PerpEquities

Equity · Consumer cyclical

Is Carvana Co. (CVNA) tradable as a perp? Not yet

Carvana Co. operates a digital platform for buying and selling pre-owned vehicles in the US, offering online browsing, financing, delivery, and post-sale support.

Not yet listed on any perp exchange

No perpetual-futures venue lists CVNA yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

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Company data

Company fundamentals

Updated 3h ago
Market cap
$71.4B
Updated 3h ago
Revenue
$25.1B
Trailing 12 months
Revenue growth
+42%
Next fiscal year
Profit margin
+6.3%
P/E
22.5
Peer P/E 29.0
Free cash flow
$929M
Trailing 12 months
More metrics
Net income
$1.6B
Trailing 12 months
P/S
2.9
Peer P/E
29.0
Similar listed perps
Revenue estimate
$28.9B
Next fiscal year
Earnings
2026-10-28
Revenue est. $7.6B · Updated 3h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$20.3B
Net margin+6.9%
Free cash flow$889M
Net debt$3.2B
2020$5.6B
2021$12.8B
2022$13.6B
2023$10.8B
2024$13.7B
2025$20.3B
PeriodRevenueGrowthNet incomeFCF
2020$5.6B+42%-$171.1M-$968.4M
2021$12.8B+129%-$135M-$3.2B
2022$13.6B+6%-$1.6B-$1.8B
2023$10.8B-21%$450M$716M
2024$13.7B+27%$210M$827M
2025$20.3B+49%$1.4B$889M
PeriodGross marginOperating marginNet marginROEROA
2020+12.9%-5.9%-3.1%-44.2%-5.6%
2021+14.3%-0.8%-1.1%-44.1%-1.9%
2022+7.4%-11.0%-11.7%+306.4%-18.2%
2023+16.0%-0.7%+4.2%+185.2%+6.4%
2024+19.8%+7.3%+1.5%+16.7%+2.5%
2025+20.6%+9.3%+6.9%+40.9%+10.7%
PeriodCashDebtNet debtCurrent ratio
2020$301M$1.9B$1.6B4.12
2021$403M$5.8B$5.4B1.69
2022$434M$8.8B$8.4B1.77
2023$530M$6.7B$6.2B2.16
2024$1.7B$6B$4.3B3.64
2025$2.3B$5.5B$3.2B4.31
PeriodMarket capEnterprise valueP/SP/E
2020$24.3B$25.9B2.8-91.1
2021$30B$35.4B1.5-142.2
2022$747.1M$9.1B0.0-0.3
2023$9B$15.2B0.512.9
2024$38.9B$43.2B1.8118.2
2025$90.8B$94B2.941.4
Q3 2024$3.7B
Q4 2024$3.5B
Q1 2025$4.2B
Q2 2025$4.8B
Q3 2025$5.6B
Q4 2025$5.6B
Q1 2026$6.4B
Q2 2026$7.4B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$3.7B+32%$85M$376M
Q4 2024$3.5B+46%$79M$36M
Q1 2025$4.2B+38%$216M$205M
Q2 2025$4.8B+42%$183M-$2M
Q3 2025$5.6B+55%$151M$307M
Q4 2025$5.6B+58%$857M$379M
Q1 2026$6.4B+52%$250M$56M
Q2 2026$7.4B+52%$310M$187M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+21.0%+9.2%+2.3%+13.9%+1.2%
Q4 2024+20.4%+7.6%+2.2%+6.3%+0.9%
Q1 2025+21.0%+9.3%+5.1%+14.4%+2.4%
Q2 2025+21.2%+10.6%+3.8%+10.6%+2.0%
Q3 2025+20.3%+9.8%+2.7%+6.6%+1.5%
Q4 2025+18.8%+7.6%+15.3%+24.9%+6.5%
Q1 2026+19.8%+9.0%+3.9%+6.7%+1.8%
Q2 2026+18.8%+9.2%+4.2%+7.7%+2.1%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$871M$6.1B$5.3B3.25
Q4 2024$1.7B$6B$4.3B3.64
Q1 2025$1.9B$6B$4.2B3.81
Q2 2025$1.9B$6.1B$4.3B4.00
Q3 2025$2.2B$5.7B$3.5B4.05
Q4 2025$2.3B$5.5B$3.2B4.31
Q1 2026$2.4B$5.5B$3.1B4.09
Q2 2026$2.6B$5.6B$3B3.93
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$33.7B$39B5.963.1
Q4 2024$41.4B$45.7B7.583.3
Q1 2025$43.8B$48B6.632.5
Q2 2025$71.3B$75.6B9.462.4
Q3 2025$82.1B$85.6B9.387.3
Q4 2025$93.5B$96.7B10.711.1
Q1 2026$70.2B$73.3B7.044.9
Q2 2026$73.8B$76.8B6.438.3

