NYSE : CVNA
Carvana Co. — Financial statements
Consumer Discretionary · Auto & Truck Dealerships · United States
Last price 68.29 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 76.20B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Carvana Co. (CVNA) reported revenue of 27.45B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 27.45B | 20.32B | 13.67B | 10.77B | 13.60B | 12.81B |
| Cost of Revenue | 22.22B | 16.13B | 10.80B | 9.05B | 12.35B | 10.88B |
| Gross Profit | 5.23B | 4.19B | 2.88B | 1.72B | 1.25B | 1.93B |
| Selling, General & Admin | 2.66B | 2.14B | 1.71B | 1.61B | 2.49B | 1.93B |
| Other Operating Expenses | 1.00M | 14.00M | ||||
| Operating Expenses | 2.83B | 2.31B | 1.87B | 1.79B | 2.70B | 2.03B |
| Operating Income | 2.40B | 1.88B | 1.00B | -65.00M | -1.45B | -104.00M |
| Interest Expense | -396.00M | -505.00M | -651.00M | -632.00M | -486.00M | -176.00M |
| Other Non Operating Income (Expenses) | -2.15B | -2.19B | -42.00M | 9.00M | -42.00M | -5.00M |
| EBT Excluding Unusual Items | -142.00M | -807.00M | 309.00M | -688.00M | -1.98B | -285.00M |
| Merger & Restructuring Charges | -7.00M | -57.00M | ||||
| Impairment of Goodwill | -847.00M | |||||
| Gain (Loss) on Sale of Investments | -64.00M | -64.00M | 115.00M | |||
| Gain (Loss) on Sale of Assets | -1.00M | -3.00M | -12.00M | -8.00M | -14.00M | -1.00M |
| Other Unusual Items | -53.00M | -16.00M | -12.00M | 878.00M | ||
| Pretax Income | -260.00M | -890.00M | 400.00M | 175.00M | -2.89B | -286.00M |
| Income Tax Expense | -2.61B | -2.79B | -4.00M | 25.00M | 1.00M | 1.00M |
| Earnings From Continuing Operations | 2.35B | 1.90B | 404.00M | 150.00M | -2.89B | -287.00M |
| Minority Interest in Earnings | -646.00M | -488.00M | -194.00M | 300.00M | 1.31B | 152.00M |
| Net Income | 1.71B | 1.41B | 210.00M | 450.00M | -1.59B | -135.00M |
| Net Income to Common | 1.71B | 1.41B | 210.00M | 450.00M | -1.59B | -135.00M |
| Shares Outstanding (Basic) | 715.34M | 688.17M | 611.72M | 546.62M | 504.14M | 414.02M |
| Shares Outstanding (Diluted) | 1.14B | 1.12B | 661.03M | 1.00B | 504.14M | 414.02M |
| EPS (Basic) | 2.38 | 2.04 | 0.34 | 0.82 | -3.15 | -0.33 |
| EPS (Diluted) | 1.94 | 1.69 | 0.32 | 0.15 | -3.15 | -0.33 |
| Free Cash Flow | 1.11B | 889.00M | 827.00M | 716.00M | -1.84B | -3.15B |
| Free Cash Flow Per Share | 0.98 | 0.79 | 1.25 | 0.71 | -3.64 | -7.61 |
| Gross Margin | 19.04% | 20.63% | 21.03% | 16.01% | 9.21% | 15.05% |
| Operating Margin | 8.74% | 9.27% | 7.33% | -0.60% | -10.64% | -0.81% |
| Profit Margin | 6.21% | 6.92% | 1.54% | 4.18% | -11.67% | -1.05% |
| Free Cash Flow Margin | 4.05% | 4.38% | 6.05% | 6.65% | -13.50% | -24.59% |
| EBITDA | 2.67B | 2.16B | 1.31B | 287.00M | -1.19B | 1.00M |
| EBITDA Margin | 9.73% | 10.62% | 9.56% | 2.67% | -8.72% | 0.01% |
| D&A For EBITDA | 271.00M | 275.00M | 305.00M | 352.00M | 261.00M | 105.00M |
| EBIT | 2.40B | 1.88B | 1.00B | -65.00M | -1.45B | -104.00M |
| EBIT Margin | 8.74% | 9.27% | 7.33% | -0.60% | -10.64% | -0.81% |
| Effective Tax Rate | 14.29% | |||||
