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Carvana Co. Balance Sheet 2025-2011 | CVNA
Brief balance sheet overview of Carvana Co.
The review uses the five latest available annual reports between 2021 and 2025.
Total assets increased by +88.2%, from $7 billion to $13.2 billion. A CAGR near 17.1% points to substantial expansion.
Liabilities grew more slowly than assets: +38.6% versus +88.2%. Expansion relied more on equity, improving funding quality.
The equity ratio is 26.1% versus 7.5% five periods ago. Capitalization remains workable.
The net-debt-to-equity ratio is 0.79x. Borrowed funding is already a meaningful part of the structure.
The cash reserve occupies 17.6% of the balance sheet, previously 5.7%. It is one marker of short-term resilience.
Retained earnings remain negative at -$9 million. This may reflect past losses or substantial shareholder distributions, so earnings and buybacks provide important context.
What the balance sheet shows
Carvana Co.'s balance sheet sends more positive than negative signals, but liabilities should not begin outpacing the capital base.
Annual Balance Sheet Carvana Co.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
2.71 B | 3.84 B | 5.66 B | 7.78 B | 4.96 B | 1.39 B | 856 M | 358 M | -119 M | -33.7 M | -832 K | - | - | - | - |
Long Term Debt |
4.83 B | 5.26 B | 5.42 B | 6.57 B | 3.21 B | 1.62 B | 883 M | 425 M | 48.5 M | 4.4 M | - | - | - | - | - |
Long Term Debt Current |
211 M | 302 M | 777 M | 1.64 B | 2.15 B | 78.9 M | 607 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 1 B | 434 M | 55.6 M | 4.4 M | - | - | - | - | - |
Total Current Liabilities |
1.52 B | 1.34 B | 1.54 B | 2.59 B | 2.89 B | 467 M | 865 M | 330 M | 306 M | - | - | - | - | - | - |
Total Liabilities |
9 B | 7.11 B | 7.46 B | 9.75 B | 6.49 B | 2.23 B | 1.87 B | 764 M | 362 M | 201 M | 70.8 M | - | - | - | - |
Deferred Revenue |
51 M | 63 M | 30 M | 23 M | 34 M | 16.9 M | 6.38 M | - | - | - | - | - | - | - | - |
Retained Earnings |
-9 M | -1.42 B | -1.63 B | -2.08 B | -489 M | -354 M | -183 M | -74.7 M | -12.9 M | -176 M | -62.5 M | - | - | - | - |
Total Assets |
13.2 B | 8.48 B | 7.07 B | 8.7 B | 7.02 B | 3.03 B | 2.06 B | 991 M | 641 M | 336 M | 136 M | - | - | - | - |
Cash and Cash Equivalents |
2.33 B | 1.72 B | 530 M | 434 M | 403 M | 301 M | 76 M | 78.9 M | 173 M | 39.2 M | - | - | - | - | - |
Book Value |
4.2 B | 1.38 B | -384 M | -1.05 B | 525 M | 802 M | 192 M | 227 M | 280 M | 135 M | 65.2 M | - | - | - | - |
Total Shareholders Equity |
3.44 B | 1.26 B | 243 M | -518 M | 525 M | 802 M | 98.1 M | 73.4 M | 126 M | - | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet Carvana Co.
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
4.85 B | 4.85 B | 4.81 B | 5.32 B | 5.27 B | 5.43 B | 5.43 B | 5.54 B | 5.3 B | 6.54 B | 6.55 B | 6.57 B | 6.62 B | - | 3.29 B | 3.21 B | 3.13 B | 2.33 B | 2.25 B | 1.62 B | 1.62 B | 1.62 B | 1.62 B | 883 M | 883 M | 883 M | 883 M | 425 M | 425 M | 425 M | 66.8 M | - | 16.4 M | 10.3 M | 48.5 M | 4.4 M | - | 4.4 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
9.41 B | 9.14 B | 6.9 B | 7.25 B | 7.1 B | 7.08 B | 7.06 B | 7.29 B | 7.23 B | 9.26 B | 9.97 B | 9.75 B | 9.25 B | - | 7.53 B | 6.49 B | 4.65 B | 3.81 B | 3.1 B | 2.23 B | 2.23 B | 2.23 B | 2.23 B | 1.87 B | 1.87 B | 1.87 B | 1.87 B | 764 M | 764 M | 764 M | 764 M | 362 M | 362 M | 362 M | 362 M | 201 M | 201 M | 201 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
59 M | 47 M | 49 M | 46 M | 57 M | 50 M | 49 M | 39 M | 31 M | 39 M | 34 M | 23 M | 33 M | - | 37 M | 34 M | 32 M | 23 M | 17 M | 17 M | 17 M | 17 M | 17 M | 6.38 M | 6.38 M | 6.38 M | 6.38 M | 2.89 M | 2.89 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
551 M | 241 M | -866 M | -1.02 B | -1.2 B | -1.5 B | -1.58 B | -1.6 B | -1.51 B | -2.29 B | -2.24 B | -2.08 B | -1.27 B | - | -749 M | -489 M | -400 M | -368 M | -390 M | -354 M | -354 M | -354 M | -354 M | -183 M | -183 M | -183 M | -183 M | -68.4 M | -74.7 M | -74.7 M | -74.7 M | -12.9 M | -12.9 M | -12.9 M | -12.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
14.6 B | 13.8 B | 9.85 B | 9.37 B | 8.88 B | 7.37 B | 7.17 B | 6.98 B | 7.02 B | 7.85 B | 8.65 B | 8.7 B | 9.62 B | - | 7.58 B | 7.02 B | 5.36 B | 4.58 B | 3.82 B | 3.04 B | 3.04 B | 3.04 B | 3.04 B | 2.06 B | 2.06 B | 2.06 B | 2.06 B | 991 M | 991 M | 991 M | 991 M | 641 M | 641 M | 641 M | 641 M | 336 M | 336 M | 336 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
2.63 B | 2.41 B | 2.14 B | 1.86 B | 1.86 B | 871 M | 542 M | 252 M | 544 M | 541 M | 488 M | 434 M | 316 M | 1.05 B | 247 M | 403 M | 297 M | 201 M | 370 M | 301 M | 301 M | 301 M | 301 M | 76 M | 76 M | 76 M | 76 M | 78.9 M | 78.9 M | 78.9 M | 78.9 M | 173 M | 173 M | 173 M | 173 M | 39.2 M | 39.2 M | 39.2 M | - | 43.1 M | - | - | - | 6.93 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
5.14 B | 4.63 B | 2.95 B | 2.12 B | 1.77 B | 286 M | 115 M | -311 M | -202 M | -1.41 B | -1.32 B | -1.05 B | 374 M | - | 52 M | 525 M | 708 M | 770 M | 721 M | 802 M | 802 M | 802 M | 802 M | 192 M | 192 M | 192 M | 192 M | 227 M | 227 M | 227 M | 227 M | 280 M | 280 M | 280 M | 280 M | 135 M | 135 M | 135 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
4.03 B | 3.72 B | 2.28 B | 1.73 B | 1.5 B | 611 M | 526 M | 289 M | 339 M | -697 M | -1.32 B | -518 M | 274 M | 864 M | 52 M | 306 M | 708 M | 770 M | 721 M | 388 M | 388 M | 388 M | 388 M | 98.1 M | 98.1 M | 98.1 M | 98.1 M | 79.7 M | 73.4 M | 73.4 M | 73.4 M | 126 M | 126 M | 126 M | 126 M | -116 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Carvana Co., providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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