Carvana
CVNA · NYSERetail-Auto Dealers & Gasoline Stations · Fiscal year ends Dec 31
Carvana reported revenue of $20.3B in the fiscal year ended Dec 2025, up 48.6% from the year before. Operating income was $1.9B, an operating margin of 9.3%, and net income was $1.4B. Operating cash flow of $1B less capital expenditure of $147M left free cash flow of $889M. Net debt was $2.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.8B | $13.6B | $10.8B | $13.7B | $20.3B |
| Cost of revenue | $10.9B | $12.4B | $9B | $10.8B | $16.1B |
| Gross profit | $1.9B | $1.2B | $1.7B | $2.9B | $4.2B |
| Selling, general & admin | $2B | $2.7B | $1.8B | $1.9B | $2.3B |
| Operating income | – | −$2.4B | −$80M | $990M | $1.9B |
| Interest expense | $176M | $486M | $632M | $651M | $505M |
| Income tax | $1M | $1M | $25M | −$4M | −$2.8B |
| Net income | −$135M | −$1.6B | $450M | $210M | $1.4B |
| Diluted EPS | −1.63 | −15.74 | 0.75 | 1.59 | 8.45 |
| Diluted shares | 83M | 101M | 201M | 132M | 224M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $403M | $434M | $530M | $1.7B | $2.3B |
| Receivables | $206M | $253M | $266M | $303M | $245M |
| Inventory | $3.1B | $1.9B | $1.2B | $1.6B | $2.4B |
| Current assets | $4.9B | $4.6B | $3.3B | $4.9B | $6.5B |
| Goodwill | $9M | $0 | – | $0 | $10M |
| Total assets | $7B | $8.7B | $7.1B | $8.5B | $13.2B |
| Payables | $141M | $232M | $231M | $236M | $236M |
| Deferred revenue | $34M | $23M | $30M | $63M | $51M |
| Current liabilities | $2.9B | $2.6B | $1.5B | $1.3B | $1.5B |
| Short-term debt | $2.2B | $1.6B | $777M | $302M | $211M |
| Long-term debt | $3.2B | $6.6B | $5.4B | $5.3B | $4.8B |
| Total liabilities | $6.5B | $9.8B | $7.5B | $7.1B | $9B |
| Shareholders' equity | $306M | −$518M | $243M | $1.3B | $3.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$2.6B | −$1.3B | $803M | $918M | $1B |
| Capital expenditure | $557M | $512M | $87M | $91M | $147M |
| Free cash flow | −$3.2B | −$1.8B | $716M | $827M | $889M |
| Stock-based compensation | $39M | $69M | $73M | $91M | $96M |
| Acquisitions | $0 | $2.2B | $7M | $0 | $160M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.2% | −20.8% | 26.9% | 48.6% |
| Operating income growth (YoY) | – | – | – | – | 90.0% |
| EPS growth (YoY) | – | – | – | 112.0% | 431.4% |
| Gross margin | 15.1% | 9.2% | 16.0% | 21.0% | 20.6% |
| Operating margin | – | −17.3% | −0.7% | 7.2% | 9.3% |
| Net margin | −1.1% | −11.7% | 4.2% | 1.5% | 6.9% |
| Return on equityBlank when equity is negative | −44.1% | – | 185.2% | 16.7% | 40.9% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −38.5% | −1.4% | 13.9% | 16.1% |
| Free cash flow margin | −24.6% | −13.5% | 6.6% | 6.0% | 4.4% |
| Cash conversion (CFO ÷ net income) | 19.2x | 0.83x | 1.78x | 4.37x | 0.74x |
| Receivable days | 6 | 7 | 9 | 8 | 4 |
| Inventory days | 106 | 55 | 46 | 54 | 54 |
| Payable days | 5 | 7 | 9 | 8 | 5 |
| Interest cover | – | −4.84x | −0.13x | 1.52x | 3.72x |
| Debt ÷ equity | 17.5x | – | 25.5x | 4.41x | 1.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5B | $7.8B | $5.7B | $3.8B | $2.7B |
| Current ratio | 1.69x | 1.77x | 2.16x | 3.64x | 4.31x |
Recent filings
More in Retail-Auto Dealers & Gasoline Stations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.