| Revenue as Reported | 27.45B | 20.32B | 13.67B | 10.77B | 13.60B | 12.81B |
| Advertising Expenses | 363.00M | 229.00M | 228.00M | 490.00M | 479.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.05B | 2.33B | 1.72B | 530.00M | 434.00M | 403.00M |
| Short-Term Investments | 557.00M | 486.00M | 464.00M | 366.00M | 321.00M | 382.00M |
| Cash & Short-Term Investments | 3.61B | 2.81B | 2.18B | 896.00M | 755.00M | 785.00M |
| Accounts Receivable | 332.00M | 250.00M | 307.00M | 269.00M | 259.00M | 218.00M |
| Receivables | 332.00M | 250.00M | 307.00M | 269.00M | 259.00M | 218.00M |
| Inventory | 3.46B | 2.41B | 1.61B | 1.15B | 1.88B | 3.15B |
| Restricted Cash | 123.00M | 102.00M | 44.00M | 64.00M | 194.00M | 233.00M |
| Other Current Assets | 1.11B | 976.00M | 730.00M | 942.00M | 1.51B | 507.00M |
| Total Current Assets | 8.63B | 6.55B | 4.87B | 3.32B | 4.59B | 4.89B |
| Property, Plant & Equipment | 3.35B | 3.26B | 3.21B | 3.44B | 3.78B | 1.93B |
| Long-Term Investments | 2.00M | |||||
| Goodwill | 12.00M | 10.00M | 9.00M | |||
| Other Intangible Assets | 51.00M | 47.00M | 34.00M | 52.00M | 70.00M | 4.00M |
| Long-Term Accounts Receivable | 2.00M | 7.00M | 38.00M | 7.00M | ||
| Long-Term Deferred Tax Assets | 2.90B | 3.06B | 3.00M | |||
| Long-Term Deferred Charges | 37.00M | 36.00M | 46.00M | 60.00M | 82.00M | 34.00M |
| Other Long-Term Assets | 214.00M | 238.00M | 317.00M | 194.00M | 132.00M | 140.00M |
| Total Assets | 15.20B | 13.20B | 8.48B | 7.07B | 8.70B | 7.01B |
| Accounts Payable | 382.00M | 236.00M | 236.00M | 231.00M | 232.00M | 141.00M |
| Accrued Expenses | 647.00M | 628.00M | 482.00M | 275.00M | 452.00M | 352.00M |
| Short-Term Debt | 71.00M | 58.00M | 67.00M | 668.00M | 1.53B | 2.05B |
| Current Portion of Long-Term Debt | 262.00M | 144.00M | 309.00M | 109.00M | 104.00M | 101.00M |
| Current Portion of Leases | 102.00M | 157.00M | 87.00M | 101.00M | 51.00M | |
| Current Income Taxes Payable | 3.00M | |||||
| Other Current Liabilities | 666.00M | 296.00M | 244.00M | 163.00M | 169.00M | 192.00M |
| Total Current Liabilities | 2.13B | 1.52B | 1.34B | 1.54B | 2.59B | 2.89B |
| Long-Term Debt | 4.31B | 4.27B | 4.77B | 4.75B | 5.81B | 2.61B |
| Long-Term Leases | 949.00M | 962.00M | 896.00M | 1.10B | 1.27B | 959.00M |
| Other Long-Term Liabilities | 2.15B | 2.24B | 101.00M | 70.00M | 78.00M | 31.00M |
| Total Liabilities | 9.54B | 9.00B | 7.11B | 7.46B | 9.75B | 6.49B |
| Common Stock | 1.00M | |||||
| Additional Paid-In Capital | 3.50B | 3.45B | 2.68B | 1.87B | 1.56B | 795.00M |
| Retained Earnings | 840.00M | -9.00M | -1.42B | -1.63B | -2.08B | -489.00M |
| Total Common Equity | 4.35B | 3.44B | 1.26B | 243.00M | -518.00M | 306.00M |
| Minority Interest | 1.30B | 762.00M | 115.00M | -627.00M | -535.00M | 219.00M |
| Shareholders' Equity | 5.65B | 4.20B | 1.38B | -384.00M | -1.05B | 525.00M |
| Total Liabilities & Equity | 15.20B | 13.20B | 8.48B | 7.07B | 8.70B | 7.01B |
| Total Debt | 5.70B | 5.59B | 6.05B | 6.71B | 8.82B | 5.77B |
