Carvana Co.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Carvana Co. reported revenue of $20.3B (+48.6% year on year) and net income of $1.9B (+369.1% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net sales and operating revenues | $20.3B | $13.7B | $10.8B | $13.6B |
| Cost of sales, including $14, $9, and $5, respectively, to related parties | $16.1B | $10.8B | $9.0B | $12.4B |
| Gross profit | $4.2B | $2.9B | $1.7B | $1.2B |
| Selling, general and administrative expenses, including $32, $31, and $33, respectively, to related parties | $2.3B | $1.9B | $1.8B | $2.7B |
| Other operating expense, net | $3.0M | $12.0M | — | — |
| Operating income (loss) | $1.9B | $990.0M | — | — |
| Interest expense, net | $505.0M | $651.0M | — | — |
| Loss (gain) on debt extinguishment | $16.0M | $12.0M | ($878.0M) | — |
| Other expense (income), net | $2.3B | ($73.0M) | ($1.0M) | $70.0M |
| Net (loss) income before income taxes | ($890.0M) | $400.0M | $175.0M | ($2.9B) |
| Income tax (benefit) provision | ($2.8B) | ($4.0M) | $25.0M | $1.0M |
| Net income | $1.9B | $404.0M | $150.0M | ($2.9B) |
| Net income (loss) attributable to non-controlling interests | $488.0M | $194.0M | ($300.0M) | ($1.3B) |
| Net income attributable to Carvana Co. | $1.4B | $210.0M | $450.0M | ($1.6B) |
| Net income attributable to Class A common stockholders, basic | $1.4B | $210.0M | $450.0M | ($1.6B) |
| Net earnings per share of Class A common stock, basic (in dollars per share) | $10.22 | $1.72 | $4.12 | -$15.74 |
| Net earnings per share of Class A common stock, diluted (in dollars per share) | $8.45 | $1.59 | $0.75 | -$15.74 |
| Weighted-average shares of Class A common stock, basic (in shares) | 137.6M | 122.3M | 109.3M | 100.8M |
| Weighted-average shares of Class A common stock, diluted (in shares) | 224.3M | 132.2M | 200.6M | 100.8M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Net sales and operating revenues, from related parties | $7.4B | $6.4B | $5.6B | $4.8B |
| Cost of sales, including $4, $4, $9 and $7, respectively, to related parties | $6.0B | $5.2B | $4.5B | $3.8B |
| Gross profit | $1.4B | $1.3B | $1.1B | $1.1B |
| Selling, general and administrative expenses, including $12, $8, $22 and $15, respectively, to related parties | $704.0M | $690.0M | $595.0M | $551.0M |
| Other operating expense, net | $0 | $0 | $1.0M | $2.0M |
| Operating income | $680.0M | $581.0M | $552.0M | $511.0M |
| Interest expense, net | $101.0M | $99.0M | $125.0M | $143.0M |
| Loss on debt extinguishment | $0 | $0 | $14.0M | $0 |
| Other expense (income), net | $0 | $41.0M | $154.0M | $60.0M |
| Net income before income taxes | $579.0M | $441.0M | $259.0M | $308.0M |
| Income tax provision | $66.0M | $36.0M | ($4.0M) | $0 |
| Net income | $513.0M | $405.0M | $263.0M | $308.0M |
| Net income attributable to non-controlling interests | $203.0M | $155.0M | $112.0M | $125.0M |
| Net income attributable to Carvana Co. | $310.0M | $250.0M | $151.0M | $183.0M |
| Net earnings per share of Class A common stock - basic (in dollars per share) | $0.43 | $1.75 | $1.08 | $1.35 |
| Net earnings per share of Class A common stock - diluted (in dollars per share) | $0.42 | $1.69 | $1.03 | $1.28 |
| Weighted-average shares of Class A common stock outstanding - basic (in shares) | 717.7M | 142.7M | 139.2M | 135.4M |
| Weighted-average shares of Class A common stock outstanding - diluted (in shares) | 740.0M | 148.1M | 146.3M | 143.2M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $2.3B | $1.7B | $530.0M | $434.0M |
| Restricted cash | $102.0M | $44.0M | $64.0M | $194.0M |
| Accounts receivable, net | $245.0M | $303.0M | $266.0M | $253.0M |
| Finance receivables held for sale, net | $813.0M | $612.0M | $807.0M | $1.3B |
| Vehicle inventory | $2.4B | $1.6B | $1.1B | $1.9B |
| Beneficial interests in securitizations | $486.0M | $464.0M | $366.0M | $321.0M |
| Other current assets, including $5 and $4, respectively, due from related parties | $168.0M | $122.0M | $138.0M | $182.0M |
