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Carvana Co. logo
Carvana Co. CVNA
$ 72.94 -4.48%
report update icon

Quarterly report 2026-Q3
added 10-28-2026

Carvana Co. Income Statement 2025-2011 | CVNA

Brief overview of income trends at Carvana Co.

This overview is based on financial performance over the past five years. Revenue reported by Carvana Co. was 5.6 billion dollars at the beginning of the period and 20.3 billion dollars at the end. Overall revenue changed by +263.7%, equal to an annualized rate of about 29.5%. The company expanded its revenue base at a high speed.

The five-year change in gross profit reached +428%: from 794 million dollars to 4.2 billion dollars. Cost of revenue developed more favorably than sales, supporting gross profitability. Comparing the endpoints gives gross margins of 14.2% and 20.6%. The margin shift points to a more favorable sales-and-cost structure.

EBITDA was 2 million dollars at the beginning and 1.9 billion dollars at the end of the period (+94650%). EBITDA grew faster than revenue, indicating positive operating leverage. The EBITDA share of revenue changed from 0% to 9.3%. The increased EBITDA share is a positive sign.

Across the five years, the net result shifted from −$171 million to $1.4 billion. The trajectory reversed from a loss to positive earnings.

What the figures show

The results point to consistent and sustainable progress. The constructive conclusion rests on sales growth, better sales economics and a stronger final result. The key question is whether sales can be converted into sustainable profit.

Annual Income Statement Carvana Co.

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Market Cap

50 B 34.7 B 5.75 B 1.03 B 19.2 B - 3.74 B 1.12 B 290 M - - - - - -

Shares

138 M 122 M 109 M 101 M 82.8 M - 46.8 M 30 M 15.2 M - - - - - -

Historical Prices

364 284 52.6 10.2 232 240 92 32.7 19.1 - - - - - -

Net Income

1.41 B 210 M 450 M -1.59 B -135 M -171 M -115 M -61.8 M -18.3 M -93.1 M -4.01 M -15.2 M - - -

Revenue

20.3 B 13.7 B 10.8 B 13.6 B 12.8 B 5.59 B 3.94 B 1.96 B 859 M 365 M 130 M 41.7 M - - -

Cost of Revenue

16.1 B 10.8 B 9.05 B 12.4 B 10.9 B 4.79 B 3.43 B 1.76 B 791 M - - - - - -

Gross Profit

4.19 B 2.88 B 1.72 B 1.25 B 1.93 B 794 M 506 M 197 M 68.1 M 19.2 M 1.35 M -424 K - - -

Operating Income

1.88 B 990 M -80 M -2.35 B - - - - - - - - - - -

Interest Expense

-2.25 B 73 M 632 M 486 M 176 M 131 M 81 M 25 M 7.66 M 3.59 M 1.41 M - - - -

EBITDA

1.9 B 1.01 B -63 M -2.34 B 2 M 2 M -239 M -205 M -144 M -84.8 M -32.5 M -13.4 M - - -

Operating Expenses

2.31 B 1.89 B 1.8 B 3.6 B 1.93 B 794 M 787 M 425 M 223 M 109 M 36.7 M 14.7 M - - -

General and Administrative Expenses

2.31 B 1.87 B 1.8 B 2.74 B 2.03 B 1.13 B 583 M 314 M 168 M 81.7 M 25.9 M 10.6 M - - -

All numbers in USD currency

Quarterly Income Statement Carvana Co.

2026-Q3 2026-Q2 2026-Q1 2025-Q4 2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 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

Shares

721 M 718 M - -544 M 696 M 677 M - - - - - - - 106 M 106 M 1.69 M 106 M 101 M 90.1 M 1.38 M 84.8 M 81.4 M 78.1 M - 70 M 66.3 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net Income

289 M 310 M 250 M 857 M 151 M 183 M 216 M 79 M 85 M 18 M 28 M -114 M 782 M -58 M -160 M -806 M -283 M -439 M -506 M -30 M -68 M 45 M -82 M -155 M -18 M -106 M -184 M -126 M -39 M -26.6 M -28.5 M -86.4 M -17.3 M -11.3 M -9.77 M -47.2 M -4.38 M -14.5 M -38.4 M -35.7 M -22 M -18.1 M -17.3 M - - - - - - - - - - - - - - - - - - - -

