Carvana Co.
Financial Performance
Carvana Revenue & Financials
Revenue
$20.3B (FY2025)
Market Cap
$48.3B
Net Income
$1.9B
Employees
23,100
What is Carvana's revenue?
Carvana had $20.3B in revenue for fiscal year 2025, up 48.6% from 2024. Net income was $1.9B.
- Latest revenue
- $20.3B (FY2025)
- Year-over-year
- +48.6%
- Growth rate (CAGR)
- 56.3% over 9 years
- Peak revenue
- $20.3B (FY2025)
- Years of data
- 10
- Employees
- 23,100
- What is Carvana's operating income?
- Carvana reported operating income of $1.9B for fiscal year 2025. sec.gov
- How much profit does Carvana make?
- Carvana reported net income of $1.9B for fiscal year 2025. investors.carvana.com
- How many employees does Carvana have?
- Carvana has about 23,100 employees.
Financial Analysis
Carvana's revenue grew from $3.9 billion in 2019 to $12.8 billion in 2021, then the company lost $2.9 billion in 2022 as used-car prices and interest rates moved against it after the ADESA purchase. A 2023 debt exchange cut debt and extended maturities, and cost cuts pushed the company back to profit: net income was $150 million in 2023, $404 million in 2024 and a record $1.895 billion in 2025 (including a large non-cash tax benefit in Q4 2025), with 2025 adjusted EBITDA of $2.237 billion. In 2026, Q1 revenue was $6.432 billion with $405 million net income, and Q2 revenue was $7.376 billion with $513 million net income and record adjusted EBITDA of $769 million. Carvana is known for its highly volatile stock, but it maintains a massive multi-billion dollar valuation driven by its e-commerce approach to auto retail.
Revenue Trend Analysis
YoY Change
+48.6%
9-Year CAGR
+56.3%
Peak Year
2025
Trend
Consistent Growth
Carvana Co. has 10 full fiscal year figures on this page, compounding at +56.3% annually over 9 years. The most recent year saw a 48.6% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $20.3B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $20.3B | $1.9Bfiling | $1.9B | +48.6% | Carvana Q4 and FY2025 results Revenue rose 49% to $20.322B as retail units sold increased 43% to 596,641; net income was $1.895B and adjusted EBITDA $2.237B. |
| FY2024 | $13.7B | $990Mfiling | $404M | +26.9% | Carvana FY2025 Form 10-K comparative data Revenue was $13.673B in 2024 as Carvana returned to profitability after the restructuring period. |
| FY2023 | $10.8B | -$80Mfiling | $150M | -20.8% | Carvana FY2025 Form 10-K comparative data Revenue was $10.771B in 2023 during Carvana's debt restructuring and profitability reset. |
| FY2022 | $13.6B | -$2.4B | -$1.6B | +6.2% | Carvana Co. annual report (Form 10-K, SEC EDGAR, filed 2025-02-19) Fiscal year ended 2022-12-31. |
| FY2021 | $12.8B | — | -$135M | +129.4% | Carvana Co. annual report (Form 10-K, SEC EDGAR, filed 2024-02-22) Fiscal year ended 2021-12-31. |
| FY2020 | $5.6B | — | -$171M | +41.8% | Carvana Co. annual report (Form 10-K, SEC EDGAR, filed 2023-02-23) Fiscal year ended 2020-12-31. |
| FY2019 | $3.9B | — | -$115M | +101.5% | Carvana Co. annual report (Form 10-K, SEC EDGAR, filed 2022-02-24) Fiscal year ended 2019-12-31. |
| FY2018 | $2B | — | -$55.5M | +127.7% | Carvana Co. annual report (Form 10-K, SEC EDGAR, filed 2021-02-25) Fiscal year ended 2018-12-31. |
| FY2017 | $858.9M | — | -$62.8M | +135.2% | Carvana Co. annual report (Form 10-K, SEC EDGAR, filed 2020-02-26) Fiscal year ended 2017-12-31. |
| FY2016 | $365.1M | — | -$93.1M | — | CARVANA CO. annual report (SEC EDGAR, filed 2018-03-06) Fiscal year ended 2016-12-31. Figure as presented in the annual report filed 2018-03-06. |
Click any row to see year details.
