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Carvana

CVNA NYSE Automotive Retail Financials FY2016–FY2025

Carvana's revenue rose 48.6% to $20.3 billion in fiscal 2025. Its operating margin was 9.3%, up from 7.2% a year earlier. Free cash flow was $889 million, up 7.5%. The diluted share count rose 69.6%.

Last close · Oct 23, 2026

$57.81

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$20.3B
48.6% vs prior year
Operating margin Operating income as a share of revenue.
9.3%
2.0 pts
Net income Profit after all expenses, interest and tax.
$1.4B
570.0%
Free cash flow Cash from operations minus capital spending.
$889M
7.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
24.6%
4.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$42.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Carvana tags its depreciation and amortization with its own label, which the SEC's structured data leaves out, so EBITDA-based figures are left blank.

What Carvana does

No business description yet.

Legal name
CARVANA CO.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001690820-26-000009
0001690820

Revenue and margins

Carvana had $20.3B of revenue in fiscal 2025, up 48.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $889M in fiscal 2025, 4.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Carvana returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 69.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Carvana yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$2.7B and divides by 224.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

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Reference multiples: today — · peers 13.2x · sector 17.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Carvana can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $403M$434M$530M$1.7B$2.3B
Debt incl. finance leases $2.9B$6.9B$5.4B$5.5B$5.1B
Debt / equity ———4.4x1.5x
Interest coverage 0.2x−4.8x−0.1x1.5x3.7x
Current ratio 1.7x1.8x2.2x3.6x4.3x
Quick ratio 0.6x1.1x1.4x2.4x2.7x
Total assets $7.0B$8.7B$7.1B$8.5B$13.2B
Total liabilities $6.5B$9.8B$7.5B$7.1B$9.0B
Shareholders' equity $306M−$518M$243M$1.3B$3.4B
Net debt (− = net cash) $2.5B$6.4B$4.9B$3.8B$2.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$24.9M

6 insiders

Of sales under plans

91%

$22.7M

DateInsiderTradeSharesPriceValueFiling
Oct 12, 2026 Thomas TairaPresident, Special Projects Sold plan 5,597 $65.00 $0.4M Form 4
Oct 1, 2026 Mark W. JenkinsChief Financial Officer Sold plan 63,750 $61.64 $3.9M Form 4
Oct 1, 2026 Stephen R PalmerVice President of Accounting Sold plan 5,000 $61.64 $0.3M Form 4
Sep 14, 2026 Thomas TairaPresident, Special Projects Sold plan 16,789 $70.58 $1.2M Form 4
Sep 1, 2026 Benjamin E. HustonChief Operating Officer Sold plan 50,000 $71.55 $3.6M Form 4
Sep 1, 2026 Mark W. JenkinsChief Financial Officer Sold plan 63,750 $71.55 $4.6M Form 4
Sep 1, 2026 Stephen R PalmerVice President of Accounting Sold plan 5,000 $71.55 $0.4M Form 4
Aug 14, 2026 Ira J. PlattDirector Sold 15,000 $75.50 $1.1M Form 4
Aug 14, 2026 Quayle J DanforthDirector Sold plan 14,525 $75.00 $1.1M Form 4
Aug 13, 2026 Ira J. PlattDirector Sold 15,000 $73.00 $1.1M Form 4
Aug 3, 2026 Benjamin E. HustonChief Operating Officer Sold plan 50,000 $64.50 $3.2M Form 4
Aug 3, 2026 Mark W. JenkinsChief Financial Officer Sold plan 63,750 $64.50 $4.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✕ ✓ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 7 / 97 / 96 / 9
Accruals ratio −4.5%−9.1%3.4%
Altman Z'' 0.783.173.95