Refreshed 3h ago

Charts: revenue, profit, cash flow & valuation
Revenue$7.4BQ2 2026
$1.8B$3.7B$5.5B$7.4BQ3 2023: $2.8BQ4 2023: $2.4BQ1 2024: $3.1BQ2 2024: $3.4BQ3 2024: $3.7BQ4 2024: $3.5BQ1 2025: $4.2BQ2 2025: $4.8BQ3 2025: $5.6BQ4 2025: $5.6BQ1 2026: $6.4BQ2 2026: $7.4BQ3 2023Q2 2026
Net income$310MQ2 2026
$128.8M$371.5M$614.3M$857MQ3 2023: $782MQ4 2023: -$114MQ1 2024: $28MQ2 2024: $18MQ3 2024: $85MQ4 2024: $79MQ1 2025: $216MQ2 2025: $183MQ3 2025: $151MQ4 2025: $857MQ1 2026: $250MQ2 2026: $310MQ3 2023Q2 2026
EBITDA$749MQ2 2026
-$996.3M-$327.5M$341.3M$1BQ3 2023: $1BQ4 2023: $45MQ1 2024: $303MQ2 2024: $298MQ3 2024: $377MQ4 2024: $378MQ1 2025: $587MQ2 2025: $519MQ3 2025: $449MQ4 2025: -$1.7BQ1 2026: $609MQ2 2026: $749MQ3 2023Q2 2026
Free cash flow$187MQ2 2026
-$47.8M$161.5M$370.8M$580MQ3 2023: $580MQ4 2023: -$257MQ1 2024: $83MQ2 2024: $332MQ3 2024: $376MQ4 2024: $36MQ1 2025: $205MQ2 2025: -$2MQ3 2025: $307MQ4 2025: $379MQ1 2026: $56MQ2 2026: $187MQ3 2023Q2 2026
EPS$0.42Q2 2026
$0.15$0.5$0.84$1.19Q3 2023: $0.76Q4 2023: -$0.2Q1 2024: $0.05Q2 2024: $0.03Q3 2024: $0.13Q4 2024: $0.11Q1 2025: $0.3Q2 2025: $0.26Q3 2025: $0.21Q4 2025: $1.19Q1 2026: $0.34Q2 2026: $0.42Q3 2023Q2 2026
Cash / Debt$2.6BQ2 2026
$1.7B$3.4B$5B$6.7BQ3 2023 · Cash: $616MQ3 2023 · Debt: $6.5BQ4 2023 · Cash: $530MQ4 2023 · Debt: $6.7BQ1 2024 · Cash: $252MQ1 2024 · Debt: $6.4BQ2 2024 · Cash: $542MQ2 2024 · Debt: $6.1BQ3 2024 · Cash: $871MQ3 2024 · Debt: $6.1BQ4 2024 · Cash: $1.7BQ4 2024 · Debt: $6BQ1 2025 · Cash: $1.9BQ1 2025 · Debt: $6BQ2 2025 · Cash: $1.9BQ2 2025 · Debt: $6.1BQ3 2025 · Cash: $2.2BQ3 2025 · Debt: $5.7BQ4 2025 · Cash: $2.3BQ4 2025 · Debt: $5.5BQ1 2026 · Cash: $2.4BQ1 2026 · Debt: $5.5BQ2 2026 · Cash: $2.6BQ2 2026 · Debt: $5.6BQ3 2023Q2 2026
CashDebt
Profitability+18.8%Q2 2026
+3.5%+11.7%+20.0%+28.2%Q3 2023 · Gross margin: +15.8%Q4 2023 · Gross margin: +14.8%Q1 2024 · Gross margin: +17.9%Q2 2024 · Gross margin: +19.8%Q3 2024 · Gross margin: +21.0%Q4 2024 · Gross margin: +20.4%Q1 2025 · Gross margin: +21.0%Q2 2025 · Gross margin: +21.2%Q3 2025 · Gross margin: +20.3%Q4 2025 · Gross margin: +18.8%Q1 2026 · Gross margin: +19.8%Q2 2026 · Gross