Carvana Co. (CVNA) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CVNA SEC filings page.
Carvana Co. (CVNA) reported $25.1B in revenue over the twelve months to Jun 30, 2026, up 54.0% from the prior twelve months. This page shows its 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 recent scale-up is now producing operating profit, but cash conversion still trails accounting earnings as inventory expands.
From FY2023 to FY2025, revenue nearly doubled while operating margin moved from-0.7% to9.3% , indicating that the cost structure absorbed volume rather than growth merely coming from sales. Yet FY2025 net income of$1.4B exceeded operating cash flow of$1.0B ; a reported tax benefit of$2.8B helps explain why accounting profit was not matched by operating cash generation.
The improvement was not simply top-line expansion: gross margin rose from
Financing dependence has eased: debt-to-equity fell from 22.3x in FY2023 to 1.4x in FY2025 as equity rebuilt. Current ratio reached 4.3x while free cash flow remained positive at
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 Co.'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 Co. 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 41/100, indicating healthy but not exceptional operating efficiency. This is up from 7.2% the prior year.
Carvana Co.'s revenue surged 48.6% year-over-year to $20.3B, reflecting rapid business expansion. This strong growth earns a score of 92/100.
Carvana Co. has a moderate D/E ratio of 1.40. This balance of debt and equity financing earns a leverage score of 40/100.
With a current ratio of 4.31, Carvana Co. holds $4.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 89/100.
Carvana Co. has a free cash flow margin of 4.4%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Carvana Co.'s ROE of 40.9% shows moderate profitability relative to equity, earning a score of 52/100. This is up from 16.7% the prior year.
Carvana Co. scores 6.89, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($66.3B) 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 Co. 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 Co. 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 Co. earns $3.72 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 Co. generated $7.4B in revenue in Q2 2026. This represents an increase of 52.4% from the same quarter a year earlier. Against the prior quarter it is up 14.7%.
Carvana Co. reported $310.0M in net income in Q2 2026. This represents an increase of 69.4% from the same quarter a year earlier. Against the prior quarter it is up 24.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Carvana Co. generated $187.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 9450.0% from the same quarter a year earlier. Against the prior quarter it is up 233.9%.
Carvana Co. held $2.6B in cash against $4.9B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Carvana Co.'s gross margin was 18.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.
Carvana Co.'s operating margin was 9.2% in Q2 2026, reflecting core business profitability. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.
Carvana Co.'s net profit margin was 4.2% in Q2 2026, showing the share of revenue converted to profit. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.
Carvana Co.'s ROE was 7.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.
Capital Allocation
Carvana Co. invested $51.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 64.5% from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Not reported for Q2 2026.
CVNA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.4B+52.4% | $6.4B+52.0% | $5.6B+58.0% | $5.6B+54.5% | $4.8B+41.9% | $4.2B+38.3% | $3.5B+46.3% | $3.7B+31.8% |
| Cost of Revenue | $6.0B+58.7% | $5.2B+56.3% | $4.6B+63.5% | $4.5B+58.0% | $3.8B+40.1% | $3.3B+33.7% | $2.8B+37.7% | $2.8B+24.3% |
| Gross Profit | $1.4B+30.1% | $1.3B+36.8% | $1.1B+37.7% | $1.1B+42.3% | $1.1B+48.8% | $929.0M+57.2% | $763.0M+89.8% | $807.0M+67.4% |
| SG&A Expenses | $704.0M+27.8% | $690.0M+29.0% | $627.0M+26.9% | $595.0M+26.9% | $551.0M+21.1% | $535.0M+17.3% | $494.0M+12.5% | $469.0M+8.3% |
| Operating Income | $680.0M+33.1% | $581.0M+47.5% | $424.0M+63.1% | $552.0M+63.8% | $511.0M+97.3% | $394.0M+194.0% | $260.0M+784.2% | $337.0M+602.1% |
| Interest Expense | $101.0M-29.4% | $99.0M-28.8% | $98.0M-33.8% | $125.0M-20.4% | $143.0M-17.3% | $139.0M-19.7% | $148.0M-10.3% | $157.0M+2.6% |
| Income Tax | $66.0M | $36.0M+1700.0% | -$2.8B-92666.7% | -$4.0M-300.0% | $0-100.0% | $2.0M+300.0% | -$3.0M-50.0% | -$1.0M-103.4% |
| Net Income | $310.0M+69.4% | $250.0M+15.7% | $857.0M+984.8% | $151.0M+77.6% | $183.0M+916.7% | $216.0M+671.4% | $79.0M+169.3% | $85.0M-89.1% |
| Diluted Shares (Avg) | 740M+3.3% | N/A | N/A | N/A | 716M | N/A | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses, EBITDA, EPS (Basic), EPS (Diluted).
