Carvana Financials
This page shows Carvana (CVNA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Carvana’s recovery now runs on gross-profit expansion and fixed-cost absorption, with the gains starting to repair leverage.
Across the last three annual periods, revenue moved from$10.8B to$20.3B while overhead grew far more slowly, so the swing from near break-even operations to a strong operating profit looks like fixed-cost absorption and cost discipline, not just a temporary sales bounce. That improvement reached the balance sheet too: debt dependence eased as debt-to-equity fell from 22.3x to 1.4x, meaning the business is no longer leaning on a razor-thin equity base to support its debt load.
Cash generation now looks more durable than the earlier burn years suggested, because the latest year produced
The company’s short-term liquidity has changed materially: cash of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Carvana's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Carvana has an operating margin of 9.3%, meaning the company retains $9 of operating profit per $100 of revenue. This results in a moderate score of 43/100, indicating healthy but not exceptional operating efficiency. This is up from 7.2% the prior year.
Carvana's revenue surged 48.6% year-over-year to $20.3B, reflecting rapid business expansion. This strong growth earns a score of 91/100.
Carvana has a moderate D/E ratio of 1.40. This balance of debt and equity financing earns a leverage score of 39/100.
With a current ratio of 4.31, Carvana holds $4.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 87/100.
Carvana has a free cash flow margin of 4.4%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.
Carvana's ROE of 40.9% shows moderate profitability relative to equity, earning a score of 54/100. This is up from 16.7% the prior year.
Carvana scores 5.84, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($50.6B) relative to total liabilities ($9.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Carvana passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Carvana generates $0.74 in operating cash flow ($1.0B OCF vs $1.4B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Carvana earns $3.7 in operating income for every $1 of interest expense ($1.9B vs $505.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Carvana generated $20.3B in revenue in fiscal year 2025. This represents an increase of 48.6% from the prior year.
Carvana reported $1.4B in net income in fiscal year 2025. This represents an increase of 570.0% from the prior year.
Carvana earned $8.45 per diluted share (EPS) in fiscal year 2025. This represents an increase of 431.4% from the prior year.
Cash & Balance Sheet
Carvana generated $889.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 7.5% from the prior year.
Carvana held $2.3B in cash against $4.8B in long-term debt as of fiscal year 2025.
Margins & Returns
Carvana's gross margin was 20.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.
Carvana's operating margin was 9.3% in fiscal year 2025, reflecting core business profitability. This is up 2.0 percentage points from the prior year.
Carvana's net profit margin was 6.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.4 percentage points from the prior year.
Carvana's ROE was 40.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 24.2 percentage points from the prior year.
Capital Allocation
Carvana invested $147.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 61.5% from the prior year.