margin: +18.8%Q3 2023 · Operating margin: +1.8%Q4 2023 · Operating margin: -1.5%Q1 2024 · Operating margin: +4.4%Q2 2024 · Operating margin: +7.6%Q3 2024 · Operating margin: +9.2%Q4 2024 · Operating margin: +7.6%Q1 2025 · Operating margin: +9.3%Q2 2025 · Operating margin: +10.6%Q3 2025 · Operating margin: +9.8%Q4 2025 · Operating margin: +7.6%Q1 2026 · Operating margin: +9.0%Q2 2026 · Operating margin: +9.2%Q3 2023 · Net margin: +28.2%Q4 2023 · Net margin: -4.7%Q1 2024 · Net margin: +0.9%Q2 2024 · Net margin: +0.5%Q3 2024 · Net margin: +2.3%Q4 2024 · Net margin: +2.2%Q1 2025 · Net margin: +5.1%Q2 2025 · Net margin: +3.8%Q3 2025 · Net margin: +2.7%Q4 2025 · Net margin: +15.3%Q1 2026 · Net margin: +3.9%Q2 2026 · Net margin: +4.2%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+52.4%Q2 2026
+14.5%+29.0%+43.5%+58.0%Q3 2024: +31.8%Q4 2024: +46.3%Q1 2025: +38.3%Q2 2025: +41.9%Q3 2025: +54.5%Q4 2025: +58.0%Q1 2026: +52.0%Q2 2026: +52.4%Q3 2023Q2 2026
Shares outstanding740MQ2 2026
281.9M563.8M845.7M1.1BQ3 2023: 550.8MQ4 2023: 570.6MQ1 2024: 581.5MQ2 2024: 642.3MQ3 2024: 667.8MQ4 2024: 699.3MQ1 2025: 712.9MQ2 2025: 716.2MQ3 2025: 731.4MQ4 2025: 1.1BQ1 2026: 740.4MQ2 2026: 740MQ3 2023Q2 2026
Valuation38.3Q2 2026
41.997.0152.1207.3Q3 2023 · P/E: 2.8Q4 2023 · P/E: -13.3Q1 2024 · P/E: 90.4Q2 2024 · P/E: 207.3Q3 2024 · P/E: 63.1Q4 2024 · P/E: 83.3Q1 2025 · P/E: 32.5Q2 2025 · P/E: 62.4Q3 2025 · P/E: 87.3Q4 2025 · P/E: 11.1Q1 2026 · P/E: 44.9Q2 2026 · P/E: 38.3Q3 2023 · P/S: 1.7Q4 2023 · P/S: 2.5Q1 2024 · P/S: 3.3Q2 2024 · P/S: 4.3Q3 2024 · P/S: 5.9Q4 2024 · P/S: 7.5Q1 2025 · P/S: 6.6Q2 2025 · P/S: 9.4Q3 2025 · P/S: 9.3Q4 2025 · P/S: 10.7Q1 2026 · P/S: 7.0Q2 2026 · P/S: 6.4Q3 2023Q2 2026
P/EP/S
Revenue$20.3B2025
$5.1B$10.2B$15.2B$20.3B2018: $2B2019: $3.9B2020: $5.6B2021: $12.8B2022: $13.6B2023: $10.8B2024: $13.7B2025: $20.3B20182025
Net income$1.4B2025
-$838.5M-$90M$658.5M$1.4B2018: -$55.5M2019: -$114.7M2020: -$171.1M2021: -$135M2022: -$1.6B2023: $450M2024: $210M2025: $1.4B20182025
EBITDA-$110M2025
-$1.3B-$395M$480.5M$1.4B2018: -$206.2M2019: -$242.8M2020: -$257.2M2021: -$5M2022: -$2.1B2023: $1.2B2024: $1.4B2025: -$110M20182025