CVNA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $14.6B+55.4% | $13.8B+55.1% | $13.2B+55.6% | $9.9B+33.7% | $9.4B+30.6% | $8.9B+27.1% | $8.5B+20.0% | $7.4B+4.9% |
| Current Assets | $8.0B+41.1% | $7.2B+40.1% | $6.5B+34.5% | $6.3B+66.4% | $5.7B+63.2% | $5.1B+58.9% | $4.9B+46.6% | $3.8B+18.2% |
| Cash & Equivalents | $2.6B+41.6% | $2.4B+29.7% | $2.3B+35.6% | $2.1B+145.9% | $1.9B+242.6% | $1.9B+637.3% | $1.7B+223.8% | $871.0M+60.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $3.3B+61.3% | $2.7B+77.2% | $2.4B+49.8% | $2.3B+77.5% | $2.0B+65.7% | $1.5B+29.3% | $1.6B+39.8% | $1.3B+20.3% |
| Accounts Receivable | $377.0M+17.8% | $339.0M-8.1% | $245.0M-19.1% | $352.0M-3.0% | $320.0M-8.3% | $369.0M+5.1% | $303.0M+13.9% | $363.0M+14.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $12.0M+500.0% | $10.0M+400.0% | $10.0M | $3.0M | $2.0M | $2.0M | $0 | N/A |
| Total Liabilities | $9.4B+29.9% | $9.1B+28.6% | $9.0B+26.6% | $6.9B-2.5% | $7.2B+2.7% | $7.1B-2.6% | $7.1B-4.6% | $7.1B-2.0% |
| Current Liabilities | $2.0B+43.9% | $1.8B+30.7% | $1.5B+13.5% | $1.5B+33.6% | $1.4B+26.7% | $1.3B+5.7% | $1.3B-12.9% | $1.2B-16.9% |
| Non-Current Liabilities | $7.4B+26.5% | $7.4B+28.1% | $7.5B+29.6% | $5.4B-9.6% | $5.8B-1.8% | $5.8B-4.4% | $5.8B-2.5% | $5.9B+1.6% |
| Long-Term Debt | $4.9B-8.8% | $4.8B-8.0% | $4.8B-8.1% | $4.8B-11.4% | $5.3B-1.9% | $5.3B-5.0% | $5.3B-3.0% | $5.4B+2.4% |
| Total Equity | $4.0B+132.8% | $3.7B+147.3% | $3.4B+173.1% | $2.3B+273.0% | $1.7B+228.9% | $1.5B+420.4% | $1.3B+418.5% | $611.0M+80.2% |
| Retained Earnings | $551.0M+154.2% | $241.0M+120.1% | -$9.0M+99.4% | -$866.0M+42.1% | -$1.0B+35.6% | -$1.2B+24.9% | -$1.4B+12.9% | -$1.5B+1.1% |
CVNA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $238.0M+720.7% | $107.0M-53.9% | $430.0M+616.7% | $345.0M-14.4% | $29.0M-91.8% | $232.0M+129.7% | $60.0M+125.1% | $403.0M-32.7% |
| Stock-Based Compensation | $25.0M-7.4% | $26.0M+13.0% | N/A | $24.0M0.0% | $27.0M+17.4% | $23.0M+4.5% | N/A | $24.0M+33.3% |
| Capital Expenditures | $51.0M+64.5% | $51.0M+88.9% | $51.0M+112.5% | $38.0M+40.7% | $31.0M+40.9% | $27.0M+50.0% | $24.0M+33.3% | $27.0M+42.1% |
| Free Cash Flow | $187.0M+9450.0% | $56.0M-72.7% | $379.0M+952.8% | $307.0M-18.4% | -$2.0M-100.6% | $205.0M+147.0% | $36.0M+114.0% | $376.0M-35.2% |
| Investing Cash Flow | -$52.0M-173.7% | -$31.0M+11.4% | -$130.0M-1757.1% | -$46.0M-206.7% | -$19.0M-1050.0% | -$35.0M-600.0% | -$7.0M-177.8% | -$15.0M-193.8% |
| Financing Cash Flow | $45.0M+181.3% | $7.0M+113.2% | -$92.0M-111.9% | -$8.0M+87.3% | $16.0M+121.1% | -$53.0M+85.9% | $775.0M+272.6% | -$63.0M+90.7% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Dividends Paid, Share Buybacks.
