Jun 2026 (Q2 FY26) — Jul 29, 2026
Carvana Q2 FY26 — Record Sales and Profitability with Strong Execution
Read the full callCarvana (CVNA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Carvana earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,376 | +52.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 9.2 | −1.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 310 | +69.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
23 of 24 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted EBITDA | Significant growth in adjusted EBITDA in full year 2025 | Dec 2024 | adjusted EBITDA of $2.7 billion to $3.0 billion for the full year 2026, an increase from $2.24 billion last year | Achieved |
| Full-year adjusted EBITDA | Significant growth in adjusted EBITDA in full year 2026 | Dec 2025 | adjusted EBITDA of $2.7 billion to $3.0 billion for the full year 2026, an increase from $2.24 billion last year | On Track |
1 of CARVANA CO.'s 40 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 38 more targets are in the full ledger.
Claimed
- Retail units sold totaled 197,325 in Q2, an increase of 38% YoY, setting a new company record.
- Revenue reached $7.376 billion, up 52% YoY, also a new company record.
- Adjusted EBITDA hit a record $769 million, an increase of $168 million YoY, with an annual run rate exceeding $3 billion for the first time.
- GAAP operating income was a new company record at $680 million, an increase of $169 million YoY.
- Net debt to trailing 12-month adjusted EBITDA ratio reduced to 1.0x, the company's strongest financial position ever.
Qualified
- Non-GAAP retail GPU decreased by $105, primarily due to lapping a $100 benefit from tariff-related effects last year.
- Non-GAAP wholesale GPU decreased by $158, as retail unit growth outpaced wholesale gross profit.
- Non-GAAP other GPU decreased by $192, driven by lower interest rates for customers and higher benchmark rates.
- Advertising expense increased by $27 per retail unit sold as the company invests in building awareness.
- Inventory growth in some regions (West and Southeast) lagged sales growth, potentially impacting conversion.
Price
$58.71 −0.20% · −$0.12
Performance −12.1% 1Y
1Y: $66.76 on 17 Oct 2025 → $58.71. High $95.69 (22 Jan 2026), low $56.26 (20 Mar 2026).
- Previous close
- $58.83
- 52-week range
- $56.26 – $95.69
- One year
- −13.05%
Overview
- Symbol
- CVNA
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
23 of 24 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted EBITDA | Significant growth in adjusted EBITDA in full year 2025 | Dec 2024 | adjusted EBITDA of $2.7 billion to $3.0 billion for the full year 2026, an increase from $2.24 billion last year | Achieved |
| Full-year adjusted EBITDA | Significant growth in adjusted EBITDA in full year 2026 | Dec 2025 | adjusted EBITDA of $2.7 billion to $3.0 billion for the full year 2026, an increase from $2.24 billion last year | On Track |
Claimed
- Retail units sold totaled 197,325 in Q2, an increase of 38% YoY, setting a new company record.
- Revenue reached $7.376 billion, up 52% YoY, also a new company record.
- Adjusted EBITDA hit a record $769 million, an increase of $168 million YoY, with an annual run rate exceeding $3 billion for the first time.
- GAAP operating income was a new company record at $680 million, an increase of $169 million YoY.
- Net debt to trailing 12-month adjusted EBITDA ratio reduced to 1.0x, the company's strongest financial position ever.
Qualified
- Non-GAAP retail GPU decreased by $105, primarily due to lapping a $100 benefit from tariff-related effects last year.
- Non-GAAP wholesale GPU decreased by $158, as retail unit growth outpaced wholesale gross profit.
- Non-GAAP other GPU decreased by $192, driven by lower interest rates for customers and higher benchmark rates.
- Advertising expense increased by $27 per retail unit sold as the company invests in building awareness.
- Inventory growth in some regions (West and Southeast) lagged sales growth, potentially impacting conversion.
