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How Carvana (CVNA) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/29/2026
Carvana Co. is an American online car retailer based in Tempe, Arizona. · Wikipedia
More about the company
Carvana was named to the 2021 Fortune 500 list, one of the youngest companies to be added to the list.
Key growth driver: Retail Vehicle Sales — the fastest-growing revenue line: $5,507, +62% y/y. · by the Q2 2026 report
How does Carvana make money?
Carvana brought in $7.38 billion of revenue in Q2 2026, up 52% year over year. The largest source was Retail Vehicle Sales: $5.51 billion, or 75% of the total, followed by Wholesale Sales ($1.34B, 18%); other lines add the remaining 7%. Net income for the quarter was $310 million, up 69% year over year.
Revenue by source, Q2 2026
- Retail Vehicle Sales$5.51B · 75% · +62%
- Wholesale Sales$1.34B · 18% · +31%
- Other Sales & Revenues$526M · 7% · +28%
Shares of $7.38B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is CVNA’s next earnings date?
Wednesday, October 28, 2026confirmed · after market close
Carvana (CVNA) is scheduled to report results for the quarter ending Sep 2026 on Oct 28, 2026. Consensus EPS forecast: $0.49 (8 analysts), vs $0.21 in the same quarter last year.
What time does CVNA report? Usually after market close: the last 4 results releases reached the SEC at 4:05 pm, 4:05 pm, 4:05 pm, 4:06 pm ET.
Last report: Jul 29, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$7,376
+52%
Gross profit
$1,384
+30%
18.8% margin
Operating income
$680
+33%
9.2% margin
Net income
$310
+69%
$0.42 diluted EPS
Verdict: an excellent quarter with revenue up 52% and net income up 67% to $513M on record retail volume, though gross profit per unit compressed as rising benchmark rates squeezed financing-driven other gross profit even as retail pricing firmed.
OCF (6mo) $345M vs $261M y/y; cash $2,630M; no buyback/dividend; FY2026 Adjusted EBITDA guided to $2.7-3.0B vs $2.24B in 2025.
Source and notation
* marks non-cash / ≈ estimated. Source: Carvana Co. press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
CVNA earnings history: past report dates
| Jul 29, 2026 Wed | 4:05 pmafter market close | Jun 30, 2026 | $7.4B+52% y/y | — |
| Apr 29, 2026 Wed | 4:05 pmafter market close | Mar 31, 2026 | $6.4B+52% y/y | — |
| Feb 18, 2026 Wed | 4:05 pmafter market close | Dec 31, 2025 | ≈$5.6B+58% y/y | — |
| Oct 29, 2025 Wed | 4:06 pmafter market close | Sep 30, 2025 | $5.6B+55% y/y | — |
| Jul 30, 2025 Wed | 4:06 pmafter market close | Jun 30, 2025 | $4.8B+42% y/y | — |
| May 7, 2025 Wed | 4:07 pmafter market close | Mar 31, 2025 | $4.2B+38% y/y | — |
| Feb 19, 2025 Wed | 4:10 pmafter market close | Dec 31, 2024 | ≈$3.5B+46% y/y | — |
| Oct 30, 2024 Wed | 4:11 pmafter market close | Sep 30, 2024 | $3.7B+32% y/y | — |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Carvana: 5-year financials
| 2025 | 20,322 | 1,881 | 1,407 | 889 |
| 2024 | 13,673 | 990 | 210 | 827 |
| 2023 | 10,771 | −80 | 450 | 716 |
| 2022 | 13,604 | −2,351 | −1,587 | −1,836 |
| 2021 | 12,814 | — | −135 | −3,151 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
0.5/2poor
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 2026Per the 10-K, the Garcias have 10 votes per Class B share as long as they own ≥25% of the shares (on an as-converted basis), and at a 25% equity stake would control 71% of the vote. sec.gov ↗
- Feb 2026As of 02/13/2026, 142.7M Class A and 76.1M Class B shares were outstanding, versus 78.3M and 93.9M as of 02/19/2021 — up 27% in 5 years. sec.gov ↗
- Feb 2026Under the ATM program, 6.8M shares were sold for $1.27B (2024) and 1.5M for $0.54B (2025); $0.33B of stock was placed in 2023. sec.gov ↗
- Feb 2026The class action over misleading investors (D. Ariz., 2022) is unresolved and in discovery; in June 2025 the SEC issued a subpoena over a short seller's allegations, with no charges filed. sec.gov ↗
Scoring: 2.0 −0.5 (criterion 7: the Garcias' Class B with 10 votes, control, but subject to a ≥25% ownership threshold) −1.0 (criterion 1: economic share count A+B +27% over 5 years — 2023–2025 ATMs and follow-on offerings) = 0.5
- Share classes
- Class A (1 vote) and Class B with no economic rights; the Garcias get 10 votes per Class B share while their stake is ≥25% — control with a threshold → −0.5 (criterion 7).
- Dilution
- Class A+B (Class A equivalent) 172.3M (Feb. 2021) → 218.8M (Feb. 2026), +27%: ATMs of $0.33B (2023), $1.27B (2024), $0.54B (2025) at market → −1.0 (>25% threshold); SBC 0.5% of revenue.
- Disclosure
- Full 10-K/10-Q reporting, no missed deadlines.
- Dividends
- No dividend and no payout policy — no deduction.
- Lawsuits & regulators
- The 2022 class action (D. Ariz.) partly survived the motion to dismiss, is in discovery, unresolved; the SEC subpoena (June 2025) over a short-seller report, with no charges — no deduction under the methodology.
- Related parties
- Ongoing dealings with DriveTime (controlled by the Garcias): leases, servicing; the Garcias' 2023 follow-on purchase at $46.31 (near market). Non-market terms not established — no deduction.
How the score works · checked as of Sep 2026
Carvana (CVNA) earnings: FAQ
How does Carvana make money?
Carvana brought in $7.38 billion of revenue in Q2 2026, up 52% year over year. The largest source was Retail Vehicle Sales: $5.51 billion, or 75% of the total, followed by Wholesale Sales ($1.34B, 18%); other lines add the remaining 7%. Net income for the quarter was $310 million, up 69% year over year.
When is CVNA's next earnings date?
Carvana (CVNA) is scheduled to report on Oct 28, 2026, after market close.
What time does CVNA report earnings?
Carvana is scheduled to report after market close on Oct 28, 2026. Its last results releases were filed after market close, most recently at 4:05 pm ET on Jul 29, 2026.
When did CVNA last report earnings?
Carvana reported Q2 2026 results on Jul 29, 2026.
What is the EPS estimate for CVNA's next earnings?
The consensus EPS forecast is $0.49 (8 analysts), vs $0.21 in the same quarter last year.
Where can I find Carvana's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to CVNA's filings; this page breaks the latest report down in a Sankey chart.
What was CVNA's net income in Q2 2026?
Carvana reported net income of $310M for Q2 2026 (+69% year over year), under US GAAP.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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