| Total current assets | $6.5B | $4.9B | $3.3B | $4.6B |
| Property and equipment, net | $2.8B | $2.8B | $3.0B | $3.2B |
| Operating lease right-of-use assets, including $6 and $13, respectively, from leases with related parties | $443.0M | $440.0M | $455.0M | $536.0M |
| Intangible assets, net | $47.0M | $34.0M | $52.0M | $70.0M |
| Goodwill | $10.0M | — | — | $0 |
| Deferred tax assets | $3.1B | — | — | — |
| Other assets | $274.0M | $368.0M | $261.0M | $254.0M |
| Total assets | $13.2B | $8.5B | $7.1B | $8.7B |
| Accounts payable and accrued liabilities, including $21 and $17, respectively, due to related parties | $1.1B | $856.0M | $596.0M | $777.0M |
| Short-term revolving facilities | $58.0M | $67.0M | $668.0M | $1.5B |
| Current portion of long-term debt | $227.0M | $309.0M | $189.0M | $201.0M |
| Other current liabilities, including $31 and $16, respectively, due to related parties | $134.0M | $106.0M | $83.0M | $80.0M |
| Total current liabilities | $1.5B | $1.3B | $1.5B | $2.6B |
| Long-term debt, excluding current portion | $4.8B | $5.3B | $5.4B | $6.6B |
| Operating lease liabilities, excluding current portion, including $5 and $10, respectively, from leases with related parties | $406.0M | $414.0M | $433.0M | $507.0M |
| Tax receivable agreement liability, including $1,721 and $48, respectively, due to related parties | $2.2B | — | — | — |
| Other liabilities | $15.0M | $101.0M | $70.0M | $78.0M |
| Total liabilities | $9.0B | $7.1B | $7.5B | $9.8B |
| 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 |
| Common stock | $0 | $0 | $0 | $0 |
| Additional paid-in capital | $3.5B | $2.7B | $1.9B | $1.6B |
| Accumulated deficit | ($9.0M) | ($1.4B) | ($1.6B) | ($2.1B) |
| Total stockholders' equity attributable to Carvana Co. | $3.4B | $1.3B | $243.0M | ($518.0M) |
| Non-controlling interests | $762.0M | $115.0M | ($627.0M) | ($535.0M) |
| Total stockholders' equity | $4.2B | $1.4B | ($384.0M) | ($1.1B) |
| Total liabilities & stockholders' equity | $13.2B | $8.5B | $7.1B | $8.7B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $2.6B | $2.4B | $2.1B | $1.9B |
| Restricted cash | $113.0M | $102.0M | $79.0M | $73.0M |
| Accounts receivable, net | $377.0M | $339.0M | $352.0M | $320.0M |
| Finance receivables held for sale, net | $921.0M | $982.0M | $724.0M | $767.0M |
| Vehicle inventory | $3.3B | $2.7B | $2.3B | $2.0B |
| Beneficial interests in securitizations | $502.0M | $492.0M | $486.0M | $466.0M |
| Other current assets, including $7 and $5, respectively, due from related parties | $200.0M | $208.0M | $166.0M | $167.0M |
| Total current assets | $8.0B | $7.2B | $6.3B | $5.7B |
| Property and equipment, net | $2.9B | $2.8B | $2.7B | $2.7B |
| Operating lease right-of-use assets, including $5 and $6, respectively, from leases with related parties | $425.0M | $431.0M | $438.0M | $430.0M |
| Intangible assets, net | $53.0M | $49.0M | $35.0M | $32.0M |
| Goodwill | $12.0M | $10.0M | $3.0M | $2.0M |
| Deferred tax assets | $3.0B | $3.0B | — | — |
| Other assets | $229.0M | $232.0M | $385.0M | $507.0M |
| Total assets | $14.6B | $13.8B | $9.9B | $9.4B |
| Accounts payable and accrued liabilities, including $33 and $21, respectively, due to related parties | $1.5B | $1.3B | $1.0B | $893.0M |
| Short-term revolving facilities | $126.0M | $79.0M | $73.0M | $72.0M |
| Current portion of long-term debt | $256.0M | $229.0M | $320.0M | $312.0M |
| Other current liabilities, including $78 and $31, respectively, due to related parties | $196.0M | $194.0M | $143.0M | $140.0M |
| Total current liabilities | $2.0B | $1.8B | $1.5B | $1.4B |
| Long-term debt, excluding current portion | $4.9B | $4.8B | $4.8B | $5.3B |
| Operating lease liabilities, excluding current portion, including $4 and $5, respectively, from leases with related parties | $385.0M | $392.0M | $402.0M | $402.0M |
