Carvana earnings: guidance and results
Carvana's next results are expected on October 28, 2026. Watch whether growth translates into the profit and cash needed for expansion.
What has Carvana guided for 2026?
The current full-year target for 2026 is adjusted EBITDA of $2,700–$3,000 million. That range gives investors a clear operating goal, but not a comparable forecast for net income.
Did Carvana keep its past promise?
Carvana did keep one important promise. Its 2022 turnaround plan called for positive Adjusted EBITDA, and the company said it reached that milestone in Q2 2023. That shows progress, but it does not prove that every later growth or cash-flow goal was met.
What is Carvana's revenue and profit trend?
The pattern is a pandemic-era surge, a pullback, and a recovery. Revenue and units do not always move together because prices, vehicle mix, loan sales, add-ons, and acquisitions also change the result. Carvana also bought five franchise dealerships in 2025 and two more in the first half of 2026, adding a new-car business whose comparable effect is not disclosed.
In Q2 2026, revenue grew 52% while retail units grew 38%. Gross profit grew 30%, so the company earned less additional gross profit than the increase in sales might suggest. The next question is whether price and mix explain the gap or whether profit per transaction is weakening.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,376 | 6,432 | 5,603 | 5,647 | 4,840 | 4,232 | 3,547 | 3,655 |
| Gross margin | 18.8% | 19.8% | 18.8% | 20.3% | 22.0% | 22.0% | 21.5% | 22.1% |
| Operating income | 680 | 581 | 424 | 552 | 511 | 394 | 260 | 337 |
| Net income attributable to Carvana Co. | 310 | 250 | 857 | 151 | 183 | 216 | 79 | 85 |
| EPS, diluted | 0.42 | 0.34 | 0.84 | 0.21 | 0.26 | 0.30 | 0.11 | 0.13 |
| = Free cash flow | 187 | 56 | 379 | 307 | -2 | 205 | 36 | 376 |
What this means. These numbers include Carvana's financing platform, so they show more than just the money made from selling cars.
What should I watch in Carvana's next results?
The next quarterly results should show whether Carvana’s growth is translating into the profit and cash needed for expansion. Carvana scheduled its Q3 2026 results call for October 28. Investors should connect retail sales with profit per vehicle, adjusted EBITDA, and the use of reconditioning capacity, because rising volume alone does not prove that each additional car earns enough.