Carvana Co. (CVNA) Income Statement
CVNA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCVNA revenue and net income
Where CVNA's revenue goes
2025Each bar shows an amount and its share of revenue. CVNA kept 6.9% of revenue as net income.
CVNA profit margins
CVNA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +48.6% | +14.3% | +29.5% | +65.7% |
| Gross profit | +54.6% | +61.2% | +42.2% | +123.5% |
| Operating income | +87.7% | — | — | — |
| Net income | +570.0% | — | — | — |
| EPS (diluted) | +350.7% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CVNA quarterly EPS vs estimates
Carvana beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.48).
CVNA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.32B | $13.67B | $10.77B | $13.60B | $12.81B | $5.59B | $3.94B | $1.96B | $858.9M | $365.1M |
| Cost of revenue | $16.13B | $10.96B | $9.05B | $12.60B | $10.99B | $4.86B | $3.43B | $1.76B | $790.8M | $346.0M |
| Gross profit | $4.19B | $2.71B | $1.72B | $1.00B | $1.83B | $721.6M | $506.4M | $196.7M | $68.1M | $19.2M |
| Research & development | — | — | — | — | — | — | — | — | $0 | — |
| Sales, general & admin | $2.31B | $1.71B | $1.61B | $2.49B | $1.93B | $559.0M | $786.7M | $425.3M | $223.4M | $108.7M |
| Total operating expenses | $2.31B | $1.71B | $1.80B | $2.49B | $1.93B | $1.05B | $786.7M | $425.3M | $223.4M | $108.7M |
| Operating income | $1.88B | $1.00B | −$80.0M | −$1.49B | −$104.0M | −$332.4M | −$280.3M | −$228.5M | −$155.3M | −$89.5M |
| Interest expense | $505.0M | $651.0M | $632.0M | $486.0M | $176.0M | $131.5M | $80.6M | $25.0M | $7.7M | $3.6M |
| Income before taxes | −$890.0M | $400.0M | $175.0M | −$2.89B | −$286.0M | −$462.5M | −$364.6M | −$254.7M | −$164.3M | −$93.1M |
| Income taxes | −$2.79B | −$4.0M | $25.0M | $1.0M | $1.0M | −$255,000 | −$250.0M | −$193.0M | −$146.0M | $3.5M |
| Net income | $1.41B | $210.0M | $450.0M | −$1.59B | −$135.0M | −$171.1M | −$114.7M | −$61.8M | −$18.3M | −$93.1M |
| EBITDA | −$110.0M | $1.36B | $1.16B | −$2.15B | −$5.0M | −$257.2M | $7.2M | −$13.2M | $914,000 | −$84.9M |
| EPS (diluted) | $6.22 | $1.38 | −$1.63 | −$1.19 | −$1.14 | −$1.25 | −$1.12 | −$1.10 | −$0.47 | −$0.26 |
| Gross margin | 20.6% | 19.8% | 16.0% | 7.4% | 14.3% | 12.9% | 12.9% | 10.1% | 7.9% | 5.3% |
| Operating margin | 9.3% | 7.3% | −0.7% | −11.0% | −0.8% | −5.9% | −7.1% | −11.7% | −18.1% | −24.5% |
| Net margin | 6.9% | 1.5% | 4.2% | −11.7% | −1.1% | −3.1% | −2.9% | −3.2% | −2.1% | −25.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.38B | $6.43B | $5.60B | $5.65B | $4.84B | $4.23B | $3.55B | $3.65B | $3.41B | $3.06B | $2.42B | $2.77B |
| Cost of revenue | $5.99B | $5.16B | $4.55B | $4.50B | $3.81B | $3.35B | $2.83B | $2.89B | $2.74B | $2.51B | $2.06B | $2.34B |
| Gross profit | $1.38B | $1.27B | $1.05B | $1.15B | $1.03B | $887.0M | $722.0M | $767.0M | $674.0M | $548.0M | $359.0M | $437.0M |
| Sales, general & admin | $704.0M | $690.0M | $627.0M | $595.0M | $467.0M | $463.0M | $329.0M | $413.0M | $400.0M | $402.0M | $256.0M | $377.0M |
| Total operating expenses | $704.0M | $690.0M | $627.0M | $596.0M | $514.0M | $493.0M | $453.0M | $429.0M | $414.0M | $413.0M | $396.0M | $388.0M |
| Operating income | $680.0M | $581.0M | $424.0M | $552.0M | $513.0M | $394.0M | $269.0M | $338.0M | $260.0M | $135.0M | −$37.0M | $49.0M |
| Interest expense | $101.0M | $99.0M | $98.0M | $125.0M | $143.0M | $139.0M | $148.0M | $157.0M | $173.0M | $173.0M | $165.0M | $153.0M |
| Income before taxes | $579.0M | $441.0M | −$1.83B | $259.0M | $308.0M | $375.0M | $156.0M | $147.0M | $49.0M | $48.0M | −$202.0M | $770.0M |
| Income taxes | $66.0M | $36.0M | −$2.78B | −$4.0M | $125.0M | $2.0M | −$3.0M | −$1.0M | $1.0M | −$1.0M | −$2.0M | $29.0M |
| Net income | $310.0M | $250.0M | $857.0M | $151.0M | $183.0M | $216.0M | $79.0M | $85.0M | $18.0M | $28.0M | −$114.0M | $782.0M |
| EBITDA | $749.0M | $609.0M | −$1.67B | $449.0M | $519.0M | $587.0M | $378.0M | $377.0M | $298.0M | $303.0M | $45.0M | $1.01B |
| EPS (diluted) | $0.42 | $0.34 | $4.22 | $0.21 | $0.26 | $1.53 | $0.61 | $0.64 | $0.08 | $0.05 | −$1.00 | −$0.14 |
| Gross margin | 18.8% | 19.8% | 18.8% | 20.3% | 21.2% | 21.0% | 20.4% | 21.0% | 19.8% | 17.9% | 14.8% | 15.8% |
| Operating margin | 9.2% | 9.0% | 7.6% | 9.8% | 10.6% | 9.3% | 7.6% | 9.2% | 7.6% | 4.4% | −1.5% | 1.8% |
| Net margin | 4.2% | 3.9% | 15.3% | 2.7% | 3.8% | 5.1% | 2.2% | 2.3% | 0.5% | 0.9% | −4.7% | 28.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CVNA's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CVNA financial results
In fiscal year 2025 (ended December 31, 2025), Carvana reported revenue of $20.3 billion, up 48.6% from the year before. It had net income of $1.4 billion (up 570.0%), a net profit margin of 6.9%. Diluted earnings per share came to $6.22. Over five years revenue grew at an average rate of 29.5% a year.
See the CVNA stock overview for the latest quote and news, or the CVNA chart for price history and technical indicators.
CVNA income statement FAQ
What is Carvana's annual revenue?
Carvana reported total revenue of $20.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 48.6% from $13.7 billion the previous year.
Is Carvana profitable?
Yes. Carvana reported net income of $1.4 billion in fiscal 2025, a net profit margin of 6.9%; its operating margin was 9.3%.
What is Carvana's gross margin?
Carvana's gross margin was 20.6% in fiscal 2025: for every $100 of revenue, Carvana kept $21 after the direct cost of its products and services.
How fast is Carvana growing?
Revenue grew 29.5% a year on average over the last five fiscal years, from $5.6 billion to $20.3 billion.
What are Carvana's earnings per share?
Carvana earned $6.22 per diluted share in fiscal 2025, compared with $1.38 a year earlier.
When will Carvana report its next earnings?
Carvana is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Carvana's fiscal year end?
Carvana's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.