| Net Cash (Debt) | -2.09B | -2.78B | -3.87B | -5.82B | -8.06B | -4.99B |
| Net Cash Per Share | -1.84 | -2.48 | -5.85 | -5.80 | -16.00 | -12.05 |
| Filing Date Shares Outstanding | 722.71M | 713.68M | 670.23M | 581.40M | 530.37M | 450.50M |
| Total Common Shares Outstanding | 721.81M | 711.15M | 666.36M | 571.20M | 530.18M | 449.65M |
| Working Capital | 6.50B | 5.03B | 3.53B | 1.78B | 2.00B | 2.00B |
| Book Value Per Share | 6.03 | 4.84 | 1.89 | 0.43 | -0.98 | 0.68 |
| Tangible Book Value | 4.29B | 3.38B | 1.23B | 191.00M | -588.00M | 293.00M |
| Tangible Book Value Per Share | 5.94 | 4.76 | 1.84 | 0.33 | -1.11 | 0.65 |
| Land | 1.38B | 1.36B | 1.33B | 1.33B | 1.33B | 303.00M |
| Buildings | 1.52B | 1.47B | 1.38B | 1.34B | 1.27B | 643.00M |
| Machinery | 919.00M | 814.00M | 692.00M | 714.00M | 831.00M | 444.00M |
| Construction In Progress | 150.00M | 62.00M | 59.00M | 72.00M | 134.00M | 295.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.71B | 1.41B | 210.00M | 450.00M | -1.59B | -135.00M |
| Depreciation & Amortization | 271.00M | 275.00M | 305.00M | 352.00M | 261.00M | 105.00M |
| Other Amortization | 17.00M | 10.00M | 15.00M | 24.00M | 27.00M | 11.00M |
| Loss (Gain) From Sale of Assets | -1.40B | -1.19B | -743.00M | -426.00M | -397.00M | -716.00M |
| Asset Writedown & Restructuring Costs | 847.00M | |||||
| Stock-Based Compensation | 97.00M | 96.00M | 91.00M | 73.00M | 69.00M | 39.00M |
| Provision & Write-off of Bad Debts | 14.00M | 15.00M | 27.00M | 38.00M | 23.00M | 28.00M |
| Other Operating Activities | 300.00M | 166.00M | 618.00M | -987.00M | -1.23B | -135.00M |
| Change in Accounts Receivable | 23.00M | 49.00M | -47.00M | -22.00M | 145.00M | -148.00M |
| Change in Inventory | -1.08B | -734.00M | -455.00M | 711.00M | 1.35B | -2.09B |
| Change in Accounts Payable | 557.00M | 235.00M | 260.00M | -166.00M | -46.00M | 247.00M |
| Change in Other Net Operating Assets | -51.00M | -30.00M | -4.00M | 31.00M | -60.00M | -95.00M |
| Operating Cash Flow | 1.33B | 1.04B | 918.00M | 803.00M | -1.32B | -2.59B |
| Capital Expenditures | -217.00M | -147.00M | -91.00M | -87.00M | -512.00M | -557.00M |
| Sale of Property, Plant & Equipment | 2.00M | 2.00M | 11.00M | 72.00M | 44.00M | |
| Cash Acquisitions | -149.00M | -160.00M | -7.00M | -2.20B | ||
| Investment in Securities | -126.00M | |||||
| Investing Cash Flow | -259.00M | -230.00M | -13.00M | 31.00M | -2.58B | -627.00M |
| Short-Term Debt Issued | 4.02B | 3.10B | 6.71B | 12.98B | 14.60B | |
| Long-Term Debt Issued | 175.00M | 191.00M | 132.00M | 3.44B | 1.65B | |
| Total Debt Issued | 6.80B | 4.19B | 3.29B | 6.84B | 16.42B | 16.25B |
| Short-Term Debt Repaid | -4.03B | -3.70B | -7.58B | -13.50B | -12.59B | |
| Long-Term Debt Repaid | -820.00M | -577.00M | -503.00M | -165.00M | -73.00M | |
| Total Debt Repaid | -6.81B | -4.85B | -4.27B | -8.08B | -13.67B | -12.66B |
| Net Debt Issued (Repaid) | -11.00M | -653.00M | -987.00M | -1.24B | 2.75B | 3.59B |
| Issuance of Common Stock | 15.00M | 584.00M | 1.27B | 453.00M | 1.23B | 2.00M |
