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CVNA · CARVANA CO.

9 filings

10-K

CVNA 10-K Annual Reports

CARVANA CO. - 9 annual reports

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

2025
CARVANA CO. Annual Report, Year Ended Dec 31, 2025
Carvana Co. reported a significant increase in retail vehicle unit sales for the year ended December 31, 2025, up 43.3% to 596,641 units. This growth drove a substantial increase in total net sales and operating revenues, which rose 48.6% to $20.3 billion. The company achieved positive net income of $1.9 billion, a significant turnaround from previous periods, largely due to the release of a substantial portion of its deferred tax asset valuation allowance. While the company has demonstrated strong top-line growth and improved profitability, it continues to carry substantial debt. Management's focus remains on expanding retail unit sales through market penetration and technological innovation. The company also highlights ongoing investments in its logistics and reconditioning infrastructure to support future growth and operational efficiency. Investors should monitor the company's debt levels, interest expenses, and its ability to manage operational costs as it scales.
Feb 18, 2026
2024
CARVANA CO. Annual Report, Year Ended Dec 31, 2024
Carvana Co. (CVNA) demonstrated a significant turnaround in its 2024 fiscal year, reporting a substantial increase in retail unit sales and a dramatic improvement in profitability. Key financial highlights include a 33.1% increase in retail vehicle unit sales to 416,348, driving total net sales and operating revenues up by 26.9% to $13.7 billion. This top-line growth, combined with improved operational efficiencies, led to a significant expansion of gross profit by 66.8% to $2.9 billion, and a notable increase in total gross profit per unit to $6,908. The company also significantly improved its net income to $404 million from $150 million in the prior year, with Adjusted EBITDA reaching $1.4 billion, indicating strong progress towards sustained profitability. The company has also strengthened its liquidity position, with cash and cash equivalents increasing to $1.7 billion.
Feb 19, 2025
2023
CARVANA CO. Annual Report, Year Ended Dec 31, 2023
Carvana Co. (CVNA) reported its 2023 annual results, highlighting a significant shift towards profitability driven by operational efficiencies and cost reductions, although retail unit sales decreased by 24.1% year-over-year to 312,847 units. Despite the lower sales volume, total gross profit per unit increased substantially to $5,511, up from $3,022 in the prior year, indicating improved unit economics. The company successfully reduced its selling, general, and administrative (SG&A) expenses by 34% to $1.8 billion, largely due to headcount reductions and real estate optimization. Financially, Carvana managed its debt by completing an exchange offer that reduced outstanding principal by $1.3 billion and accrued cash interest expense. The company ended the year with $530 million in cash and cash equivalents, and $1.0 billion in availability under revolving facilities, providing a total of $1.5 billion in committed liquidity resources. While the company experienced a net income of $150 million for the year, this was significantly influenced by a substantial gain on debt extinguishment. Investors should monitor the company's ability to reignite sales growth while maintaining its focus on profitability and managing its substantial debt load.
Feb 22, 2024
2022
CARVANA CO. Annual Report, Year Ended Dec 31, 2022
Carvana Co. (CVNA) operates as an e-commerce platform for buying and selling used cars. For the fiscal year ended December 31, 2022, the company experienced a 3.0% decrease in retail unit sales to 412,296 vehicles, compared to 425,237 in 2021, largely attributed to macroeconomic headwinds such as rising interest rates and inflation impacting consumer demand and affordability. This decline in unit sales, coupled with increased vehicle depreciation and reconditioning costs, led to a significant decrease in gross profit per unit, down 33.4% year-over-year to $3,022. Despite revenue growth driven by an increase in the average selling price of retail vehicles and the acquisition of ADESA, Carvana reported a substantial net loss of $2.9 billion for 2022, significantly wider than the $287 million loss in 2021. This loss was impacted by an $847 million goodwill impairment charge related to the ADESA acquisition and increased interest expenses. The company ended the year with total liquidity resources of $3.9 billion, including cash and equivalents, and availability under revolving facilities, providing a buffer for ongoing operations. However, the substantial debt load remains a key concern for investors.
Feb 23, 2023
2021
CARVANA CO. Annual Report, Year Ended Dec 31, 2021
Carvana Co. (CVNA) in its 2021 10-K filing reported significant revenue growth driven by a substantial increase in used vehicle unit sales, up 74.2% year-over-year. The company expanded its market coverage to 81.0% of the U.S. population across 311 markets, reflecting its aggressive growth strategy. Despite robust top-line performance and a notable increase in gross profit per unit to $4,537, Carvana continued to operate at a net loss, reporting a net loss attributable to Class A common stockholders of $135 million for the year, an improvement from $171 million in the prior year. The company's strategy remains focused on scaling retail unit sales, enhancing its e-commerce platform, and expanding market reach, supported by significant investments in technology and infrastructure. However, investors should be mindful of the company's substantial indebtedness and ongoing investments, which contribute to its continued net losses and cash burn, alongside the inherent risks in the competitive automotive retail market.
