Carvana Co. (CVNA) financials

NYSE · Consumer Cyclical · Auto - Dealerships · 23,100 employees · CEO Ernest C. Garcia

Price: $68.29 -0.03%
Market cap: $74.9B
Enterprise value: $77.5B
Last report: Q3 '26 filed 2026-10-28
Next report: 2027-02-17 EPS est. $0.38

Revenue (TTM)$27.5B+50.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)8.7%-0.7 pp vs a year agoOperating income $2.4B

Net income (TTM)$1.71B+171.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.11B+103.8% vs a year agoCapex $217M

Diluted EPS (TTM)$2.34+167.4% vs a year agoSum of the last 4 quarters

Net cash-$2.57B+15.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $74.9B
Revenue: $27.5B
Revenue growth: +46%
Profit margin: 6.2%
P/E: 22.2×
P/S: 2.7×
EV / EBITDA: 190.3×
Free cash flow: $1.11B
Net income: $1.71B
Revenue estimate: $29.6B
Earnings: 2027-02-17
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-28): revenue beat by 4.3%, EPS missed by 11.6%Revenue $8.04B vs $7.71B expected (+4.3%); EPS $0.39 vs $0.44 (-11.6%).
Revenue growth slowing: 42.4% year on yearQ3 '26 revenue $8.04B, against an average of 54.2% over the four quarters before.
Operating margin 8.7% (TTM), -0.7 pp on a year agoOperating income grew 38.8% while revenue grew 50.3%.
Capex 0.8% of revenue (a year ago 0.7%)$217M invested in the last 4 quarters (+80.8% on a year earlier). Free cash flow $1.11B = 65.2% of net income.
Returned $36M to shareholders = 3.2% of free cash flowBuybacks $36M (a year earlier $0), dividends $0, stock-based pay $75M (TTM).
Diluted share count up 1.2% in a year740M diluted shares in Q3 '26, 731M a year earlier.
Net debt $2.57BCash + short-term investments $3.05B, debt incl. leases $5.62B; a year ago net debt $3.04B.
Reportable Segment: revenue +42.4%, margin 8.9% (was 9.8%)Fastest-growing reported segment in Q3 '26: operating income $714M on revenue $8.04B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$8.04B	$5.65B	+42.4%
Gross margin	18.9%	20.3%	-1.4 pp
Operating income	$714M	$552M	+29.3%
Operating margin	8.9%	9.8%	-0.9 pp
Net income	$289M	$151M	+91.4%
Diluted EPS	$0.39	$0.21	+89.3%
Operating cash flow	$555M	$345M	+60.9%
Capex	$64M	$38M	+68.4%
Free cash flow	$491M	$307M	+59.9%
R&D	$0	$0	–
Stock-based compensation	$24M	$24M	0.0%

Reported vs consensus

2026-10-28

	Actual	Consensus	vs consensus
Revenue	$8.04B	$7.71B	+4.3%
EPS (as estimated)	$0.39	$0.44	-11.6%

From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Used Vehicle Sales	$6.14B	+53.8%	91.2%	$20.6B	+59.6%
Product and Service, Other	$594M	+25.3%	8.8%	$2.11B	+32.3%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Reportable Segment	$8.04B	+42.4%	$714M	+29.3%	8.9%	9.8%	$2.4B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.33B
Capex: -$217M
Buybacks: -$36M
Dividends: $0
Acquisitions: -$149M
Net debt issued: -$85M
Stock-based compensation: $75M
Free cash flow: $1.11B
Returned to shareholders / FCF: 3.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	22.2×	57.5× 3 of 5 years	12.9× – 118.2×
EV / EBITDA	190.3×	22.5× 2 of 5 years	13.1× – 31.9×
EV / Sales	2.8×	2.5×	0.7× – 4.6×
Price / FCF	67.3×	34.5× 3 of 5 years	8.1× – 65.3×
Price / Book	11.3×	30.8× 4 of 5 years	16.9× – 62.7×
FCF yield	1.5%	-76.7%	-384.2% – 12.4%
Return on invested capital	-161.7%	-8.4%	-33.5% – 13.3%
Return on equity	43.9%	101.0%	-44.1% – 306.4%