Free cash flow$889M2025
-$2.1B-$1.1B-$121M$889M2018: -$558M2019: -$987.7M2020: -$968.4M2021: -$3.2B2022: -$1.8B2023: $716M2024: $827M2025: $889M20182025
EPS$1.692025
-$1.94-$0.73$0.48$1.692018: -$0.412019: -$0.492020: -$0.532021: -$0.332022: -$3.152023: $0.152024: $0.322025: $1.6920182025
Cash / Debt$2.3B2025
$2.2B$4.4B$6.6B$8.8B2018 · Cash: $78.9M2018 · Debt: $633.4M2019 · Cash: $76M2019 · Debt: $1.6B2020 · Cash: $301M2020 · Debt: $1.9B2021 · Cash: $403M2021 · Debt: $5.8B2022 · Cash: $434M2022 · Debt: $8.8B2023 · Cash: $530M2023 · Debt: $6.7B2024 · Cash: $1.7B2024 · Debt: $6B2025 · Cash: $2.3B2025 · Debt: $5.5B20182025
CashDebt
Profitability+20.6%2025
-3.6%+4.5%+12.5%+20.6%2018 · Gross margin: +8.9%2019 · Gross margin: +11.8%2020 · Gross margin: +12.9%2021 · Gross margin: +14.3%2022 · Gross margin: +7.4%2023 · Gross margin: +16.0%2024 · Gross margin: +19.8%2025 · Gross margin: +20.6%2018 · Operating margin: -11.7%2019 · Operating margin: -7.1%2020 · Operating margin: -5.9%2021 · Operating margin: -0.8%2022 · Operating margin: -11.0%2023 · Operating margin: -0.7%2024 · Operating margin: +7.3%2025 · Operating margin: +9.3%2018 · Net margin: -2.8%2019 · Net margin: -2.9%2020 · Net margin: -3.1%2021 · Net margin: -1.1%2022 · Net margin: -11.7%2023 · Net margin: +4.2%2024 · Net margin: +1.5%2025 · Net margin: +6.9%20182025
Gross marginOperating marginNet margin
Revenue growth+48.6%2025
+16.7%+54.3%+91.8%+129.4%2019: +101.5%2020: +41.8%2021: +129.4%2022: +6.2%2023: -20.8%2024: +26.9%2025: +48.6%20182025
Shares outstanding1.1B2025
280.3M560.7M841M1.1B2018: 150.2M2019: 234.2M2020: 324.9M2021: 414M2022: 504.1M2023: 1B2024: 661M2025: 1.1B20182025
Valuation41.42025
-77.1-12.053.1118.22018 · P/E: -16.12019 · P/E: -37.62020 · P/E: -91.12021 · P/E: -142.22022 · P/E: -0.32023 · P/E: 12.92024 · P/E: 118.22025 · P/E: 41.42018 · P/S: 0.52019 · P/S: 1.12020 · P/S: 2.82021 · P/S: 1.52022 · P/S: 0.02023 · P/S: 0.52024 · P/S: 1.82025 · P/S: 2.920182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20261.62$28.9B+42%9
FY 20272.21$36.3B+79%11
FY 20282.72$44.5B+119%7
FY 20292.59$50B+146%2
FY 20302.85$60.4B+197%4
Q1 20270.50$8.3B+29%3

