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Carvana (CVNA) Financials

Carvana logo
$67.53 +3.14 (+4.87%)
As of 10:59 AM Eastern
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Annual Income Statements for Carvana

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -37 -93 -64 -61 -115 -171 -135 -1,587 450 210 1,407
Consolidated Net Income / (Loss)		 -37 -93 -164 -255 -365 -462 -287 -2,894 150 404 1,895
Net Income / (Loss) Continuing Operations		 -37 -93 -164 -255 -365 -462 -287 -2,894 150 404 1,895
Total Pre-Tax Income 		-37 -93 -164 -255 -365 -462 -286 -2,893 175 400 -890
Total Operating Income		 -35 -89 -155 -229 -280 -332 -104 -2,351 -80 990 1,881
Total Gross Profit		 1.35 19 68 197 507 794 1,929 1,246 1,724 2,876 4,192
Total Revenue		 130 365 859 1,955 3,940 5,587 12,814 13,604 10,771 13,673 20,322
Operating Revenue		 130 365 859 1,955 3,940 5,587 12,814 13,604 10,771 13,673 20,322
Total Cost of Revenue		 129 346 791 1,759 3,433 4,793 10,885 12,358 9,047 10,797 16,130
Operating Cost of Revenue		 129 346 791 1,759 3,433 4,793 10,885 12,358 9,047 10,797 16,130
Total Operating Expenses		 37 109 223 425 787 1,126 2,033 3,597 1,804 1,886 2,311
Selling, General & Admin Expense		 37 109 223 425 787 1,126 2,033 2,736 1,796 1,874 2,308
Other Operating Expenses / (Income)		 - - - - - - - 14 8.00 12 3.00
Total Other Income / (Expense), net		 -1.45 -3.63 -9.01 -26 -85 -130 -182 -542 255 -590 -2,771
Interest Expense		 1.41 3.59 7.66 25 81 131 176 486 -246 663 521
Other Income / (Expense), net		 -0.04 -0.05 -1.35 -1.18 -4.00 1.00 -6.00 -56 9.00 73 -2,250
Income Tax Expense		 0.00 0.00 0.00 0.00 0.00 0.00 1.00 1.00 25 -4.00 -2,785
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 -101 -199 -250 -291 -152 -1,307 -300 194 488
Basic Earnings per Share		 ($0.27) ($0.68) ($1.31) ($2.03) ($2.45) ($2.63) ($1.63) ($15.74) $4.12 $1.72 $10.22
Weighted Average Basic Shares Outstanding		 - 15M 15.24M 30.04M 46.85M 64.98M 82.81M 100.83M 109.32M 122.34M 137.63M
Diluted Earnings per Share		 ($0.27) ($0.68) ($1.31) ($2.03) ($2.45) ($2.63) ($1.63) ($15.74) $0.75 $1.59 $8.45
Weighted Average Diluted Shares Outstanding		 - 15M 15.24M 30.04M 46.85M 64.98M 82.81M 100.83M 200.58M 132.21M 224.28M
Weighted Average Basic & Diluted Shares Outstanding		 - 15M 15.24M 30.04M 46.85M 64.98M 173.00M 188.97M 201.90M 213.17M 218.85M

Quarterly Income Statements for Carvana

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 782 -114 28 18 85 79 216 183 151 857 250
Consolidated Net Income / (Loss)		 741 -200 49 48 148 159 373 308 263 951 405
Net Income / (Loss) Continuing Operations		 741 -200 49 48 148 159 373 308 263 951 405
Total Pre-Tax Income 		770 -202 48 49 147 156 375 308 259 -1,832 441
Total Operating Income		 48 -38 134 259 337 260 394 511 552 424 581
Total Gross Profit		 482 402 591 715 807 763 929 1,064 1,148 1,051 1,271
Total Revenue		 2,773 2,424 3,061 3,410 3,655 3,547 4,232 4,840 5,647 5,603 6,432
Operating Revenue		 2,773 2,424 3,061 3,410 3,655 3,547 4,232 4,840 5,647 5,603 6,432
Total Cost of Revenue		 2,291 2,022 2,470 2,695 2,848 2,784 3,303 3,776 4,499 4,552 5,161
Operating Cost of Revenue		 2,291 2,022 2,470 2,695 2,848 2,784 3,303 3,776 4,499 4,552 5,161
Total Operating Expenses		 434 440 457 456 470 503 535 553 596 627 690
Selling, General & Admin Expense		 433 439 456 455 469 494 535 551 595 627 690
Other Operating Expenses / (Income)		 1.00 1.00 1.00 1.00 1.00 9.00 0.00 2.00 1.00 - 0.00
Total Other Income / (Expense), net		 722 -164 -86 -210 -190 -104 -19 -203 -293 -2,256 -140
Interest Expense		 -725 165 173 175 161 154 141 143 139 98 99
Other Income / (Expense), net		 -3.00 1.00 87 -35 -29 50 122 -60 -154 -2,158 -41
Income Tax Expense		 29 -2.00 -1.00 1.00 -1.00 -3.00 2.00 0.00 -4.00 -2,783 36
Net Income / (Loss) Attributable to Noncontrolling Interest		 -41 -86 21 30 63 80 157 125 112 94 155
Basic Earnings per Share		 $7.05 ($0.87) $0.24 $0.15 $0.69 $0.64 $1.61 $1.35 $1.08 $6.18 $1.75
Weighted Average Basic Shares Outstanding		 110.84M 109.32M 116.30M 118.93M 123.88M 122.34M 134.06M 135.41M 139.21M 137.63M 142.75M
Diluted Earnings per Share		 $3.60 ($0.79) $0.23 $0.14 $0.64 $0.57 $1.51 $1.28 $1.03 $4.63 $1.69
Weighted Average Diluted Shares Outstanding		 205.96M 200.58M 212.24M 128.47M 133.56M 132.21M 142.59M 143.23M 146.27M 224.28M 148.09M
Weighted Average Basic & Diluted Shares Outstanding		 199.65M 201.90M 202.57M 206.94M 207.63M 213.17M 214.14M 215.20M 217.54M 218.85M 219.37M