CVNA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.4B+14.8% | $5.6B-0.8% | $5.6B+16.7% | $4.8B+14.4% | $4.2B+19.3% | $3.5B-3.0% | $3.7B+7.2% | $3.4B |
| Cost of Revenue | $5.2B+13.4% | $4.6B+1.2% | $4.5B+19.1% | $3.8B+14.3% | $3.3B+18.6% | $2.8B-2.2% | $2.8B+5.7% | $2.7B |
| Gross Profit | $1.3B+20.9% | $1.1B-8.4% | $1.1B+7.9% | $1.1B+14.5% | $929.0M+21.8% | $763.0M-5.5% | $807.0M+12.9% | $715.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $690.0M+10.0% | $627.0M+5.4% | $595.0M+8.0% | $551.0M+3.0% | $535.0M+8.3% | $494.0M+5.3% | $469.0M+3.1% | $455.0M |
| Operating Income | $581.0M+37.0% | $424.0M-23.2% | $552.0M+8.0% | $511.0M+29.7% | $394.0M+51.5% | $260.0M-22.8% | $337.0M+30.1% | $259.0M |
| Interest Expense | $99.0M+1.0% | $98.0M-21.6% | $125.0M-12.6% | $143.0M+2.9% | $139.0M-6.1% | $148.0M-5.7% | $157.0M-9.2% | $173.0M |
| Income Tax | $36.0M+101.3% | -$2.8B-69475.0% | -$4.0M | $0-100.0% | $2.0M+166.7% | -$3.0M-200.0% | -$1.0M-200.0% | $1.0M |
| Net Income | $250.0M-70.8% | $857.0M+467.5% | $151.0M-17.5% | $183.0M-15.3% | $216.0M+173.4% | $79.0M-7.1% | $85.0M+372.2% | $18.0M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CVNA Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.8B+4.3% | $13.2B+34.0% | $9.9B+5.2% | $9.4B+5.5% | $8.9B+4.6% | $8.5B+15.1% | $7.4B+2.8% | $7.2B |
| Current Assets | $7.2B+9.9% | $6.5B+4.5% | $6.3B+10.4% | $5.7B+10.4% | $5.1B+5.5% | $4.9B+29.3% | $3.8B+8.3% | $3.5B |
| Cash & Equivalents | $2.4B+3.6% | $2.3B+8.6% | $2.1B+15.3% | $1.9B-0.1% | $1.9B+8.3% | $1.7B+97.0% | $871.0M+60.7% | $542.0M |
| Inventory | $2.7B+10.6% | $2.4B+4.0% | $2.3B+14.5% | $2.0B+34.6% | $1.5B-6.5% | $1.6B+23.2% | $1.3B+6.9% | $1.2B |
| Accounts Receivable | $339.0M+38.4% | $245.0M-30.4% | $352.0M+10.0% | $320.0M-13.3% | $369.0M+21.8% | $303.0M-16.5% | $363.0M+4.0% | $349.0M |
| Goodwill | $10.0M0.0% | $10.0M+233.3% | $3.0M+50.0% | $2.0M0.0% | $2.0M | $0 | N/A | N/A |
| Total Liabilities | $9.1B+1.6% | $9.0B+30.4% | $6.9B-4.8% | $7.2B+2.0% | $7.1B-0.1% | $7.1B+0.4% | $7.1B+0.4% | $7.1B |
| Current Liabilities | $1.8B+15.9% | $1.5B-1.9% | $1.5B+9.2% | $1.4B+5.2% | $1.3B+0.7% | $1.3B+15.4% | $1.2B+3.7% | $1.1B |
| Long-Term Debt | $4.8B+0.3% | $4.8B+0.4% | $4.8B-9.6% | $5.3B+1.0% | $5.3B+0.2% | $5.3B-3.2% | $5.4B+0.1% | $5.4B |
| Total Equity | $3.7B+8.1% | $3.4B+51.0% | $2.3B+31.7% | $1.7B+15.0% | $1.5B+19.4% | $1.3B+106.2% | $611.0M+16.2% | $526.0M |
| Retained Earnings | $241.0M+2777.8% | -$9.0M+99.0% | -$866.0M+14.8% | -$1.0B+15.3% | -$1.2B+15.3% | -$1.4B+5.3% | -$1.5B+5.4% | -$1.6B |
CVNA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $107.0M-75.1% | $430.0M+24.6% | $345.0M+1089.7% | $29.0M-87.5% | $232.0M+286.7% | $60.0M-85.1% | $403.0M+13.8% | $354.0M |
| Capital Expenditures | $51.0M0.0% | $51.0M+34.2% | $38.0M+22.6% | $31.0M+14.8% | $27.0M+12.5% | $24.0M-11.1% | $27.0M+22.7% | $22.0M |
| Free Cash Flow | $56.0M-85.2% | $379.0M+23.5% | $307.0M+15450.0% | -$2.0M-101.0% | $205.0M+469.4% | $36.0M-90.4% | $376.0M+13.3% | $332.0M |
| Investing Cash Flow | -$31.0M+76.2% | -$130.0M-182.6% | -$46.0M-142.1% | -$19.0M+45.7% | -$35.0M-400.0% | -$7.0M+53.3% | -$15.0M-850.0% | $2.0M |
| Financing Cash Flow | $7.0M+107.6% | -$92.0M-1050.0% | -$8.0M-150.0% | $16.0M+130.2% | -$53.0M-106.8% | $775.0M+1330.2% | -$63.0M+17.1% | -$76.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CVNA Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.8%+1.0pp | 18.8%-1.6pp | 20.3%-1.6pp | 22.0%+0.0pp | 21.9%+0.4pp | 21.5%-0.6pp | 22.1%+1.1pp | 21.0% |
