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NYSE · Consumer Discretionary

Carvana Co. (CVNA)

As-reported financials and SEC filings for Carvana Co. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Carvana Co.

Carvana Co. operates an e-commerce platform for buying and selling used cars across the United States. The company offers a wide selection of inspected and reconditioned vehicles through its website, providing customers with online tools for browsing, financing, and vehicle protection products. Carvana also manages a nationwide logistics network for vehicle delivery and pickup, including branded home delivery and car vending machines.

Snapshot

Revenue
$20.32B
Revenue growth (YoY)
48.6%
Net income
$1.41B
Diluted EPS
$8.45
Gross margin
20.6%
Operating margin
9.3%
Net margin
6.9%
FCF margin
4.4%
ROE
33.5%
net income / fiscal-year-end equity
P/E
31.1×
trailing when available, otherwise FY EPS
Market cap
$65.21B
Long-term debt / equity
1.15×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Carvana

  • Revenue grew 48.6% to $20.3B in FY2025, faster than the 26.9% the year before.
  • Most recent quarter Q2 FY2026: revenue $7.4B, up 52.4% from Q2 FY2025.
  • Free cash flow was $889M in FY2025, 4.4% of revenue.
  • Net income rose 570.0% to $1.4B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Carvana’s fundamentals sit among the 410 Consumer Discretionary companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin20.6%
24th percentile of 277
Operating margin9.3%
71st percentile of 348
Net margin6.9%
72nd percentile of 384
FCF margin4.4%
53rd percentile of 358
Revenue growth (YoY)+48.6%
96th percentile of 401
ROE33.5%
87th percentile of 349
P/E31.1×
83rd percentile of 245
Long-term debt / equity1.15×
73rd percentile of 236
Short interest7.92d
85th percentile of 408

Carvana’s revenue growth of +48.6% ranks in the 96th percentile of the 401 Consumer Discretionary companies reporting it. Carvana’s return on equity of 33.5% ranks in the 87th percentile of the 349 Consumer Discretionary companies reporting it.

2 reported insider purchases (code P) totaling $1.5M in the last 90 days, against 33 sales totaling $25.3M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 10 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
10
+5 quant / multi-strat
Initiated / added
15
1 new, 14 added
Reduced / exited
2
0 trimmed, 2 exited
Combined position
$3.57B
reported long value
InvestorAs ofPosition valueSharesChange
Viking Global InvestorsQ2 2026$811.1M12.3MAdded
Lone Pine CapitalQ2 2026$692.5M10.5MAdded
Sands Capital ManagementQ2 2026$557.0M8.5MAdded
Renaissance TechnologiesquantQ2 2026$337.2M5.1MAdded
Sachem Head Capital ManagementQ2 2026$294.5M4.5MAdded
Whale Rock Capital ManagementQ2 2026$280.9M4.3MAdded
Coatue ManagementQ2 2026$215.8M3.3MAdded
Maverick CapitalQ2 2026$173.7M2.6MAdded
Millennium ManagementquantQ2 2026$137.8M2.1MAdded
Citadel AdvisorsquantQ2 2026$20.3M308.9KAdded
Gotham Asset ManagementQ2 2026$17.2M261.0KAdded
Two Sigma InvestmentsquantQ2 2026$11.1M168.1KAdded
Duquesne Family OfficeQ2 2026$9.9M151.0KNew
AQR Capital ManagementquantQ2 2026$7.4M116.5KAdded
Polen Capital ManagementQ2 2026$2.5M37.5KAdded

No longer held by: D. E. Shaw (as of Q2 2026), Point72 Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
2
1 insider
Bought (90d)
$1.5M
code P value
Sells (90d)
33
$25.3M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-12
filed 2026-10-13
Thomas TairaPresident, Special ProjectsSell5.6K$65.00$364K
2026-10-01
filed 2026-10-05
Mark W. JenkinsChief Financial OfficerSell24.8K$62.73$1.6M
2026-10-01
filed 2026-10-05
Mark W. JenkinsChief Financial OfficerSell13.3K$61.47$819K
2026-10-01
filed 2026-10-05
Mark W. JenkinsChief Financial OfficerSell10.4K$59.44$621K
2026-10-01
filed 2026-10-05
Mark W. JenkinsChief Financial OfficerSell9.4K$60.60$567K
2026-10-01
filed 2026-10-05
Mark W. JenkinsChief Financial OfficerSell5.9K$63.04$370K
2026-10-01
filed 2026-10-05
Stephen R. PalmerVice President of AccountingSell2.3K$62.82$146K
2026-10-01
filed 2026-10-05
Stephen R. PalmerVice President of AccountingSell920$61.64$57K
2026-10-01
filed 2026-10-05
Stephen R. PalmerVice President of AccountingSell920$59.48$55K
2026-10-01
filed 2026-10-05
Stephen R. PalmerVice President of AccountingSell840$60.75$51K
2026-09-14
filed 2026-09-16
Thomas TairaPresident, Special ProjectsSell14.1K$70.68$997K
2026-09-14
filed 2026-09-16
Thomas TairaPresident, Special ProjectsSell2.7K$70.05$188K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
67.4M
settled 2026-09-30
Change vs prior
+8.3%
vs previous settlement
Days to cover
7.92
at avg daily volume
Avg daily volume
8.5M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3067.4M+8.3%7.92
2026-09-1562.2M-5.6%10.23
2026-08-3165.9M+1.1%7.27
2026-08-1465.2M-8.5%7.99
2026-07-3171.3M-6.5%6.02
2026-07-1576.2M+3.9%8.42
2026-06-3073.3M-2.0%5.39
2026-06-1574.8M+3.6%7.50

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$20.32B$13.67B$10.77B$13.60B$12.81B
Gross profit
Operating income$1.88B$990.0M$-80.0M$-2.35B—
Net income$1.41B$210.0M$450.0M$-1.59B$-135.0M
Diluted EPS$8.45$1.59$0.75

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$1.04B$918.0M$803.0M$-1.32B$-2.59B
Capital expenditure$147.0M$91.0M$87.0M$512.0M$557.0M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$7.38B52.4%$310.0M—
Q1 FY2026$6.43B52.0%$250.0M—
Q4 FY202558.0%—
Q3 FY2025$5.65B54.5%$151.0M—
Q2 FY2025$4.84B41.9%$183.0M—
Q1 FY2025$4.23B38.3%$216.0M—
Q4 FY202446.3%—
Q3 FY2024$3.65B31.8%$85.0M—

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorConsumer Discretionary
SIC industryRetail-Auto Dealers & Gasoline Stations
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2023
SEC CIK1690820

Selected SEC filings

10-K2026-02-18
View on EDGAR →
10-K2025-02-19
View on EDGAR →
10-Q2026-07-29
View on EDGAR →
10-Q2026-04-29
View on EDGAR →
10-Q2025-10-29
View on EDGAR →
10-Q2025-07-30
View on EDGAR →
8-K2026-08-14
View on EDGAR →
8-K2026-07-29
View on EDGAR →

Largest Consumer Discretionary peers

All Consumer Discretionary companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.