Annual Cash Flow Statements for Carvana

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 36 66 138 -98 30 211 307 -8.00 -34 1,166 669
Net Cash From Operating Activities		 -54 -240 -200 -414 -757 -608 -2,594 -1,324 803 918 1,036
Net Cash From Continuing Operating Activities		 -54 -179 -200 -414 -757 -608 -2,594 -1,324 803 918 1,036
Net Income / (Loss) Continuing Operations		 -37 -93 -164 -255 -365 -462 -287 -2,894 150 404 1,895
Consolidated Net Income / (Loss)		 -37 -93 -164 -255 -365 -462 -287 -2,894 150 404 1,895
Depreciation Expense		 2.80 4.66 12 24 41 74 105 261 352 305 275
Amortization Expense		 0.00 0.00 1.65 2.31 6.00 8.00 11 27 24 15 10
Non-Cash Adjustments To Reconcile Net Income		 0.08 40 -16 -39 -194 -28 -554 -90 -192 453 2,117
Changes in Operating Assets and Liabilities, net		 -20 -130 -33 -147 -245 -200 -1,869 1,372 469 -259 -3,261
Net Cash From Investing Activities		 -16 -40 -78 -150 -228 -346 -627 -2,583 31 -13 -230
Net Cash From Continuing Investing Activities		 -16 -40 -78 -150 -228 -346 -627 -2,583 31 -13 -230
Purchase of Property, Plant & Equipment		 -14 -40 -78 -144 -231 -360 -557 -512 -87 -91 -147
Acquisitions		 - 0.00 0.00 -6.67 - 0.00 0.00 -2,196 -7.00 0.00 -160
Sale of Property, Plant & Equipment		 - - - - - 0.00 0.00 44 72 11 2.00
Other Investing Activities, net		 -2.12 - 0.00 0.00 3.00 14 56 81 53 67 75
Net Cash From Financing Activities		 106 284 416 466 1,015 1,165 3,528 3,899 -868 261 -137
Net Cash From Continuing Financing Activities		 106 284 416 466 1,015 1,165 3,528 3,899 -868 261 -137
Repayment of Debt		 -100 -289 -870 -1,947 -4,246 -5,641 -12,684 -13,741 -8,147 -4,278 -4,863
Issuance of Debt		 125 411 982 2,247 4,968 5,765 16,250 16,417 6,841 3,287 4,193
Issuance of Common Equity		 0.00 0.08 206 172 299 1,064 2.00 1,231 453 1,271 584
Other Financing Activities, net		 50 0.00 -0.66 -1.71 -6.00 -23 -40 -8.00 -15 -19 -51

Quarterly Cash Flow Statements for Carvana

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -61 -22 -267 280 325 828 144 26 291 208 83
Net Cash From Operating Activities		 599 -239 101 354 403 60 232 29 345 430 107
Net Cash From Continuing Operating Activities		 599 -239 101 354 403 60 232 29 345 430 107
Net Income / (Loss) Continuing Operations		 741 -200 49 48 148 159 373 308 263 951 405
Consolidated Net Income / (Loss)		 741 -200 49 48 148 159 373 308 263 951 405
Depreciation Expense		 87 82 82 76 73 74 73 68 65 69 69
Amortization Expense		 6.00 4.00 5.00 4.00 4.00 2.00 2.00 1.00 3.00 4.00 3.00
Non-Cash Adjustments To Reconcile Net Income		 -422 -14 -29 199 295 -79 -194 67 159 2,125 -163
Changes in Operating Assets and Liabilities, net		 187 -111 -6.00 27 -117 -96 -22 -415 -145 -2,719 -207
Net Cash From Investing Activities		 16 9.00 7.00 2.00 -15 -7.00 -35 -19 -46 -130 -31
Net Cash From Continuing Investing Activities		 16 9.00 7.00 2.00 -15 -7.00 -35 -19 -46 -130 -31
Purchase of Property, Plant & Equipment		 -19 -18 -18 -22 -27 -24 -27 -31 -38 -51 -51
Acquisitions		 - - 0.00 - - - -24 - -27 -109 -11
Sale of Property, Plant & Equipment		 25 14 5.00 3.00 1.00 2.00 1.00 - 1.00 - 0.00
Other Investing Activities, net		 10 13 20 21 11 15 15 12 18 30 31
Net Cash From Financing Activities		 -676 208 -375 -76 -63 775 -53 16 -8.00 -92 7.00
Net Cash From Continuing Financing Activities		 -676 208 -375 -76 -63 775 -53 16 -8.00 -92 7.00
Repayment of Debt		 -2,387 -764 -1,256 -1,392 -975 -655 -648 -1,592 -1,529 -1,094 -1,125
Issuance of Debt		 1,268 975 881 966 914 526 613 1,602 977 1,001 1,178
Issuance of Common Equity		 453 - 0.00 - - 921 5.00 17 552 10 1.00
Other Financing Activities, net		 -10 -3.00 0.00 - -2.00 -17 -23 -11 -8.00 -9.00 -47

Annual Balance Sheets for Carvana

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 336 641 991 2,058 3,035 7,015 8,698 7,071 8,484 13,201
Total Current Assets		 275 490 663 1,359 1,923 4,892 4,594 3,321 4,869 6,549
Cash & Equivalents		 39 173 79 76 301 403 434 530 1,716 2,327
Restricted Cash		 10 14 9.85 42 28 233 194 64 44 102
Short-Term Investments		 - - - 99 131 382 321 366 464 486
Note & Lease Receivable		 25 - 105 287 275 356 1,334 807 612 813
Accounts Receivable		 5.69 14 33 40 79 206 253 266 303 245
Inventories, net		 186 227 412 763 1,036 3,149 1,876 1,150 1,608 2,408
Other Current Assets		 9.82 61 24 53 73 163 182 138 122 168
Plant, Property, & Equipment, net		 61 149 297 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 0.00 2.74 31 698 1,112 2,123 4,104 3,750 3,615 6,652
Noncurrent Note & Lease Receivables		 - - 0.00 123 - 369 536 455 440 443
Goodwill		 - 0.00 9.35 9.35 9.00 9.00 - - 0.00 10
Intangible Assets		 - 0.00 8.87 7.23 6.00 4.00 70 52 34 47
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - 3.00 3,064
Other Noncurrent Operating Assets		 0.00 2.74 13 558 1,097 1,741 3,498 3,243 3,138 3,088
Total Liabilities & Shareholders' Equity		 336 641 991 2,058 3,035 7,015 8,698 7,071 8,484 13,201
Total Liabilities		 201 362 764 1,866 2,233 6,490 9,751 7,455 7,109 8,998
Total Current Liabilities		 196 306 330 865 467 2,890 2,592 1,536 1,338 1,519
Short-Term Debt		 166 254 208 618 105 2,205 1,735 857 376 285
Accounts Payable		 30 52 121 234 342 656 777 596 856 1,100
Other Current Liabilities		 - - 0.00 13 20 29 80 83 106 134
Total Noncurrent Liabilities		 4.40 56 434 1,001 1,766 3,600 7,159 5,919 5,771 7,479
Long-Term Debt		 4.40 48 425 883 1,617 3,208 6,574 5,416 5,256 4,830
Capital Lease Obligations		 - - 0.00 - 148 - - - 414 406
Other Noncurrent Operating Liabilities		 0.00 7.09 8.73 118 1.00 392 585 503 101 2,243
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -116 280 227 192 802 525 -1,053 -384 1,375 4,203
Total Preferred & Common Equity		 -116 126 80 98 388 306 -518 243 1,260 3,441
Preferred Stock		 - 97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -116 29 80 98 388 306 -518 243 1,260 3,441
Common Stock		 - 42 148 281 742 795 1,558 1,869 2,676 3,450
Retained Earnings		 - -13 -68 -183 -354 -489 -2,076 -1,626 -1,416 -9.00
Noncontrolling Interest		 - 154 148 94 414 219 -535 -627 115 762

