FirmAtlas
Company handbook · CVNA · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
CVNA · CIK 1690820 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
CARVANA CO.
$58.83
−1.79 (−2.95%)
Close, Oct 16, 2026 · 52-week $54–97
Last fiscal year
CARVANA CO. reported revenue of $20.3B for the year ended Dec 31, 2025 (FY25), up 48.6% from FY24. Net income was $1.4B, operating cash flow $1.0B and free cash flow $889M. Source: 10-K filed Feb 18, 2026.
Market cap
$66.0B
P/E
42.1
P/B
16.4
ROIC
26.4%
Revenue 1Y
48.6%/yr
EPS 1Y
431.4%/yr
Shares 1Y
+70%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOErnest C. Garcia III
HQTempe, AZ
AuditorGrant Thornton LLP
Employees23,100
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
0.5%
104.1%
−14.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$398M deployed
Capex
$238M
59.8%
Acquisitions
$160M
40.2%
Operating cash flow over the period: $2.0B. Total debt changed by −$470M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY22).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
13,673
20,322+48.6%
25,058
YoY
+48.6%
Gross profit
2,876
4,192+45.8%
4,854
Gross margin
21.0%
20.6%−0.4 pp
—
Operating income
990
1,881+90.0%
2,237
Operating margin
7.2%
9.3%+2.0 pp
—
Interest expense
651
505−22.4%
—
Net income
210
1,407+570.0%
1,568
YoY
+570.0%
Net margin
1.5%
6.9%+5.4 pp
—
EPS (diluted, $)
1.59
8.45+431.4%
—
YoY
+431.4%
Balance sheet
Total assets
8,484
13,201+55.6%
14,552
Cash & short-term investments
1,760
2,429+38.0%
—
Accounts receivable
303
245−19.1%
—
Inventory
1,608
2,408+49.8%
—
Net PP&E
2,773
2,814+1.5%
—
Other assets
2,040
5,305+160.0%
—
Total liabilities
7,224
9,760+35.1%
10,524
Accounts payable
236
236+0.0%
—
Total debt
5,599
5,129−8.4%
5,173
Other liabilities
1,389
4,395+216.4%
—
Shareholders’ equity
1,260
3,441+173.1%
4,028
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
918
1,036+12.9%
1,120
Net income
404
1,895+369.1%
—
Stock-based compensation
91
96+5.5%
—
Working capital & other
423
(955)−325.8%
—
Cash from investing
(13)
(230)n/m
—
Capex
(91)
(147)n/m
—
PP&E sold
11
2−81.8%
—
Acquisitions
0
(160)n/m
—
Other investing
67
75+11.9%
—
Cash from financing
261
(137)−152.5%
—
Shares issued
1,264
536−57.6%
—
Other financing
(1,003)
(673)n/m
—
Net change in cash
1,166
669−42.6%
—
Free cash flow (OCF − capex)
827
889+7.5%
929
Where the cash went
Operating cash flow
918
1,036+12.9%
1,120
Reinvested in the business
91
307+237.4%
—
% of operating cash flow
9.9%
29.6%
Capex
91
147+61.5%
191
Acquisitions
0
160n/m
—
Free cash flow
827
889+7.5%
929
YoY
+7.5%
Change in total debt
—
(470)
—
Cash left over
—
259
—
FCF conversion (FCF ÷ net income)
393.8%
63.2%−330.6 pp
—
Returns & ratios
ROIC (all capital)
15.3%
26.4%+11.1 pp
—
ROIC (operating)
17.6%
30.7%+13.1 pp
—
Debt / equity
4.44x
1.49x−2.95x
—
Cash conversion cycle (days)
54
54−1 d
—
ROE
16.7%
40.9%+24.2 pp
—
ROA
2.5%
10.7%+8.2 pp
—
ROCE
13.9%
16.1%+2.2 pp
—
NOPAT
782
1,486+90.0%
—
Invested capital (operating)
4,448
5,231+17.6%
—
Invested capital (all)
5,099
6,141+20.4%
—
Reinvestment rate
—
52.7%
—
Debtor days
8
4−4 d
—
Inventory days
54
54+0 d
—
Days payable
8
5−3 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
5,647
5,603
6,432
7,376
vs year-ago quarter
Gross profit
1,148
1,051
1,271
1,384
Gross margin
20.3%
18.8%
19.8%
18.8%
Operating income
552
424
581
680
Net income
151
857
250
310
vs year-ago quarter
Net margin
2.7%
15.3%
3.9%
4.2%
EPS (diluted, $)
—
3.82
—
—
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
9,853
13,201
13,771
14,552
Cash & equivalents
2,221
2,429
2,512
2,743
Total debt
5,129
5,129
5,084
5,173
Shareholders’ equity
2,279
3,441
3,720
4,028
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
345
430
107
238
Capex
38
51
51
51
Free cash flow
307
379
56
187
vs year-ago quarter