CARVANA (CVNA) Company Report

Carvana aims to sell 3 million retail vehicles annually within 5 to 10 years, a substantial increase from its current run rate of approximately 600,000 units per year. This growth is expected to be driven by continued operational scaling, including the full build-out of Odessa locations starting in 2026, estimated to cost around $1 billion.
The company targets a 13.5% EBITDA margin and plans to strategically pass back some Gross Profit Per Unit (GPU) gains to customers to further differentiate its offering and expand its market share from the current 1.5% in the 40 million unit per year used car market.
Management views the 2024 and 2025 credit vintages as "pretty good" despite broader market anxiety and is expanding loan sales to new investors to optimize its cost of funds and enhance finance GPU.
AI is extensively used across the business to improve productivity and customer-facing capabilities, supporting the company's long-term growth objectives.

Nov 18, 2025, 8:00 PM

Transcript

Carvana Outlines Growth Strategy, Operational Scaling, and Financial Targets at Wells Fargo Summit

CVNA

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Carvana aims to sell 3 million retail vehicles annually within 5 to 10 years, representing a 5X increase from current levels and requiring 20-40% compounded growth. This growth will be supported by operational scaling, including continually growing inspection centers, with a projected $1 billion in capital expenditure for the full build-out of Odessa locations to achieve 3 million total reconditioning capacity.
The company targets 13.5% EBITDA margins, driven by leveraging overhead and unlocking fundamental gains, with plans to pass some gains back to customers to further differentiate its offering and drive market share.
AI is extensively used across the business, significantly enhancing productivity in areas like modeling (generating models 100x faster) and developer output, as well as improving customer-facing capabilities.
Despite broader market anxiety, Carvana's internal data indicates that consumer credit is performing better than the general narrative, particularly for 2024 and 2025 vintages, following credit tightening in late 2023/early 2024.

Nov 18, 2025, 8:00 PM

Transcript

Carvana (CVNA) Outlines Growth Strategy and Financial Targets at Wells Fargo Summit

CVNA

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Carvana (CVNA) aims to achieve 3 million retail vehicle sales annually within 5-10 years, a substantial increase from its current run rate of approximately 600,000 units per year.
The company plans to invest approximately $1 billion in capital expenditure for the full build-out of ADESA locations to support the 3 million unit reconditioning capacity, highlighting the operational intensity of its growth strategy.
Carvana targets a 13.5% EBITDA margin and intends to strategically pass some Gross Profit Per Unit (GPU) gains back to customers to enhance its offering and capture market share.
The CEO believes consumer credit appears stronger than the general narrative suggests, with 2024 and 2025 loan vintages performing "pretty good".

Nov 18, 2025, 8:00 PM

Transcript

Carvana Reports Strong Q3 Results and Provides Q4 Guidance

CVNA

Earnings

Guidance Update

Revenue Acceleration/Inflection

Carvana reported a record-breaking third quarter with a 44% year-over-year increase in retail units sold to nearly 156,000 cars and a 55% jump in revenue to approximately $5.65 billion. The company achieved net income of about $263 million and adjusted EBITDA of $637 million, with adjusted EBITDA margins of approximately 11.3%.
Growth was primarily driven by its vertically integrated eCommerce platform, which enhances customer experience, expands inventory, and improves delivery speeds, alongside continuously improving customer offerings, increasing awareness, trust, and expanding inventory selection.
Despite strong third-quarter results, Carvana's stock experienced volatility due to high expectations and a cautious outlook for the fourth quarter, with guidance for at least 150,000 units sold and adjusted EBITDA near $2.0–$2.2 billion for the year.
Carvana has an ambitious long-term goal of achieving 3 million unit sales within the next 5 to 10 years.

Oct 30, 2025, 2:40 AM

Bloomberg

Carvana Reports Q3 2025 Financial Results

CVNA

Earnings

Revenue Acceleration/Inflection

Carvana reported 155,941 retail units sold in Q3 2025.
Total GAAP Gross Profit per Unit (GPU) was $7,362 in Q3 2025, representing a $65 decrease compared to Q3 2024.
Total Non-GAAP SG&A Expense per Unit decreased by $319 year-over-year to $3,418 in Q3 2025.