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Carvana CVNA $42.8B 48.6% 9.3% 4.4% 24.6% — 6
Murphy USA MUSA $9.9B −4.3% 3.7% 1.9% 20.5% 16.3x 5 Compare →
AutoZone AZO $54.1B 2.4% 19.1% 9.5% 58.2% 22.0x 6 Compare →
Group 1 Automotive GPI $2.9B 13.2% 3.3% 1.9% 8.6% 10.1x 5 Compare →
Asbury Automotive Group ABG $3.2B 4.7% 4.8% — 9.2% 6.4x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $365M $859M $2.0B $3.9B $5.6B $12.8B $13.6B $10.8B $13.7B $20.3B
Gross profit $19.2M $68.1M $197M $507M $794M $1.9B $1.2B $1.7B $2.9B $4.2B
Operating income — — — — — — −$2.4B −$80.0M $990M $1.9B
Interest expense $3.6M $7.7M $25.0M $81.0M $131M $176M $486M $632M $651M $505M
Pretax income −$93.1M −$62.8M −$55.5M −$115M −$171M −$134M −$1.6B $475M $206M −$1.4B
Income tax $0.0M $0.0M $0.0M $0.0M $0.0M $1.0M $1.0M $25.0M −$4.0M −$2.8B
Net income −$93.1M −$62.8M −$55.5M −$115M −$171M −$135M −$1.6B $450M $210M $1.4B
Diluted EPS — — — −$2.45 −$2.63 −$1.63 −$15.74 $0.75 $1.59 $8.45
Diluted shares — — — 0.05B 0.07B 0.08B 0.10B 0.20B 0.13B 0.22B
Cash flow
Cash from operations −$240M −$200M −$414M −$757M −$608M −$2.6B −$1.3B $803M $918M $1.0B
Capital expenditure $39.5M $78.5M $144M $231M $360M $557M $512M $87.0M $91.0M $147M
Free cash flow −$280M −$278M −$558M −$988M −$968M −$3.2B −$1.8B $716M $827M $889M
Stock-based compensation $0.6M $5.6M $24.1M $33.0M $25.0M $39.0M $69.0M $73.0M $91.0M $96.0M
Acquisitions $0.0M $0.0M $6.7M $0.0M $0.0M $0.0M $2.2B $7.0M $0.0M $160M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $4.6M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $4.6M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $39.2M $173M $78.9M $76.0M $301M $403M $434M $530M $1.7B $2.3B
Total debt $171M $302M $633M $717M $1.2B $2.7B $6.5B $5.2B $5.3B $4.9B
Finance lease liabilities $0.0M $0.0M $0.0M $51.5M $110M $206M $374M $267M $183M $157M
Current assets $275M $490M $663M $1.4B $1.9B $4.9B $4.6B $3.3B $4.9B $6.5B
Current liabilities $196M $306M $330M $865M $467M $2.9B $2.6B $1.5B $1.3B $1.5B
Inventory $186M $227M $412M $763M $1.0B $3.1B $1.9B $1.2B $1.6B $2.4B
Property and equipment, net $60.6M $149M $297M $544M $909M $1.6B $3.2B $3.0B $2.8B $2.8B
Total assets $336M $641M $991M $2.1B $3.0B $7.0B $8.7B $7.1B $8.5B $13.2B
Total liabilities $201M $362M $764M $1.9B $2.2B $6.5B $9.8B $7.5B $7.1B $9.0B
Shareholders' equity — $126M $79.7M $98.1M $388M $306M −$518M $243M $1.3B $3.4B
Margins
Gross margin 5.3% 7.9% 10.1% 12.9% 14.2% 15.1% 9.2% 16.0% 21.0% 20.6%
Operating margin — — — — — — −17.3% −0.7% 7.2% 9.3%
Net margin −25.5% −7.3% −2.8% −2.9% −3.1% −1.1% −11.7% 4.2% 1.5% 6.9%
FCF margin −76.6% −32.4% −28.5% −25.1% −17.3% −24.6% −13.5% 6.7% 6.1% 4.4%
Returns
Return on capital — — −4.0% −3.2% −2.3% 1.4% −44.0% −1.5% 20.5% 24.6%
Return on capital employed — −23.3% −6.1% −3.7% −2.1% 1.3% −46.0% −1.4% 15.6% 20.0%
Return on equity — — −54.0% −129.4% −70.4% −38.9% — — 27.9% 59.9%
Return on assets — −12.9% −6.8% −7.5% −6.7% −2.7% −20.2% 5.7% 2.7% 13.0%
Growth
Revenue growth 180.0% 135.2% 127.7% 101.5% 41.8% 129.4% 6.2% −20.8% 26.9% 48.6%
Net income growth — — — — — — — — −53.3% 570.0%
EPS growth — — — — — — — — 112.0% 431.5%
FCF growth — — — — — — — — 15.5% 7.5%
Share count change — — — — 38.7% 27.4% 21.8% 98.9% −34.1% 69.6%
Financial health
Debt / equity — 2.4x 8.0x — 3.4x — — — 4.4x 1.5x
Interest coverage −25.0x −7.2x −1.2x −0.4x −0.3x 0.2x −4.8x −0.1x 1.5x 3.7x
Current ratio 1.4x 1.6x 2.0x 1.6x 4.1x 1.7x 1.8x 2.2x 3.6x 4.3x
Quick ratio 0.5x 0.9x 0.8x 0.7x 1.9x 0.6x 1.1x 1.4x 2.4x 2.7x
Capital allocation
Capex / revenue 10.8% 9.1% 7.4% 5.9% 6.4% 4.4% 3.8% 0.8% 0.7% 0.7%
Stock comp / revenue 0.2% 0.7% 1.2% 0.8% 0.5% 0.3% 0.5% 0.7% 0.7% 0.5%
Payouts / FCF — — — — — — — 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score — — — — 3.0 3.0 2.0 7.0 7.0 6.0
Altman Z'' — 2.1 2.1 1.3 3.1 1.8 −1.2 0.8 3.2 4.0
Accruals ratio — 28.1% 44.0% 42.1% 17.2% 48.9% −3.4% −4.5% −9.1% 3.4%

Source: SEC EDGAR XBRL filings (CIK 0001690820). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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