Quarterly Balance Sheets for Carvana

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 9,621 8,646 7,849 7,025 6,983 7,170 7,368 8,878 9,366 9,853 13,771
Total Current Assets		 4,469 4,616 3,912 3,186 3,232 3,477 3,765 5,137 5,673 6,265 7,197
Cash & Equivalents		 316 488 541 544 252 542 871 1,858 1,857 2,142 2,410
Restricted Cash		 161 206 136 72 75 65 61 46 73 79 102
Accounts Receivable		 359 342 335 318 351 349 363 369 320 352 339
Inventories, net		 2,577 1,485 1,302 1,085 1,162 1,221 1,305 1,503 2,023 2,316 2,664
Other Current Assets		 221 2,095 165 796 1,392 879 702 1,361 167 166 1,682
Plant, Property, & Equipment, net		 0.00 3,195 0.00 0.00 2,919 0.00 0.00 2,743 0.00 0.00 2,821
Total Noncurrent Assets		 5,152 835 3,937 3,839 832 3,693 3,603 998 3,693 3,588 3,753
Noncurrent Note & Lease Receivables		 - 519 - 473 447 466 452 430 430 438 431
Goodwill		 847 - - - - - - 2.00 2.00 3.00 10
Intangible Assets		 76 65 61 56 48 43 39 35 32 35 49
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - - - 3,031
Other Noncurrent Operating Assets		 4,229 251 3,876 3,310 337 3,184 3,112 531 3,229 3,112 232
Total Liabilities & Shareholders' Equity		 9,621 8,646 7,849 7,025 6,983 7,170 7,368 8,878 9,366 9,853 13,771
Total Liabilities		 9,247 9,968 9,255 7,227 7,294 7,055 7,082 7,105 7,249 6,902 9,139
Total Current Liabilities		 1,878 2,850 2,179 1,395 1,274 1,118 1,159 1,347 1,417 1,548 1,761
Short-Term Debt		 788 1,904 1,360 629 469 275 285 372 384 393 308
Accounts Payable		 1,009 864 739 681 705 742 772 836 893 1,012 1,259
Other Current Liabilities		 81 82 80 85 100 101 102 139 140 143 194
Total Noncurrent Liabilities		 7,369 7,118 7,076 5,832 6,020 5,937 5,923 5,758 5,832 5,354 7,378
Long-Term Debt		 6,616 6,553 6,542 5,305 5,544 5,428 5,431 5,269 5,323 4,810 4,846
Capital Lease Obligations		 669 493 466 450 424 444 429 402 402 402 392
Other Noncurrent Operating Liabilities		 84 72 68 77 52 65 63 87 107 142 2,140
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 374 -1,322 -1,406 -202 -311 115 286 1,773 2,117 2,951 4,632
Total Preferred & Common Equity		 274 -660 -697 339 289 526 611 1,504 1,730 2,279 3,720
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 274 -660 -697 339 289 526 611 1,504 1,730 2,279 3,720
Common Stock		 1,544 1,576 1,597 1,851 1,887 2,106 2,106 2,704 2,747 3,145 3,479
Retained Earnings		 -1,270 -2,236 -2,294 -1,512 -1,598 -1,580 -1,495 -1,200 -1,017 -866 241
Noncontrolling Interest		 100 -662 -709 -541 -600 -411 -325 269 387 672 912