| Tax receivable agreement liability, including $1,645 and $1,721, respectively, due to related parties | $2.1B | $2.1B | — | — |
| Other liabilities | $6.0M | $10.0M | $142.0M | $107.0M |
| Total liabilities | $9.4B | $9.1B | $6.9B | $7.2B |
| Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of June 30, 2026 and December 31, 2025 | 0 | 0 | 0 | 0 |
| Common stock | $1.0M | $0 | $0 | $0 |
| Additional paid-in capital | $3.5B | $3.5B | $3.1B | $2.7B |
| Retained earnings (accumulated deficit) | $551.0M | $241.0M | ($866.0M) | ($1.0B) |
| Total stockholders' equity attributable to Carvana Co. | $4.0B | $3.7B | $2.3B | $1.7B |
| Non-controlling interests | $1.1B | $912.0M | $672.0M | $387.0M |
| Total stockholders' equity | $5.1B | $4.6B | $3.0B | $2.1B |
| Total liabilities & stockholders' equity | $14.6B | $13.8B | $9.9B | $9.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $1.9B | $404.0M | $150.0M | ($2.9B) |
| Depreciation and amortization expense | $275.0M | $305.0M | $352.0M | $261.0M |
| Equity-based compensation expense | $96.0M | $91.0M | $73.0M | $69.0M |
| Deferred income taxes | ($2.8B) | — | — | — |
| Tax receivable agreement expense | $2.2B | — | — | — |
| Loss on disposal of property and equipment | $3.0M | $12.0M | $8.0M | $14.0M |
| Loss (Gain) on debt extinguishment | $16.0M | $12.0M | ($878.0M) | $0 |
| Payment-in-kind interest expense | $182.0M | $458.0M | $184.0M | — |
| Provision for bad debt and valuation allowance | $15.0M | $27.0M | $38.0M | $23.0M |
| Amortization of debt issuance costs | $10.0M | $15.0M | — | — |
| Unrealized loss (gain) on warrants to acquire common stock | $64.0M | ($115.0M) | ($3.0M) | $80.0M |
| Unrealized gain on beneficial interests in securitizations | ($12.0M) | ($23.0M) | ($14.0M) | ($6.0M) |
| Originations of finance receivables | ($12.8B) | ($8.3B) | ($6.0B) | ($7.2B) |
| Proceeds from sale of finance receivables, net | $13.3B | $8.8B | $6.6B | $6.3B |
| Gain on loan sales | ($1.2B) | ($755.0M) | ($434.0M) | ($411.0M) |
| Principal payments received on finance receivables held for sale | $241.0M | $188.0M | $186.0M | $190.0M |
| Vehicle inventory | ($734.0M) | ($455.0M) | $711.0M | $1.4B |
| Accounts receivable | $49.0M | ($47.0M) | ($22.0M) | $145.0M |
| Other assets | ($4.0M) | $15.0M | $39.0M | ($83.0M) |
| Accounts payable and accrued liabilities | $235.0M | $260.0M | ($166.0M) | ($46.0M) |
| Operating lease right-of-use assets | ($3.0M) | $15.0M | $81.0M | $21.0M |
| Operating lease liabilities | ($2.0M) | ($10.0M) | ($71.0M) | $15.0M |
| Other liabilities | ($21.0M) | $45.0M | ($8.0M) | ($13.0M) |
| Net cash provided by operating activities | $1.0B | $918.0M | $803.0M | ($1.3B) |
| Purchases of property and equipment | ($147.0M) | ($91.0M) | ($87.0M) | ($512.0M) |
| Proceeds from disposal of property and equipment | $2.0M | $11.0M | $72.0M | $44.0M |
| Payments for acquisitions, net of cash acquired | ($160.0M) | $0 | ($7.0M) | — |
| Principal payments received on and proceeds from sale of beneficial interests | $75.0M | $67.0M | $53.0M | $81.0M |
| Net cash (used in) provided by investing activities | ($230.0M) | ($13.0M) | $31.0M | ($2.6B) |
| Proceeds from short-term revolving facilities | $4.0B | $3.1B | $6.7B | $13.0B |
| Payments on short-term revolving facilities | ($4.0B) | ($3.7B) | ($7.6B) | ($13.5B) |
| Proceeds from issuance of long-term debt | $175.0M | $191.0M | $132.0M | $3.4B |
| Payments on long-term debt | ($820.0M) | ($577.0M) | ($503.0M) | ($165.0M) |
| Payments of debt issuance costs | ($17.0M) | ($4.0M) | ($69.0M) | ($75.0M) |
| Payments of tax made on behalf of non-controlling members | ($4.0M) | — | — | — |
| Net proceeds from issuance of Class A common stock and LLC Units | $536.0M | $1.3B | $453.0M | — |
| Tax receivable agreement payments | ($17.0M) | — | — | — |
| Proceeds from equity-based compensation plans | 48.0M | 7.0M | 0 | 4.0M |
| Tax withholdings related to restricted stock units | ($30.0M) | ($19.0M) | ($15.0M) | ($8.0M) |