Revenue

8.04 B 7.38 B 6.43 B 5.6 B 5.65 B 4.84 B 4.23 B 3.55 B 3.66 B 3.41 B 3.06 B 2.42 B 2.77 B 2.97 B 2.61 B 2.84 B 3.39 B 3.88 B 3.5 B 3.75 B 3.48 B 3.34 B 2.24 B 1.83 B 1.54 B 1.12 B 1.1 B 1.1 B 1.09 B 986 M 755 M 585 M 6.7 M 5.54 M 4.11 M 2.88 M 2.41 M 1.9 M 159 M 107 M 98.8 M 86.5 M 73 M - - - - - - - - - - - - - - - - - - - -

Cost of Revenue

6.52 B 5.99 B 5.16 B 4.55 B 4.5 B 3.78 B 3.3 B 2.78 B 2.85 B 2.7 B 2.47 B 2.02 B 2.29 B 2.47 B 2.26 B 2.64 B 3.03 B 3.49 B 3.2 B 3.24 B 2.96 B 2.78 B 1.91 B 1.58 B 1.28 B 968 M 960 M 961 M 957 M 848 M 667 M 529 M 478 M 426 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Gross Profit

1.52 B 1.38 B 1.27 B 1.05 B 1.15 B 1.06 B 929 M 763 M 807 M 715 M 591 M 402 M 482 M 499 M 341 M 193 M 359 M 396 M 298 M 516 M 523 M 552 M 338 M 244 M 262 M 150 M 138 M 143 M 138 M 138 M 88.5 M 56.1 M 57.3 M 49 M 34.2 M 21.9 M 20.4 M 16 M 9.75 M 2.44 M 6.77 M 6.04 M 3.96 M - - - - - - - - - - - - - - - - - - - -

Operating Income

714 M 680 M 581 M 424 M 552 M 511 M 394 M 260 M 337 M 259 M 134 M -38 M 48 M 42 M -132 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Interest Expense

-11 M - -41 M -2.16 B -154 M -60 M 122 M 50 M -29 M -35 M 87 M 1 M -3 M 8 M 3 M 12 M -58 M 3 M -13 M -22 M 3 M 6 M 7 M 6 M 9 M 3 M -17 M -2.24 M -827 K -694 K -239 K -223 K -308 K -468 K -179 K -68 K -671 K -391 K 2.06 M - 725 K 796 K - - - - - - - - - - - - - - - - - - - - -

EBITDA

716 M 682 M 582 M 426 M 555 M 515 M 399 M 265 M 341 M 264 M 138 M -34 M 53 M 46 M -132 M - - - - - - - - - - - - - - - 400 K 400 K 400 K - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operating Expenses

807 M 704 M 690 M 627 M 596 M 553 M 535 M 503 M 470 M 456 M 457 M 440 M 434 M 457 M 473 M 193 M 359 M 396 M 298 M 516 M 523 M 552 M 338 M 244 M 262 M 150 M 138 M 143 M 138 M 138 M 88.5 M 56.1 M 57.3 M 49 M 34.2 M 21.9 M 20.4 M 16 M 9.75 M - - - - - - - - - - - - - - - - - - - - - - - -

General and Administrative Expenses

805 M 704 M 690 M 627 M 595 M 551 M 535 M 494 M 469 M 455 M 456 M 439 M 433 M 452 M 472 M 632 M 656 M 721 M 727 M 620 M 546 M 470 M 397 M 342 M 269 M 239 M 276 M 242 M 208 M 182 M 155 M 131 M 116 M 95.7 M 83.2 M 66.8 M 58.7 M 52 M 45.9 M - 28 M 23.3 M - - - - - - - - - - - - - - - - - - - - -

All numbers in USD currency

The income statement is one of the three key financial reports of a company Carvana Co. (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:

  • How much revenue the company earned
  • How much it spent on production, personnel, marketing, taxes, etc.
  • What profit remained in the end

Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.

Features
  • The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
  • Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
  • A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.

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