Annual Metrics And Ratios for Carvana

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 180.04% 135.21% 127.68% 101.49% 41.80% 129.35% 6.17% -20.82% 26.94% 48.63%
EBITDA Growth		 0.00% -160.58% -69.02% -42.14% -16.24% -5.06% 102.41% -35,416.67% 114.39% 353.44% -106.07%
EBIT Growth		 0.00% -153.12% -74.99% -46.64% -23.63% -16.55% 66.77% -2,088.18% 97.05% 1,597.18% -134.71%
NOPAT Growth		 0.00% -153.25% -73.57% -47.16% -22.51% -18.57% 68.67% -2,160.58% 95.83% 1,558.19% 31.68%
Net Income Growth		 0.00% -153.13% -76.49% -55.03% -43.28% -26.58% 37.88% -908.36% 105.18% 169.33% 369.06%
EPS Growth		 0.00% -151.85% -92.65% -54.96% -20.69% -7.35% 38.02% -865.64% 104.76% 112.00% 431.45%
Operating Cash Flow Growth		 0.00% -348.95% 16.78% -107.25% -82.70% 19.68% -326.64% 48.96% 160.65% 14.32% 12.85%
Free Cash Flow Firm Growth		 0.00% 0.00% 22.50% -117.37% -67.34% -7.77% -186.96% -9.06% 143.18% -12.49% -140.35%
Invested Capital Growth		 0.00% 0.00% 54.02% 95.58% 91.06% 49.93% 122.42% 28.19% -21.85% -2.96% 31.02%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 19.55% 15.17% 14.87% 17.69% -6.31% -3.69% 8.95% 11.26%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -14.19% -8.65% 6.44% -78.57% -109.80% 132.34% 32.22% -104.28%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -14.88% -10.21% 2.66% -44.74% -93.33% 94.63% 48.46% -122.03%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -14.88% -9.50% 0.24% -6.12% -103.55% 92.62% 33.32% -23.66%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -18.17% -12.20% -6.43% -10.81% -77.00% 113.75% 797.78% 71.80%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -25.38% -75.67% 111.92% 591.30% 92.05%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 5.46% -19.14% -29.37% 20.97% -63.87% 24.64% 165.02% 48.30% 55.56%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -10.15% -11.82% -34.71% 32.87% -12.44% 26.06% -132.39%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 19.83% 15.11% 15.49% 25.80% -17.23% -5.12% -5.02% 16.41%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 1.03% 5.26% 7.93% 10.06% 12.87% 14.21% 15.05% 9.16% 16.01% 21.03% 20.63%
EBITDA Margin		 -24.98% -23.24% -16.70% -10.43% -6.02% -4.46% 0.05% -15.58% 2.83% 10.11% -0.41%
Operating Margin		 -27.10% -24.50% -18.08% -11.69% -7.11% -5.94% -0.81% -17.28% -0.74% 7.24% 9.26%
EBIT Margin		 -27.12% -24.52% -18.24% -11.75% -7.21% -5.92% -0.86% -17.69% -0.66% 7.77% -1.82%
Profit (Net Income) Margin		 -28.21% -25.50% -19.13% -13.03% -9.26% -8.27% -2.24% -21.27% 1.39% 2.95% 9.32%
Tax Burden Percent		 100.00% 99.99% 100.00% 100.00% 100.00% 100.00% 100.35% 100.03% 85.71% 101.00% -212.92%
Interest Burden Percent		 103.99% 104.01% 104.89% 110.89% 128.52% 139.58% 260.00% 120.19% -246.48% 37.63% 241.19%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14.29% -1.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -48.87% -33.39% -27.42% -17.44% -12.61% -2.04% -29.32% -1.22% 20.59% 21.93%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -99.09% -80.39% -56.13% -35.93% -29.65% -9.42% -50.56% 2.23% 6.93% 39.93%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -89.04% -45.88% -73.08% -156.63% -80.36% -41.21% 1,125.53% -19.66% 60.94% 46.01%
Return on Equity (ROE)		 0.00% -137.91% -79.27% -100.50% -174.07% -92.96% -43.26% 1,096.21% -20.88% 81.53% 67.95%
Cash Return on Invested Capital (CROIC)		 0.00% -248.87% -75.93% -92.09% -80.02% -52.56% -77.98% -54.03% 23.31% 23.60% -4.92%
Operating Return on Assets (OROA)		 0.00% -26.66% -32.07% -28.15% -18.63% -13.00% -2.19% -30.64% -0.90% 13.67% -3.40%
Return on Assets (ROA)		 0.00% -27.72% -33.64% -31.22% -23.94% -18.14% -5.71% -36.84% 1.90% 5.19% 17.48%
Return on Common Equity (ROCE)		 0.00% 118.46% 16.70% -21.47% -73.80% -45.47% -22.62% 440.15% -4.00% 123.66% 57.26%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 80.29% -130.68% -319.69% -372.02% -119.07% -93.79% 558.69% 61.73% 32.06% 0.00%
Net Operating Profit after Tax (NOPAT)		 -25 -63 -109 -160 -196 -232 -73 -1,646 -69 1,000 1,317
NOPAT Margin		 -18.97% -17.15% -12.66% -8.18% -4.97% -4.16% -0.57% -12.10% -0.64% 7.31% 6.48%
Net Nonoperating Expense Percent (NNEP)		 0.00% 50.22% 47.00% 28.72% 18.49% 17.05% 7.38% 21.24% -3.45% 13.67% -17.99%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -22.68% -1.16% 14.27% 13.54%
Cost of Revenue to Revenue		 98.97% 94.74% 92.07% 89.94% 87.13% 85.79% 84.95% 90.84% 83.99% 78.97% 79.37%
SG&A Expenses to Revenue		 28.13% 29.76% 26.01% 21.75% 19.97% 20.15% 15.87% 20.11% 16.67% 13.71% 11.36%
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		 28.13% 29.76% 26.01% 21.75% 19.97% 20.15% 15.87% 26.44% 16.75% 13.79% 11.37%
Earnings before Interest and Taxes (EBIT)		 -35 -90 -157 -230 -284 -331 -110 -2,407 -71 1,063 -369
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -33 -85 -143 -204 -237 -249 6.00 -2,119 305 1,383 -84
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 10.63 15.95 94.99 43.57 64.83 0.00 24.84 20.74 17.34
Price to Tangible Book Value (P/TBV)		 0.00 0.00 10.63 20.67 114.32 45.33 67.71 0.00 31.61 21.32 17.64
Price to Revenue (P/Rev)		 0.00 0.00 0.35 0.65 2.37 3.03 1.55 0.04 0.56 1.91 2.94
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13.42 124.45 42.42
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		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 7.45% 0.80% 2.36%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 1.70 2.54 7.25 8.47 4.97 1.16 2.18 6.20 9.26
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.78 1.00 2.72 3.35 1.91 0.54 1.00 2.17 3.10
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 4,075.38 0.00 35.16 21.44 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27.90 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29.66 47.89
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13.35 32.31 60.86
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.19 25.88 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 1.26 1.08 2.79 7.82 2.33 10.31 -7.89 -16.34 4.10 1.31
Long-Term Debt to Equity		 0.00 0.03 0.17 1.87 4.60 2.20 6.11 -6.24 -14.10 3.82 1.25
Financial Leverage		 0.00 0.90 0.57 1.30 4.36 2.71 4.37 -22.26 -8.82 8.80 1.15
Leverage Ratio		 0.00 2.49 2.36 3.22 7.27 5.12 7.57 -29.76 -10.97 15.70 3.89
Compound Leverage Factor		 0.00 2.59 2.47 3.57 9.34 7.15 19.69 -35.77 27.05 5.91 9.38
Debt to Total Capital		 0.00% 55.85% 51.96% 73.58% 88.66% 69.99% 91.16% 114.51% 106.52% 80.38% 56.78%
