NYSE: CVNA
Carvana
Consumer Discretionary · Retail-Auto Dealers & Gasoline Stations
52-week range
$54.46$97.38
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$69.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | $2.54B |
| FY2018, ended Dec 31, 2018 | $4.76B |
| FY2019, ended Dec 31, 2019 | $14.0B |
| FY2020, ended Dec 31, 2020 | $41.3B |
| FY2021, ended Dec 31, 2021 | $40.1B |
| FY2022, ended Dec 31, 2022 | $896M |
| FY2023, ended Dec 31, 2023 | $10.7B |
| FY2024, ended Dec 31, 2024 | $43.3B |
| FY2025, ended Dec 31, 2025 | $92.4B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $69.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$27.5B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $365M |
| FY2017, ended Dec 31, 2017 | $859M |
| FY2018, ended Dec 31, 2018 | $1.96B |
| FY2019, ended Dec 31, 2019 | $3.94B |
| FY2020, ended Dec 31, 2020 | $5.59B |
| FY2021, ended Dec 31, 2021 | $12.8B |
| FY2022, ended Dec 31, 2022 | $13.6B |
| FY2023, ended Dec 31, 2023 | $10.8B |
| FY2024, ended Dec 31, 2024 | $13.7B |
| FY2025, ended Dec 31, 2025 | $20.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $27.5B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$93.1M | −$280M |
| FY2017, ended Dec 31, 2017 | −$62.8M | −$278M |
| FY2018, ended Dec 31, 2018 | −$55.5M | −$558M |
| FY2019, ended Dec 31, 2019 | −$115M | −$988M |
| FY2020, ended Dec 31, 2020 | −$171M | −$968M |
| FY2021, ended Dec 31, 2021 | −$135M | −$3.15B |
| FY2022, ended Dec 31, 2022 | −$1.59B | −$1.84B |
| FY2023, ended Dec 31, 2023 | $450M | $716M |
| FY2024, ended Dec 31, 2024 | $210M | $827M |
| FY2025, ended Dec 31, 2025 | $1.41B | $889M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.71B | $1.11B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.05B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $39.2M |
| FY2017, ended Dec 31, 2017 | $173M |
| FY2018, ended Dec 31, 2018 | $78.9M |
| FY2019, ended Dec 31, 2019 | $76.0M |
| FY2020, ended Dec 31, 2020 | $301M |
| FY2021, ended Dec 31, 2021 | $403M |
| FY2022, ended Dec 31, 2022 | $434M |
| FY2023, ended Dec 31, 2023 | $530M |
| FY2024, ended Dec 31, 2024 | $1.72B |
| FY2025, ended Dec 31, 2025 | $2.33B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.05B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.46B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $172M |
| FY2017, ended Dec 31, 2017 | $308M |
| FY2018, ended Dec 31, 2018 | $645M |
| FY2019, ended Dec 31, 2019 | $765M |
| FY2020, ended Dec 31, 2020 | $1.27B |
| FY2021, ended Dec 31, 2021 | $2.89B |
| FY2022, ended Dec 31, 2022 | $6.68B |
| FY2023, ended Dec 31, 2023 | $5.37B |
| FY2024, ended Dec 31, 2024 | $5.61B |
| FY2025, ended Dec 31, 2025 | $5.14B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.46B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up — since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.1.10B
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 0 |
| FY2017, ended Dec 31, 2017 | 664M |
| FY2018, ended Dec 31, 2018 | 728M |
| FY2019, ended Dec 31, 2019 | 759M |
| FY2020, ended Dec 31, 2020 | 861M |
| FY2021, ended Dec 31, 2021 | 865M |
| FY2022, ended Dec 31, 2022 | 945M |
| FY2023, ended Dec 31, 2023 | 1.01B |
| FY2024, ended Dec 31, 2024 | 1.07B |
| FY2025, ended Dec 31, 2025 | 1.09B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 1.10B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $97.0M more issued than bought back
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $555K | — |
| FY2017, ended Dec 31, 2017 | $5.61M | — |
| FY2018, ended Dec 31, 2018 | $24.1M | — |
| FY2019, ended Dec 31, 2019 | $33.0M | — |
| FY2020, ended Dec 31, 2020 | $25.0M | — |
| FY2021, ended Dec 31, 2021 | $39.0M | — |
| FY2022, ended Dec 31, 2022 | $69.0M | — |
| FY2023, ended Dec 31, 2023 | $73.0M | $453M |
| FY2024, ended Dec 31, 2024 | $91.0M | $1.26B |
| FY2025, ended Dec 31, 2025 | $96.0M | $536M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $97.0M | $0 |
Revenue (TTM)
$27.5B
+50.3% YoY
Net income (TTM)
$1.71B
+171% YoY
Cash
$3.05B
+42.3% YoY
Total debt
$5.46B
+0.2% YoY
Valuation
At current price- Market Cap
- $75.3B
- P/E
- 44.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.7×
- Price / Book
- 17.3×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $27.5B
- Revenue Growth YoY
- 50.3%
- Revenue CAGR 3Y
- 14.3%
- Revenue CAGR 5Y
- 29.5%
- EPS Growth YoY
- —. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- 171%
Profitability
Trailing 12 months- Gross Margin
- 19.0%
- Operating Margin
- 8.7%
- Net Margin
- 6.2%
- FCF Margin
- 4.1%
- Return on Equity
- 51.5%
Earnings
Trailing 12 months- Net Income
- $1.71B
- EPS (diluted)
- —
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- $2.40B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $3.05B
- Total Debt
- $5.46B
- Net Debt
- $2.41B
- Total Assets
- $15.2B
- Total Liabilities
- $9.54B
- Shareholders' Equity
- $4.35B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.33B
- Capital Expenditure
- $217M
- Free Cash Flow
- $1.11B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 3.53
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 50.3% over the last year, to $27.5B.