| Net cash (used in) provided by financing activities | ($137.0M) | $261.0M | ($868.0M) | $3.9B |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $669.0M | $1.2B | ($34.0M) | ($8.0M) |
| Cash, cash equivalents, and restricted cash at beginning of period | $1.8B | $594.0M | $628.0M | $636.0M |
| Cash, cash equivalents, and restricted cash at end of period | $2.4B | $1.8B | $594.0M | $628.0M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $918.0M | $405.0M | $944.0M | $681.0M |
| Depreciation and amortization expense | $138.0M | $69.0M | $206.0M | $141.0M |
| Equity-based compensation expense | $51.0M | $26.0M | $74.0M | $50.0M |
| Deferred income taxes | $98.0M | $35.0M | — | — |
| Tax receivable agreement expense | $1.0M | $0 | — | — |
| Loss on disposal of property and equipment | $0 | $0 | $3.0M | $2.0M |
| Loss on debt extinguishment | $0 | $0 | $16.0M | $2.0M |
| Payment-in-kind interest expense | $0 | $0 | $182.0M | $146.0M |
| Provision for bad debt and valuation allowance | $7.0M | $3.0M | $12.0M | $10.0M |
| Amortization of debt issuance costs | $7.0M | $3.0M | $6.0M | $3.0M |
| Unrealized loss (gain) on warrants to acquire common stock | $45.0M | $42.0M | ($3.0M) | ($123.0M) |
| Unrealized gain on beneficial interests in securitizations | ($5.0M) | ($2.0M) | ($8.0M) | ($4.0M) |
| Originations of finance receivables | ($9.0B) | ($4.3B) | ($9.2B) | ($5.7B) |
| Proceeds from sale of finance receivables, net | $9.3B | $4.3B | $9.6B | $5.9B |
| Gain on loan sales | ($703.0M) | ($354.0M) | ($878.0M) | ($547.0M) |
| Principal payments received on finance receivables held for sale | $125.0M | $62.0M | $189.0M | $117.0M |
| Vehicle inventory | ($833.0M) | ($247.0M) | ($676.0M) | ($404.0M) |
| Accounts receivable | ($137.0M) | ($96.0M) | ($56.0M) | ($22.0M) |
| Other assets | ($35.0M) | ($42.0M) | ($46.0M) | ($52.0M) |
| Accounts payable and accrued liabilities | $362.0M | $163.0M | $153.0M | $36.0M |
| Operating lease right-of-use assets | $18.0M | $12.0M | $2.0M | $10.0M |
| Operating lease liabilities | ($20.0M) | ($13.0M) | ($6.0M) | ($9.0M) |
| Other liabilities | ($10.0M) | ($7.0M) | $89.0M | $54.0M |
| Net cash provided by operating activities | $345.0M | $107.0M | $606.0M | $261.0M |
| Purchases of property and equipment | ($102.0M) | ($51.0M) | ($96.0M) | ($58.0M) |
| Proceeds from disposal of property and equipment | $2.0M | $0 | $2.0M | $1.0M |
| Payments for acquisitions, net of cash acquired | ($40.0M) | ($11.0M) | ($51.0M) | ($24.0M) |
| Principal payments received on and proceeds from sale of beneficial interests | $57.0M | $31.0M | $45.0M | $27.0M |
| Net cash used in investing activities | ($83.0M) | ($31.0M) | ($100.0M) | ($54.0M) |
| Proceeds from short-term revolving facilities | $2.4B | $1.1B | $3.1B | $2.1B |
| Payments on short-term revolving facilities | ($2.3B) | ($1.1B) | ($3.1B) | ($2.1B) |
| Proceeds from issuance of long-term debt | $108.0M | $53.0M | $128.0M | $79.0M |
| Payments on long-term debt | ($41.0M) | ($20.0M) | ($696.0M) | ($98.0M) |
| Payments of debt issuance costs | ($2.0M) | ($1.0M) | ($15.0M) | ($11.0M) |
| Payments of tax made on behalf of non-controlling members | ($4.0M) | ($2.0M) | ($4.0M) | ($4.0M) |
| Tax receivable agreement payments | ($37.0M) | ($37.0M) | ($17.0M) | ($17.0M) |
| Proceeds from equity-based compensation plans | 4.0M | 1.0M | 38.0M | 22.0M |
| Tax withholdings related to RSUs | ($44.0M) | ($8.0M) | ($21.0M) | ($13.0M) |
| Net cash provided by (used in) financing activities | $52.0M | $7.0M | ($45.0M) | ($37.0M) |
| Net increase in cash, cash equivalents and restricted cash | $314.0M | $83.0M | $461.0M | $170.0M |
| Cash, cash equivalents, and restricted cash at beginning of period | $2.4B | $2.4B | $1.8B | $1.8B |
| Cash, cash equivalents, and restricted cash at end of period | $2.7B | $2.5B | $2.2B | $1.9B |
Carvana Co. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.