Carvana
Online used-car retailer integrating trade-ins, financing, reconditioning, wholesale auctions, and nationwide delivery.
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Profile
Sells used vehicles online across the U.S., buying inventory from consumers and other suppliers before reconditioning and delivering it. Retail transactions also generate wholesale vehicle and marketplace revenue, gains from selling originated loans, and commissions from service contracts, GAP coverage, and auto insurance within one U.S. segment.
Runs an online platform where U.S. consumers buy, sell, finance, trade in, and arrange delivery or pickup of used vehicles. Retail vehicle sales anchor the model, while sales of originated loans and commissions on vehicle service contracts, GAP coverage, and auto insurance add revenue.
Sources inventory from consumers, auctions, wholesale suppliers, and retail marketplace partners, then inspects, reconditions, photographs, prices, and routes vehicles through a nationwide logistics network. Vehicles outside retail standards are sold to wholesalers; the ADESA marketplace also earns auction and service fees on third-party transactions.
Execution depends on matching inventory with demand and moving vehicles efficiently through reconditioning and delivery. Dealer licensing, title and registration, consumer finance, insurance, transportation, and consumer-protection rules vary by jurisdiction. Substantially all revenue and assets sit in the U.S., and the business reports as one segment.
Company facts
Categories
Key statistics
Year to date −7.5% · Average volume (30d) 10.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 18, 2026 | BTIG | Reiterate | Buy | $97 | $87 |
| Jul 31, 2026 | Deutsche Bank | Reiterate | Buy | $537 | $80 |
| Jul 31, 2026 | UBS | Reiterate | Buy | $520 | $83 |
| Jul 30, 2026 | D.A. Davidson | Target | $320 | $67 | |
| Jul 30, 2026 | RBC Capital | Reiterate | Outperform | $440 | $82 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.39 | $0.42 | +8.6% | $6.90B | $7.38B | +6.9% | −7.36% |
| Apr 29, 2026Q1 FY26 | $0.32 | $0.34 | +7.4% | $6.12B | $6.43B | +5.1% | −0.20% |
| Feb 18, 2026Q4 FY25 | $0.23 | $0.84 | +265.2% | $5.27B | $5.60B | +6.3% | −7.95% |
| Oct 29, 2025Q3 FY25 | $0.27 | $0.21 | −22.2% | $5.11B | $5.65B | +10.5% | −13.82% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.23B | $4.84B | $5.65B | $5.60B | $6.43B | $7.38B | |
| Gross profit | $887.0M | $1.03B | $1.15B | $1.05B | $1.27B | $1.38B | |
| Operating income | $394.0M | $513.0M | $552.0M | $424.0M | $581.0M | $680.0M | |
| Net income | $216.0M | $183.0M | $151.0M | $857.0M | $250.0M | $310.0M | |
| Diluted EPS | $0.30 | $0.26 | $0.21 | $1.19 | $0.34 | $0.42 | |
| Gross margin | 21.0% | 21.2% | 20.3% | 18.8% | 19.8% | 18.8% | |
| Operating margin | 9.3% | 10.6% | 9.8% | 7.6% | 9.0% | 9.2% |
Fiscal years (4-quarter sums)FY21 $12.81B · FY22 $13.60B · FY23 $10.77B · FY24 $13.67B · FY25 $20.32B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $3.13B · Total debt $5.62B · Total assets $14.55B · Shareholders' equity $4.03B
Dividends
No dividends on record.
Ownership
Shares outstanding 1.10B · Float 1.00B · 91.3% free float
A split settled inside the quarter being compared, so quarter-on-quarter change is not shown.
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Price T Rowe Associates Inc /MD/ | 84.70M | 7.72% | 13F | Aug 14, 2026 |
| Capital Research Global Investors | 63.42M | 5.78% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 48.49M | 4.42% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 45.59M | 4.16% | 13F | Aug 13, 2026 |
| FMR LLC | 33.60M | 3.06% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | J. Danforth Quayle | director | −14,525 | $75.00 |
| Aug 14, 2026 | Ira J. Platt | director | −15,000 | $75.50 |
| Aug 13, 2026 | Ira J. Platt | director | −15,000 | $73.00 |
| Aug 3, 2026 | Benjamin E. Huston | officer: Chief Operating Officer | −50,000 | $64.50 |
| Jul 31, 2026 | Michael E. Maroone | director | +25,000 | $61.80 |
Peers
- CarMax
US largest used-car retailer, 250 stores, omnichannel and in-house auto finance.
- Lithia Motors
Global largest dealer group, Driveway.com pure-online used-car platform.
- AutoNation
Largest US franchised dealer group, 24 standalone used-car stores.
- Sonic Automotive
Runs EchoPark: digital nearly-new used-car brand with 18 US stores.
- CarGurus
No. 1 US auto shopping marketplace for online used-car buyer attention.
- Penske Automotive Group
Global dealer group, 226K used vehicles retailed in 2025, US and international.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Carvana | $74.29 | +0.34% | $81.21B | 34.3 | 38.0 | 3.2 | +52.4% |
| CarMax | $62.57 | +0.74% | $8.81B | 38.6 | 22.3 | 0.3 | +6.2% |
| Lithia Motors | $370.36 | −0.13% | $8.14B | 12.3 | 9.5 | 0.2 | +2.2% |
| AutoNation | $200.09 | −0.02% | $6.70B | 9.3 | 8.5 | 0.2 | −0.6% |
| Sonic Automotive | $79.68 | +0.04% | $2.65B | 12.6 | 11.1 | 0.2 | +7.6% |
| CarGurus | $36.56 | −0.05% | $3.53B | 19.9 | 13.1 | 3.6 | +7.2% |
| Penske Automotive Group | $217.01 | −0.03% | $14.25B | 16.0 | 15.5 | 0.4 | +11.1% |
| Median | 14.3 | 12.1 | 0.3 | +6.7% |