CVNA Carvana (CVNA) Q4 FY25 earnings call
Carvana delivered a record-breaking Q4 and full year 2025, demonstrating significant growth in retail units and strong profitability. The company continues to enhance its customer offering, leveraging scale to reduce costs and pass value to customers through lower interest rates and shipping fees. While facing elevated reconditioning costs, management remains focused on operational efficiency and scaling infrastructure to achieve its long-term goals of 3 million units and 13.5% adjusted EBITDA margin.
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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 | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 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 | +5.3% |
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.
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