Short-Term Debt to Total Capital		 0.00% 54.41% 43.63% 24.17% 36.49% 3.93% 37.13% 23.91% 14.55% 5.37% 2.93%
Long-Term Debt to Total Capital		 0.00% 1.44% 8.33% 49.41% 52.17% 66.06% 54.02% 90.60% 91.97% 75.01% 53.85%
Preferred Equity to Total Capital		 0.00% 0.00% 16.69% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 82.07% 26.43% 17.16% 5.54% 15.49% 3.69% -7.37% -10.65% 1.64% 7.84%
Common Equity to Total Capital		 0.00% -37.92% 4.92% 9.26% 5.80% 14.52% 5.15% -7.14% 4.13% 17.98% 35.39%
Debt to EBITDA		 0.00 -2.01 -2.11 -3.11 -6.33 -7.51 902.17 -3.92 20.57 4.07 -65.73
Net Debt to EBITDA		 0.00 -1.43 -0.80 -2.67 -5.42 -5.66 732.50 -3.47 17.42 2.46 -31.02
Long-Term Debt to EBITDA		 0.00 -0.05 -0.34 -2.09 -3.73 -7.09 534.67 -3.10 17.76 3.80 -62.33
Debt to NOPAT		 0.00 -2.73 -2.78 -3.96 -7.66 -8.05 -74.35 -5.05 -91.48 5.63 4.19
Net Debt to NOPAT		 0.00 -1.94 -1.06 -3.40 -6.55 -6.07 -60.37 -4.47 -77.48 3.41 1.98
Long-Term Debt to NOPAT		 0.00 -0.07 -0.45 -2.66 -4.51 -7.59 -44.07 -3.99 -78.98 5.26 3.98
Altman Z-Score		 0.00 0.00 1.35 2.51 4.62 6.44 3.85 0.62 1.96 4.50 5.88
Noncontrolling Interest Sharing Ratio		 0.00% 185.89% 121.07% 78.64% 57.60% 51.09% 47.70% 59.85% 80.86% -51.67% 15.72%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 1.40 1.60 2.01 1.57 4.12 1.69 1.77 2.16 3.64 4.31
Quick Ratio		 0.00 0.35 0.61 0.66 0.58 1.68 0.47 0.90 1.28 2.31 2.55
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -319 -247 -537 -899 -969 -2,781 -3,033 1,309 1,146 -295
Operating Cash Flow to CapEx		 -383.57% -607.56% -254.71% -288.40% -327.71% -168.89% -465.71% -282.91% 5,353.33% 1,147.50% 714.48%
Free Cash Flow to Firm to Interest Expense		 0.00 -88.92 -32.28 -21.48 -11.10 -7.40 -15.80 -6.24 0.00 1.73 -0.57
Operating Cash Flow to Interest Expense		 -37.90 -66.97 -26.10 -16.56 -9.35 -4.64 -14.74 -2.72 0.00 1.38 1.99
Operating Cash Flow Less CapEx to Interest Expense		 -47.77 -77.99 -36.35 -22.30 -12.20 -7.39 -17.90 -3.69 0.00 1.26 1.71
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 1.09 1.76 2.40 2.58 2.19 2.55 1.73 1.37 1.76 1.87
Accounts Receivable Turnover		 0.00 64.15 86.77 82.81 107.97 94.01 89.92 59.28 41.51 48.06 74.17
Inventory Turnover		 0.00 1.86 3.83 5.50 5.84 5.33 5.20 4.92 5.98 7.83 8.03
Fixed Asset Turnover		 0.00 6.03 8.21 8.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 11.51 19.25 20.27 19.29 16.63 21.81 17.25 13.18 14.87 16.49
Days Sales Outstanding (DSO)		 0.00 5.69 4.21 4.41 3.38 3.88 4.06 6.16 8.79 7.59 4.92
Days Inventory Outstanding (DIO)		 0.00 195.72 95.30 66.38 62.46 68.49 70.17 74.21 61.04 46.62 45.44
Days Payable Outstanding (DPO)		 0.00 31.70 18.96 18.01 18.92 21.95 16.73 21.16 27.70 24.54 22.13
Cash Conversion Cycle (CCC)		 0.00 169.71 80.55 52.78 46.92 50.42 57.49 59.20 42.14 29.67 28.23
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 256 395 772 1,475 2,212 4,920 6,307 4,929 4,783 6,809
Invested Capital Turnover		 0.00 2.85 2.64 3.35 3.51 3.03 3.59 2.42 1.92 2.82 3.39
Increase / (Decrease) in Invested Capital		 0.00 256 138 377 703 737 2,708 1,387 -1,378 -146 1,612
Enterprise Value (EV)		 0.00 0.00 670 1,963 10,697 18,730 24,452 7,327 10,723 29,657 63,051
Market Capitalization		 0.00 0.00 304 1,271 9,320 16,906 19,838 502 6,037 26,134 59,683
Book Value per Share		 $0.00 ($7.73) $0.22 $0.55 $0.97 $2.26 $1.77 ($2.74) $1.22 $6.07 $15.82
Tangible Book Value per Share		 $0.00 ($7.73) $0.22 $0.43 $0.81 $2.17 $1.70 ($3.11) $0.96 $5.90 $15.56
Total Capital		 0.00 306 582 861 1,693 2,672 5,938 7,256 5,889 7,007 9,724
Total Debt		 0.00 171 302 633 1,501 1,870 5,413 8,309 6,273 5,632 5,521
Total Long-Term Debt		 0.00 4.40 48 425 883 1,765 3,208 6,574 5,416 5,256 5,236
Net Debt		 0.00 121 115 545 1,283 1,410 4,395 7,360 5,313 3,408 2,606
Capital Expenditures (CapEx)		 14 40 78 144 231 360 557 468 15 80 145
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 196 250 453 895 1,101 3,189 2,788 1,682 1,683 2,400
Debt-free Net Working Capital (DFNWC)		 0.00 245 438 541 1,112 1,561 4,207 3,737 2,642 3,907 5,315
Net Working Capital (NWC)		 0.00 79 184 333 495 1,456 2,002 2,002 1,785 3,531 5,030
Net Nonoperating Expense (NNE)		 12 30 56 95 169 230 214 1,248 -219 596 -578
Net Nonoperating Obligations (NNO)		 0.00 121 115 545 1,283 1,410 4,395 7,360 5,313 3,408 2,606
Total Depreciation and Amortization (D&A)		 2.80 4.66 13 26 47 82 116 288 376 320 285
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 53.61% 29.16% 23.15% 22.71% 19.71% 24.89% 20.49% 15.62% 12.31% 11.81%
Debt-free Net Working Capital to Revenue		 0.00% 67.15% 50.95% 27.69% 28.23% 27.94% 32.83% 27.47% 24.53% 28.57% 26.15%
Net Working Capital to Revenue		 0.00% 21.59% 21.39% 17.05% 12.55% 26.06% 15.62% 14.72% 16.57% 25.82% 24.75%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.27) ($0.68) ($1.31) ($2.24) ($2.45) ($2.63) ($1.63) ($15.74) $4.12 $1.72 $10.22
Adjusted Weighted Average Basic Shares Outstanding		 0.00 15M 132.75M 145.54M 151.76M 172.26M 82.81M 100.83M 109.32M 122.34M 137.63M
Adjusted Diluted Earnings per Share		 ($0.27) ($0.68) ($1.31) ($2.24) ($2.45) ($2.63) ($1.63) ($15.74) $0.75 $1.59 $8.45
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 15M 132.75M 145.54M 151.76M 172.26M 82.81M 100.83M 200.58M 132.21M 224.28M
Adjusted Basic & Diluted Earnings per Share		 ($0.27) ($0.68) ($1.31) ($2.24) ($2.45) ($2.63) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 15M 15.24M 30.04M 46.85M 64.98M 173.00M 188.97M 201.90M 213.17M 218.85M
Normalized Net Operating Profit after Tax (NOPAT)		 -25 -63 -109 -160 -196 -232 -73 -1,053 -69 693 1,317
Normalized NOPAT Margin		 -18.97% -17.15% -12.66% -8.18% -4.97% -4.16% -0.57% -7.74% -0.64% 5.07% 6.48%
Pre Tax Income Margin		 -28.21% -25.50% -19.13% -13.03% -9.26% -8.27% -2.23% -21.27% 1.62% 2.93% -4.38%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -25.05 -24.96 -20.45 -9.18 -3.51 -2.53 -0.63 -4.95 0.00 1.60 -0.71
NOPAT to Interest Expense		 -17.52 -17.46 -14.19 -6.39 -2.42 -1.77 -0.41 -3.39 0.00 1.51 2.53
EBIT Less CapEx to Interest Expense		 -34.93 -35.98 -30.70 -14.93 -6.36 -5.27 -3.79 -5.92 0.00 1.48 -0.99
NOPAT Less CapEx to Interest Expense		 -27.40 -28.48 -24.44 -12.14 -5.27 -4.52 -3.58 -4.35 0.00 1.39 2.25
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -91.17% 0.00% 0.00% -1.81% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -92.45% -0.86% 0.00% -1.82% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Carvana

