CARVANA CO.

Listed Company

CVNACIK 0001690820NYSELarge AcceleratedRetail-Auto Dealers & Gasoline StationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$20.32B

Net Income

$1.41B

Total Assets

$13.20B

Equity

$3.44B

Shares Out

Op. Cash Flow

$1.04B

CVNA$67.35−2.68% · past yearDBEQ Basic

Daily closing prices

Business

Carvana Co. is an e-commerce platform for buying and selling used cars, combining online sales with a vertically integrated supply chain. The company acquires used vehicles directly from customers and auctions, inspects and reconditions them at dedicated facilities, and sells them through its website with integrated financing, vehicle service contracts, GAP coverage, and auto insurance. Carvana operates a nationwide logistics network spanning hundreds of metropolitan areas with proprietary delivery infrastructure including car vending machines and servicing the vast majority of the U.S. population.

Summary from 10-K filed 2026-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales and operating revenues	20,322	13,673	10,771	13,604	12,814
Cost of sales, including $14, $9, and $5, respectively, to related parties	16,130	10,797	9,047	12,358	10,885
Gross profit	4,192	2,876	1,724	1,246	1,929
Selling, general and administrative expenses, including $32, $31, and $33, respectively, to related parties	2,308	1,874	1,796	2,736	2,033
Other operating expense, net	3	12	8	14	—
Operating income (loss)	1,881	990	−80	−2,351	—
Interest expense, net	505	651	632	486	—
Loss (gain) on debt extinguishment	16	12	−878	0	0
Other expense (income), net	2,250	−73	−9	56	6
Net (loss) income before income taxes	−890	400	175	−2,900	−286
Income tax (benefit) provision	−2,800	−4	25	1	1
Net income	1,895	404	150	−2,894	−287
Net income (loss) attributable to non-controlling interests	488	194	−300	−1,307	−152
Net income attributable to Carvana Co.	1,407	210	450	−1,587	−135
Net income attributable to Class A common stockholders, basic	1,407	210	450	−1,587	−135
Net earnings per share of Class A common stock, basic (in dollars per share)	10.22	1.72	4.12	−15.74	−1.63
Net earnings per share of Class A common stock, diluted (in dollars per share)	8.45	1.59	0.75	−15.74	−1.63
Weighted-average shares of Class A common stock, basic (in shares)	138	122	109	101	83
Weighted-average shares of Class A common stock, diluted (in shares)	224	132	201	101	83

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,327	1,716	530	434	403
Restricted cash	102	44	64	194	233
Accounts receivable, net	245	303	266	253	206
Finance receivables held for sale, net	813	612	807	1,334	356
Vehicle inventory	2,408	1,608	1,150	1,876	3,149
Beneficial interests in securitizations	486	464	366	321	382
Other current assets, including $5 and $4, respectively, due from related parties	168	122	138	182	163
Total current assets	6,549	4,869	3,321	4,594	4,892
Property and equipment, net	2,814	2,773	2,982	3,244	1,560
Operating lease right-of-use assets, including $6 and $13, respectively, from leases with related parties	443	440	455	536	369
Intangible assets, net	47	34	—	—	—
Goodwill	10	0	—	0	9
Deferred tax assets	3,064	3	—	—	—
Other assets	274	365	261	254	181
Total assets	13,201	8,484	7,071	8,698	7,015
Accounts payable and accrued liabilities, including $21 and $17, respectively, due to related parties	1,100	856	596	777	656
Short-term revolving facilities	58	67	668	1,534	2,053
Current portion of long-term debt	227	309	189	201	152
Other current liabilities, including $31 and $16, respectively, due to related parties	134	106	83	80	29
Total current liabilities	1,519	1,338	1,536	2,592	2,890
Long-term debt, excluding current portion	4,830	5,256	5,416	6,574	3,208
Operating lease liabilities, excluding current portion, including $5 and $10, respectively, from leases with related parties	406	414	433	507	361
Tax receivable agreement liability, including $1,721 and $48, respectively, due to related parties	2,200	65	—	—	—
Other liabilities	15	36	70	78	31
Total liabilities	8,998	7,109	7,455	9,751	6,490
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of December 31, 2025 and 2024	0	0	0	0	0
Additional paid-in capital	3,450	2,676	1,869	1,558	795
Accumulated deficit	−9	−1,416	−1,626	−2,076	−489
Total stockholders' equity attributable to Carvana Co.	3,441	1,260	243	−518	306
Non-controlling interests	762	115	−627	−535	219
Total stockholders' equity	4,203	1,375	−384	−1,053	525
Total liabilities & stockholders' equity	13,201	8,484	7,071	8,698	7,015

