CVNA
Carvana Co.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Carvana Co.
Carvana Co. operates an e-commerce platform for buying and selling used cars. Customers search inventory online, obtain financing, complete purchase digitally, and receive vehicles via delivery or vending-machine-style facilities. The company also acquires vehicles from consumers and wholesale channels, reconditions them, and provides financing and related products.
Coverage
Carvana Q2 2026: Record Everything — Revenue, Profit, Units — and the Stock Still Fell 20%
Carvana posted its most profitable quarter ever with revenue up 52% and record retail units sold, then fell more than 20% after hours because full-year EBITDA guidance and vague Q3 unit guidance missed the bar. We break down why a record quarter still spooked the market.
Carvana Reports Tonight With a $1B Accounting Cloud Hanging Over It
Carvana reports Q4 earnings today down 27% from January highs. Gotham City Research alleges $1B in inflated earnings through related-party deals with DriveTime. The SEC is sniffing around. Wall Street still sees upside.
Where the revenue goes next
Latest: $7.38B (2026Q2)
| Period | Value |
|---|---|
| 2021Q1 | $2.25B |
| 2021Q2 | $3.34B |
| 2021Q3 | $3.48B |
| 2021Q4 | $3.75B |
| 2022Q1 | $3.50B |
| 2022Q2 | $3.88B |
| 2022Q3 | $3.39B |
| 2022Q4 | $2.84B |
| 2023Q1 | $2.61B |
| 2023Q2 | $2.97B |
| 2023Q3 | $2.77B |
| 2023Q4 | $2.42B |
| 2024Q1 | $3.06B |
| 2024Q2 | $3.41B |
| 2024Q3 | $3.65B |
| 2024Q4 | $3.55B |
| 2025Q1 | $4.23B |
| 2025Q2 | $4.84B |
| 2025Q3 | $5.65B |
| 2025Q4 | $5.60B |
| 2026Q1 | $6.43B |
| 2026Q2 | $7.38B |
Latest: $0.42 (2026Q2)
| Period | Value |
|---|---|
| 2021Q1 | −$0.09 |
| 2021Q2 | $0.05 |
| 2021Q3 | −$0.08 |
| 2021Q4 | −$0.20 |
| 2022Q1 | −$0.58 |
| 2022Q2 | −$0.47 |
| 2022Q3 | −$0.53 |
| 2022Q4 | −$1.52 |
| 2023Q1 | −$0.30 |
| 2023Q2 | −$0.11 |
| 2023Q3 | $0.72 |
| 2023Q4 | −$0.35 |
| 2024Q1 | $0.05 |
| 2024Q2 | $0.03 |
| 2024Q3 | $0.13 |
| 2024Q4 | $0.11 |
| 2025Q1 | $0.30 |
| 2025Q2 | $0.26 |
| 2025Q3 | $0.21 |
| 2025Q4 | $0.17 |
| 2026Q1 | $0.34 |
| 2026Q2 | $0.42 |
Latest: 58.0 (2026Q2)
| Period | Value |
|---|---|
| 2021Q4 | n/m |
| 2022Q1 | n/m |
| 2022Q2 | n/m |
| 2022Q3 | n/m |
| 2022Q4 | n/m |
| 2023Q1 | n/m |
| 2023Q2 | n/m |
| 2023Q3 | n/m |
| 2023Q4 | n/m |
| 2024Q1 | 56.7 |
| 2024Q2 | 57.2 |
| 2024Q3 | n/m |
| 2024Q4 | 128.7 |
| 2025Q1 | 73.1 |
| 2025Q2 | 84.2 |
| 2025Q3 | 85.9 |
| 2025Q4 | 90.6 |
| 2026Q1 | 64.8 |
| 2026Q2 | 58.0 |
Latest: $187M (2026Q2)
| Period | Value |
|---|---|
| 2021Q1 | −$614M |
| 2021Q2 | −$719M |
| 2021Q3 | −$479M |
| 2021Q4 | −$1.34B |
| 2022Q1 | −$813M |
| 2022Q2 | −$35M |
| 2022Q3 | −$188M |
| 2022Q4 | −$800M |
| 2023Q1 | −$98M |
| 2023Q2 | $491M |
| 2023Q3 | $580M |
| 2023Q4 | −$257M |
| 2024Q1 | $83M |
| 2024Q2 | $332M |
| 2024Q3 | $376M |
| 2024Q4 | $53M |
| 2025Q1 | $6M |
| 2025Q2 | −$220M |
| 2025Q3 | $307M |
| 2025Q4 | $79M |
| 2026Q1 | $563M |
| 2026Q2 | $187M |
Latest: 720M (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | 350M |
| 2021Q2 | 880M |
| 2021Q3 | 423M |
| 2021Q4 | 428M |
| 2022Q2 | 507M |
| 2022Q3 | 529M |
| 2022Q4 | 530M |
| 2023Q2 | 531M |
| 2023Q3 | 1.03B |
| 2023Q4 | 570M |
| 2024Q1 | 1.06B |
| 2024Q2 | 642M |
| 2024Q3 | 668M |
| 2024Q4 | 643M |
| 2025Q1 | 713M |
| 2025Q2 | 716M |
| 2025Q3 | 731M |
| 2025Q4 | 707M |
| 2026Q1 | 740M |
| 2026Q2 | 720M |
Latest: −$2.50B (2026Q2)
| Period | Value |
|---|---|
| 2021Q1 | −$614M |
| 2021Q2 | −$1.33B |
| 2021Q3 | −$1.81B |
| 2021Q4 | −$3.15B |
| 2022Q1 | −$3.96B |
| 2022Q2 | −$4.00B |
| 2022Q3 | −$4.19B |
| 2022Q4 | −$4.99B |
| 2023Q1 | −$5.08B |
| 2023Q2 | −$4.59B |
| 2023Q3 | −$4.01B |
| 2023Q4 | −$4.27B |
| 2024Q1 | −$4.19B |
| 2024Q2 | −$3.86B |
| 2024Q3 | −$3.48B |
| 2024Q4 | −$3.43B |
| 2025Q1 | −$3.42B |
| 2025Q2 | −$3.64B |
| 2025Q3 | −$3.33B |
| 2025Q4 | −$3.25B |
| 2026Q1 | −$2.69B |
| 2026Q2 | −$2.50B |
Latest earnings
Company History
Carvana founded by Ernest Garcia III as subsidiary of DriveTime, pioneering online used car sales.
Carvana goes public at $15/share, valued at $2B. Stock would eventually rise 20x before the crash.
Stock peaks above $370 during pandemic boom, fueled by used car shortages and growth narrative.
Stock crashes below $10 on debt concerns and rising rates. Company announces layoffs. Bankruptcy fears peak.
$5.8B debt deal extends maturities and reduces cash interest, giving company breathing room.
Record Q2 EBITDA of $355M. Full-year guidance raised to $1B+. Stock up 400% from lows.
2024 marks first full-year profit in company history. Turnaround complete.
Key Players
The CEO view — 6 podcasts, interviews & articles →
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Funds we follow holding CVNA
By latest reported 13F position value. Market value at quarter-end, not cost basis.