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 218,845,668.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 218,845,668.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.14
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -18.10% -14.56% 17.46% 14.89% 31.81% 46.33% 38.26% 41.94% 54.50% 57.96% 51.98%
EBITDA Growth		 151.30% 104.09% 1,200.00% 108.22% 178.99% 687.76% 91.88% 71.05% 21.04% -530.31% 3.55%
EBIT Growth		 112.68% 97.13% 271.32% 348.00% 584.44% 937.84% 133.48% 101.34% 29.22% -659.35% 4.65%
NOPAT Growth		 122.22% 97.08% 248.04% 762.97% 634.52% 1,096.24% 186.49% 101.41% 65.20% 12.00% 36.15%
Net Income Growth		 245.87% 86.12% 117.13% 145.71% -80.03% 179.50% 661.22% 541.67% 77.70% 498.11% 8.58%
EPS Growth		 234.83% 89.91% 115.89% 125.45% -82.22% 172.15% 556.52% 814.29% 60.94% 698.28% 11.92%
Operating Cash Flow Growth		 711.22% 67.66% 253.03% -30.45% -32.72% 125.10% 129.70% -91.81% -14.39% 616.67% -53.88%
Free Cash Flow Firm Growth		 163.09% 158.83% 205.25% -49.50% -79.84% -69.59% -78.07% -108.77% -150.67% -43,740.00% -537.59%
Invested Capital Growth		 -31.82% -21.85% -16.37% -12.03% -3.06% -2.96% 1.95% 11.39% 16.14% 31.02% 29.67%
Revenue Q/Q Growth		 -6.57% -12.59% 26.28% 11.40% 7.18% -2.95% 19.31% 14.37% 16.67% -0.78% 14.80%
EBITDA Q/Q Growth		 -5.48% -64.49% 528.57% -1.30% 26.64% 0.26% 53.11% -12.01% -10.38% -456.44% 136.85%
EBIT Q/Q Growth		 -10.00% -182.22% 697.30% 1.36% 37.50% 0.65% 66.45% -12.60% -11.75% -535.68% 131.14%
NOPAT Q/Q Growth		 57.12% -157.59% 730.38% 85.48% 33.73% -21.90% 47.89% 30.39% 9.69% -47.05% 79.77%
Net Income Q/Q Growth		 805.71% -126.99% 124.50% -2.04% 208.33% 7.43% 134.59% -17.43% -14.61% 261.60% -57.41%
EPS Q/Q Growth		 754.55% -121.94% 105.66% -41.67% 357.14% -10.94% 164.91% -15.23% -19.53% 349.51% -63.50%
Operating Cash Flow Q/Q Growth		 17.68% -139.90% 142.26% 250.50% 13.84% -85.11% 286.67% -87.50% 1,089.66% 24.64% -75.12%
Free Cash Flow Firm Q/Q Growth		 28.68% -45.31% 37.74% -23.75% -48.61% -17.52% -32.14% -130.48% -197.03% -420.92% 7.21%
Invested Capital Q/Q Growth		 -12.69% -5.12% 8.15% -9.74% -3.78% -5.02% 23.60% -1.39% 0.33% 16.41% 12.59%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 17.38% 16.58% 19.31% 20.97% 22.08% 21.51% 21.95% 21.98% 20.33% 18.76% 19.76%
EBITDA Margin		 4.98% 2.02% 10.06% 8.92% 10.53% 10.88% 13.97% 10.74% 8.25% -29.64% 9.51%
Operating Margin		 1.73% -1.57% 4.38% 7.60% 9.22% 7.33% 9.31% 10.56% 9.78% 7.57% 9.03%
EBIT Margin		 1.62% -1.53% 7.22% 6.57% 8.43% 8.74% 12.19% 9.32% 7.05% -30.95% 8.40%
Profit (Net Income) Margin		 26.72% -8.25% 1.60% 1.41% 4.05% 4.48% 8.81% 6.36% 4.66% 16.97% 6.30%
Tax Burden Percent		 96.23% 99.01% 102.08% 97.96% 100.68% 101.92% 99.47% 100.00% 101.54% -51.91% 91.84%
Interest Burden Percent		 1,711.11% 545.95% 21.72% 21.88% 47.73% 50.32% 72.67% 68.29% 65.08% 105.65% 81.67%
Effective Tax Rate		 3.77% 0.00% -2.08% 2.04% -0.68% -1.92% 0.53% 0.00% -1.54% 0.00% 8.16%
Return on Invested Capital (ROIC)		 2.91% -2.10% 7.88% 15.52% 22.77% 21.04% 23.48% 31.06% 33.31% 17.93% 27.52%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.90% -4.84% 6.66% 12.23% 19.00% 18.61% 23.11% 26.46% 25.53% 38.29% 23.94%
Return on Net Nonoperating Assets (RNNOA)		 1,021.64% 42.69% -58.57% -118.15% 2,295.61% 163.73% 161.98% 104.71% 60.33% 44.12% 26.81%
Return on Equity (ROE)		 1,024.55% 40.58% -50.69% -102.62% 2,318.38% 184.77% 185.46% 135.77% 93.64% 62.05% 54.33%
Cash Return on Invested Capital (CROIC)		 23.34% 23.31% 20.72% 19.86% 17.77% 23.60% 19.45% 16.43% 16.75% -4.92% -4.51%
Operating Return on Assets (OROA)		 2.18% -2.09% 10.37% 10.21% 14.70% 15.36% 22.82% 18.34% 14.95% -58.01% 16.70%
Return on Assets (ROA)		 35.91% -11.27% 2.30% 2.19% 7.06% 7.88% 16.50% 12.53% 9.88% 31.81% 12.52%
Return on Common Equity (ROCE)		 3,651.43% 7.77% -11.52% -13.59% 26,219.79% 280.23% 227.45% 137.23% 83.60% 52.30% 44.31%
Return on Equity Simple (ROE_SIMPLE)		 -321.83% 0.00% 167.82% 121.29% 7.37% 0.00% 48.40% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 46 -27 137 254 339 265 392 511 561 297 534
NOPAT Margin		 1.67% -1.10% 4.47% 7.44% 9.28% 7.47% 9.26% 10.56% 9.93% 5.30% 8.30%
Net Nonoperating Expense Percent (NNEP)		 -10.99% 2.74% 1.22% 3.30% 3.77% 2.43% 0.37% 4.60% 7.78% -20.35% 3.58%
Return On Investment Capital (ROIC_SIMPLE)		 - -0.45% - - - 3.78% 5.01% 6.21% 6.55% 3.05% 5.24%
Cost of Revenue to Revenue		 82.62% 83.42% 80.69% 79.03% 77.92% 78.49% 78.05% 78.02% 79.67% 81.24% 80.24%
SG&A Expenses to Revenue		 15.61% 18.11% 14.90% 13.34% 12.83% 13.93% 12.64% 11.38% 10.54% 11.19% 10.73%
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		 15.65% 18.15% 14.93% 13.37% 12.86% 14.18% 12.64% 11.43% 10.55% 11.19% 10.73%
Earnings before Interest and Taxes (EBIT)		 45 -37 221 224 308 310 516 451 398 -1,734 540
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 138 49 308 304 385 386 591 520 466 -1,661 612
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 13.19 24.84 34.69 28.62 35.28 20.74 18.63 26.30 22.86 17.34 12.06
Price to Tangible Book Value (P/TBV)		 15.80 31.61 41.60 31.17 37.69 21.32 19.10 26.83 23.24 17.64 12.26
Price to Revenue (P/Rev)		 0.40 0.56 0.89 1.29 1.72 1.91 1.89 2.80 2.85 2.94 1.99
Price to Earnings (P/E)		 0.00 13.42 15.71 21.08 1,268.18 124.45 70.42 80.81 82.82 42.42 31.14
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		 0.00% 7.45% 6.36% 4.74% 0.08% 0.80% 1.42% 1.24% 1.21% 2.36% 3.21%
Enterprise Value to Invested Capital (EV/IC)		 1.80 2.18 2.68 3.78 5.16 6.20 5.49 8.51 9.52 9.26 6.37
Enterprise Value to Revenue (EV/Rev)		 0.83 1.00 1.38 1.69 2.07 2.17 2.19 3.05 3.05 3.10 2.17
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 35.16 24.23 24.73 24.84 21.44 19.47 26.35 28.35 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 55.68 43.62 36.29 27.90 23.88 31.29 33.23 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 84.37 50.12 34.65 29.66 25.91 32.95 32.27 47.89 33.72
Enterprise Value to Operating Cash Flow (EV/OCF)		 30.79 13.35 16.01 24.25 41.98 32.31 30.92 68.50 83.57 60.86 53.59
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.24 8.19 11.78 17.80 28.59 25.88 28.48 54.56 61.04 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -31.60 -16.34 -20.70 53.45 21.49 4.10 3.41 2.89 1.90 1.31 1.20
Long-Term Debt to Equity		 -28.49 -14.10 -19.19 51.06 20.49 3.82 3.20 2.70 1.77 1.25 1.13
Financial Leverage		 73.51 -8.82 -8.80 -9.66 120.80 8.80 7.01 3.96 2.36 1.15 1.12
Leverage Ratio		 96.78 -10.97 -9.57 -11.63 171.35 15.70 10.85 7.41 5.32 3.89 3.54
Compound Leverage Factor		 1,656.00 -59.91 -2.08 -2.54 81.78 7.90 7.88 5.06 3.46 4.11 2.89
