01—Abstract
Summary
Summary of the 10-Q filed July 29, 2026. Cited figures are marked; the original filing is the authoritative source.
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 billiona.
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 billionb, 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 billionc and total liquidity resources reaching $7.0 billion.
However, the company continues to manage a substantial amount of long-term debt, totaling $4.8 billiond. 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.
02—Key points
Key Highlights
- Total 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.
- Retail 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.
- Total 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.
- Net income attributable to Carvana Co. rose to $310 million for the three months ended June 30, 2026, from $183 million in the prior year.
- Cash and cash equivalents increased to $2.63 billion as of June 30, 2026, up from $2.33 billion as of December 31, 2025.
- Total 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.
- The 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.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2026, Carvana Co. kept $0.04.
- Revenue$7.38B100.0%
- Cost of revenue−$5.99B81.2%
- Gross profit$1.38B18.8%
- Operating costs−$704.0M9.5%
- Operating income$680.0M9.2%
- Interest, other & tax−$370.0M5.0%
- Net income$310.0M4.2%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 29, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $7.38B$4.84B | +52.4% |
| Cost of Revenue | $5.99B$3.78B | +58.7% |
| Gross Profit | $1.38B$1.06B | +30.1% |
| SG&A Expenses | $704.00M$551.00M | +27.8% |
| Operating Income | $680.00M$511.00M | +33.1% |
| Net Income | $310.00M$183.00M | +69.4% |
| Shares Outstanding (Basic) | 717.69M677.07M | +6.0% |
| Shares Outstanding (Diluted) | 739.96M716.15M | +3.3% |
05—Questions
Frequently Asked Questions
What is Carvana's revenue performance for Q2 2026?
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.
How did Carvana's profitability change in Q2 2026?
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.
What is the company's current liquidity position?
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.
What is Carvana's debt situation?
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.
06—Continue