Overview
CARVANA CO.
Latest 10-K: FY2025, filed Feb 18, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $20.32B
- 48.6%YoYup from FY2024
- TotalRevenue
- Gross profit
- $4.19B
- 45.8%YoYup from FY2024
- GrossProfit
- Operating income
- $1.88B
- 90.0%YoYup from FY2024
- OperatingIncome
- Net income
- $1.41B
- 570.0%YoYup from FY2024
- NetIncome
- Diluted EPS
- $8.45
- 431.4%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 224.3M
- 69.6%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- CARVANA CO. reported revenue of $20.32B for fiscal 2025, up 48.6% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 9.3% and net margin was 6.9%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $8.45, up 431.4% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $20.32B48.6%up Benchmark median 6.4% | $13.67B26.9%up Benchmark median 4.5% | $10.77B20.8%down Benchmark median 4.8% | $13.60B6.2%up Benchmark median 10.3% | $12.81B129.4%up Benchmark median 13.8% | 12.2% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $4.19B45.8%up Benchmark median 6.8% | $2.88B66.8%up Benchmark median 5.5% | $1.72B38.4%up Benchmark median 5.2% | $1.25B35.4%down Benchmark median 8.3% | $1.93B142.9%up Benchmark median 15.7% | 21.4% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.88B90.0%up Benchmark median 7.3% | $0.99Bn/m Benchmark median 7.4% | negative: -$0.08Bn/m Benchmark median 4.9% | negative: -$2.35B Benchmark median 7.5% | — | — Benchmark median 7.2% |
| Net Income | $1.41B570.0%up Benchmark median 4.8% | $0.21B53.3%down Benchmark median 5.7% | $0.45Bn/m Benchmark median 1.9% | negative: -$1.59Bn/m Benchmark median 1.3% | negative: -$0.14Bn/m Benchmark median 33.9% | n/m Benchmark median 4.1% |
| EPS (Diluted) | $8.45431.4%up Benchmark median 6.2% | $1.59112.0%up Benchmark median 7.9% | $0.75‡n/m Benchmark median 1.9% | negative: -$15.74n/m Benchmark median 1.5% | negative: -$1.63n/m Benchmark median 34.8% | n/m Benchmark median 5.6% |
‡ Share basis changed between these years (stock split or reverse split).
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $13.20B55.6%up Benchmark median 5.6% | $8.48B20.0%up Benchmark median 3.4% | $7.07B18.7%down Benchmark median 4.1% | $8.70B24.0%up Benchmark median 2.2% | $7.01B131.1%up Benchmark median 6.7% | 17.1% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $9.00B26.6%up Benchmark median 6.4% | $7.11B4.6%down Benchmark median 1.9% | $7.46B23.5%down Benchmark median 2.9% | $9.75B50.2%up Benchmark median 2.0% | $6.49B190.6%up Benchmark median 5.2% | 8.5% Benchmark median 4.4% |
| Stockholders' Equity | $4.20B205.7%up Benchmark median 6.8% | $1.38Bn/m Benchmark median 5.4% | negative: -$0.38Bn/m Benchmark median 7.3% | negative: -$1.05B300.6%down Benchmark median 2.5% | $0.53B34.5%down Benchmark median 9.0% | 68.2% Benchmark median 6.1% |
| Cash & Equivalents | $2.33B35.6%up Benchmark median 5.2% | $1.72B223.8%up Benchmark median 1.9% | $0.53B22.1%up Benchmark median 6.7% | $0.43B7.7%up Benchmark median -8.6% | $0.40B33.9%up Benchmark median -2.9% | 55.0% Benchmark median 2.0% |
| Total Debt | $5.04B9.3%down Benchmark median 2.1% | $5.56B10.3%down Benchmark median 0.2% | $6.19B24.6%down Benchmark median 0.3% | $8.21B53.2%up Benchmark median 0.1% | $5.36B216.2%up Benchmark median -0.1% | -1.5% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.04B12.9%up Benchmark median 6.3% | $0.92B14.3%up Benchmark median 4.8% | $0.80Bn/m Benchmark median 9.9% | negative: -$1.32Bn/m Benchmark median -0.7% | negative: -$2.59Bn/m Benchmark median 10.7% | n/m Benchmark median 7.0% |
| Capital Expenditures | $147.00M61.5%up Benchmark median 5.4% | $91.00M4.6%up Benchmark median 2.8% | $87.00M83.0%down Benchmark median 11.3% | $512.00M8.1%down Benchmark median 14.0% | $557.00M54.7%up Benchmark median 8.1% | -28.3% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $0.89B7.5%up Benchmark median 7.3% | $0.83B15.5%up Benchmark median 6.1% | $0.72Bn/m Benchmark median 8.8% | negative: -$1.84Bn/m Benchmark median -11.3% | negative: -$3.15Bn/m Benchmark median 10.2% | n/m Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
2.0%
Wall Street
on net earnings
FY2024 0.8%
0.9%
Value investor
on free cash flow
FY2024 3.1%
Gap −1.1 pts: Value-investor figure 1.1 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 49.9×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
1.9%
Wall Street
on EBITDA
FY2024 3.3%
1.9%
Value investor
on EBIT
FY2024 3.2%
Gap Same: Both views read the same
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 51.3×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
4.4%
Wall Street
on book equity
FY2024 5.1%
4.4%
Value investor
on tangible book
FY2024 5.0%
Gap Same: Both views read the same
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 22.5×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
50.4%
Wall Street
ROE: net income ÷ equity
FY2024 15.3%
19.7%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 17.3%
Gap −30.7 pts: Value-investor figure 30.7 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
9.3%
Wall Street
EBITDA margin
FY2024 7.4%
4.4%
Value investor
Free-cash-flow margin
FY2024 6.0%
Gap −4.9 pts: Value-investor figure 4.9 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
4.31×
Wall Street
Current ratio
FY2024 3.64×
2.73×
Value investor
Quick ratio, inventory excluded
FY2024 2.44×
Gap −1.58×: Value-investor figure 1.58 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.38×
Wall Street
EBITDA ÷ total debt
FY2024 0.18×
0.18×
Value investor
FCF ÷ total debt
FY2024 0.15×
Gap −0.20×: Value-investor figure 0.20 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 1.37×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
3.8×
Wall Street
EBITDA ÷ interest
FY2024 1.5×
3.7×
Value investor
EBIT ÷ interest
FY2024 1.5×
Gap −0.1×: Value-investor figure 0.1 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on CVNA yet.
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Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/CVNA
Valuein. (2026, October 30). CARVANA CO. (CVNA) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/CVNA
@misc{valuein_cvna_2026,
author = {{Valuein}},
title = {CARVANA CO. (CVNA) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/CVNA}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 18, 2026 · accession 0001690820-26-000009
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