Debt to Total Capital		 103.27% 106.52% 105.08% 98.16% 95.55% 80.38% 77.32% 74.26% 65.51% 56.78% 54.49%
Short-Term Debt to Total Capital		 10.17% 14.55% 7.66% 4.39% 4.43% 5.37% 4.76% 4.67% 4.59% 2.93% 3.03%
Long-Term Debt to Total Capital		 93.09% 91.97% 97.42% 93.77% 91.12% 75.01% 72.56% 69.60% 60.92% 53.85% 51.46%
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		 -8.75% -10.65% -9.79% -6.56% -5.05% 1.64% 3.44% 4.70% 7.85% 7.84% 8.96%
Common Equity to Total Capital		 5.48% 4.13% 4.72% 8.40% 9.50% 17.98% 19.24% 21.03% 26.64% 35.39% 36.55%
Debt to EBITDA		 -6.77 20.57 10.04 7.69 5.87 4.07 3.63 3.25 2.86 -65.73 -88.03
Net Debt to EBITDA		 -5.72 17.42 9.53 6.41 4.54 2.46 2.48 1.97 1.48 -31.02 -48.16
Long-Term Debt to EBITDA		 -6.10 17.76 9.31 7.35 5.60 3.80 3.40 3.04 2.66 -62.33 -83.14
Debt to NOPAT		 -6.87 -91.48 34.96 15.59 8.19 5.63 4.83 4.06 3.25 4.19 3.83
Net Debt to NOPAT		 -5.81 -77.48 33.18 12.98 6.33 3.41 3.31 2.47 1.68 1.98 2.10
Long-Term Debt to NOPAT		 -6.19 -78.98 32.41 14.89 7.81 5.26 4.53 3.80 3.02 3.98 3.62
Altman Z-Score		 1.99 1.97 2.55 3.10 3.81 4.20 4.55 6.06 6.97 5.54 5.21
Noncontrolling Interest Sharing Ratio		 -256.40% 80.86% 77.28% 86.75% -1,030.95% -51.67% -22.64% -1.08% 10.72% 15.72% 18.44%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.28 2.16 2.54 3.11 3.25 3.64 3.81 4.00 4.05 4.31 4.09
Quick Ratio		 0.88 1.28 0.47 1.17 1.46 2.31 1.65 2.41 2.39 2.55 1.56
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,471 1,351 1,272 970 498 411 279 -85 -252 -1,315 -1,220
Operating Cash Flow to CapEx		 0.00% -5,975.00% 776.92% 1,863.16% 1,550.00% 272.73% 892.31% 93.55% 932.43% 843.14% 209.80%
Free Cash Flow to Firm to Interest Expense		 0.00 8.19 7.35 5.54 3.10 2.67 1.98 -0.59 -1.82 -13.42 -12.33
Operating Cash Flow to Interest Expense		 0.00 -1.45 0.58 2.02 2.50 0.39 1.65 0.20 2.48 4.39 1.08
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -1.47 0.51 1.91 2.34 0.25 1.46 -0.01 2.22 3.87 0.57
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.34 1.37 1.44 1.55 1.74 1.76 1.87 1.97 2.12 1.87 1.99
Accounts Receivable Turnover		 33.04 41.51 32.40 34.12 36.86 48.06 41.23 48.65 51.09 74.17 63.62
Inventory Turnover		 5.28 5.98 6.99 7.51 8.40 7.83 8.73 7.84 7.93 8.03 8.63
Fixed Asset Turnover		 0.00 0.00 3.67 0.00 0.00 0.00 5.24 0.00 0.00 0.00 8.10
Accounts Payable Turnover		 11.44 13.18 11.79 12.80 13.81 14.87 15.09 15.55 16.10 16.49 17.17
Days Sales Outstanding (DSO)		 11.05 8.79 11.27 10.70 9.90 7.59 8.85 7.50 7.14 4.92 5.74
Days Inventory Outstanding (DIO)		 69.12 61.04 52.21 48.58 43.47 46.62 41.82 46.58 46.01 45.44 42.28
Days Payable Outstanding (DPO)		 31.90 27.70 30.95 28.52 26.42 24.54 24.18 23.47 22.67 22.13 21.26
Cash Conversion Cycle (CCC)		 48.27 42.14 32.53 30.76 26.94 29.67 26.49 30.60 30.49 28.23 26.76
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,195 4,929 5,799 5,234 5,036 4,783 5,912 5,830 5,849 6,809 7,666
Invested Capital Turnover		 1.75 1.92 1.76 2.09 2.45 2.82 2.54 2.94 3.36 3.39 3.32
Increase / (Decrease) in Invested Capital		 -2,425 -1,378 -1,135 -716 -159 -146 113 596 813 1,612 1,754
Enterprise Value (EV)		 9,329 10,723 15,534 19,761 25,984 29,657 32,435 49,597 55,661 63,051 48,819
Market Capitalization		 4,473 6,037 10,024 15,053 21,559 26,134 28,027 45,497 52,091 59,683 44,873
Book Value per Share		 $1.79 $1.22 $2.49 $2.60 $2.95 $6.07 $7.06 $8.08 $10.59 $15.82 $17.00
Tangible Book Value per Share		 $1.49 $0.96 $2.07 $2.38 $2.76 $5.90 $6.88 $7.92 $10.41 $15.56 $16.73
Total Capital		 6,182 5,889 6,126 6,262 6,431 7,007 7,816 8,226 8,556 9,724 10,178
Total Debt		 6,384 6,273 6,437 6,147 6,145 5,632 6,043 6,109 5,605 5,521 5,546
Total Long-Term Debt		 5,755 5,416 5,968 5,872 5,860 5,256 5,671 5,725 5,212 5,236 5,238
Net Debt		 5,397 5,313 6,110 5,119 4,750 3,408 4,139 3,713 2,898 2,606 3,034
Capital Expenditures (CapEx)		 -6.00 4.00 13 19 26 22 26 31 37 51 51
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,433 1,682 2,100 1,606 1,496 1,683 2,258 2,244 2,403 2,400 3,232
Debt-free Net Working Capital (DFNWC)		 2,420 2,642 2,427 2,634 2,891 3,907 4,162 4,640 5,110 5,315 5,744
Net Working Capital (NWC)		 1,791 1,785 1,958 2,359 2,606 3,531 3,790 4,256 4,717 5,030 5,436
Net Nonoperating Expense (NNE)		 -695 173 88 206 191 106 19 203 298 -654 129
Net Nonoperating Obligations (NNO)		 5,397 5,313 6,110 5,119 4,750 3,408 4,139 3,713 2,898 2,606 3,034
Total Depreciation and Amortization (D&A)		 93 86 87 80 77 76 75 69 68 73 72
Debt-free, Cash-free Net Working Capital to Revenue		 12.81% 15.62% 18.71% 13.76% 11.92% 12.31% 15.21% 13.79% 13.16% 11.81% 14.35%
Debt-free Net Working Capital to Revenue		 21.64% 24.53% 21.62% 22.57% 23.04% 28.57% 28.04% 28.51% 27.98% 26.15% 25.50%
Net Working Capital to Revenue		 16.01% 16.57% 17.44% 20.22% 20.76% 25.82% 25.53% 26.15% 25.82% 24.75% 24.14%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $7.05 ($0.87) $0.24 $0.15 $0.69 $0.64 $1.61 $1.35 $1.08 $6.18 $1.75
Adjusted Weighted Average Basic Shares Outstanding		 110.84M 109.32M 116.30M 118.93M 123.88M 122.34M 134.06M 135.41M 139.21M 137.63M 142.75M
Adjusted Diluted Earnings per Share		 $7.05 ($0.79) $0.24 $0.14 $0.64 $0.57 $1.51 $1.28 $1.03 $4.63 $1.69
Adjusted Weighted Average Diluted Shares Outstanding		 205.96M 200.58M 212.24M 128.47M 133.56M 132.21M 142.59M 143.23M 146.27M 224.28M 148.09M
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		 199.65M 201.90M 202.57M 206.94M 207.63M 213.17M 214.14M 215.20M 217.54M 218.85M 219.37M
Normalized Net Operating Profit after Tax (NOPAT)		 46 -27 94 254 236 182 392 358 386 297 534
Normalized NOPAT Margin		 1.67% -1.10% 3.06% 7.44% 6.45% 5.13% 9.26% 7.39% 6.84% 5.30% 8.30%
Pre Tax Income Margin		 27.77% -8.33% 1.57% 1.44% 4.02% 4.40% 8.86% 6.36% 4.59% -32.70% 6.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -0.22 1.28 1.28 1.91 2.01 3.66 3.15 2.86 -17.69 5.45
NOPAT to Interest Expense		 0.00 -0.16 0.79 1.45 2.11 1.72 2.78 3.57 4.03 3.03 5.39
EBIT Less CapEx to Interest Expense		 0.00 -0.25 1.20 1.17 1.75 1.87 3.48 2.94 2.60 -18.21 4.94
NOPAT Less CapEx to Interest Expense		 0.00 -0.19 0.72 1.34 1.95 1.58 2.60 3.36 3.77 2.51 4.87
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%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven read on Carvana (NYSE: CVNA) using the last four years of quarterly results (Q1 2023 through Q4 2025). The focus is on trends in revenue, profitability, cash flow, and balance-sheet leverage to help retail investors gauge the company’s trajectory.

