CVNA · Carvana Co.
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Jul 29, 2026TL;DR. Carvana delivered record Q2 results with 38% retail unit growth to 197,325 units, record net income of $513M, and record Adjusted EBITDA of $769M, but issued full-year 2026 Adjusted EBITDA guidance of $2.7–$3.0B that implies second-half results roughly in line with the first half. Total GPU declined $412 YoY to $7,014 and Adjusted EBITDA margin fell to 10.4% from 12.4%, partly due to lower other GPU from passing back customer interest rates and higher benchmark rates.
- + Adjusted EBITDA reached a record $769M, up $168M YoY, and crossed a $3B annual run rate for the first time.
- + Net income was a record $513M, up $205M YoY, crossing a $2B annual run rate.
- + Net debt to trailing 12-month Adjusted EBITDA improved to 1.0x, the company's strongest financial position ever.
- + Full-year 2026 Adjusted EBITDA guidance of $2.7–$3.0B represents an increase from $2.24B last year.
- + SG&A leverage improved, with non-GAAP SG&A per unit down $157 YoY to a record low on overhead reductions of $272 per unit.
- − Adjusted EBITDA margin fell to 10.4% from 12.4% YoY, partly due to a revenue presentation change and a $192 YoY decline in Other GPU.
- − Total GPU declined $412 YoY to $7,014, with retail GPU down $105 and wholesale GPU down $158.
- − Non-vehicle costs rose due to higher inbound fuel prices, and management expects an increase in advertising expense dollars in Q3.
- − Full-year guidance implies second-half EBITDA roughly flat with the first half, contrasting with prior years where back-half EBITDA grew.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Auto & Truck Dealerships — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CVNA
this stock
Carvana Co.
|
$69.42B | — | +48.6% | 44.3 | 5.7% |
|
PAG
Penske Automotive Group, Inc.
|
$13.76B | +26.6% | -0.2% | 15.2 | 3.1% |
|
RUSHA
Rush Enterprises Inc \Tx\
|
$8.40B | — | -4.7% | 32.5 | 3.7% |
|
KMX
Carmax Inc
|
$8.12B | +42.6% | -1.8% | — | 6.9% |
|
LAD
Lithia Motors Inc
|
$6.96B | -12.2% | +17.2% | 10.4 | 8.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CVNA | -2.2% | -13.4% | -4.4% | -14.9% | -25.9% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -1.5% | -13.5% | -16.5% | -14.3% | -37.7% |