Carvana Co. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $1B | $147M | $13.2B | $9B | $3.4B | $889M | Form 10-K |
| FY2024ended Dec 31, 2024 | $918M | $91M | $8.5B | $7.1B | $1.3B | $827M | Form 10-K |
| FY2023ended Dec 31, 2023 | $803M | $87M | $7.1B | $7.5B | $243M | $716M | Form 10-K |
| FY2022ended Dec 31, 2022 | -$1.3B | $512M | $8.7B | $9.8B | -$518M | -$1.8B | Form 10-K |
| FY2021ended Dec 31, 2021 | -$2.6B | $557M | $7B | $6.5B | $306M | -$3.2B | Form 10-K |
| FY2020ended Dec 31, 2020 | -$608M | $360M | $3B | $2.2B | $388M | -$968M | Form 10-K |
| FY2019ended Dec 31, 2019 | -$757M | $231M | $2.1B | $1.9B | $98.1M | -$988M | Form 10-K |
| FY2018ended Dec 31, 2018 | -$414.3M | $143.7M | $991M | $763.6M | $79.7M | -$558M | Form 10-K |
| FY2017ended Dec 31, 2017 | -$199.9M | $78.5M | $641.1M | $361.6M | $125.7M | -$278.4M | Form 10-K |
| FY2016ended Dec 31, 2016 | -$240.2M | $39.5M | $335.8M | $200.8M | — | -$279.8M | Form 10-K |
Keep researching Carvana
Carvana Revenue and Financial FAQ
What was Carvana's total annual revenue in recent fiscal years?
Carvana Co. reported revenue of $20.3 billion for fiscal year 2025, up from $13.7 billion in fiscal 2024.
What was Carvana's historic financial turnaround in 2023 and 2024?
Between 2023 and 2024, Carvana executed one of the most remarkable corporate turnarounds in modern US retail history, reducing operating expenses by over $1 billion annually, restructuring $5.2 billion in senior notes, and achieving record Adjusted EBITDA exceeding $1.0 billion.
What is Carvana's Adjusted EBITDA margin profile?
Carvana delivers an industry-leading Adjusted EBITDA margin of approximately 8.0% to 10.0%, driven by record gross profit per unit (GPU) of over $7,000 and aggressive reductions in retail non-vehicle SG&A per unit.
How did Carvana restructure its corporate debt in August 2023?
In August 2023, Carvana finalized a comprehensive debt exchange agreement with an ad-hoc group of bondholders (including Apollo Global Management and PIMCO), reducing its total debt by over $1.3 billion and lowering cash interest expense by over $450 million annually for two years.
What is Carvana's market capitalization on the New York Stock Exchange?
Following its operational turnaround and return to profitability, Carvana's market capitalization rebounded from under $1 billion during late 2022 to over $25 billion to $45 billion on the NYSE.
What is Carvana's non-vehicle SG&A expense per retail unit?
Through automation, reconditioning efficiencies, and staffing optimization, Carvana reduced its retail non-vehicle SG&A expense from over $5,500 per unit in 2022 to under $3,800 to $4,000 per unit, driving strong operational leverage.
Does Carvana pay a dividend on its common stock?
Carvana does not pay a cash dividend on its Class A common stock, directing all generated cash flows toward debt reduction, working capital optimization, and scaling reconditioning capacity across ADESA sites.
What is Carvana's liquidity position in cash and revolving facilities?
Carvana maintains a strong liquidity cushion of over $1.5 billion to $2.0 billion, consisting of unrestricted cash, short-term investments, and committed revolving vehicle floor plan borrowing capacity.
Did Carvana almost go bankrupt?
Yes, following a massive expansion during the pandemic, Carvana suffered an absolute financial collapse in 2022 as interest rates spiked. They narrowly avoided bankruptcy in 2023 by executing a massive, desperate debt restructuring deal with bondholders.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Carvana Revenue & Financials." CorpDigest, https://corpdigest.com/company/carvana/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Carvana reported $20.3B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/carvana/financials" target="_blank" rel="noopener">CorpDigest — Carvana financials</a></div>Related Financial Audits
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