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Jun 30, 2025
Carvana Q2 2025 Earnings Report
Carvana posted record Q2 2025 results with strong profitability and vehicle sales growth.
Key Takeaways
Carvana delivered record revenue, net income, and Adjusted EBITDA in Q2 2025, driven by 41% YoY growth in retail unit sales. Profitability metrics reached all-time highs as the company continues to scale efficiently.
Sold a record 143,280 retail units, up 41% YoY
Revenue reached an all-time high of $4.84B
Net income climbed to $308M with a 6.4% margin
Adjusted EBITDA hit $601M with a 12.4% margin
Revenue by Geographic Location
Forward Guidance
Carvana expects continued sequential growth in retail units and raised its full-year Adjusted EBITDA outlook.
Positive Outlook
- Forecasted full-year Adjusted EBITDA of $2.0–$2.2B
- Sequential growth in retail units expected in Q3
- Sustained profitability momentum
- Continued leverage of vertically integrated model
- Improved customer experience supporting growth
Challenges Ahead
- Outlook assumes a stable macro environment
- Volatility in used car pricing remains a risk
- Interest expense continues to be a drag on net income
- Fair value losses from investments (e.g., Root warrants) may recur
- High competitive pressure in online auto retail space
Historical Earnings Impact
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Avg. Return Before/After Earnings
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