| Repurchase of Common Stock | -61.00M | -30.00M | -19.00M | -15.00M | -8.00M | -40.00M |
| Other Financing Activities | -63.00M | -38.00M | -4.00M | -69.00M | -75.00M | -24.00M |
| Financing Cash Flow | -120.00M | -137.00M | 261.00M | -868.00M | 3.90B | 3.53B |
| Net Cash Flow | 951.00M | 669.00M | 1.17B | -34.00M | -8.00M | 307.00M |
| Free Cash Flow | 1.11B | 889.00M | 827.00M | 716.00M | -1.84B | -3.15B |
| Free Cash Flow Margin | 4.05% | 4.38% | 6.05% | 6.65% | -13.50% | -24.59% |
| Free Cash Flow Per Share | 0.98 | 0.79 | 1.25 | 0.71 | -3.64 | -7.61 |
| Levered Free Cash Flow | 652.50M | 249.88M | 566.38M | 1.16B | -911.12M | -2.85B |
| Unlevered Free Cash Flow | 883.00M | 555.50M | 958.25M | 1.53B | -634.38M | -2.75B |
| Cash Interest Paid | 468.00M | 336.00M | 115.00M | 538.00M | 423.00M | 152.00M |
| Cash Income Tax Paid | 4.00M | 3.00M | 2.00M | |||
| Change in Working Capital | -554.00M | -480.00M | -246.00M | 554.00M | 1.39B | -2.08B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 80.34B | 59.68B | 26.13B | 6.04B | 502.19M | 19.84B |
| Enterprise Value | 82.43B | 63.41B | 30.68B | 11.02B | 8.07B | 23.50B |
| Last Close Price | 72.00 | 84.40 | 40.67 | 10.59 | 0.95 | 46.36 |
| PE Ratio | 37.21 | 42.42 | 124.45 | 13.41 | ||
| Forward PE | 34.10 | 63.29 | 84.21 | |||
| PS Ratio | 2.93 | 2.94 | 1.91 | 0.56 | 0.04 | 1.55 |
| PB Ratio | 11.94 | 14.20 | 19.01 | -15.72 | -0.48 | 37.79 |
| P/TBV Ratio | 18.73 | 17.64 | 21.32 | 31.61 | 67.71 | |
| P/FCF Ratio | 72.18 | 67.14 | 31.60 | 8.43 | ||
| P/OCF Ratio | 60.41 | 57.61 | 28.47 | 7.52 | ||
| PEG Ratio | 1.03 | 1.11 | ||||
| EV/Sales Ratio | 3.00 | 3.12 | 2.24 | 1.02 | 0.59 | 1.83 |
| EV/EBITDA Ratio | 30.86 | 29.37 | 23.48 | 38.40 | 23,503.27 | |
| EV/EBIT Ratio | 34.35 | 33.66 | 30.62 | |||
| EV/FCF Ratio | 74.06 | 71.32 | 37.10 | 15.39 | ||
| Debt / Equity Ratio | 1.01 | 1.33 | 4.40 | -17.48 | -8.38 | 11.00 |
| Debt / EBITDA Ratio | 2.08 | 2.51 | 4.41 | 18.75 | 90.22 | |
| Debt / FCF Ratio | 5.12 | 6.29 | 7.31 | 9.38 | ||
| Net Debt / Equity Ratio | 0.37 | 0.66 | 2.81 | -15.15 | -7.66 | 9.50 |
| Net Debt / EBITDA Ratio | 0.78 | 1.29 | 2.96 | 20.27 | -6.80 | 4,989.00 |
| Net Debt / FCF Ratio | 1.88 | 3.13 | 4.67 | 8.12 | -4.39 | -1.58 |
| Asset Turnover | 2.19 | 1.87 | 1.76 | 1.37 | 1.73 | 2.55 |
| Inventory Turnover | 7.70 | 8.03 | 7.83 | 5.98 | 4.92 | 5.20 |
| Quick Ratio | 1.85 | 2.02 | 1.86 | 0.76 | 0.39 | 0.35 |
| Current Ratio | 4.05 | 4.31 | 3.64 | 2.16 | 1.77 | 1.69 |
| Return on Equity (ROE) | 54.67% | 67.94% | 81.53% | -43.25% | ||
| Return on Assets (ROA) | 11.98% | 10.86% | 8.05% | -0.52% | -11.51% | -1.29% |
| Return on Invested Capital (ROIC) | 31.07% | 30.82% | 18.60% | -0.96% | -24.91% | -2.68% |
| Return on Capital Employed (ROCE) | 18.40% | 16.10% | 14.00% | -1.20% | -23.70% | -2.50% |
| Earnings Yield | 2.69% | 2.36% | 0.80% | 7.45% | -316.01% | -0.68% |
| FCF Yield | 1.39% | 1.49% | 3.16% | 11.86% | -365.60% | -15.88% |
| Buyback Yield / Dilution | -58.51% | -69.64% | 34.09% | -98.93% | -21.77% | -27.43% |