CARVANA CO. CVNA

Consumer discretionary SIC 5500 - Retail-Auto Dealers & Gasoline Stations NAICS Retail Trade › Motor Vehicle and Parts Dealers derived NYSE

Carvana Co. is a holding company that was formed as a Delaware corporation in 2016 in order to operate the business of Carvana Group, LLC and its subsidiaries (collectively, "Carvana Group"). Carvana Co. Class A common stock trades on the New York Stock Exchange ("NYSE") under the symbol "CVNA."

Carvana is the leading e-commerce platform for buying and selling used cars. We are transforming the used car buying and selling experience by giving consumers what they want - a wide selection, great value and quality, transparent pricing, and a simple, no pressure transaction. Our differentiated business model combines a comprehensive online sales experience with a vertically integrated supply chain, designed to sell high-quality vehicles to our customers transparently and efficiently at a low price. The automotive retail industry is large – with approximately 37 million used auto retail transactions in the United States ("U.S.") in 2024 according to Cox Automotive – and highly fragmented – with the top 10 used auto retailers in the U.S. accounting for less than 10% of the market share in 2024. These dynamics create an exceptional opportunity for disruption that our custom-built business model can capitalize on to remain well-positioned for long term growth. Over the years, we have leveraged our growing logistics network, which spans 316 metropolitan statistical areas, and our in-house distribution network, servicing over 80% of the U.S. population as of December 31, 2025, to sell 2.8 million retail vehicles, generating $84.1 billion in total revenue since inception in 2012 through December 31, 2025.

Last close 57.81 2026-10-23
Market cap $41.49B estimated share count
52-week range 54.46 - 97.38

Valuation FY2025 figures against the last close

P/S2.0x
P/E6.8x
P/FCF46.7x
EV/EBITDA23.5x
Dividend yield—
Diluted EPS8.45

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $20.32B$13.67B$10.77B$13.60B$12.81B$5.59B$3.94B$1.96B$858.9M$365.1M
Cost of revenue $16.13B$10.80B$9.05B$12.36B$10.88B$4.79B$3.43B$1.76B$790.8M$346.0M
Gross profit $4.19B$2.88B$1.72B$1.25B$1.93B$794.0M$507.0M$196.7M$68.1M$19.2M
SG&A $2.31B$1.87B$1.80B$2.74B$2.03B$1.13B$787.0M$425.3M$223.4M$108.7M
Operating income $1.88B$990.0M-$80.0M-$2.35B——————
Interest expense $505.0M$651.0M$632.0M$486.0M$176.0M$131.0M$81.0M$25.0M$7.7M$3.6M
Pre-tax income $4.19B$214.0M$475.0M-$1.59B-$134.0M-$171.0M-$115.0M-$55.5M-$62.8M-$93.1M
Income tax $2.79B$4.0M$25.0M$1.0M$1.0M$0$0$0$0$0
Net income $1.41B$210.0M$450.0M-$1.59B-$135.0M-$171.0M-$115.0M-$55.5M-$62.8M-$93.1M
EPS, basic 10.221.724.12-15.74-1.63—————
EPS, diluted 8.451.590.75-15.74-1.63-2.63-2.45———
Shares, diluted (wtd. avg.) 224.3M132.2M200.6M100.8M82.8M65.0M46.8M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.33B$1.72B$530.0M$628.0M$636.0M$329.0M$118.0M$88.0M$187.1M$49.5M
Receivables $245.0M$303.0M$266.0M$253.0M$206.0M$79.0M$39.9M$33.1M$14.1M$5.7M
Inventory $2.41B$1.61B$1.15B$1.88B$3.15B$1.04B$762.7M$412.2M$227.4M$185.5M
Total current assets $6.55B$4.87B$3.32B$4.59B$4.89B$1.92B$1.36B$662.9M$489.7M$275.2M
Property, plant and equipment ———————$296.8M$148.7M$60.6M
Goodwill $10.0M$0—$0$9.0M$9.0M$9.4M$9.4M$0—
Other intangibles $47.0M$34.0M$52.0M$70.0M$4.0M$6.0M$7.2M$8.9M$0—
Total assets $13.20B$8.48B$7.07B$8.70B$7.01B$3.04B$2.06B$991.0M$641.1M$335.8M
Accounts payable $236.0M$236.0M$231.0M$232.0M$141.0M$67.0M$63.6M$33.0M$10.5M$6.2M
Short-term debt $211.0M$302.0M$777.0M$1.64B$2.15B$79.0M$606.6M$208.1M——
Total current liabilities $1.52B$1.34B$1.54B$2.59B$2.89B$467.0M$864.9M$329.5M$306.0M$196.4M
Long-term debt $4.83B$5.26B$5.42B$6.57B$3.21B$1.62B$883.1M$425.3M——
Total liabilities $9.00B$7.11B$7.46B$9.75B$6.49B$2.23B$1.87B$763.6M$361.6M$200.8M
Retained earnings -$9.0M-$1.42B-$1.63B-$2.08B-$489.0M-$354.0M-$183.0M-$68.4M-$12.9M—
Total equity $3.44B$1.26B-$384.0M-$1.05B$525.0M$802.0M$192.0M$227.0M$279.5M—

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.04B$918.0M$803.0M-$1.32B-$2.59B-$608.0M-$757.0M-$414.3M-$199.9M-$240.2M
Stock-based compensation $96.0M$91.0M$73.0M$69.0M$39.0M$25.0M$33.0M$24.1M$5.6M$555.0K
Capital expenditure $147.0M$91.0M$87.0M$512.0M$557.0M$360.0M$231.0M$143.7M$78.5M$39.5M
Investing cash flow -$230.0M-$13.0M$31.0M-$2.58B-$627.0M-$346.0M-$228.0M-$150.3M-$78.5M-$39.5M
Financing cash flow -$137.0M$261.0M-$868.0M$3.90B$3.53B$1.17B$1.01B$466.3M$416.1M$284.0M
Dividends paid ———————$4.6M$0$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001690820-26-000009.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -10B 0 10B 20B 30B Revenue, FY2016: 365.1M Gross profit, FY2016: 19.2M Net income, FY2016: -93.1M Revenue, FY2017: 858.9M Gross profit, FY2017: 68.1M Net income, FY2017: -62.8M Revenue, FY2018: 2B Gross profit, FY2018: 196.7M Net income, FY2018: -55.5M Revenue, FY2019: 3.9B Gross profit, FY2019: 507M Net income, FY2019: -115M Revenue, FY2020: 5.6B Gross profit, FY2020: 794M Net income, FY2020: -171M Revenue, FY2021: 12.8B Gross profit, FY2021: 1.9B Net income, FY2021: -135M Revenue, FY2022: 13.6B Gross profit, FY2022: 1.2B Net income, FY2022: -1.6B Revenue, FY2023: 10.8B Gross profit, FY2023: 1.7B Net income, FY2023: 450M Revenue, FY2024: 13.7B Gross profit, FY2024: 2.9B Net income, FY2024: 210M Revenue, FY2025: 20.3B Gross profit, FY2025: 4.2B Net income, FY2025: 1.4B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $365.1M $858.9M $1.96B $3.94B $5.59B $12.81B $13.60B $10.77B $13.67B $20.32B
Gross profit $19.2M $68.1M $196.7M $507.0M $794.0M $1.93B $1.25B $1.72B $2.88B $4.19B
Net income -$93.1M -$62.8M -$55.5M -$115.0M -$171.0M -$135.0M -$1.59B $450.0M $210.0M $1.41B

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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