The full ledger
Open CARVANA CO.’s full ledger
A free account opens 5 company ledgers a month. All 40 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Carvana Co. Q1 FY26 — record 187K units and $672M adjusted EBITDA, ninth straight quarter of industry-leading growth
Read the full callDec 2025 (Q4 FY25) — Feb 18, 2026
Carvana Q4 FY25 — Record Growth and Strong Profitability
Read the full callEvery analysed call
Carvana earnings calls (CVNA)
Financials
What the filings say
Net profit, year on year: +69% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,655 | 3,547 | 4,232 | 4,840 | 5,647 | 5,603 | 6,432 | 7,376 |
| Operating profit | 337 | 260 | 394 | 511 | 552 | 424 | 581 | 680 |
| Operating margin | 9.2% | 7.3% | 9.3% | 10.6% | 9.8% | 7.6% | 9.0% | 9.2% |
| Interest | 157 | 148 | 139 | 143 | 125 | 98 | 99 | 101 |
| Net profit | 85 | 79 | 216 | 183 | 151 | 857 | 250 | 310 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -68 | -183 | -354 | -489 | -2,076 | -1,626 | -1,416 | -9 |
| Total liabilities | 764 | 1,866 | 2,233 | 6,490 | 9,751 | 7,455 | 7,109 | 8,998 |
| Fixed assets | 297 | 543 | 909 | 1,560 | 3,244 | 2,982 | 2,773 | 2,814 |
| Total assets | 991 | 2,058 | 3,035 | 7,015 | 8,698 | 7,071 | 8,484 | 13,201 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -414 | -757 | -608 | -2,594 | -1,324 | 803 | 918 | 1,036 |
| Cash from investing | -150 | -228 | -346 | -627 | -2,583 | 31 | -13 | -230 |
| Cash from financing | 466 | 1,015 | 1,165 | 3,528 | 3,899 | -868 | 261 | -137 |
| Net cash flow | -98 | 30 | 211 | 307 | -8 | -34 | 1,166 | 669 |
| Capital expenditure | -144 | -231 | -360 | -557 | -512 | -87 | -91 | -147 |
| Free cash flow | -558 | -988 | -968 | -3,151 | -1,836 | 716 | 827 | 889 |
CVNA revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +52.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CVNA operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Retail units sold | 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.
Insider filings
577 filings between Oct 31, 2025 and Oct 12, 2026.
Open market
decisions to buy or sellPurchases
$1.55M
3 purchases by 1 insider
Sales
$273.57M
376 sales by 11 insiders
95% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 23
- Award — granted as compensation
- 67
- Option exercise — converted options into shares
- 103
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts, 2 W filings, 1 other.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| HUSTON BENJAMIN E. | — | $66.15M | Sep 1, 2026 |
| GILL DANIEL J. | — | $54.17M | Dec 12, 2025 |
| JENKINS MARK W. | — | $53.75M | Oct 1, 2026 |
| Taira Thomas | — | $37.21M | Oct 12, 2026 |
| KEETON RYAN S. | — | $24.27M | Dec 3, 2025 |
| MAROONE MICHAEL E | $1.55M | $12.38M | Jul 31, 2026 |
| BREAUX PAUL W. | — | $13.52M | Dec 12, 2025 |
| Palmer Stephen R | — | $4.21M | Oct 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 12, 2026 | Taira Thomas President, Special Projects | Sale 10b5-1 plan | 5,597 | $363.8K |
| Oct 1, 2026 | Palmer Stephen R Vice President of Accounting | Tax withheld 10b5-1 plan | 3,021 | $190.4K |
| Oct 1, 2026 | GARCIA ERNEST C. III Chief Executive Officer | Tax withheld | 7,067 | $445.5K |
| Oct 1, 2026 | GILL DANIEL J. Chief Product Officer | Tax withheld | 7,707 | $485.8K |
| Oct 1, 2026 | Palmer Stephen R Vice President of Accounting | Sale 10b5-1 plan | 2,320 | $145.7K |
| Oct 1, 2026 | KEETON RYAN S. Chief Brand Officer | Tax withheld | 2,883 | $181.7K |
| Oct 1, 2026 | JENKINS MARK W. Chief Financial Officer | Sale 10b5-1 plan | 10,440 | $620.6K |
| Oct 1, 2026 | JENKINS MARK W. Chief Financial Officer | Option exercise 10b5-1 plan | 3,750 | $39.0K |
| Oct 1, 2026 | BREAUX PAUL W. See Remarks | Tax withheld | 4,453 | $280.7K |
| Oct 1, 2026 | JENKINS MARK W. Chief Financial Officer | Option exercise 10b5-1 plan | 50,000 | $100.5K |
