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CARVANA CO.CVNA

Sector
Consumer
Industry
Retail-Auto Dealers & Gasoline Stations
Exchange
NYSE

Stock Price $CVNA

Latest filings

You are here#18 of 30 in Consumer Discretionary by market cap

Filing record · 2017–202610-K910-Q298-K131

CVNA filed 9 annual reports (10-K), 29 quarterly reports (10-Q) and 131 current reports (8-K) between 2017 and 2026.

  1. Leadership change8-K · Apr ’19Apr ’19
  2. Material agreement8-K · Mar ’21Mar ’21
  3. Leadership change8-K · May ’23May ’23
  4. Material agreement8-K · Apr ’25Apr ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  11. $20.32B
YoY changeLargest recent move+129.4%in FY21Latest +48.6%

1 older move runs past ±150% (largest +180.0%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CVNA Financial Metrics51 metrics

Income Statement11

Balance Sheet25

Cash Flow11

Per Share4

02—Overview

CARVANA CO. Financial Overview 2021–2025

Updated Jul 10, 2026

Carvana engineered a massive profitability turnaround, transforming a catastrophic $2.9 billiona net loss in FY2022 into a $1.9 billion net profit by FY2025. This dramatic reversal proves the e-commerce auto retailer can successfully scale its operations while enforcing strict unit economics. Following a severe leverage crisis that threatened the company's survival, management aggressively slashed costs and optimized inventory, proving the digital retail model can generate sustainable cash flow when properly disciplined.

The top line tells a story of aggressive, albeit volatile, long-term expansion. Annual revenue grew from $12.8 billion in FY2021 to $20.3 billionb in FY2025. This revenue trajectory was recently fueled by a 43.3% year-over-year surge in retail vehicle sales during FY2025, successfully moving 596,641 units. More importantly, the company fundamentally repaired its core margins. Total gross profit per unit expanded from $4,537 in FY2021 to $7,026 in FY2025. Even with selling, general, and administrative expenses rising to $2.3 billion in FY2025 to support this renewed volume growth, Carvana ended the year maintaining a vast liquidity buffer of $6.7 billion.

Public markets heavily bought into this restructuring and growth narrative. At the close of FY2025, the stock traded at $84.40c, commanding a steep 49.9x price-to-earnings multiple against its $1.69 earnings per share for the year.

Recent Developments (Q4 2025 and Q1 2026)

Carvana sustained its operational momentum into Q1 2026, delivering a 52.0% top-line increase to reach $6.43 billiond in total net sales and operating revenues. This was driven by a 40.0% jump in retail unit sales, moving 187,393 vehicles. Profitability also accelerated, with net income rising to $250 million from $216 million in Q1 2025. Total gross profit for the quarter climbed 36.8% to $1.27 billion. In a significant capital structure move, stockholders approved a five-for-one forward stock split effective May 7, 2026.

Bulls point to the company's accelerating quarterly unit velocity and robust $2.51 billione cash position as proof of operational efficiency. Bears warn that expansion requires careful cost management against substantial debt loads, and the equity remains richly priced at 46.9x earnings as of April 29, 2026.

What to watch: post-split trading dynamics; ongoing debt levels and interest expenses as retail volumes scale.

