CVNA
Carvana Co.455.18
+7.26+1.62%
Dec 16, 4:00:30 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Recon costs temporary; growth reaffirmed
Q&A spotlighted Q4 reconditioning cost overruns from rapid scaling, new sites, and greener managers—higher than ideal, persisting into Q1 non-vehicle costs, yet management insists it's a temporary backward step with fixes in 3-6 months and sequential retail GPU gains ahead. They flatly denied short-seller claims of related-party loan sales, calling reports 100% inaccurate. AI tools like Sebastian enabled 30% of retail buys contact-free with superior NPS, underscoring competitive moat. Affordability stays tough, but low elasticities favor passing fundamental gains like $60 shipping savings to customers. They'll lean harder into growth in 2026. Recon execution matters next.
Key Stats
Market Cap
98.68BP/E (TTM)
102.98Basic EPS (TTM)
4.42Dividend Yield
0%Recent Filings
8-K
Record 2025 results, 43% growth
Carvana crushed 2025 with retail units up 43% to 596,641 and revenue soaring 49% to $20.3B, while posting record net income of $1.9B (9.3% margin, boosted by $621M non-cash gain) and Adjusted EBITDA of $2.2B at 11.0% margin. Scale slashed ops costs $118/unit, sped deliveries a full day, and doubled same-day sales share. Growth accelerates in 2026. Reconditioning costs spiked.
10-K
FY2025 results
Carvana crushed FY2025 with retail units soaring 43% y/y to 596k, driving revenues up 49% to $20.3B and total gross profit per unit edging to $7,026. Q4 delivered sequential acceleration as infrastructure scaled, with website units hitting 76k and reconditioning capacity at 1.5M vehicles yearly; wholesale units jumped 49% y/y while marketplace transactions grew 5%. Five franchise dealerships closed for $160M cash/stock mix, adding indefinite-lived intangibles; debt trimmed to $5B via $611M Senior Secured repurchases, bolstering $6.7B liquidity. Q4 margins held firm amid efficiency gains. Yet seasonal Q4 softness looms from Risk Factors.
10-Q
Q3 FY2025 results
Carvana's Q3 revenue rocketed 54.5% y/y to $5.6B, with retail sales up 57.1% y/y to $4.0B on 156K units (43.5% y/y growth, derived), while operating income surged 63.8% y/y to $552M. Gross margins held firm at 20.3%, fueled by loan sale gains and VSC commissions, yet Root warrant fair-value drops drove $154M other expense. Cash swelled to $2.1B with $606M YTD operating cash flow; total debt dipped to $5.1B after redeeming $559M 2028 notes. Acquired two dealerships for $51M (cash/trade payables), recognizing $3M goodwill. Ongoing securities litigation lingers.
8-K
Record Q3 growth, profits
Carvana crushed Q3 with record 155,941 retail units sold, up 44% YoY, driving $5.647B revenue, up 55%, and $263M net income at 4.7% margin. Operating income hit $552M while Adjusted EBITDA reached $637M at 11.3%. Capacity supports 3M annual units. Q4 units top 150k; full-year Adjusted EBITDA at high end of $2.0-2.2B range.
8-K
Record Q2 crushes expectations
Carvana crushed Q2 2025 with record 143,280 retail units sold, up 41% year-over-year, driving $4.840B revenue and $308M net income at 6.4% margin. GAAP operating income doubled to $511M while Adjusted EBITDA hit $601M with 12.4% margin, fueled by ADESA integrations cutting transport miles 20%. Records keep falling. Expects Q3 unit growth and $2.0-2.2B full-year Adjusted EBITDA if stable.
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