Carvana Co. · Q2 2026
ReportedJul 29, 2026
Period endedJun 30, 2026
Rule of 40+55
Consensus vs reported
EPS · ADJUSTED
BEAT +11%
$0.42
vs $0.38 expected
QoQ+23.5%
YoY+61.5%
Revenue
BEAT +8%
$7.38B
vs $6.86B expected
QoQ+14.7%
YoY+52.4%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $7.38B, up 52.4% year over year and 14.7% on the quarter. Adjusted EPS $0.42, up 61.5% year over year and 23.5% on the quarter. GAAP EPS $0.42. Free cash flow $187M, down 66.8% on the quarter. Adjusted EPS beat consensus by 11%. Rule of 40 score +55.
Reported this quarter
Revenue
$7.38B
QoQ +14.7%
YoY +52.4%
EPS · ADJUSTED
$0.42
QoQ +23.5%
YoY +61.5%
EPS · GAAP
$0.42
QoQ +23.5%
YoY +61.5%
Free Cash Flow
$187M
QoQ −66.8%
YoY —
Gross Margin
18.8%
QoQ −1.0 pp
YoY −3.2 pp
FCF Margin
2.5%
QoQ −6.2 pp
YoY +7.1 pp
P/E Ratio
58.0
QoQ −10.5%
YoY −31.1%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Every reported line beat and the stock fell more than 20% after hours. Revenue $7.376B against $6.86B , adjusted EPS $0.42 against $0.38 , adjusted EBITDA $769M against $766.2M , retail units 197,325 — all records.
- The damage was in a guidance midpoint, not the quarter. Full-year adjusted EBITDA guided to $2.7–3.0B , whose $2.85B midpoint missed the $2.99B modelled — while still implying up to 34% growth on 2025's $2.24B.
- The vaguer number did more harm than the lower one. Carvana gave only a "sequential increase" for Q3 retail units against a 204,115 consensus. A company that had been beating on a specific number stopped supplying one.
- Share gain came in a shrinking market. Retail units grew 38% while the used-car industry contracted, at what management puts at 1.5% of the US automotive market on a run-rate near 800k units and over $2B of net income.
- Gross profit per unit fell year over year and rose sequentially. $7,014 , down $412 on the year and up $231 from Q1 . One more sequential gain would settle whether the annual decline is mix or erosion.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $0.13 | — |
| 2024 Q4 | — | $0.11 | — |
| 2025 Q1 | — | $0.30 | — |
| 2025 Q2 | — | $0.26 | — |
| 2025 Q3 | — | $0.21 | — |
| 2025 Q4 | — | $0.17 | — |
| 2026 Q1 | — | $0.34 | — |
| 2026 Q2 | $0.38 | $0.42 | +11% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1690820.
HTML
8-K results announcement
Filed Jul 29, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
524 KB
HTM
Exhibit EX-99.2
Exhibit 99.2 to the 8-K
45 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 30, 2026, filed Jul 29, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure CVNA has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings