10-QPeriod: Q1 FY2026

CARVANA CO. Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 29, 2026For Securities:CVNA

Summary

Carvana Co. (CVNA) reported a strong first quarter for 2026, demonstrating significant top-line growth and improved profitability. Total net sales and operating revenues surged by 52.0% to $6.43 billion, driven by a substantial 62.0% increase in retail vehicle sales, reaching $4.83 billion. This revenue growth was fueled by a 40.0% rise in retail unit sales to 187,393 vehicles. The company also saw healthy growth in wholesale sales and other revenue streams. Net income attributable to Carvana Co. increased to $250 million, or $1.69 per diluted share, compared to $216 million, or $1.51 per diluted share, in the prior year's quarter. This indicates successful execution on strategies to drive sales volume and operational efficiency, leading to enhanced shareholder value.

Financial Highlights

39 data points
Beta

Revenue

$6.43B

19.8% Gross Margin

Net Income

$250.00M

3.9% Net Margin

Total Assets

$13.77B

Cash & Equivalents

$2.41B

Free Cash Flow

$56.00M

Financial Statements
Beta
Revenue$6.43B
Cost of Revenue$5.16B
Gross Profit$1.27B
SG&A Expenses$690.00M
Operating Income$581.00M
Net Income$250.00M

Key Highlights

  • 1Total net sales and operating revenues increased by 52.0% to $6.43 billion in Q1 2026.
  • 2Retail vehicle sales grew by 62.0% to $4.83 billion, driven by a 40.0% increase in retail unit sales to 187,393.
  • 3Net income attributable to Carvana Co. rose to $250 million, or $1.69 per diluted share, from $216 million, or $1.51 per diluted share, in Q1 2025.
  • 4Gross profit increased by 36.8% to $1.27 billion.
  • 5The company maintained a strong liquidity position with $2.51 billion in cash, cash equivalents, and restricted cash as of March 31, 2026.
  • 6Wholesale sales and revenues increased by 24.9% to $1.08 billion.
  • 7Other sales and revenues, primarily from finance receivables and complementary products, grew by 35.2% to $526 million.

Frequently Asked Questions

Carvana reported a significant increase in total net sales and operating revenues, up 52.0% to $6.43 billion for the three months ended March 31, 2026, compared to $4.23 billion in the same period of 2025.

Retail vehicle unit sales increased by 40.0% to 187,393 vehicles in the first quarter of 2026, up from 133,898 in the first quarter of 2025, indicating strong customer demand and successful sales execution.

Net income attributable to Carvana Co. for the first quarter of 2026 was $250 million, resulting in diluted earnings per share of $1.69. This is an increase from $216 million, or $1.51 per diluted share, in the first quarter of 2025.

Carvana maintained a strong liquidity position, with cash, cash equivalents, and restricted cash totaling $2.51 billion as of March 31, 2026, an increase from $1.90 billion as of March 31, 2025.