Feb 24, 2022
2020
CARVANA CO. Annual Report, Year Ended Dec 31, 2020
Carvana Co. (CVNA) operates as an e-commerce platform for buying and selling used cars, aiming to disrupt the traditional automotive retail model by offering a transparent, convenient, and pressure-free customer experience. For the fiscal year ended December 31, 2020, the company reported significant growth in revenue and retail unit sales, driven by market expansion and increased penetration in existing markets. Despite a substantial increase in revenue to $5.6 billion, Carvana continued to incur significant net losses, totaling $462.2 million, reflecting ongoing investments in growth, infrastructure, and technology. The company's strategy focuses on expanding its market reach, optimizing inventory, enhancing its mobile sales platform, and building brand awareness through multi-channel marketing efforts. While COVID-19 presented initial challenges, Carvana's online model proved resilient, enabling demand recovery in the latter half of the year. Key financial highlights include growth in total gross profit and a notable increase in the number of markets served. Investors should note Carvana's continued focus on scaling its operations, which necessitates substantial ongoing investment. While revenue growth is strong, the company's path to profitability remains a key area to monitor. The company's significant debt load, while managed through various financing facilities, also warrants investor attention. Carvana's vertically integrated e-commerce platform, proprietary technology, and differentiated customer experience are highlighted as key competitive advantages in a large and fragmented market.
Feb 25, 2021
2019
CARVANA CO. Annual Report, Year Ended Dec 31, 2019
Carvana Co. (CVNA) reported significant revenue growth in its 2019 10-K filing, driven by an 88.7% increase in used vehicle unit sales to 177,549 units. The company expanded its market presence significantly, operating in 146 metropolitan markets by the end of 2019, up from 85 markets in the prior year. While revenue nearly doubled to $3.94 billion, Carvana continued to incur substantial net losses, totaling $364.6 million for the year. This loss is attributed to significant investments in expanding its e-commerce platform, logistics network, and marketing efforts to fuel rapid growth. The company highlights its vertically integrated e-commerce platform, differentiated shopping experience, proprietary financing technology, and efficient logistics network as key competitive advantages. However, it also faces considerable risks, including a history of losses, the ability to manage rapid growth effectively, dependence on various third-party technologies, and intense competition within the automotive retail industry. Investors should note the company's ongoing investment in growth strategies, which are expected to continue to pressure profitability in the short term, but are intended to build market share and long-term scalability.
Feb 26, 2020
2018
CARVANA CO. Annual Report, Year Ended Dec 31, 2018
Carvana Co. (CVNA) in its 2019 10-K filing reveals a company in a high-growth phase, rapidly expanding its online used car sales platform across numerous markets. The company emphasizes its vertically integrated model, proprietary technology, and a differentiated customer experience as key competitive advantages. Despite significant revenue growth, Carvana continued to incur substantial net losses, a primary concern for investors, reflecting heavy investment in marketing, infrastructure, and market expansion. The company is focused on increasing retail unit sales, which drive multiple revenue streams, and is strategically expanding its geographic footprint to capture a larger share of the fragmented used car market.
Feb 27, 2019
2017
CARVANA CO. Annual Report, Year Ended Dec 31, 2017
Carvana Co. (NYSE: CVNA) reported its first full year as a public company in its 10-K for fiscal 2017, showing rapid top-line growth alongside widening losses. Net sales and operating revenues rose 135% to $858.9 million, driven by retail unit sales of 44,252 (up 136%) as the company expanded from 21 to 44 metropolitan markets. Gross profit improved sharply to $68.1 million from $19.2 million, and total gross profit per retail unit climbed to $1,539 from $1,023, though the business remains unprofitable overall. The loss picture deteriorated. Net loss widened to $164.3 million from $93.1 million, driven mainly by SG&A expenses of $223.4 million (up 106%), including advertising of $55.7 million and compensation growth tied to market expansion. EBITDA was negative $145.1 million, a -16.9% margin, which is an improvement on the prior year's -23.2% margin. Operating cash flow was negative $199.9 million, reflecting inventory build and the cost of growth. Because Carvana Co. holds only about 12.9% of Carvana Group, most of the net loss is attributed to non-controlling interests, leaving a net loss attributable to Carvana Co. of $62.8 million. Balance-sheet and capital-structure considerations are central for investors. Cash rose to $172.7 million after the May 2017 IPO (about $205.8 million net) and a December 2017 Class A Convertible Preferred issuance (about $98.5 million net). The Floor Plan Facility with Ally stood at $248.8 million against a $350 million limit beginning in 2018, and total debt including notes and finance leases was about $302.7 million. The Garcia family controls roughly 97% of voting power through Class B shares, and a Tax Receivable Agreement obligates Carvana to pay 85% of realized tax benefits to LLC Unitholders, which the company estimates could be substantial.
Mar 6, 2018