Analysts

Consensus target $82.40 (+20.7%)
range $67.00 – $100.00 · rating Hold

Strong buy0

Buy21

Hold22

Sell2

Strong sell1

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$29.6B	+45.7%	$1.56	-8.0%	43.9×	10
FY2027	$37.4B	+26.2%	$2.14	+37.8%	31.9×	11
FY2028	$46.3B	+23.9%	$2.86	+33.4%	23.9×	7
FY2029	$52.3B	+12.9%	$3.07	+7.2%	22.3×	2
FY2030	$60.4B	+15.5%	$2.82	-8.0%	24.2×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 232 figures Carvana Co. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$1.57B	$1.01B	+55.5%	$1.1B	$856M	+28.5%
Accounts Payable, Current	$382M	$291M	+31.3%	$236M	$236M	0.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$320M	$352M	-9.1%	$245M	$303M	-19.1%
Accounts Receivable, Allowance for Credit Loss, Current	$6M2025-12-31	$9M	-33.3%	$6M	$9M	-33.3%
Accounts Receivable, Credit Loss Expense (Reversal)	$4M	$2M	+100.0%	$15M	$27M	-44.4%
Accrued Advertising, Current	$43M	$25M	+72.0%	$31M	$18M	+72.2%
Accrued Insurance, Current	$121M	$81M	+49.4%	$85M	$63M	+34.9%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$13M	–	–	–	–	–
Additional Paid in Capital	$3.5B	$3.15B	+11.2%	$3.45B	$2.68B	+28.9%
Advertising Expense	–	–	–	$363M	$229M	+58.5%
Amortization of Debt Issuance Costs	$4M2026-06-30	$1M	+300.0%	$10M	$15M	-33.3%
Amortization of Intangible Assets	$2M	$3M	-33.3%	$14M	$18M	-22.2%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$26M	$27M	-3.7%	$107M	$102M	+4.9%
Assets	$15.2B	$9.85B	+54.2%	$13.2B	$8.48B	+55.6%
Assets, Current	$8.63B	$6.27B	+37.7%	$6.55B	$4.87B	+34.5%
Capital Expenditures Incurred but Not yet Paid	$4M	$0	–	$6M	$1M	+500.0%
Cash and Cash Equivalents, at Carrying Value	$3.05B	$2.14B	+42.3%	$2.33B	$1.72B	+35.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$3.17B	$2.22B	+42.8%	$2.43B	$1.76B	+38.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$429M	$291M	+47.4%	$669M	$1.17B	-42.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$194M	$112M	+73.2%	–	–	–
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$302M	$151M	+100.0%	–	–	–
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$496M	$263M	+88.6%	–	–	–
Contract with Customer, Liability, Current	$68M	$49M	+38.8%	$51M	$63M	-19.0%
Cost of Goods and Services Sold	$6.52B	$4.5B	+44.9%	$16.1B	$10.8B	+49.4%
Current Federal Tax Expense (Benefit)	–	–	–	-$4M	$0	–
Current State and Local Tax Expense (Benefit)	–	–	–	$3M	-$1M	+400.0%
Debt Instrument, Unamortized Discount	$4M	–	–	–	–	–
Debt Instrument, Unamortized Premium	$9M	$19M	-52.6%	$18M	$27M	-33.3%
Debt Issuance Costs, Net	$37M	$37M	0.0%	$36M	$46M	-21.7%
Debt Securities, Available-for-sale	$557M	$486M	+14.6%	$486M	$464M	+4.7%
Debt Securities, Available-for-sale, Amortized Cost	$560M	$491M	+14.1%	–	–	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$2.32B	-$3M	-77,100.0%
Deferred Income Tax Assets, Net	$2.91B	–	–	$3.06B	$3M	+102,033.3%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$468M	$0	–
Deferred Tax Assets, Gross	$3.07B2025-12-31	$2.24B	+36.7%	$3.07B	$2.24B	+36.7%
Deferred Tax Assets, Investment in Subsidiaries	$1.71B2025-12-31	$1.51B	+13.4%	$1.71B	$1.51B	+13.4%
Deferred Tax Assets, Net	$3.06B2025-12-31	$3M	+102,033.3%	$3.06B	$3M	+102,033.3%
Deferred Tax Assets, Net of Valuation Allowance	$3.06B2025-12-31	$3M	+102,033.3%	$3.06B	$3M	+102,033.3%
Deferred Tax Assets, Operating Loss Carryforwards	$354M2025-12-31	$299M	+18.4%	$354M	$299M	+18.4%
Deferred Tax Assets, Other	$10M2025-12-31	$4M	+150.0%	$10M	$4M	+150.0%
Deferred Tax Assets, Tax Credit Carryforwards	$13M2025-12-31	$6M	+116.7%	$13M	$6M	+116.7%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves	$0	$0	–	$0	$0	–
Deferred Tax Assets, Valuation Allowance	$3M2025-12-31	$2.24B	-99.9%	$3M	$2.24B	-99.9%
Deferred Tax Liabilities, Intangible Assets	$02025-12-31	$0	–	$0	$0	–
Defined Contribution Plan, Cost	–	–	–	$8M	$8M	0.0%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	–	–	–	6.0%	6.0%	0.0%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	–	–	–	40.0%	40.0%	0.0%
Derivative Asset	$17M	–	–	–	–	–
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	–	–	–	$488M	$0	–
Earnings Per Share, Basic	–	–	–	$10.22	$1.72	+494.2%
Earnings Per Share, Diluted	–	–	–	$8.45	$1.59	+431.4%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	–	–	–	-$187M	$84M	-322.6%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	–	–	–	21.0%	21.0%	0.0%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	–	–	–	-$1.95B	-$9M	-21,522.2%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	–	–	–	2.19	-2.2%	+10,040.9%
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount	–	–	–	$99M	$42M	+135.7%
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent	–	–	–	-11.1%	10.6%	-204.7%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	–	–	–	$1M	$2M	-50.0%
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	–	–	–	-0.1%	0.4%	-125.0%
Effective Income Tax Rate Reconciliation, Percent	12.5%	-1.5%	+933.3%	3.13	-1.0%	+31,390.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01