CARVANA CO.CVNAEarnings & Financial Report
Carvana Co. is an online used car retailer based in Tempe, Arizona. Carvana was named to the 2021 Fortune 500 list, one of the youngest companies to be added to the list.
Revenue
$5.6B
Gross Profit
$1.1B
Operating Profit
$424.0M
Net Profit
$857.0M
Gross Margin
18.8%
Operating Margin
7.6%
Net Margin
15.3%
YoY Growth
58.0%
CARVANA CO. Q4 FY2025 Financial Summary
CARVANA CO. reported revenue of $5.6B (up 58.0% YoY) for Q4 FY2025, with a net profit of $857.0M (up 984.8% YoY) (15.3% margin). Cost of goods sold was $4.6B, operating expenses totaled $627.0M.
Key Financial Metrics
| Total Revenue | $5.6B |
|---|---|
| Net Profit | $857.0M |
| Gross Margin | 18.8% |
| Operating Margin | 7.6% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
CARVANA CO. Q4 FY2025 revenue of $5.6B breaks down across 3 segments, led by Used Vehicle Sales at $4.2B (74.2% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Used Vehicle Sales | $4.2B | 74.2% |
| Wholesale Sales And Revenues | $988.0M | 17.6% |
| Other | $459.0M | 8.2% |
CARVANA CO. Revenue by Segment — Quarterly Trend
CARVANA CO. revenue by segment across the last 4 reported quarters, showing how each business line (such as Used Vehicle Sales and Wholesale Sales And Revenues) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Used Vehicle Sales | — | $4.2B | $4.0B | $3.4B |
| Wholesale Sales And Revenues | — | $988.0M | — | $1.0B |
| Other | — | $459.0M | $474.0M | $411.0M |
CARVANA CO. Annual Revenue by Year
CARVANA CO. annual revenue history includes year-by-year totals (for example, 2025 revenue was $20.3B).
| Year | Annual Revenue |
|---|---|
| 2025 | $20.3B |
| 2024 | $13.7B |
| 2023 | $10.8B |
CARVANA CO. Quarterly Revenue & Net Profit History
CARVANA CO. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $4.2B | -34.2% | $373.0M | 8.8% |
| Q4 FY2025 | $5.6B | +58.0% | $857.0M | 15.3% |
| Q3 FY2025 | $5.6B | +54.5% | $151.0M | 2.7% |
| Q2 FY2025 | $4.8B | +41.9% | $183.0M | 3.8% |
| Q1 FY2025 | $4.2B | +38.3% | $216.0M | 5.1% |
| Q4 FY2024 | $3.5B | +46.3% | $79.0M | 2.2% |
| Q3 FY2024 | $3.7B | +31.8% | $85.0M | 2.3% |
| Q2 FY2024 | $3.4B | +14.9% | $18.0M | 0.5% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.41B | $3.65B | $3.55B | $4.23B | $4.84B | $5.65B | $5.60B | $4.23B |
| YoY Growth | 14.9% | 31.8% | 46.3% | 38.3% | 41.9% | 54.5% | 58.0% | -34.2% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $7.17B | $7.37B | $8.48B | $8.88B | $9.37B | $9.85B | $13.20B | N/A |
| Liabilities | $7.05B | $7.08B | $7.11B | $7.11B | $7.25B | $6.90B | $9.00B | N/A |
| Equity | $526.0M | $611.0M | $1.26B | $1.50B | $1.73B | $2.28B | $3.44B | N/A |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $354.0M | $403.0M | $60.0M | $232.0M | $29.0M | $345.0M | $430.0M |