03—Filings

Recent SEC Filings

  1. 8-KCARVANA CO. 8-K Report, Material Agreement (Aug 14, 2026)Carvana Co. (CVNA) announced on August 14, 2026, the execution of a Credit Agreement establishing a new $1.66 billion senior secured term loan B facility, maturing in August 2033. This significant financing is primarily intended to redeem or refinance Carvana's outstanding 9.0% / 11.0% / 13.0% Cash / PIK Senior Secured Notes due 2030, with specific redemption dates set for August 15 and August 22, 2026. The proceeds will also cover associated fees and expenses, with any remaining funds allocated for general corporate purposes or working capital. This refinancing marks a strategic move to manage Carvana's debt obligations and potentially improve its capital structure. The Term Loan B Facility carries an interest rate tied to Term SOFR plus a 2.25% margin or a base rate plus a 1.25% margin, with an issue price of 99.75%. The agreement includes provisions for amortization, mandatory prepayments based on excess cash flow and asset dispositions, and the possibility of extending maturity dates. While the facility contains covenants restricting certain corporate actions, it notably lacks a financial covenant, which could offer some operational flexibility.
  2. 8-KCARVANA CO. 8-K Report, Financial Results (Jul 29, 2026)Carvana (CVNA) reported a strong second quarter of fiscal 2026 (quarter ended June 30, 2026). Retail units sold rose 38% year-over-year to a record 197,325, and revenue increased 52% to $7.376 billion. Profitability also reached records: net income was $513 million (a 7.0% margin, up from 6.4%), Adjusted EBITDA was $769 million, and GAAP operating income was $680 million, up $169 million. Diluted EPS was $0.42 versus $0.26 a year earlier. The company frames itself as the fastest-growing and most profitable U.S. automotive retailer, citing 10 consecutive quarters of leadership on both measures. The main caution for investors is unit economics. Total gross profit per unit (GPU) fell to $7,014 from $7,426, a $412 decline, and Adjusted EBITDA margin compressed to 10.4% from 12.4%. Management attributes the GPU decline to higher retail pricing following FTC guidance on mandatory dealer fees, which pushed retail GPU down relative to Other GPU, and to rising benchmark interest rates. Management says the aggregate GPU was in line with its expectations. Operating expenses also rose, with SG&A up 28% year-over-year to $704 million. Looking ahead, Carvana expects sequential growth in retail units in Q3 2026 and full-year 2026 Adjusted EBITDA of $2.7 to $3.0 billion, up from $2.24 billion in 2025, conditional on a stable environment. Management also reiterated long-term goals of 3 million units per year and a 13.5% Adjusted EBITDA margin by 2030 to 2035, and noted capacity of about 1.5 million retail units fully built out with real estate for 3 million. Liquidity was $7.0 billion in total resources, including $2.63 billion of cash. Investors will likely focus on whether GPU stabilizes and whether the company can convert unit growth into the guided Adjusted EBITDA range.
  3. 8-KCARVANA CO. 8-K Report, Executive Changes (May 6, 2026)Carvana Co. (CVNA) filed an 8-K report on May 6, 2026, detailing key outcomes from its Annual Meeting of Stockholders held on May 5, 2026. The most significant development for investors is the approval of a five-for-one forward stock split for both Class A and Class B common stock, which is set to become effective on May 7, 2026. This move is expected to increase the liquidity and accessibility of the stock. Additionally, stockholders approved the Carvana Co. 2026 Omnibus Incentive Plan, which is designed to incentivize and retain key personnel. The meeting also saw the election of directors, approval of named executive officer compensation (say-on-pay), and ratification of Grant Thornton LLP as the independent auditor. A stockholder proposal was voted down. The overall strong voting participation and approval of key corporate actions indicate shareholder alignment on the company's strategic and governance matters.
  4. 8-KCARVANA CO. 8-K Report, Financial Results (Apr 29, 2026)Carvana (CVNA) reported Q1 2026 results on April 29, 2026, continuing strong unit growth. Retail units sold rose 40% year-over-year to 187,393, and revenue grew 52% to $6.432 billion. GAAP operating income increased to $581 million from $394 million, and net income reached a record $405 million, though net income margin compressed to 6.3% from 8.8%. Adjusted EBITDA totaled $672 million, a record, but its margin fell to 10.4% from 11.5%. Profitability per unit softened. Total gross profit per retail unit fell to $6,783 from $6,938 (non-GAAP $6,911, down $229 year-over-year), driven mainly by higher reconditioning costs and lower shipping fees. Net income was also hit by a $42 million non-cash charge from changes in the fair value of warrants. Management attributes the reconditioning pressure to labor productivity issues and says early Q2 labor hours per unit are approaching their all-time best. Management guided to a sequential increase in Q2 retail units and Adjusted EBITDA, which would set all-time records, and reiterated significant growth in both for FY 2026. The company also reaffirmed its long-term goal of selling 3 million cars per year at a 13.5% Adjusted EBITDA margin by 2030-2035, supported by existing capacity of about 1.5 million units and real estate for 3 million. Investors should weigh strong top-line momentum against margin compression and the forward-looking, non-GAAP nature of the guidance, which the company did not reconcile to GAAP.
  5. 8-KCARVANA CO. 8-K Report, Financial Results (Feb 18, 2026)Carvana (CVNA) reported a strong fiscal 2025 with record results across growth and profitability. Retail units rose 43% year-over-year to 596,641, and revenue crossed $20 billion for the first time, up 49% to $20.322 billion. GAAP operating income reached $1.881 billion (a 9.3% operating margin), and Adjusted EBITDA rose to $2.237 billion, with the margin expanding from 10.1% to 11.0%. Management also reiterated its long-term goal of 3 million retail units per year at a 13.5% Adjusted EBITDA margin by 2030 to 2035. Investors should weigh the headline net income carefully. Net income of $1.895 billion was inflated by a non-cash tax benefit of roughly $685 million from releasing the valuation allowance on deferred tax assets, net of a roughly $64 million warrant fair-value loss. Net income therefore includes a net non-cash benefit of about $621 million. Q4 2025 net income of $951 million likewise reflected a large one-time tax benefit, and the balance sheet now carries a $3.06 billion deferred tax asset and a $2.23 billion tax receivable agreement liability. Underlying unit economics were mixed: Q4 total GPU fell $244 year-over-year to $6,427, and Q4 Adjusted EBITDA margin declined to 9.1% from 10.1%, driven by higher reconditioning costs and depreciation. Looking ahead, management expects significant growth in both retail units and Adjusted EBITDA for full-year 2026, with a sequential increase in both in Q1 2026, assuming a stable environment. The company plans 6 to 8 ADESA integrations in 2026 and expects to begin full buildouts in Q2 2026, at $30 to $35 million per site, with production launching in early 2027. Forward guidance excludes a quantitative GAAP reconciliation because fair-value and restructuring items cannot be forecast reliably.
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04—See also

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