NYSE · Financial Statements

Carvana Co. (CVNA) Financial Statements

$57.81 NYSE: CVNA Market Cap $63.41B

Carvana Co. most recently reported annual revenue of $20.3B, net profit of $1.4B. Revenue grew at an average annual rate of 29.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Carvana Co.: Revenue rose from $365.0M in 2016 to $20.3B in 2025, a change of +5467.7% over 9 years; net profit was positive in 3 of 10 reported years; operating margin moved from -24.5% to 9.3%, a shift of +33.8 percentage points; the most recent year shows net profit of $1.4B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$365.0M$859.0M$2.0B$3.9B$5.6B$12.8B$13.6B$10.8B$13.7B$20.3B
Operating Expenses$455.0M$1.0B$2.2B$4.2B$5.9B$12.9B$15.1B$10.9B$12.7B$18.4B
Operating Profit$-89.0M$-155.0M$-229.0M$-280.0M$-332.0M$-104.0M$-1.5B$-80.0M$1.0B$1.9B
Operating Margin-24.5%-18.1%-11.7%-7.1%-6.0%-0.8%-10.9%-0.7%7.3%9.3%
Other Income$-4.0M$-9.0M$-26.0M$-84.0M$-130.0M$-182.0M$-1.4B$255.0M$-602.0M$-2.8B
Interest$4.0M$8.0M$25.0M$81.0M$132.0M$176.0M$486.0M$632.0M$651.0M$505.0M
Depreciation$5.0M$12.0M$24.0M$41.0M$74.0M$105.0M$261.0M$352.0M$305.0M$275.0M
Profit Before Tax$-93.0M$-164.0M$-255.0M$-365.0M$-462.0M$-286.0M$-2.9B$175.0M$400.0M$-890.0M
Tax$0$0$0$0$60,000$-350,000$-30,000$14.3M$-1.0M$312.9M
Net Profit$-10.0M$-18.0M$-55.0M$-115.0M$-171.0M$-135.0M$-1.6B$450.0M$210.0M$1.4B
EPS$-0.14$-0.26$-0.41$-0.49$-0.53$-0.33$-3.15$0.15$0.32$1.69
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$2.8B$2.4B$3.1B$3.4B$3.7B$3.5B$4.2B$4.8B$5.6B$5.6B$6.4B$7.4B
Operating Expenses$2.7B$2.5B$2.9B$3.1B$3.3B$3.3B$3.8B$4.3B$5.1B$5.2B$5.9B$6.7B
Operating Profit$49.0M$-37.0M$135.0M$260.0M$338.0M$269.0M$394.0M$513.0M$552.0M$424.0M$581.0M$680.0M
Operating Margin1.8%-1.5%4.4%7.6%9.3%7.6%9.3%10.6%9.8%7.6%9.0%9.2%
Interest$153.0M$165.0M$173.0M$173.0M$157.0M$148.0M$139.0M$143.0M$125.0M$98.0M$99.0M$101.0M
Profit Before Tax$770.0M$-202.0M$48.0M$49.0M$147.0M$156.0M$375.0M$308.0M$259.0M$-1.8B$441.0M$579.0M
Tax$3.8M$990,000$-2.1M$2.0M$-680,000$-1.9M$530,000$0$-1.5M$151.9M$8.2M$11.4M
Net Profit$782.0M$-114.0M$28.0M$18.0M$85.0M$79.0M$216.0M$183.0M$151.0M$857.0M$250.0M$310.0M
EPS$0.76$-0.20$0.05$0.03$0.13$0.11$0.30$0.26$0.21$1.19$0.34$0.42

Over the 10 years reported for Carvana Co., borrowings increased from $171.0M in 2016 to $5.5B in 2025, cash stood at $2.3B in the latest year, shareholders' equity was $0, current assets covered current liabilities 4.31 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$336.0M$641.0M$991.0M$2.1B$3.0B$7.0B$8.7B$7.1B$8.5B$13.2B
Current Assets$275.0M$490.0M$663.0M$1.4B$1.9B$4.9B$4.6B$3.3B$4.9B$6.5B
Cash$39.0M$173.0M$79.0M$76.0M$301.0M$403.0M$434.0M$530.0M$1.7B$2.3B
Inventory$186.0M$227.0M$412.0M$763.0M$1.0B$3.1B$1.9B$1.1B$1.6B$2.4B
Receivables$6.0M$14.0M$33.0M$40.0M$79.0M$206.0M$253.0M$266.0M$303.0M$250.0M
Fixed Assets$61.0M$149.0M$297.0M$667.0M$1.1B$1.9B$3.8B$3.4B$3.2B$3.3B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$2.0M$105.0M$131.0M$390.0M$321.0M$366.0M$464.0M$486.0M
Other Assets$0$0$9.0M$9.0M$9.0M$9.0M$0$0$0$10.0M
Total Liabilities$201.0M$362.0M$764.0M$1.9B$2.2B$6.5B$9.8B$7.5B$7.1B$9.0B
Current Liabilities$196.0M$306.0M$330.0M$865.0M$467.0M$2.9B$2.6B$1.5B$1.3B$1.5B
Borrowings$171.0M$302.0M$633.0M$1.6B$1.9B$5.8B$8.8B$6.7B$6.0B$5.5B
Other Liabilities$30.0M$59.0M$130.0M$249.0M$363.0M$716.0M$935.0M$749.0M$1.1B$3.5B
Equity$60.0M$0$0$0$0$0$0$0$0$0
Reserves$135.0M$126.0M$73.0M$98.0M$388.0M$306.0M$-518.0M$243.0M$1.3B$3.4B

For Carvana Co., operating cash flow was positive in 3 of 10 reported years; free cash flow in the latest year was $889.0M; free cash flow was positive in 3 of 10 years; financing activities used $51.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-240.0M$-200.0M$-414.0M$-757.0M$-608.0M$-2.6B$-1.3B$803.0M$918.0M$1.0B
Investing Cash Flow$-87.0M$-161.0M$-294.0M$-458.0M$-706.0M$-1.2B$-3.1B$-56.0M$-104.0M$-377.0M
Financing Cash Flow$-1.0M$-3.0M$-13.0M$-15.0M$-47.0M$-62.0M$-79.0M$-84.0M$-16.0M$-51.0M
Net Cash Flow$-4.0M$133.0M$-98.0M$30.0M$211.0M$307.0M$-8.0M$-34.0M$1.2B$669.0M
Free Cash Flow$-280.0M$-278.0M$-558.0M$-988.0M$-968.0M$-3.2B$-1.8B$716.0M$827.0M$889.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.09
EV / EBITDA510.89
FCF Yield1.34%
Quick Ratio2.33
Interest Coverage5.29
Return 1Y-15.48%
Return 3Y812.41%
Return 5Y-0.15%

Carvana Co. (CVNA) financials — frequently asked questions

What is Carvana Co.'s annual revenue?

Carvana Co. (CVNA) reported annual revenue of $20.3B in its most recent fiscal year.

What is Carvana Co.'s net profit?

Carvana Co. (CVNA) reported net profit of $1.4B in its most recent fiscal year.

What is CVNA EV/EBITDA?

Carvana Co.'s enterprise value to EBITDA (EV/EBITDA) ratio is 510.89.

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