.75
Days Inventory Outstanding (DIO)	41.82	46.62	43.47	48.58	52.21	61.04	69.12	73.09	76.50	74.21	68.51
Days Payable Outstanding (DPO)	24.18	24.54	26.42	28.52	30.95	27.70	31.90	30.17	25.75	21.16	24.08
Cash Conversion Cycle (CCC)	26.49	29.67	26.94	30.76	32.53	42.14	48.27	54.72	58.65	59.20	51.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,912	4,783	5,036	5,234	5,799	4,929	5,195	5,950	6,934	6,307	7,620
Invested Capital Turnover	2.54	2.82	2.45	2.09	1.76	1.92	1.75	1.71	1.99	2.42	2.52
Increase / (Decrease) in Invested Capital	113	-146	-159	-716	-1,135	-1,378	-2,425	-1,891	1,116	1,387	3,709
Enterprise Value (EV)	32,435	29,657	25,984	19,761	15,534	10,723	9,329	9,399	8,632	7,327	9,494
Market Capitalization	28,027	26,134	21,559	15,053	10,024	6,037	4,473	2,752	1,038	502	2,148
Book Value per Share	$7.06	$6.07	$2.95	$2.60	$2.49	$1.22	$1.79	($3.69)	($3.49)	($2.74)	$1.45
Tangible Book Value per Share	$6.88	$5.90	$2.76	$2.38	$2.07	$0.96	$1.49	($4.01)	($3.84)	($3.11)	($3.44)
Total Capital	7,816	7,007	6,431	6,262	6,126	5,889	6,182	6,962	7,628	7,256	8,447
Total Debt	6,043	5,632	6,145	6,147	6,437	6,273	6,384	8,368	8,950	8,309	8,073
Total Long-Term Debt	5,671	5,256	5,860	5,872	5,968	5,416	5,755	7,008	7,046	6,574	7,285
Net Debt	4,139	3,408	4,750	5,119	6,110	5,313	5,397	7,356	8,256	7,360	7,246
Capital Expenditures (CapEx)	26	22	26	19	13	4.00	-6.00	-3.00	20	17	90
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,258	1,683	1,496	1,606	2,100	1,682	1,433	2,081	2,976	2,788	2,552
Debt-free Net Working Capital (DFNWC)	4,162	3,907	2,891	2,634	2,427	2,642	2,420	3,093	3,670	3,737	3,379
Net Working Capital (NWC)	3,790	3,531	2,606	2,359	1,958	1,785	1,791	1,733	1,766	2,002	2,591
Net Nonoperating Expense (NNE)	19	106	191	206	88	173	-695	134	194	531	300
Net Nonoperating Obligations (NNO)	4,139	3,408	4,750	5,119	6,110	5,313	5,397	7,356	8,256	7,360	7,246
Total Depreciation and Amortization (D&A)	75	76	77	80	87	86	93	96	101	89	86
Debt-free, Cash-free Net Working Capital to Revenue	15.21%	12.31%	11.92%	13.76%	18.71%	15.62%	12.81%	17.64%	23.41%	20.49%	17.58%
Debt-free Net Working Capital to Revenue	28.04%	28.57%	23.04%	22.57%	21.62%	24.53%	21.64%	26.22%	28.87%	27.47%	23.27%
Net Working Capital to Revenue	25.53%	25.82%	20.76%	20.22%	17.44%	16.57%	16.01%	14.69%	13.89%	14.72%	17.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.61	$0.64	$0.69	$0.15	$0.24	($0.87)	$7.05	($0.55)	($1.51)	($7.83)	($2.67)
Adjusted Weighted Average Basic Shares Outstanding	134.06M	122.34M	123.88M	118.93M	116.30M	109.32M	110.84M	106.22M	106.01M	100.83M	105.86M
Adjusted Diluted Earnings per Share	$1.51	$0.57	$0.64	$0.14	$0.24	($0.79)	$7.05	($0.55)	($1.51)	($7.83)	($2.67)
Adjusted Weighted Average Diluted Shares Outstanding	142.59M	132.21M	133.56M	128.47M	212.24M	200.58M	205.96M	106.22M	106.01M	100.83M	105.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	214.14M	213.17M	207.63M	206.94M	202.57M	201.90M	199.65M	189.44M	189.08M	188.97M	188.85M
Normalized Net Operating Profit after Tax (NOPAT)	392	182	236	254	94	-27	46	29	-92	-910	-208
Normalized NOPAT Margin	9.26%	5.13%	6.45%	7.44%	3.06%	-1.10%	1.67%	0.99%	-3.55%	-32.08%	-6.14%
Pre Tax Income Margin	8.86%	4.40%	4.02%	1.44%	1.57%	-8.33%	27.77%	-3.54%	-11.05%	-50.79%	-15.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.66	2.01	1.91	1.28	1.28	-0.22	0.00	0.32	-0.81	-8.42	-2.32
NOPAT to Interest Expense	2.78	1.72	2.11	1.45	0.79	-0.16	0.00	0.19	-0.58	-5.95	-1.36
EBIT Less CapEx to Interest Expense	3.48	1.87	1.75	1.17	1.20	-0.25	0.00	0.34	-0.94	-8.53	-2.91
NOPAT Less CapEx to Interest Expense	2.60	1.58	1.95	1.34	0.72	-0.19	0.00	0.21	-0.71	-6.06	-1.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Carvana's Financials

When does Carvana's financial year end?

According to the most recent income statement we have on file, Carvana's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Carvana's net income changed over the last 9 years?

Carvana's net income appears to be on an upward trend, with a most recent value of $404 million in 2024, falling from -$36.78 million in 2015. The previous period was $150 million in 2023. Check out Carvana's forecast to explore projected trends and price targets.

What is Carvana's operating income?

Carvana's total operating income in 2024 was $990 million, based on the following breakdown:

Total Gross Profit: $2.88 billion
Total Operating Expenses: $1.89 billion

How has Carvana revenue changed over the last 9 years?

Over the last 9 years, Carvana's total revenue changed from $130.39 million in 2015 to $13.67 billion in 2024, a change of 10,386.1%.

How much debt does Carvana have?

Carvana's total liabilities were at $7.11 billion at the end of 2024, a 4.6% decrease from 2023, and a 3,440.0% increase since 2016.

How much cash does Carvana have?

In the past 8 years, Carvana's cash and equivalents has ranged from $39.18 million in 2016 to $1.72 billion in 2024, and is currently $1.72 billion as of their latest financial filing in 2024.

How has Carvana's book value per share changed over the last 9 years?

Over the last 9 years, Carvana's book value per share changed from 0.00 in 2015 to 6.07 in 2024, a change of 606.9%.

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This page (NYSE:CVNA) was last updated on 5/21/2025 by MarketBeat.com Staff

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Carvana (CVNA) Financials

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