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CVNA · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
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.
Net Income Attrib. to CVNA
$310M
up 69% y/y
Total Revenue
$7,376M
up 52% y/y
Operating Income
$680M
up 33% y/y
Gross Profit
$1,384M
up 30% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Retail Vehicle Sales | $5,507 · +62% |
| Wholesale Sales | $1,343 · +31% |
| Other Sales & Revenues | $526 · +28% |
| Total Revenue | $7,376 · +52% |
| Cost of Sales | $5,992 · +59% |
| Gross Profit | $1,384 · +30% · 18.8% margin |
| SG&A Expense | $704 · +28% |
| Operating Income | $680 · +33% · 9.2% margin |
| Interest Expense, net | $101 · -29% |
| Pre-Tax Income | $579 · +88% |
| Income Tax Provision | $66 · n/m |
| Non-Controlling Interests | $203 · +62% |
| Net Income Attrib. to CVNA | $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).
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Chart: “CVNA Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/cvna/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/cvna/q2-2026"><img src="https://whoreportstoday.com/t/cvna/q2-2026/sankey.png" alt="CVNA Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/cvna/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/cvna/q2-2026">CVNA Q2 2026 earnings chart (Who Reports Today)</a>
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- Retail units sold hit a record 197,325, up 38% y/y, driving 52% revenue growth to $7,376M.
- Total GPU fell $412 y/y to $7,014 as higher benchmark rates hurt financing/Other GPU, partly offset by firmer retail pricing following FTC dealer-fee disclosure rules.
- GAAP operating income rose to $680M (+$169M) with SG&A leverage: SG&A per retail unit fell to $3,568 from $3,846 despite higher total spend.
- Adjusted EBITDA of $769M (+28%) but margin declined to 10.4% from 12.4% due to GPU compression.
- Net income of $513M includes a swing from $60M other expense (2025) to ~$0 other expense/income in 2026, plus a $66M tax provision vs ~$0 last year.
- Net income attributable to Carvana Co. was $310M after $203M allocated to non-controlling interests (LLC unit structure).
What distorts the picture in this report and what to watch beyond the headlines.
CVNA — Carvana is an e-commerce platform focused on buying and selling used cars online, offering services like contactless delivery and vending machines.
It is headquartered in Phoenix, Arizona.
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