CVNA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.8%-3.2pp | 19.8%-2.2pp | 18.8%-2.8pp | 20.3%-1.7pp | 22.0%+1.0pp | 21.9%+2.6pp | 21.5%+4.9pp | 22.1%+4.7pp |
| Operating Margin | 9.2%-1.3pp | 9.0%-0.3pp | 7.6%+0.2pp | 9.8%+0.6pp | 10.6%+3.0pp | 9.3%+4.9pp | 7.3%+8.9pp | 9.2%+7.5pp |
| Net Margin | 4.2%+0.4pp | 3.9%-1.2pp | 15.3%+13.1pp | 2.7%+0.3pp | 3.8%+3.3pp | 5.1%+4.2pp | 2.2%+6.9pp | 2.3%-25.9pp |
| Return on Equity | 7.7%-2.9pp | 6.7%-7.6pp | 24.9%+18.6pp | 6.6%-7.3pp | 10.6%+7.2pp | 14.4%+4.7pp | 6.3%+53.2pp | 13.9%-216.8pp |
| Return on Assets | 2.1%+0.2pp | 1.8%-0.6pp | 6.5%+5.6pp | 1.5%+0.4pp | 1.9%+1.7pp | 2.4%+2.0pp | 0.9%+2.5pp | 1.1%-10.0pp |
| Current Ratio | 3.93-0.1x | 4.09+0.3x | 4.31+0.7x | 4.05+0.8x | 4.00+0.9x | 3.81+1.3x | 3.64+1.5x | 3.25+1.0x |
| Debt-to-Equity | 1.21-1.9x | 1.30-2.2x | 1.40-2.8x | 2.11-6.8x | 3.08-7.2x | 3.50-15.7x | 4.17-18.1x | 8.89-6.8x |
| Asset Turnover | 0.510.0x | 0.470.0x | 0.420.0x | 0.57+0.1x | 0.520.0x | 0.480.0x | 0.42+0.1x | 0.50+0.1x |
| FCF Margin | 2.5%+2.6pp | 0.9%-4.0pp | 6.8%+5.8pp | 5.4%-4.9pp | 0.0%-9.8pp | 4.8%+2.1pp | 1.0%+11.6pp | 10.3%-10.6pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Carvana Co. CVNA | FY2025 | $20.3B | $1.4B | 6.9% | $66.3B | 60/100 |
| Penske Automotive Group, Inc. PAG | FY2025 | $31.8B | $935.4M | 2.9% | $13.9B | 45/100 |
| Lithia Motors, Inc. LAD | FY2025 | $37.6B | $819.6M | 2.2% | $6.6B | 42/100 |
| AutoNation, Inc. AN | FY2025 | $27.6B | $649.1M | 2.4% | $5.4B | 41/100 |
| CarMax Inc. KMX | FY2026 | $25.9B | $247.0M | 0.9% | $7.6B | 25/100 |
| Group 1 Automotive, Inc. GPI | FY2025 | $22.6B | $325.2M | 1.4% | $2.9B | 49/100 |
Where Carvana Co. Ranks
Frequently Asked Questions
What is Carvana Co.'s annual revenue?
Carvana Co. (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 Co.'s revenue growing?
Carvana Co. (CVNA) revenue grew by 48.6% year-over-year, from $13.7B to $20.3B in fiscal year 2025.
Is Carvana Co. profitable?
Yes, Carvana Co. (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 Co. have?
As of fiscal year 2025, Carvana Co. (CVNA) had $2.3B in cash and equivalents against $4.8B in long-term debt.
What is Carvana Co.'s gross margin?
Carvana Co. (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 Co.'s operating margin?
Carvana Co. (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 Co.'s net profit margin?
Carvana Co. (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 Co.'s return on equity (ROE)?
Carvana Co. (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 Co.'s free cash flow?
Carvana Co. (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 Co.'s operating cash flow?
Carvana Co. (CVNA) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Carvana Co.'s total assets?
Carvana Co. (CVNA) had $13.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Carvana Co.'s capital expenditures?
Carvana Co. (CVNA) invested $147.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Carvana Co.'s current ratio?
Carvana Co. (CVNA) had a current ratio of 4.31 as of fiscal year 2025, which is generally considered healthy.
What is Carvana Co.'s debt-to-equity ratio?
Carvana Co. (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 Co.'s return on assets (ROA)?
Carvana Co. (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 Co.'s P/E ratio?
Carvana Co. (CVNA) trades at 42.3x earnings, its market capitalization divided by net income of $1.6B net income, trailing 12 months to June 30, 2026. The market capitalization is $66.3B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Carvana Co.'s price-to-sales ratio?
Carvana Co. (CVNA) trades at 2.6x sales, its market capitalization divided by revenue of $25.1B revenue, trailing 12 months to June 30, 2026. The market capitalization is $66.3B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Carvana Co.'s Altman Z-Score?
Carvana Co. (CVNA) has an Altman Z-Score of 6.89, 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 Co.'s Piotroski F-Score?
Carvana Co. (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 Co.'s earnings high quality?
Carvana Co. (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 Co. cover its interest payments?
Carvana Co. (CVNA) has an interest coverage ratio of 3.72x, 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 Co.?
Carvana Co. (CVNA) scores 60 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.