CVNA
Updated: 24/09/2026, 18:29:27
Carvana Co., along with its subsidiaries, operates a digital platform facilitating the purchase and sale of pre-owned vehicles across the United States. Their comprehensive services span the entire customer journey, including sourcing and reconditioning automobiles, providing an intuitive online browsing and transaction experience, offering financing solutions, and supplying complementary products. The company also manages its own specialized logistics network for distinctive delivery and pickup options, alongside providing extensive post-sale support. Furthermore, Carvana operates various vehicle auction sites. This company was established in 2012 and maintains its headquarters in Tempe, Arizona.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$20.3B
FY 2025 · Reported
Net income
$1.4B
FY 2025 · Reported
Gross margin
20.6%
FY 2025 · Calculated
Free cash flow
$0.9B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Carvana: leading e-commerce platform for buying/selling used cars; 2.8M retail vehicles and $84.1B total revenue since 2012 inception through 12/31/2025
“Carvana is the leading e-commerce platform for buying and selling used cars.”
Complementary products: VSC, GAP waiver, auto insurance (Root partnership)
VSC, GAP waiver coverage, and integrated auto insurance offered via partnership with Root, Inc.
“We have also partnered with Root, Inc. ("Root"), an online car insurance company, to offer an integrated auto insurance solution”
Reconditioning network (IRCs and auction sites)
Inspection and Reconditioning Centers plus ADESA/auction sites; ~1.5M vehicles/year capacity; 75% of U.S. population within 100 miles
“As of December 31, 2025, we estimate that 75% of the U.S. population is within 100 miles of an IRC or auction site”
Online shopping platform with patented photo technology
Mobile-optimized website with 75,000+ website units and patented 360-degree photo technology
“an inventory of over 75,000 total website units that we offer for sale as of December 31, 2025”
In-house financing via proprietary loan origination platform
Integrated financing via proprietary loan origination platform; cash and third-party lender financing also accepted
“We offer integrated financing using our proprietary loan origination platform.”
Core business process: vehicle acquisition from customers
Used vehicle inventory acquired primarily from customers, auctions (incl. digital auction platform), and wholesale suppliers
“We primarily acquire our used vehicle inventory directly from customers, used car auctions, including by use of our growing digital auction platform, and wholesale used vehicle suppliers, including retail marketplace partners.”
Nationwide logistics network and vending machines
In-house hub-and-spoke logistics with branded haulers, patented car vending machines, seven-day return policy; 4.7/5.0 rating from 245,000+ surveys
“Our logistics network and technologies that support it are based on a "hub and spoke" model, which connects Reconditioning Sites to vending machines and hubs via our fleet of multi-car and single-car haulers.”
Revenue streams and amounts FY2025 vs FY2024
FY2025: retail vehicle sales $14.5B; wholesale $4.1B; other $1.7B (vs $9.7B/$2.8B/$1.2B FY2024)
“Our largest source of revenue, retail vehicle sales, totaled $14.5 billion and $9.7 billion during the years ended December 31, 2025 and 2024, respectively.”
Vertically integrated platform with lower variable cost structure
Proprietary technology and vertical integration provide significantly lower variable cost structure versus traditional dealerships
“We believe our proprietary technology and vertically integrated business model allow us to enjoy a significantly lower variable cost structure versus traditional dealerships”
Retail units enable multiple revenue streams and referral network
Retail units drive four revenue streams plus referrals, repeat sales, and operating leverage
“Retail units sold enable multiple revenue streams, including the sale of the vehicle itself, the sale of finance receivables originated to finance the vehicle, complementary products, and the sale of vehicles acquired from customers.”
Fragmented used auto market with <10% top-10 share
~37M U.S. used auto retail transactions in 2024; top 10 used auto retailers <10% market share
“with approximately 37 million used auto retail transactions in the United States (“U.S.”) in 2024 according to Cox Automotive – and highly fragmented – with the top 10 used auto retailers in the U.S. accounting for less than 10% of the market share in 2024”
Growth strategies
Eight growth strategies including customer vehicle acquisition, IRC utilization, logistics expansion, loan monetization, pricing optimization
“Increase the purchase of vehicles from customers. Over time, we plan to grow the number of vehicles that we purchase from our customers as trade-ins or independent of a retail sale.”
Outstanding debt as of December 31, 2025
12/31/2025 debt: $3.9B Senior Secured Notes; $107M Senior Unsecured Notes; $58M floor plan/finance receivable facilities; $157M finance leases; $374M securitization facility; $485M sale leaseback; $23M fleet loan
“As of December 31, 2025, we had outstanding, on a consolidated basis, (1) $107 million aggregate principal amount of our Senior Unsecured Notes, (2) $3.9 billion aggregate principal amount of our Senior Secured Notes”
Retail unit growth as key performance focus
Retail units sold rose 43.3% to 596,641 in 2025 from 416,348 in 2024; company views retail units as most important long-term measure
“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”
ATM equity program activity
ATM Program: $539M gross proceeds raised in 2025 (1.5M shares @ $364.93 avg); $461M remaining capacity at 12/31/2025
“we issued 1.5 million shares of Class A common stock at a weighted-average issuance price per share of $364.93, for gross proceeds of $539 million”
FY2025 profitability items
FY2025 net income $1,895M; Adjusted EBITDA $2,237M (11.0% margin); $2.2B TRA expense; $2.2B valuation allowance release
“Other expense (income), net was an expense of $2.3 billion during the year ended December 31, 2025 and was primarily due to $2.2 billion of TRA expense”
Risk retention rules for securitizations
Retains at least 5% of credit risk in each securitization trust security per Regulation RR risk retention rules
“To comply with Regulation RR of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Risk Retention Rules") the Company retains at least a 5% interest in the credit risk of the underlying finance receivables”
Dependence on sale of automotive finance receivables
Gross profit substantially depends on sale of finance receivables and access to capital markets at competitive rates
“our dependence on the sale of automotive finance receivables for a substantial portion of our gross profit”
Controlled company / Garcia Parties control
Garcia Parties control majority voting power; controlled company exemptions available; TRA payments to LLC Unitholders could pressure liquidity
“The Garcia Parties control a majority of the combined voting power of Carvana Co. As a result, we continue to be a controlled company within the meaning of the NYSE corporate governance standards.”
