Carvana (CVNA): financials, SEC filings and peers
Carvana (CVNA) is an automotive retail company in the Consumer Discretionary sector of the S&P 500, headquartered in Tempe, Arizona.
It was founded in 2012 and joined the S&P 500 on December 22, 2025.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Retail-Auto Dealers & Gasoline Stations”.
Carvana at a glance
- Revenue (12 months)
- $25.1B
- Revenue growth
- +54.0%
- Operating margin
- 8.9%
- Net income (12 months)
- $1.6B
- Free cash flow (12 months)
- $929M
- Cash
- $2.6B
- Debt
- $5.2B
- Diluted EPS (12 months)
- —
Twelve months to June 30, 2026, from the 10-Q filed July 29, 2026.
Latest twelve months
Over the twelve months to June 30, 2026, Carvana reported revenue of $25.1 billion, up a strong 54.0% from $16.3 billion a year earlier.
Its operating margin was 8.9%: for every $100 of sales, about $9 was left as operating profit.
Net income was $1.6 billion (6.3% of revenue), 178.5% higher than a year earlier.
Operating cash flow was $1.1 billion and capital spending $191 million, leaving free cash flow of $929 million (3.7% of revenue).
At the end of the period it held $2.6 billion in cash and $5.2 billion in debt, a net debt position of $2.5 billion.
The diluted share count rose 3.3% in a year, which dilutes existing shareholders.
Five-year trend
- Revenue went from $5.6 billion in fiscal 2020 to $20.3 billion in fiscal 2025, about 29.5% a year.
- Operating margin widened from -17.3% to 9.3% over the same years.
- Free cash flow was negative in 3 of the last 6 fiscal years.
- Carvana reported a net loss in 3 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.8B | $13.6B | $10.8B | $13.7B | $20.3B |
| Revenue growth | 129.4% | 6.2% | -20.8% | 26.9% | 48.6% |
| Operating margin | — | -17.3% | -0.7% | 7.2% | 9.3% |
| Net income | −$135M | −$1.6B | $450M | $210M | $1.4B |
| Free cash flow | −$3.2B | −$1.8B | $716M | $827M | $889M |
| Diluted EPS | $-1.63 | $-15.74 | $0.75 | $1.59 | $8.45 |
Fiscal years as reported in Carvana’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
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Questions about Carvana
Is Carvana's revenue growing?
Yes. Revenue for the twelve months to June 30, 2026 was $25.1 billion, up 54.0% from a year earlier, according to its SEC filings.
Is Carvana profitable?
Yes. It earned $1.6 billion in net income over the twelve months to June 30, 2026, a net margin of 6.3%.
Does Carvana have more cash or more debt?
At June 30, 2026 it had $2.6 billion in cash and $5.2 billion in debt, so more debt than cash.
When did Carvana last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on July 29, 2026.
Which companies are similar to Carvana?
In the S&P 500, Carvana is grouped in Automotive Retail within the Consumer Discretionary sector. AutoZone (AZO), O'Reilly Automotive (ORLY) are in the same group.
Understand the numbers
Source: Carvana’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.