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Dec 31, 2025
Carvana Q4 2025 Earnings Report
Carvana reported record fourth quarter 2025 results with strong revenue growth, record retail unit sales, and significantly improved profitability.
Key Takeaways
Carvana delivered record Q4 2025 revenue of 5603000000 and net income of 951000000, driven by 163522 retail vehicle unit sales and continued operational efficiencies, while maintaining strong adjusted EBITDA generation.
Retail vehicle unit sales increased to 163522 in Q4 2025.
Revenue rose to 5603000000 compared to 3547000000 in Q4 2024.
Net income reached 951000000 with a 17.0% net income margin.
Adjusted EBITDA totaled 511000000 with a 9.1% margin.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Carvana expects significant growth in retail units sold and Adjusted EBITDA, including a sequential increase in Q1 2026, assuming a stable environment.
Positive Outlook
- Expected significant growth in retail units sold in full year 2026.
- Expected significant growth in Adjusted EBITDA in 2026.
- Sequential increase in retail units sold expected in Q1 2026.
- Sequential increase in Adjusted EBITDA expected in Q1 2026.
- Continued focus on scaling production capacity and infrastructure.
Challenges Ahead
- Growth assumptions depend on a stable macroeconomic environment.
- Exposure to interest rate and financing conditions.
- Potential impact from used vehicle depreciation trends.
- Execution risk in scaling production and ADESA integrations.
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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