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Sep 30, 2025
Carvana Q3 2025 Earnings Report
Carvana delivered record unit sales and revenue while maintaining strong profitability in Q3 2025.
Key Takeaways
Carvana posted a strong Q3 2025 with 44% retail unit growth and 55% revenue growth year-over-year, while maintaining profitability with a 4.7% net income margin and delivering $637 million in adjusted EBITDA.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Carvana expects retail units sold to exceed 150,000 in Q4 and adjusted EBITDA to meet or exceed the high end of the $2.0–$2.2B range for full-year 2025, assuming a stable environment.
Positive Outlook
- Retail unit sales expected to remain above 150,000 in Q4.
- Full-year 2025 Adjusted EBITDA expected at or above high end of $2.2B range.
- Significant production capacity expansion nearing completion.
- Strong margin profile with room for further fixed cost leverage.
- Continued investment in same-day delivery and customer experience.
Challenges Ahead
- Adjusted EBITDA margin slightly declined from prior year.
- Market environment must remain stable for guidance to hold.
- Root warrant fair value changes negatively impacted net income by $120M.
- Fixed cost leverage improvements still pending realization.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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