Note
Net margin of 6.2% over the last 12 months.
Watch
Carries $2.41B of net debt without positive EBITDA.
Note
Free cash flow of $1.11B, 4.1% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K68Mildly positive
68Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 18, 2026 · Read the filing on EDGAR
- Revenue rose 49% to $20.3 billion and cars sold to shoppers rose 43% to 596,641.
- Net income jumped to $1.9 billion, mostly from a one-time $2.8 billion tax benefit that was largely offset by a $2.2 billion expense for payments owed to insiders under a tax agreement.
- Operating profit roughly doubled. Selling and admin cost per car fell to $3,868 from $4,501, and debt fell to $5.0 billion.
- The SEC sent a subpoena in June 2025 about claims made in a short-seller's report. Carvana also bought five franchise dealerships.
Business momentum
Strong improvement
“During the year ended December 31, 2025, the number of vehicles we sold to retail customers increased by 43.3% to 596,641, compared to 416,348 in the year ended December 31, 2024.”
Outlook
Positive
“Going forward, we expect to fund growth and expansion primarily through cash generated from operating activities, while retaining the option to utilize financing activities as a supplemental source if desired.”
Financial stress
Low
“Cash provided by operating activities was $1.0 billion and $918 million for the years ended December 31, 2025 and 2024, respectively”
Tone against the previous report
About the same
Red flags
- Medium
Investigation
“In June 2025, we received a subpoena from the SEC requesting information that we believe primarily relates to the allegations raised by the report.”
- Medium
Other
“As of December 31, 2025 and 2024, we recorded a TRA liability of $2.3 billion and $82 million, respectively, of which $1.7 billion and $61 million, respectively, is due to related parties.”
Positives
Sales grew fast
“Total net sales and operating revenues $ 20,322 $ 13,673 48.6 %”
Overhead cost per car fell
“Total SG&A expenses per retail unit $ 3,868 $ 4,501 $ 5,741”
Less debt and lower interest costs
“Interest expense, net decreased by $146 million to $505 million during the year ended December 31, 2025 compared to $651 million during the year ended December 31, 2024”
Concerns
Net income inflated by a one-time tax benefit
“We released $2.2 billion of our valuation allowance during the year ended December 31, 2025 and recorded $547 million of income tax benefit as a result of current year activity.”
Profit depends on selling car loans to investors
“We then typically sell the resulting automotive finance receivables, and the proceeds therefrom account for a substantial portion of our gross profit.”
Garcia family keeps tight control
“The Garcia Parties together hold approximately 83% of the voting power of our outstanding capital stock”
New risks since the previous report
SEC inquiry following a short-seller's report
“In June 2025, we received a subpoena from the SEC requesting information that we believe primarily relates to allegations raised by a report published by a now-defunct short-selling firm.”
$2.3 billion owed under a tax agreement, mostly to insiders
“During the year ended December 31, 2025, we recorded TRA expense of $2.2 billion which was recorded to other expense (income), net”
Risks from its growing use of AI
“There is no assurance that our AI capabilities will function as intended, deliver anticipated benefits, or scale cost-effectively.”
Taking on franchise dealerships
“During the year ended December 31, 2025, the Company separately acquired five franchise dealerships for total purchase consideration of $160 million”
Tariffs on cars and parts
“The global trade environment is uncertain and rapidly evolving.”
Biggest risks named
- Reliance on selling car loans to investors
- $5.0 billion of debt plus a $2.3 billion tax-agreement liability
- SEC inquiry tied to the short-seller's claims
- Weak used-car demand if interest rates or the economy worsen
- Control by the Garcia family and dealings with DriveTime
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −4.8 | |
| New risks | −2 | |
| Score | 68 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 18, 2026 | 68 | Strong improvement | 2 medium | |
| 10-K | Feb 19, 2025 | 76 | Strong improvement | None | |
| 10-K | Feb 22, 2024 | 45 | Mixed | 1 medium | |
| 10-K | Feb 23, 2023 | 27 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 24, 2022 | 65 | Strong improvement | 1 medium | |
| 10-K | Feb 25, 2021 | 51 | Mixed | None | |
| 10-K | Feb 26, 2020 | 49 | Mixed | 1 minor | |
| 10-K | Feb 27, 2019 | 50 | Mixed | None | |
| 10-K | Mar 6, 2018 | 52 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR