CVNA Carvana (CVNA) Q3 FY26 earnings call
Carvana delivered record retail unit volume and adjusted EBITDA while demonstrating robust fixed-cost operating leverage and rapid balance-sheet de-risking. Although benchmark rate increases and logistics fuel costs compressed unit gross profit components, expanding retail reconditioning throughput and operational scale continue to propel execution toward long-term targets.
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CVNA operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | This call Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|---|
| Retail units sold | 114.379KRetail units sold totaled 114,379 in Q4, an increase of 50%, a significant acceleration from Q3, leading to the second highest quarterly retail unit sales in our history despite Q4 being a seasonally lower demand period.Source: earnings call transcript | 133.898KRetail units sold totaled 133,898 in Q1, an increase of 46% and a new company record.Source: earnings call transcript | 143.28KRetail units sold totaled 143,280 in Q2, an increase of 41% and a new company record.Source: earnings call transcript | 155.941KRetail units sold totaled 155,941 in Q3, an increase of 44% and a new company record.Source: earnings call transcript | 163.522KRetail units sold totaled 163,522 in Q4, an increase of 43% and a new company record.Source: earnings call transcript | 187.393KRetail units sold totaled 187,393 in Q1, an increase of 40%, and a new company record.Source: earnings call transcript | 197.325KRetail units sold totaled 197,325 in Q2, an increase of 38% and a new company record.Source: earnings call transcript | 217.385KRetail units sold totaled 217,385 in Q3, an increase of 39% and a new company record.Source: earnings call transcript | +10.2% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.