10-QPeriod: Q2 FY2026

CARVANA CO. Quarterly Report for Q2 Ended Jun 30, 2026

Filed July 29, 2026For Securities:CVNA

Summary

Carvana Co. reported a strong second quarter for 2026, with total net sales and operating revenues increasing by 52.4% year-over-year to $7.4 billion. This growth was driven by a significant increase in retail vehicle unit sales, which rose 37.7% to nearly 200,000 units, coupled with a 17.4% increase in retail revenue per unit. The company also saw robust growth in wholesale units sold. Despite the increase in sales volume, total gross profit experienced a modest increase of 30.1% to $1.4 billion, leading to a slight decrease in total gross profit per unit. This is attributed to a shift in revenue mix towards lower-margin retail marketplace units and a decrease in wholesale gross profit per unit. The company's financial position appears solid, with cash and cash equivalents increasing to $2.6 billion and total liquidity resources reaching $7.0 billion. However, the company continues to manage a substantial amount of long-term debt, totaling $4.8 billion. Carvana also reported a net income attributable to Carvana Co. of $310 million for the quarter, a significant increase from the prior year's $183 million, indicating improved profitability on a consolidated basis.

Key Highlights

  • 1Total net sales and operating revenues increased by 52.4% to $7.38 billion for the three months ended June 30, 2026, compared to $4.84 billion for the same period in 2025.
  • 2Retail vehicle unit sales increased by 37.7% to 197,325 units for the three months ended June 30, 2026, compared to 143,280 units in the prior year.
  • 3Total gross profit increased by 30.1% to $1.38 billion for the three months ended June 30, 2026, compared to $1.06 billion in the prior year.
  • 4Net income attributable to Carvana Co. rose to $310 million for the three months ended June 30, 2026, from $183 million in the prior year.
  • 5Cash and cash equivalents increased to $2.63 billion as of June 30, 2026, up from $2.33 billion as of December 31, 2025.
  • 6Total long-term debt, excluding the current portion, stood at $4.85 billion as of June 30, 2026, largely unchanged from $4.83 billion as of December 31, 2025.
  • 7The company successfully amended its Ally Master Purchase and Sale Agreement to increase Ally's commitment to purchase up to $8.0 billion of principal balances of finance receivables.

Frequently Asked Questions

For the three months ended June 30, 2026, Carvana reported total net sales and operating revenues of $7.38 billion, a 52.4% increase year-over-year, driven by strong retail and wholesale unit sales.

Total gross profit increased by 30.1% to $1.38 billion. Net income attributable to Carvana Co. significantly increased to $310 million from $183 million in the prior year's quarter, indicating improved profitability.

As of June 30, 2026, Carvana maintained a healthy liquidity position with $2.63 billion in cash and cash equivalents and total liquidity resources of $7.02 billion, including availability under revolving credit facilities.

Carvana has a significant amount of long-term debt, totaling $4.85 billion (excluding the current portion) as of June 30, 2026. While the total debt remains relatively stable, investors should continue to monitor the company's debt levels and servicing capabilities.