The earnings call presented a strong performance with record growth in retail units sold and significant improvements in revenue and profitability metrics. The company demonstrated operational efficiencies and maintained a positive outlook for future growth. However, there were some concerns with decreased wholesale GPU and increasing advertising expenses.

Company Guidance -

Q3 2025

In the Carvana Second Quarter 2025 Earnings Conference Call, the company reported robust growth and profitability metrics, emphasizing its position as the fastest-growing and most profitable automotive retailer. Notably, Carvana achieved a 41% year-over-year increase in retail units sold, totaling 143,280 units, and reported a 42% rise in revenue to $4.84 billion, setting new company records. The adjusted EBITDA margin improved by 200 basis points, reaching a record 12.4%, with adjusted EBITDA totaling $601 million, marking a $246 million increase. The GAAP operating income was $511 million, with a net income of $308 million, reflecting significant profitability improvements. The company also highlighted a strategic focus on expanding its reconditioning capacity and enhancing customer experience, with plans to achieve a long-term goal of selling 3 million cars annually and reaching a 13.5% adjusted EBITDA margin within 5 to 10 years. Looking ahead, Carvana expects a sequential increase in retail units sold in Q3 and forecasts full-year 2025 adjusted EBITDA between $2.0 billion and $2.2 billion, up from $1.38 billion in the previous year.

Record Growth in Retail Units Sold

Retail units sold totaled 143,280 in Q2, an increase of 41% year-over-year, setting a new company record.

Significant Revenue Increase

Revenue for Q2 was $4.84 billion, an increase of 42% year-over-year, marking a new company record.

Strong Profitability Metrics

Adjusted EBITDA was $601 million, a 2 percentage point increase year-over-year, setting a new company record for adjusted EBITDA margin at 12.4%.

Industry-Leading Net Income

Net income was $308 million, an increase of $260 million year-over-year, with a net income margin of 6.4%.

Operational Efficiency Improvements

Operations expenses per retail unit sold decreased significantly, driven by improvements in reconditioning and inbound transport costs.

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.