Macroeconomic and automotive ecosystem risks
Demand sensitive to recessions, inflation, interest rates, tariffs, recalls, geopolitical conflicts, and technology shifts (EVs, autonomous driving, generative AI)
“elevated and volatile interest rates have pressured and may again pressure consumer affordability and monthly payments, which may reduce demand for used vehicles”
Substantial indebtedness
Substantial indebtedness could limit flexibility and cash flow; some debt at variable SOFR-based rates
“some of our debt accrues interest at a variable rate that is based on SOFR or other market rates”
Cybersecurity and data privacy risks
Data privacy/cybersecurity risk: PII/SPI handling, third-party data centers, evolving federal/state privacy laws and SEC incident disclosure rules
“A significant portion of our technology footprint, including the technology and infrastructure that supports our website and mobile applications, is hosted in third-party data center facilities that we do not own or control.”
Revenue primarily from retail vehicle sales to consumers, sensitive to discretionary spending, interest rates, and affordability.
“Purchases of new and used vehicles are typically discretionary for consumers and have been, and may continue to be, sensitive to adverse economic trends.”
Operations concentrated in the U.S. (316 MSAs, 80%+ U.S. population coverage); U.S. tariff and trade policy changes affect vehicle and parts supply.
“the imposition or suspension of tariffs or other trade restrictions implemented by the U.S. federal government or other countries”
Ability to acquire and expeditiously sell desirable inventory is a listed risk; manufacturer conditions, recalls, and labor disruptions affect vehicle supply.
“our ability to acquire and expeditiously sell desirable inventory”
All retail vehicles pass through Reconditioning Sites; capacity ~1.5 million vehicles/year at full utilization underpins unit growth.
“we intend to more fully utilize the capacity at our existing IRCs and auction locations, which collectively have capacity to inspect and recondition approximately 1.5 million vehicles per year at full utilization”
Other sales and revenues ($1.7B in 2025, 100% gross margin) driven by gains on sales of originated finance receivables; capital markets access is a stated risk.
“our dependence on the sale of automotive finance receivables for a substantial portion of our gross profit”
Inventory acquired primarily directly from customers; customer-acquired vehicles are more profitable than auction-acquired, a stated growth strategy.
“This will provide additional vehicles for our retail business, which on average are more profitable compared to the same vehicle acquired at auction”
Highly fragmented used auto retail industry with <10% top-10 share creates disruption opportunity; competition a listed risk factor.
“the top 10 used auto retailers in the U.S. accounting for less than 10% of the market share in 2024”
Used vehicle purchases decline in recessions and when disposable income is adversely affected; inflation in labor, materials, fuel raises vehicle prices.
“Consumer purchases of new and used vehicles generally decline during recessionary periods and other periods in which disposable income is adversely affected.”
Elevated and volatile interest rates pressure consumer affordability and monthly payments, reducing used vehicle demand; also affect Carvana's own borrowing costs.
“elevated and volatile interest rates have pressured and may again pressure consumer affordability and monthly payments, which may reduce demand for used vehicles”
Website and mobile application technology hosted in third-party data centers Carvana does not own or control; disruption could prevent selling cars and financing.
“A significant portion of our technology footprint, including the technology and infrastructure that supports our website and mobile applications, is hosted in third-party data center facilities that we do not own or control.”
U.S. import tariffs on vehicles and parts may change vehicle supply, parts cost, and customer purchasing behavior.
“including changes to the import tariffs implemented by the U.S. on vehicles and parts, and uncertainty regarding the same, may change vehicle supply or the supply or cost of important vehicle parts and components”
Subject to rapidly evolving federal, state, and local privacy/cybersecurity laws including California consumer rights laws, SEC cybersecurity disclosure rules, FTC and NYDFS requirements.
“The SEC has adopted rules for public companies, requiring the mandatory disclosure of material cybersecurity incidents and the Federal Trade Commission and the New York Department of Financial Services have both also increased incident reporting”
Carvana uses AI (including chatbot) with associated operational, regulatory, and IP-disclosure risks; third-party AI providers could be unavailable or costly.
“if third-party AI providers or inputs are unavailable, unreliable, or more costly; if regulatory requirements materially constrain AI use; or if our AI initiatives otherwise fail to meet expectations”
Military conflicts in Ukraine and the Middle East, US-China-Taiwan relations, and Latin America/Venezuela conditions cited as macro risks to the business.
“military conflicts, such as the conflicts in Ukraine and the Middle East, or changes in relations between countries, such as between the United States, China, and Taiwan”
Integrated auto insurance offered via partnership with Root; also fair value exposure to Root Warrants ($64M decrease in 2025, $115M increase in 2024).
“a $64 million decrease in the fair value of Root Warrants”
New technologies such as autonomous driving software and increasing EV popularity may change vehicle ownership dynamics and make certain used vehicles more expensive or less desirable.
“New technologies such as autonomous driving software and the increasing popularity of electric vehicles also have the potential to change the dynamics of vehicle ownership in the future and make certain used vehicles more expensive or less desirable.”
Debt and operations are U.S.-dollar based; some debt accrues variable interest based on SOFR or other market rates.
“some of our debt accrues interest at a variable rate that is based on SOFR or other market rates”
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