CVNA
Carvana Co.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Carvana Co..
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.
Q4 2025 earnings scheduled for Feb 18 after market close
Carvana to report Q4 2025 results next Wednesday. Analysts expecting continued growth momentum after record Q3.
Stock down 7% amid broader market selloff
CVNA dropped alongside growth stocks in market-wide risk-off day. No company-specific news.
Record Q3 2025: Revenue $5.6B (+55% YoY), EPS $1.03
Carvana delivered blowout quarter with record revenue and fourth consecutive profitable quarter. Gross margins expanded to 20.3%.
Q2 2025: Revenue $4.8B (+42% YoY), ninth consecutive profitable quarter
Strong momentum continues with revenue acceleration. Management raised full-year guidance again.
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 |
|---|---|
| 2024Q1 | 56.7 |
| 2024Q2 | 57.2 |
| 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 |
|---|---|
| 2021Q1 | 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.