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	275	305	352	261	105
Equity-based compensation expense	96	91	73	69	39
Deferred income taxes	−2,784	2	−4	—	—
Tax receivable agreement expense	2,200	67	14	—	—
Loss on disposal of property and equipment	3	12	8	14	1
Payment-in-kind interest expense	182	458	184	0	0
Provision for bad debt and valuation allowance	15	27	38	23	28
Amortization of debt issuance costs	10	15	24	27	—
Unrealized loss (gain) on warrants to acquire common stock	64	−115	−3	80	24
Unrealized gain on beneficial interests in securitizations	−12	−23	−14	−6	−7
Originations of finance receivables	−12,807	−8,329	−6,041	−7,214	−7,306
Proceeds from sale of finance receivables, net	13,315	8,805	6,594	6,297	7,391
Gain on loan sales	−1,193	−755	−434	−411	−717
Principal payments received on finance receivables held for sale	241	188	186	190	206
Vehicle inventory	−734	−455	711	1,354	−2,086
Accounts receivable	49	−47	−22	145	−148
Other assets	−4	12	43	−83	−105
Accounts payable and accrued liabilities	235	260	−166	−46	247
Operating lease right-of-use assets	−3	15	81	21	−213
Operating lease liabilities	−2	−10	−71	15	223
Other liabilities	−21	−21	−22	−13	0
Net cash provided by operating activities	1,036	918	803	−1,324	−2,594
Purchases of property and equipment	−147	−91	−87	−512	−557
Proceeds from disposal of property and equipment	2	11	72	44	0
Payments for acquisitions, net of cash acquired	−160	0	−7	−2,196	0
Principal payments received on and proceeds from sale of beneficial interests	75	67	53	81	56
Net cash (used in) provided by investing activities	−230	−13	31	−2,583	−627
Proceeds from short-term revolving facilities	4,018	3,096	6,709	12,982	14,600
Payments on short-term revolving facilities	−4,026	−3,697	−7,575	−13,501	−12,587
Proceeds from issuance of long-term debt	175	191	132	3,435	1,650
Payments on long-term debt	−820	−577	−503	−165	−73
Payments of debt issuance costs	−17	−4	−69	−75	−24
Payments of tax made on behalf of non-controlling members	−4	0	0	—	—
Net proceeds from issuance of Class A common stock and LLC Units	536	1,264	453	—	—
Tax receivable agreement payments	−17	0	0	—	—
Proceeds from equity-based compensation plans	48	7	0	4	2
Tax withholdings related to restricted stock units	−30	−19	−15	−8	−40
Net cash (used in) provided by financing activities	−137	261	−868	3,899	3,528
Net increase (decrease) in cash, cash equivalents, and restricted cash	669	1,166	−34	−8	307

Filings

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Frequently asked questions

What is CARVANA CO.'s CIK number?

CARVANA CO.'s SEC CIK number is 0001690820 (1690820). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find CARVANA CO.'s SEC filings?

All of CARVANA CO.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did CARVANA CO. last report earnings?

CARVANA CO. (CVNA) most recently filed an earnings 8-K with the SEC on Apr 29, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001690820-26-000034). This is CARVANA CO.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is CARVANA CO.'s most recent earnings 8-K?

CARVANA CO.'s latest earnings 8-K (Item 2.02) was filed Apr 29, 2026 under accession 0001690820-26-000034. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View CARVANA CO.'s latest earnings 8-K →
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