At a glance
Carvana Co is worth $53.27B, about 38 times its fiscal 2025 earnings. Revenue grew 48.6% to $20.32B in fiscal 2025, with 6.9% kept as profit; over 5 years it has grown 29.5% a year. It pays no dividend. The stock returned +17.4% over the past year with dividends reinvested and +3.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 73.3% in the 2020 crash (S&P 500: 33.7%) and 92.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 25 months after the lows.
The business in plain English
Carvana runs a US website for shopping, financing and purchasing used cars. As of December 31, 2025, it listed more than 75,000 vehicles. Customers get the car delivered home or collect it at a Carvana location, such as its multi-story glass car "vending machines," and have seven days to return it. Carvana also purchases people's cars, as trade-ins or outright, using an automated online offer and home pickup.
Carvana controls most steps itself. It inspects and reconditions cars at its own sites, which it says can handle about 1.5 million cars a year at full capacity, and typically delivers them with its own employees and trucks. Its in-house delivery network served more than 80% of the US population as of December 31, 2025. Cars that miss its standards go to wholesale channels, including its own marketplace and third-party auctions.
In fiscal 2025, revenue was $20.3 billion. Retail vehicle sales made up 71.5%, wholesale sales and revenues 19.9%, and other sales and revenues 8.5%. Beyond the car itself, Carvana makes car loans and later passes many on to investors through securitization (bundling loans into bonds) or sales to financing partners. It also offers service contracts, GAP waiver coverage, which protects borrowers if a totaled car is worth less than the loan, and auto insurance through Root, Inc.
Price history
The interactive chart needs JavaScript.
CVNA +17.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Retail vehicle sales, net | $14.54B | 71.5% |
| Wholesale sales and revenues | $4.05B | 19.9% |
| Other sales and revenues | $1.73B | 8.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $8.04B, up 42.4% from a year earlier, and net income was $289.0M (+91.4%).
- For fiscal 2025, revenue was $20.32B (+48.6% year over year; +29.5% a year from FY2020 to FY2025) with a 6.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +29.5% good |
|---|---|
| Operating margin | 9.3% watch |
| Free cash flow margin | 4.4% watch |
| Return on equity (FY2025) | 40.9% good |
| Return on assets (FY2025) | 10.7% good |
| Net cash (cash minus debt) | $-2.41B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.59B | $-171.0M | $-968.0M |
| FY2021 | $12.81B | $-135.0M | $-3.15B |
| FY2022 | $13.60B | $-1.59B | $-1.84B |
| FY2023 | $10.77B | $450.0M | $716.0M |
| FY2024 | $13.67B | $210.0M | $827.0M |
| FY2025 | $20.32B | $1.41B | $889.0M |
Valuation snapshot
| Market value | $53.27B |
|---|---|
| P/E ratio | 37.9 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CVNA price data to Nov 2, 2026 | -14.7% | +17.4% | +129.1% | +3.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -14.7% |
| 2025 | +107.5% |
| 2024 | +284.1% |
| 2023 | +1016.9% |
| 2022 | -98.0% |
| 2021 | -3.2% |
| 2020 | +160.2% |
| 2019 | +181.4% |
| 2018 | +71.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 66.5% over that stretch · deepest drop along the way 73.3%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 92% over that stretch · deepest drop along the way 92.4%, back to its old high 24.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 29 sales ($22.0M), 27 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 1, 2026 | Mark W. Jenkins Chief Financial Officer | sell (plan) | $2.7M |
| Sep 1, 2026 | Benjamin E. Huston Chief Operating Officer | sell (plan) | $2.1M |
| Sep 1, 2026 | Mark W. Jenkins Chief Financial Officer | sell (plan) | $1.9M |
| Aug 3, 2026 | Mark W. Jenkins Chief Financial Officer | sell (plan) | $1.6M |
| Oct 1, 2026 | Mark W. Jenkins Chief Financial Officer | sell (plan) | $1.6M |
Who owns it
Large shareholders (13G filings)
| Ernest C. Garcia, III | 18.2% | Jul 31, 2025 |
| T. Rowe Price Associates, Inc. | 12.6% | Dec 31, 2025 |
| Capital Research Global Investors | 8.9% | Jun 30, 2026 |
| Vanguard Capital Management | 7.25% | Mar 31, 2026 |
| BlackRock, Inc. | 6.3% | Jun 30, 2026 |
| FMR LLC | 5.2% | Mar 31, 2026 |
| CVAN Holdings, LLC | 4.3% | Jun 30, 2025 |
| GREENOAKS CAPITAL PARTNERS LLC | 4.2% | Jun 30, 2025 |
| CAS Investment Partners, LLC | 4.2% | Mar 31, 2025 |
ETFs with the most weight in CVNA
| ONLN ProShares Online Retail ETF | 4.69% |
| EBIZ Global X E-commerce ETF | 3.87% |
| AIEQ Amplify AI Powered Equity ETF | 3.65% |
| NUMG Nuveen ESG Mid-Cap Growth ETF | 2.51% |
| IBUY Amplify Online Retail ETF | 2.28% |
| TCHP T. Rowe Price Blue Chip Growth ETF | 2.21% |
| XVOL Acruence Active Hedge U.S. Equity ETF | 2.21% |
| XRT SPDR S&P Retail ETF | 1.71% |
What could go wrong
- Profits lean on car-loan sales. Carvana makes car loans, and loan sales provide a substantial portion of its gross profit (profit after direct costs). More defaults, early payoffs or costlier funding from capital markets could hurt results.
