Carvana demonstrated strong revenue growth and profitability, setting multiple company records. The company continues to expand its inventory and improve operational efficiencies, although there is an increase in advertising expenses and a decrease in wholesale GPU. Overall, the positive aspects significantly outweigh the negatives, indicating a strong financial position and growth trajectory.

Company Guidance

In the Carvana Second Quarter 2025 Earnings Conference Call, the company provided several key metrics highlighting its impressive performance and growth. The company reported a 41% year-over-year increase in retail units sold, totaling 143,280 units, and a 42% increase in revenue, reaching $4.84 billion, both of which are new company records. Carvana achieved an adjusted EBITDA margin improvement of 200 basis points year-over-year, with adjusted EBITDA reaching $601 million, a record for the company. The GAAP operating income was noted at $511 million, resulting in a 10.6% operating margin, setting another company record. Additionally, Carvana’s net income rose to $308 million, a $260 million increase from the previous year, leading to a net income margin of 6.4%. The company also mentioned a strategic focus on increasing advertising spend in the third quarter and projected a sequential increase in retail units sold, with an adjusted EBITDA for the full year 2025 estimated between $2.0 billion and $2.2 billion. Carvana aims to continue its growth trajectory, targeting 3 million cars sold per year and a 13.5% adjusted EBITDA margin in the next 5 to 10 years.

Record-Breaking Revenue and Growth

Carvana reported a revenue of $4.84 billion, a 42% increase, and achieved a new company record for retail units sold with 143,280 in Q2, marking a 41% growth year-over-year.

Profitability Milestones

Carvana set new records for adjusted EBITDA, adjusted EBITDA margin, GAAP operating income, and GAAP operating margin. Net income was $308 million, a $260 million increase, with a net income margin of 6.4%.

Improved Operating Efficiencies

The company reported a $460 reduction in non-GAAP SG&A expense per retail unit sold due to operational efficiency initiatives, with a $147 decrease in Carvana operations and a $328 decrease in overhead expenses.

Expanding Inventory and Selection

Carvana increased its inventory selection by 50%, enhancing customer choices and supporting future growth.

Carvana Co (CVNA) Earnings, Revenues Date & History

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CVNA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	1.28 / -	0.64	―	―	―
Jul 30, 2025	2025 (Q2)	1.17 / 1.38	0.374	268.98% (+1.01)
May 07, 2025	2025 (Q1)	0.73 / 1.51	0.23	556.52% (+1.28)
Feb 19, 2025	2024 (Q4)	0.31 / 0.74	-1	174.50% (+1.75)
Oct 30, 2024	2024 (Q3)	0.30 / 0.64	3.6	-82.22% (-2.96)	―
Jul 31, 2024	2024 (Q2)	-0.04 / 0.37	-0.55	168.00% (+0.92)	―
May 01, 2024	2024 (Q1)	-0.67 / 0.23	-1.51	115.23% (+1.74)	―
Feb 22, 2024	2023 (Q4)	-0.85 / -1.00	-7.61	86.86% (+6.61)	―
Nov 02, 2023	2023 (Q3)	-0.70 / 3.60	-2.67	234.83% (+6.27)	―
Jul 19, 2023	2023 (Q2)	-1.18 / -0.55	-2.35	76.60% (+1.80)	―

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
Jul 30, 2025	$333.59	$390.17	+16.96%
May 07, 2025	$259.17	$285.53	+10.17%
Feb 19, 2025	$281.82	$247.72	-12.10%
Oct 30, 2024	$207.31	$247.31	+19.29%

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.