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Carvana Co (CVNA)
NYSE:CVNA
Earnings Data
Report Date
Apr 30, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.51Last Year’s EPS
1.51Same Quarter Last Year
Strong Buy
Based on 19 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strongly positive operating and financial story: very large top-line and unit growth (43% units, 58% Q4 revenue), record adjusted EBITDA margin for the year, healthier leverage and cash positions, expanded financing capacity, and clear customer-experience improvements. Offsetting these positives were operational execution challenges localized to reconditioning that pressured non-vehicle costs and retail GPU in Q4 (with management expecting elevated reconditioning costs to continue into Q1 while remediation is enacted), plus some one-time accounting/tax benefits that boosted net income. On balance, the fundamentals (rapid scalable growth, improving profitability, strong balance sheet) dominate the call, while the operational issues appear manageable and being actively addressed.Company Guidance
Strong Unit Growth and Company Records
Retail units sold grew 43% in 2025 to a record 596,641 units; Q4 retail units were 163,522, also up 43% YoY and a new company record. This marked the eighth consecutive quarter of industry-leading retail unit growth.
Revenue Expansion
Q4 revenue was $5.603 billion, an increase of 58% year-over-year (growth outpacing unit growth primarily due to traditional gross revenue treatment for certain vehicles).
Improved Profitability and Adjusted EBITDA
Full-year adjusted EBITDA margin reached a record 11%. Q4 adjusted EBITDA was $511 million (up $152 million YoY), with an adjusted EBITDA margin of 9.1%.
Material Net Income and One-Time Tax Benefit
Net income was $951 million in Q4, an increase of $792 million YoY. Results were positively impacted by a noncash deferred tax benefit (~$618 million) due to the release of a valuation allowance tied to the UP-C structure.
Strong Balance Sheet and Leverage Improvement
Ended 2025 with $2.3 billion in cash & equivalents, retired $709 million of corporate notes, and reduced net debt to trailing-12-month adjusted EBITDA ratio to 1.3x — the company’s strongest credit ratio to date.
Expanded Funding & Financing Capabilities
Expanded loan sale platform with a fourth loan purchase agreement for up to $4 billion through Dec 2027; total new partner loan purchase agreements of $12 billion over the next 2 years in addition to $6 billion with Ally through Oct 2026 (totaling $18 billion of committed loan purchase capacity).
Customer Experience & Selection Improvements
Customer selection increased by 20,000 cars year-over-year; delivery time to customers improved by one day on average; average customer shipping fees reduced by ~$60; customer interest rates on loans lowered by ~1% relative to benchmark; Net Promoter Score at multiyear highs. 30% of retail customers complete the purchase without speaking to a Carvana representative; 60% of sellers do likewise.
Operational Capacity and Infrastructure Progress
Company owns real estate capacity to support 3 million units per year, has facilities to produce ~1.5 million cars per year, and now operates 34 reconditioning locations. Integrated 10 additional ADESA locations and expanded digital auction capabilities nationwide.
Operational Efficiency Metrics
Reported operating ROA (operating income / operating assets) exceeding 20% at year-end 2025; management highlighted fixed cost leverage and fundamental gains expected to drive continued margin expansion toward long-term targets.
CVNA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CVNA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $361.53 | $332.79 | -7.95% |
Oct 29, 2025 | $353.95 | $305.07 | -13.81% |
Jul 30, 2025 | $333.59 | $390.17 | +16.96% |
May 07, 2025 | $259.17 | $285.53 | +10.17% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Carvana Co (CVNA) report earnings?
Carvana Co (CVNA) is schdueled to report earning on Apr 30, 2026, After Close (Confirmed).
What is Carvana Co (CVNA) earnings time?
Carvana Co (CVNA) earnings time is at Apr 30, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CVNA EPS forecast?
CVNA EPS forecast for the fiscal quarter 2026 (Q1) is 1.51.