- A heavy debt load. Total debt was $5.46 billion as of September 30, 2026, against $3.05 billion in cash and investments. Carvana warns it may not generate enough cash flow to cover all its debt payments.
- Controlling shareholders and related-party dealings. The Garcia Parties control Carvana, so it is a "controlled company" exempt from some NYSE governance rules. It also uses DriveTime, an affiliate of its controlling stockholders, for some services, raising possible conflicts of interest.
- Tax Receivable Agreement payments. Carvana must pay LLC Unitholders (owners of units in its operating company) for certain tax benefits it receives. It expects substantial payments, which could exceed the tax savings it actually realizes.
- Exposed to car prices and the economy. Car purchases are often optional and tend to drop in recessions. Swings in used-vehicle prices, elevated interest rates and higher costs for labor, materials and fuel can hurt demand and margins.
- Extreme share-price swings. The shares lost about 98% in 2022 and gained about 1,017% in 2023. Over the year to October 28, 2026, they tended to move about 2.3 times as much as the broad market.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Carvana pays no dividend, and it made no share repurchases from fiscal 2021 through fiscal 2025. For an income investor, that means the stock produces no cash on its own; any income would have to come from cashing in shares, possibly at a low price. Profits are also new. Carvana lost money in fiscal 2020 through 2022, then reported net income of $1.41 billion and free cash flow (cash left after running and investing in the business) of $889 million in fiscal 2025.
The share price has fallen hard in downturns. In the 2020 COVID crash it dropped 73.3% between February 21 and March 20, 2020, then regained its peak by June 5, 2020. In the 2022 bear market, a prolonged market decline, it fell 92.4% between January 3 and October 10, 2022, and did not recover until October 31, 2024. Single stocks like this carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does Carvana make money?
Mostly by retailing used cars online. In fiscal 2025, which ended December 31, 2025, retail vehicle sales brought in $14.5 billion, or 71.5% of Carvana's $20.3 billion in revenue. Wholesale sales and revenues added 19.9%, and other sales and revenues 8.5%. Carvana also earns money by making car loans and later placing many with investors, and from add-ons such as vehicle service contracts, GAP waiver coverage and auto insurance offered through Root, Inc.
Does Carvana pay a dividend?
No. Carvana does not pay a dividend, and it made no share repurchases from fiscal 2021 through fiscal 2025, so it returned no cash to shareholders in those years. Any return from owning the stock comes from changes in the share price, which has swung widely. That makes it a poor match for investors who need regular income, though it may suit investors who focus on growth and can tolerate large drops.
Is Carvana profitable?
Yes, based on its fiscal 2025 results. Carvana earned $1.41 billion in net income on $20.3 billion of revenue, or $8.45 per share. That followed losses in fiscal 2020 through 2022, including a $1.59 billion loss in 2022. In the quarter ended September 30, 2026, revenue rose 42.4% from a year earlier to $8.04 billion, and net income rose 91.4% to $289 million. As of October 28, 2026, its price-to-earnings ratio was 31.1, meaning the share price was 31.1 times fiscal 2025 earnings per share.
How much debt does Carvana have?
Carvana had $5.46 billion of total debt as of September 30, 2026, against $3.05 billion in cash and investments. That leaves net debt (debt minus cash) of about $2.41 billion. Shareholders' equity (assets minus liabilities) was $4.35 billion on the same date. Carvana's annual report lists its substantial debt as a risk, warning that the debt could limit its financial flexibility and that it may not generate enough cash flow to cover all its obligations.
Who controls Carvana?
The Garcia Parties control Carvana, which makes it a "controlled company" under NYSE rules, exempt from some governance requirements other listed companies must follow. Carvana warns that their interests may conflict with those of other shareholders. In an ownership filing, Ernest C. Garcia, III reported an 18.2% stake as of July 31, 2025. Large fund managers also report sizable stakes, including T. Rowe Price Associates at 12.6% as of December 31, 2025, and Capital Research Global Investors at 8.9% as of June 30, 2026.