Oct 29, 2025, 9:30 PM

Presentation

Carvana Reports Record Q3 2025 Results and Strong Outlook

CVNA

Earnings

Guidance Update

Revenue Acceleration/Inflection

Carvana reported record Q3 2025 results, with retail units sold increasing 44% year-over-year to 155,941 and revenue growing 55% to $5.647 billion.
The company achieved record GAAP operating income of $552 million and Adjusted EBITDA of $637 million in Q3 2025.
Carvana significantly strengthened its balance sheet by retiring $1.2 billion in corporate debt in 2024 and 2025, ending Q3 2025 with over $2.1 billion in cash and a net debt to trailing 12-month adjusted EBITDA ratio of 1.5 times.
For Q4 2025, Carvana expects retail units sold above 150,000 and full-year 2025 Adjusted EBITDA at or above the high end of $2 billion to $2.2 billion.
Carvana expanded loan sale partnerships for up to $14 billion of future loan principal, including an upsized agreement with Ally Financial to $6 billion through October 2027.

Oct 29, 2025, 9:30 PM

Transcript

Carvana Reports Record Q3 2025 Results and Strengthens Balance Sheet

CVNA

Earnings

Guidance Update

Debt Issuance

Carvana reported record financial results for Q3 2025, with retail units sold increasing 44% year-over-year to 155,941 and revenue growing 55% to $5.647 billion.
The company achieved new records in profitability, including adjusted EBITDA of $637 million and GAAP operating income of $552 million, with an annual revenue run rate exceeding $20 billion for the first time.
Carvana significantly strengthened its balance sheet by retiring $559 million of 2028 senior secured notes in Q3 and an additional $98 million of 2025 senior unsecured notes post-quarter, bringing total corporate debt retired in 2024-2025 to $1.2 billion. The company now holds over $2.1 billion in cash and has a net debt to trailing 12-month adjusted EBITDA ratio of 1.5 times.
For Q4 2025, Carvana expects retail units sold above 150,000 and projects full-year 2025 adjusted EBITDA at or above the high end of its $2 billion to $2.2 billion range.
In October, Carvana expanded its loan sale partnerships, upsizing the Ally Financial agreement to $6 billion and entering into two new agreements for $4 billion each, formalizing existing relationships and highlighting the strength of its finance platform.

Oct 29, 2025, 9:30 PM

Transcript

Carvana Reports Record Q3 2025 Results and Strengthens Balance Sheet

CVNA

Earnings

Guidance Update

Revenue Acceleration/Inflection

Carvana reported record Q3 2025 financial results, with retail units sold increasing 44% year-over-year to 155,941 and revenue growing 55% to $5.647 billion. The company also achieved record GAAP operating income of $552 million and Adjusted EBITDA of $637 million.
The company significantly strengthened its balance sheet by retiring $1.2 billion in corporate debt across 2024 and 2025, resulting in over $2.1 billion in cash and its strongest ever net debt to trailing 12-month adjusted EBITDA ratio of 1.5 times.
Carvana expanded loan sale partnerships for up to $14 billion of future loan principal, including an upsized agreement with Ally Financial to $6 billion, with management highlighting the strong performance of 2024 and 2025 loan originations.
For Q4 2025, the company expects retail units sold above 150,000 and full-year 2025 Adjusted EBITDA at or above the high end of $2 billion-$2.2 billion. Carvana reiterated its long-term goal of selling 3 million cars annually with a 13.5% adjusted EBITDA margin in 5 to 10 years.
Operational efficiencies led to a $319 reduction in non-GAAP SG&A expense per retail unit sold , and improvements in delivery speed, with 40% of Phoenix customers now receiving same or next-day delivery.

Oct 29, 2025, 9:30 PM

Transcript

Carvana Announces Record Third Quarter 2025 Results and Positive Outlook

CVNA

Earnings

Guidance Update

Revenue Acceleration/Inflection

Carvana reported record third quarter 2025 results, with 155,941 retail units sold, representing a 44% year-over-year growth, and $5.647 billion in revenue, a 55% year-over-year increase.
The company achieved Net income of $263 million with a 4.7% margin and Adjusted EBITDA of $637 million with an 11.3% margin for Q3 2025.
For the fourth quarter of 2025, Carvana expects retail units sold to be above 150,000.
Carvana anticipates its full-year 2025 Adjusted EBITDA to be at or above the high end of its previous $2.0 - $2.2 billion range.

Oct 29, 2025, 8:06 PM

8-K

Carvana Announces Record Third Quarter 2025 Results

CVNA

Earnings

Guidance Update

Revenue Acceleration/Inflection

Carvana reported record Q3 2025 retail unit sales of 155,941, marking a 44% year-over-year increase.
Total revenue reached a record $5.647 billion, representing a 55% year-over-year growth.
The company achieved net income of $263 million and Adjusted EBITDA of $637 million in Q3 2025.
For Q4 2025, Carvana expects retail units sold to be above 150,000.
Carvana anticipates full-year 2025 Adjusted EBITDA to be at or above the high end of its previously communicated range of $2.0 to $2.2 billion.

Oct 29, 2025, 8:05 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for CARVANA.

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