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Mar 31, 2025
Carvana Q1 2025 Earnings Report
Carvana achieved record revenue, profitability, and unit sales in Q1 2025.
Key Takeaways
Carvana delivered a strong Q1 2025 with record-breaking revenue, net income, and adjusted EBITDA, supported by significant growth in retail vehicle sales and improved margins.
Record Q1 revenue of $4.23 billion driven by 46% growth in retail unit sales.
Net income reached an all-time Q1 high of $373 million with an 8.8% margin.
Adjusted EBITDA hit $488 million, reflecting improved operating efficiency.
Carvana achieved its highest customer Net Promoter Score in nearly three years.
Revenue by Geographic Location
Forward Guidance
Carvana expects sequential growth in both retail units sold and adjusted EBITDA in Q2 2025, continuing momentum toward record-breaking performance.
Positive Outlook
- Anticipates record retail units sold in Q2 2025.
- Expects record Adjusted EBITDA in Q2 2025.
- Maintains momentum from four consecutive quarters of >30% unit growth.
- Long-term goal of 3 million retail units with 13.5% Adjusted EBITDA margin.
- High visibility into stronger financial performance.
Challenges Ahead
- Future performance may be impacted by macroeconomic factors.
- Relies on non-GAAP metrics for forecasting due to fair value complexities.
- Exposure to used car market volatility and tariff risks.
- Potential challenges in scaling infrastructure and reducing expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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