  • Top‑line growth culminating in a 2025 peak: CVNA’s Operating Revenue climbed to about $5.603B in Q4 2025, up from roughly $3.547B in Q4 2024 and about $2.424B in Q4 2023. This demonstrates strong, sustained revenue expansion into 2025.
  • Gross margins holding in a healthy 18–21% band: The latest quarters show gross margins in the high teens to low twenties. For example, Q4 2025 gross profit of $1.051B on $5.603B revenue implies ~18.8% gross margin, with Q3 2025 around 20% as well. Margin stability supports ongoing scale benefits as revenue grows.
  • Strong quarterly net income in 2025, signaling a profitability inflection: Net income attributable to common shareholders was roughly $857M in Q4 2025, after multi-quarter profitability in 2025 (Q1–Q3 2025 saw multiple quarters with positive earnings). This marks a notable improvement versus prior years’ losses and underscores a potential earnings inflection point.
  • Operating cash flow turning positive and improving: After years of volatile cash flow, CVNA generated positive net cash from continuing operating activities in late 2024 and 2025. For example, about $60M of net cash from continuing operating activities in Q4 2024, roughly $345M in Q3 2025, and about $430M in Q4 2025, indicating strengthening core cash generation.
  • Better cost control contributing to margin resilience: Selling, General & Administrative expenses approached a moderate level relative to revenue in 2025 (roughly mid‑$500s to low‑$600s millions on ~$5.6B in quarterly revenue), helping sustain operating margins as revenue grew.
  • Profitability and cash flow have been episodic earlier in the period: There are several quarters in 2022–2023 with negative net income and weak cash flow (e.g., Q1 2023 net income around -$286M; Q4 2023 net income around -$114M). These softer years highlight a long turnaround that preceded the 2024–2025 improvement.
  • One‑off and non‑cash items driving quarterly swings: The income statement is periodically affected by non‑cash adjustments and other income/expense items. Notably, Total Other Income / (Expense), net can swing meaningfully (e.g., a large negative line in Q4 2025), which can distort quarterly comparisons even as core operations improve.
  • Working-capital and operating‑asset volatility: Changes in Operating Assets and Liabilities net can swing cash flow (often negative in some quarters), reflecting inventory, receivables, and supplier/payable dynamics typical for a high‑volatility retailer in autos. These swings contribute to cash‑flow volatility quarter to quarter.
  • Rising leverage and debt burden: By mid‑2025 CVNA carried meaningful long‑term debt (around $4.8B in Q3 2025) with total liabilities approaching $6.9B and total liabilities plus equity around $9.2B. While cash flow improved, the heavier debt load remains a risk factor requiring continued cash‑generation discipline.
  • Significant early‑year profitability volatility (2022–2023): The company reported notable quarterly losses in 2022 and early 2023 (e.g., Q1 2023 net income around -$286M; Q4 2023 around -$114M), underscoring a meaningful turnaround required to sustain longer‑term profitability.
05/22/26 08:54 AM ETAI Generated. May Contain Errors.

Carvana Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Carvana's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Carvana's net income appears to be on a downward trend, with a most recent value of $1.90 billion in 2025, falling from -$36.78 million in 2015. The previous period was $404 million in 2024. Check out Carvana's forecast to explore projected trends and price targets.

Carvana's total operating income in 2025 was $1.88 billion, based on the following breakdown:
  • Total Gross Profit: $4.19 billion
  • Total Operating Expenses: $2.31 billion

Over the last 10 years, Carvana's total revenue changed from $130.39 million in 2015 to $20.32 billion in 2025, a change of 15,485.3%.

Carvana's total liabilities were at $9.00 billion at the end of 2025, a 26.6% increase from 2024, and a 4,380.6% increase since 2016.

In the past 9 years, Carvana's cash and equivalents has ranged from $39.18 million in 2016 to $2.33 billion in 2025, and is currently $2.33 billion as of their latest financial filing in 2025.

Over the last 10 years, Carvana's book value per share changed from 0.00 in 2015 to 15.82 in 2025, a change of 1,581.8%.


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Financial statements for NYSE:CVNA last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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