CARVANA CO.CVNA
CARVANA CO. Financial Overview 2021–2025
Carvana delivered a stark financial reversal by posting a $1.9 billion net income in FY2025, aided by a substantial deferred tax asset release, after reporting steep, multi-billion dollar losses just three years prior. This bottom-line recovery underscores a central investment thesis: the used-car platform successfully traded cash-burning geographic expansion for strict operational discipline, proving its digital unit economics can now scale profitably.
The company's long-term sales trajectory weathered significant macroeconomic volatility as total revenue expanded from $12.8 billion in FY2021 to a record $20.3 billion in FY2025. Behind this acceleration, the core retail operations became drastically more efficient. By FY2025, retail vehicle deliveries achieved 43.3% growth year-over-year to reach 596,641 units, while total gross profit per unit stabilized at $7,026—more than double the $3,022 trough recorded during a heavily compressed FY2022. Sustained cost optimization and a massive debt restructuring exchange fortified the balance sheet, driving total liquidity resources up to $6.7 billion. Equity markets rewarded this structural transition from distressed leverage to sustainable margin expansion, with the stock closing at $422.02 at the end of FY2025.
Recent Developments (Q3 and Q4 2025)
Top-line momentum remained fierce late in the year, with Q3 2025 operating revenues surging 54.5% year-over-year to $5.65 billion. This acceleration was fueled by a 57.1% spike in retail vehicle sales to $4.0 billion and a 49.7% expansion in wholesale revenue to $1.2 billion. Management actively reduced leverage during this period, executing a voluntary redemption of $559 million in Senior Secured Notes due in 2028.
Bulls argue this rapid top-line acceleration and proactive debt paydown signal a sustainable trajectory toward long-term free cash flow generation. Conversely, bears caution against escalating operational costs, pointing to a $434 million full-year jump in selling, general, and administrative expenses to $2.3 billion, largely driven by increased advertising and headcount. The market is currently pricing in aggressive future growth, with shares trading at a richly valued 227.4x earnings at $361.53 as of February 17, 2026.
What to watch: SG&A expense growth relative to retail unit volume; future voluntary debt redemptions
Rev
$13.67B
FY2024
NI
$210.0M
FY2024
EPS
$1.72
FY2024
OCF
$918.0M
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC 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.
CARVANA CO. 8-K Report, Financial Results (Oct 29, 2025)
Carvana Co. (CVNA) has filed a Form 8-K to announce its financial results for the fiscal quarter ended September 30, 2025. The filing primarily serves as an announcement of these results, with the detailed financial performance contained within an accompanying letter to shareholders and a press release, both attached as exhibits. Investors should refer to these attached documents for the specifics of the Company's operational and financial condition during the quarter. The Company also announced a conference call scheduled for October 29, 2025, to further discuss these results. While this 8-K filing itself does not contain the financial data, it directs investors to the comprehensive information provided in the exhibits, which are crucial for understanding Carvana's recent performance and outlook.
CARVANA CO. 8-K Report, Financial Results (Jul 30, 2025)
Carvana Co. (CVNA) has filed a Form 8-K on July 29, 2025, to report on its financial results for the fiscal quarter ended June 30, 2025. The company has provided a shareholder letter and a press release, both dated July 30, 2025, which are incorporated by reference into the filing. These documents are expected to contain detailed financial performance data, operational updates, and forward-looking statements. Investors should review these attached exhibits closely to understand Carvana's performance during the second quarter of 2025. The core of this filing is the announcement of the company's quarterly financial and operational results. While the 8-K itself does not contain the specific figures, it directs investors to the accompanying shareholder letter and press release for critical information. These exhibits will likely cover key metrics such as revenue, profitability, unit sales, cost of sales, gross profit per unit, and potentially updates on inventory levels, financing activities, and progress towards strategic goals. Investors are advised to consult these external documents for the complete picture of Carvana's recent performance and outlook.
CARVANA CO. 8-K Report, Financial Results (May 7, 2025)
Carvana Co. (CVNA) has filed a Form 8-K on May 6, 2025, to report its financial results for the fiscal quarter ended March 31, 2025. The company issued a letter to shareholders and a press release on May 7, 2025, to communicate these results, and a conference call was scheduled for the same day to discuss the quarter's performance. Investors should refer to Exhibits 99.1 and 99.2 attached to this filing for the detailed financial information and management's commentary. While this 8-K primarily serves as a notification of earnings release and does not contain the specific financial figures within its text, it directs stakeholders to the accompanying documents for crucial data. Investors looking for insights into Carvana's revenue, profitability, unit sales, and forward-looking statements should carefully review the shareholder letter and press release for a comprehensive understanding of the company's operational and financial condition as of the end of the first quarter of 2025.
CARVANA CO. 8-K Report, Shareholder Vote Results (May 6, 2025)
Carvana Co. (CVNA) filed an 8-K report on May 5, 2025, detailing the results of its 2025 annual meeting of stockholders held on May 4, 2025. The meeting achieved quorum, with a significant majority of outstanding shares represented. Key outcomes include the election of Class II directors, approval of the compensation of named executive officers (say-on-pay), and the decision to hold advisory votes on executive compensation annually. Stockholders also approved an amendment to the certificate of incorporation for officer exculpation and ratified the appointment of Grant Thornton LLP as the independent auditor for 2025. A notable outcome was the rejection of a stockholder proposal concerning simple majority voting, indicating shareholder alignment with the company's current voting structures on this matter. Overall, the meeting saw strong support for the board's nominees, executive compensation practices, and auditor selection, while rejecting a significant proposed change to voting standards.
View all 8-K filings →