Company events

6
2026-10-28EarningsActual - / Estimate 0.46-
2026-07-29EarningsActual 0.42 / Estimate 0.39Beat
2026-05-08Stock split5:1-
2026-04-29EarningsActual 0.34 / Estimate 0.32Beat
2026-02-18EarningsActual 0.84 / Estimate 0.23Beat
2025-10-29EarningsActual 0.21 / Estimate 0.27Miss

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
RACE$71.5B8.538.3+22.3%1MEITUAN$57.6B1.0-9.9-10.1%13MAR$88.4B3.335.3+9.6%3F$52.7B0.3-7.1-3.9%1NKE$52.5B1.116.9+6.7%8MELI$90.6B2.648.6+5.3%6EBAY$49.7B4.122.6+18.5%13ABNB$98.7B7.537.6+20.4%5

Analyst track record

How the analysts covering CVNA have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings173423
Analysts2435
Buy / hold / sell150 / 23 / 0276 / 135 / 12
Upgrades / downgrades / initiations2 / 1 / 616 / 2 / 13
Price targets hit / missed0 / 158 (0%)48 / 334 (13%)
Avg. return after a rating (TipRanks)-29.2%-31.5%
Best / worst call-1.7% / -89.0%+174.5% / -89.0%

After buy calls on this stock: median 21-day move +2.8% vs S&P 500 +1.4% (n = 271)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Brad EricksonRBC Capital64% hit rate on this stock · 11 targets measuredBuytarget $85.00Aug 20, 2026
  2. Mike McGovernBank of America Securities29% hit rate on this stock · 17 targets measuredHoldtarget $70.00Jul 30, 2026
  3. Rajat Gupta CFAJ.P. Morgan26% hit rate on this stock · 19 targets measuredBuyno targetAug 4, 2026

Latest ratings

DateAnalystCallTarget
Sep 3, 2026Daniela HaigianMorgan StanleyBuyReiterated$90.00article ↗
Aug 20, 2026Brad EricksonRBC CapitalBuyMaintained$85.00article ↗
Aug 18, 2026Marvin FongBTIGBuyMaintained$87.00article ↗
Aug 18, 2026David LantzWells FargoBuyReiterated$80.00article ↗
Aug 12, 2026Sharon ZackfiaWilliam BlairBuyReiterated–article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$60.00$80.00$100$120$140$160$180Oct 25 · Buy 15 · Hold 6 · Sell 0Oct 25Nov 25 · Buy 18 · Hold 4 · Sell 0Dec 25 · Buy 22 · Hold 4 · Sell 0Dec 25Jan 26 · Buy 19 · Hold 3 · Sell 0Feb 26 · Buy 18 · Hold 3 · Sell 0Feb 26Mar 26 · Buy 17 · Hold 3 · Sell 0Apr 26 · Buy 17 · Hold 5 · Sell 0Apr 26May 26 · Buy 19 · Hold 4 · Sell 0Jun 26 · Buy 17 · Hold 4 · Sell 0Jun 26Jul 26 · Buy 16 · Hold 5 · Sell 0Aug 26 · Buy 15 · Hold 4 · Sell 0Aug 26Sep 26 · Buy 15 · Hold 4 · Sell 0Oct 25 · avg. target $94.88Nov 25 · avg. target $83.98Dec 25 · avg. target $90.10Jan 26 · avg. target $96.98Feb 26 · avg. target $104Mar 26 · avg. target $125Apr 26 · avg. target $185May 26 · avg. target $177Jun 26 · avg. target $132Jul 26 · avg. target $87.49Aug 26 · avg. target $87.09Sep 26 · avg. target $87.09Oct 25 · month-end close $61.31Nov 25 · month-end close $74.90Dec 25 · month-end close $84.40Jan 26 · month-end close $80.22Feb 26 · month-end close $66.83Mar 26 · month-end close $62.88Apr 26 · month-end close $79.16May 26 · month-end close $73.00Jun 26 · month-end close $65.82Jul 26 · month-end close $62.36Aug 26 · month-end close $73.46Sep 26 · month-end close $65.84

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 18, 2026 · 173 ratings