Carvana Co

Latest Results (28.08.2026):

Carvana Co reports strong record results for Q4 2025 and full-year 2025: Q4 retail units sold were 163,522 and full-year retail units sold were 596,641 (both +43% YoY), full-year revenue reached $20.322 billion (+49% YoY), and the company achieved record profitability with full-year net income of $1.895 billion and Adjusted EBITDA of $2.237 billion. Carvana Co also reported sequential and multi-year improvements in unit economics, customer experience metrics, and expects significant growth in retail units sold and Adjusted EBITDA in FY 2026.

Full-Year 2025 Results

Carvana Co sold 596,641 retail units in FY 2025 (+43% YoY) with revenue of $20.322 billion (+49% YoY). Full-year net income was $1.895 billion (9.3% net income margin) and Adjusted EBITDA was $2.237 billion (11.0% Adjusted EBITDA margin). GAAP operating income was $1.881 billion (9.3% operating margin). Full-year results included a net non‑cash benefit of $621 million.

Q4 2025 Results

In Q4 2025 Carvana Co sold 163,522 retail units (+43% YoY) and reported revenue of $5.603 billion (+58% YoY). Q4 net income was $951 million (17.0% margin) and included a $618 million net non‑cash benefit. Q4 Adjusted EBITDA was $511 million (9.1% margin) and GAAP operating income was $424 million (7.6% margin).

Profitability & Margins

Carvana Co hit multiple profitability milestones in 2025: record net income, record Adjusted EBITDA and record GAAP operating income with double‑digit Adjusted EBITDA margin (11.0% full-year). Management notes non‑cash items materially affected reported net income in both Q4 and full year.

Growth & Unit Economics

Unit growth remained strong (+43% YoY) alongside improvements in selection, delivery times, and lower costs. Management highlighted record unit economics, multi‑year high customer NPS, expanded integrated reconditioning and digital auction capabilities, and a long‑term target of 3 million annual retail units at a 13.5% Adjusted EBITDA margin by 2030–2035.

Outlook for 2026

Carvana Co expects significant growth in retail units sold and Adjusted EBITDA in FY 2026 and a sequential increase in both metrics in Q1 2026, assuming a stable environment. The company plans to prioritize profitable growth at scale while continuing operational and customer experience improvements.

Other Notes

Carvana Co hosted a conference call on Feb. 18, 2026 to discuss results. The company uses Adjusted EBITDA (a non‑GAAP measure) to supplement GAAP metrics and warns that forward‑looking statements are subject to risks and uncertainties as detailed in its filings.