| Oct 1, 2026 | JENKINS MARK W. Chief Financial Officer | Sale 10b5-1 plan | 13,318 | $818.7K |
| Oct 1, 2026 | Palmer Stephen R Vice President of Accounting | Sale 10b5-1 plan | 920 | $56.7K |
| Oct 1, 2026 | Palmer Stephen R Vice President of Accounting | Sale 10b5-1 plan | 840 | $51.0K |
| Oct 1, 2026 | Palmer Stephen R Vice President of Accounting | Sale 10b5-1 plan | 920 | $54.7K |
| Oct 1, 2026 | Taira Thomas President, Special Projects | Tax withheld | 3,948 | $248.9K |
| Oct 1, 2026 | JENKINS MARK W. Chief Financial Officer | Sale 10b5-1 plan | 5,869 | $370.0K |
| Oct 1, 2026 | JENKINS MARK W. Chief Financial Officer | Sale 10b5-1 plan | 9,362 | $567.3K |
| Oct 1, 2026 | JENKINS MARK W. Chief Financial Officer | Sale 10b5-1 plan | 24,761 | $1.55M |
| Oct 1, 2026 | HUSTON BENJAMIN E. Chief Operating Officer | Tax withheld | 7,016 | $442.3K |
| Oct 1, 2026 | JENKINS MARK W. Chief Financial Officer | Option exercise 10b5-1 plan | 10,000 | $84.1K |
| Oct 1, 2026 | JENKINS MARK W. Chief Financial Officer | Tax withheld 10b5-1 plan | 7,016 | $442.3K |
| Sep 14, 2026 | Taira Thomas President, Special Projects | Sale 10b5-1 plan | 14,109 | $997.2K |
| Sep 14, 2026 | Taira Thomas President, Special Projects | Sale 10b5-1 plan | 2,680 | $187.7K |
| Sep 1, 2026 | JENKINS MARK W. Chief Financial Officer | Sale 10b5-1 plan | 37,406 | $2.67M |
| Sep 1, 2026 | JENKINS MARK W. Chief Financial Officer | Option exercise 10b5-1 plan | 3,750 | $39.0K |
| Sep 1, 2026 | Palmer Stephen R Vice President of Accounting | Sale 10b5-1 plan | 3,400 | $242.8K |
| Sep 1, 2026 | JENKINS MARK W. Chief Financial Officer | Sale 10b5-1 plan | 26,344 | $1.89M |
| Sep 1, 2026 | GILL DANIEL J. Chief Product Officer | Tax withheld | 7,705 | $556.1K |
| Sep 1, 2026 | Palmer Stephen R Vice President of Accounting | Sale 10b5-1 plan | 1,600 | $115.0K |
| Sep 1, 2026 | JENKINS MARK W. Chief Financial Officer | Tax withheld 10b5-1 plan | 7,016 | $506.4K |
| Sep 1, 2026 | HUSTON BENJAMIN E. Chief Operating Officer | Sale 10b5-1 plan | 29,474 | $2.10M |
| Sep 1, 2026 | Taira Thomas President, Special Projects | Tax withheld | 3,949 | $285.0K |
| Sep 1, 2026 | HUSTON BENJAMIN E. Chief Operating Officer | Tax withheld 10b5-1 plan | 7,016 | $506.4K |
| Sep 1, 2026 | JENKINS MARK W. Chief Financial Officer | Option exercise 10b5-1 plan | 50,000 | $100.5K |
| Sep 1, 2026 | JENKINS MARK W. Chief Financial Officer | Option exercise 10b5-1 plan | 10,000 | $84.1K |
| Sep 1, 2026 | KEETON RYAN S. Chief Brand Officer | Tax withheld | 2,879 | $207.8K |
| Sep 1, 2026 | BREAUX PAUL W. See Remarks | Tax withheld | 4,457 | $321.7K |
| Sep 1, 2026 | Palmer Stephen R Vice President of Accounting | Tax withheld 10b5-1 plan | 3,023 | $218.2K |
| Sep 1, 2026 | GARCIA ERNEST C. III Chief Executive Officer | Tax withheld | 7,070 | $510.3K |
| Sep 1, 2026 | HUSTON BENJAMIN E. Chief Operating Officer | Sale 10b5-1 plan | 20,526 | $1.47M |
| Aug 14, 2026 | QUAYLE J DANFORTH Director | Option exercise 10b5-1 plan | 14,525 | $43.6K |
| Aug 14, 2026 | PLATT IRA J. Director | Sale | 15,000 | $1.13M |
| Aug 14, 2026 | PLATT IRA J. Director | Option exercise | 15,000 | $45.0K |
| Aug 14, 2026 | QUAYLE J DANFORTH Director | Sale 10b5-1 plan | 14,525 | $1.09M |
| Aug 13, 2026 | PLATT IRA J. Director | Option exercise | 15,000 | $45.0K |
| Aug 13, 2026 | PLATT IRA J. Director | Sale | 15,000 | $1.09M |
| Aug 3, 2026 | GARCIA ERNEST C. III Chief Executive Officer | Award | 134,707 | $0 |
| Aug 3, 2026 | HUSTON BENJAMIN E. Chief Operating Officer | Sale 10b5-1 plan | 5,616 | $369.6K |
| Aug 3, 2026 | BREAUX PAUL W. See Remarks | Award | 85,336 | $0 |
| Aug 3, 2026 | HUSTON BENJAMIN E. Chief Operating Officer | Sale 10b5-1 plan | 22,144 | $1.42M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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