| Operating Margin | 9.0%+1.5pp | 7.6%-2.2pp | 9.8%-0.8pp | 10.6%+1.2pp | 9.3%+2.0pp | 7.3%-1.9pp | 9.2%+1.6pp | 7.6% |
| Net Margin | 3.9%-11.4pp | 15.3%+12.6pp | 2.7%-1.1pp | 3.8%-1.3pp | 5.1%+2.9pp | 2.2%-0.1pp | 2.3%+1.8pp | 0.5% |
| Return on Equity | 6.7%-18.2pp | 24.9%+18.3pp | 6.6%-4.0pp | 10.6%-3.8pp | 14.4%+8.1pp | 6.3%-7.6pp | 13.9%+10.5pp | 3.4% |
| Return on Assets | 1.8%-4.7pp | 6.5%+5.0pp | 1.5%-0.4pp | 1.9%-0.5pp | 2.4%+1.5pp | 0.9%-0.2pp | 1.1%+0.9pp | 0.3% |
| Current Ratio | 4.09-0.2 | 4.31+0.3 | 4.05+0.0 | 4.00+0.2 | 3.81+0.2 | 3.64+0.4 | 3.25+0.1 | 3.11 |
| Debt-to-Equity | 1.30-0.1 | 1.40-0.7 | 2.11-1.0 | 3.08-0.4 | 3.50-0.7 | 4.17-4.7 | 8.89-1.4 | 10.32 |
| FCF Margin | 0.9%-5.9pp | 6.8%+1.3pp | 5.4%+5.5pp | -0.0%-4.9pp | 4.8%+3.8pp | 1.0%-9.3pp | 10.3%+0.6pp | 9.7% |
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Frequently Asked Questions
What is Carvana's annual revenue?
Carvana (CVNA) reported $20.3B in total revenue for fiscal year 2025. This represents a 48.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Carvana's revenue growing?
Carvana (CVNA) revenue grew by 48.6% year-over-year, from $13.7B to $20.3B in fiscal year 2025.
Is Carvana profitable?
Yes, Carvana (CVNA) reported a net income of $1.4B in fiscal year 2025, with a net profit margin of 6.9%.
How much debt does Carvana have?
As of fiscal year 2025, Carvana (CVNA) had $2.3B in cash and equivalents against $4.8B in long-term debt.
What is Carvana's gross margin?
Carvana (CVNA) had a gross margin of 20.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Carvana's operating margin?
Carvana (CVNA) had an operating margin of 9.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Carvana's net profit margin?
Carvana (CVNA) had a net profit margin of 6.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Carvana's return on equity (ROE)?
Carvana (CVNA) has a return on equity of 40.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Carvana's free cash flow?
Carvana (CVNA) generated $889.0M in free cash flow during fiscal year 2025. This represents a 7.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Carvana's operating cash flow?
Carvana (CVNA) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Carvana's total assets?
Carvana (CVNA) had $13.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Carvana's capital expenditures?
Carvana (CVNA) invested $147.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Carvana's current ratio?
Carvana (CVNA) had a current ratio of 4.31 as of fiscal year 2025, which is generally considered healthy.
What is Carvana's debt-to-equity ratio?
Carvana (CVNA) had a debt-to-equity ratio of 1.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Carvana's return on assets (ROA)?
Carvana (CVNA) had a return on assets of 10.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Carvana's Altman Z-Score?
Carvana (CVNA) has an Altman Z-Score of 5.84, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Carvana's Piotroski F-Score?
Carvana (CVNA) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Carvana's earnings high quality?
Carvana (CVNA) has an earnings quality ratio of 0.74x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Carvana cover its interest payments?
Carvana (CVNA) has an interest coverage ratio of 3.7x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Carvana?
Carvana (CVNA) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.