CARVANA CO.CVNA
CARVANA CO. Financial Overview 2021–2025
Updated Jul 10, 2026Carvana engineered a massive profitability turnaround, transforming a catastrophic $2.9 billion 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 billion 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 $84.40, 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 billion 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 billion 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.
Rev
$20.32B
FY2025
NI
$1.41B
FY2025
EPS
$2.04
FY2025
OCF
$1.04B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All CVNA Financial Metrics(51)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- APIC
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
CARVANA 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.
CARVANA CO. 8-K Report, Financial Results (Jul 29, 2026)
Carvana Co. (CVNA) filed an 8-K on July 29, 2026, to report its financial results for the fiscal quarter ended June 30, 2026. The company issued a letter to its shareholders and a press release to communicate these results, and also hosted a conference call to discuss them. Investors should refer to the attached exhibits for the detailed financial information and management's commentary on performance and outlook. While this 8-K primarily serves as a notification of the release of financial results and does not contain the detailed financial data itself, it signals the market's access to Carvana's most recent performance metrics. The incorporated exhibits will be crucial for understanding revenue, profitability, sales volumes, and any forward-looking guidance provided by the company.
CARVANA 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.
CARVANA CO. 8-K Report, Financial Results (Apr 29, 2026)
Carvana Co. (CVNA) filed an 8-K on April 29, 2026, to announce its financial results for the fiscal quarter ended March 31, 2026. While the 8-K itself does not contain the detailed financial figures, it incorporates by reference a Letter to Shareholders (Exhibit 99.1) and a Press Release (Exhibit 99.2) which contain the comprehensive results. Investors should refer to these attached documents for specific performance metrics, profitability, revenue, and operational updates for the first quarter of 2026. The filing also notes that the company will be holding a conference call on the same day to discuss these results. This call will likely provide further color and management commentary on the financial performance and outlook. It's important to note the standard disclaimer that information furnished under Item 2.02 is not deemed "filed" for certain sections of securities law, meaning it doesn't automatically trigger liability under Section 18 of the Exchange Act unless expressly incorporated by reference into other filings.
CARVANA CO. 8-K Report, Financial Results (Feb 18, 2026)
Carvana Co. (CVNA) has filed a Current Report (8-K) on February 18, 2026, announcing its financial results for the fourth quarter and full fiscal year ended December 31, 2025. The report indicates that the company has issued a letter to its shareholders and a press release detailing these results. Investors should refer to these attached exhibits (Exhibit 99.1 and Exhibit 99.2) for comprehensive information on the company's performance and financial condition. A conference call is also scheduled for February 18, 2026, to further discuss these results.
View all 8-K filings →