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Carvana reported Q3 retail units of 217,385, up 39%, revenue of $8.04 billion, up 42%, and adjusted EBITDA of $800 million; full-year 2026 adjusted EBITDA is expected at the higher end of $2.7 to $3.0 billion.
Carvana Co. retail units sold increased 39.4% to 217,385 during the three months ended September 30, 2026 and 39.0% to 602,103 during the nine months ended September 30, 2026; total gross profit per unit declined.
Carvana reported record third-quarter 2026 results: 217,385 retail units, $483 million net income and $800 million Adjusted EBITDA. For full-year 2026, it expects higher-end Adjusted EBITDA of $2.7 to $3.0 billion; starting in 2027, primary reporting shifts to GAAP metrics.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
TL;DR. Carvana delivered record Q3 growth and profitability, with retail units up 39%, revenue up 42%, net income of $483 million and adjusted EBITDA of $800 million; Q4 units are expected to increase sequentially and full-year adjusted EBITDA to land at the high end of the $2.7–$3.0 billion range. GPU, adjusted EBITDA margin and GAAP operating margin declined while net income margin rose to 6.0%; higher fuel and interest rates and a $53 million debt-extinguishment charge were headwinds, while Carvana expanded production capacity and strengthened its liquidity and refinancing position.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $769M | Q2 2026 | — |
| Adjusted EBITDA margin non-GAAP | 10.4% | Q2 2026 | — |
| all automotive retail market share | 1.5% | Q2 2026 | — |
| Availability under short-term revolving facilities | $2.04B | June 30, 2026 | — |
| Committed liquidity resources available | $4.67B | June 30, 2026 | — |
| Gross profit, non-GAAP non-GAAP | $1.41B | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Gross profit 1.38B
+27M Depreciation and amortization expense in cost of sales
+1M Share-based compensation expense in cost of sales
-6M Warrant revenue
= Gross profit, non-GAAP 1.41B
|
|||
| Non-GAAP Total GPU non-GAAP | $7,125 | Q2 2026 | — |
| Other gross profit per retail unit, non-GAAP non-GAAP | $2,635 | Q2 2026 | — |
| Other gross profit, non-GAAP non-GAAP | $520M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Other gross profit 526M
-6M Root warrant revenue
= Other gross profit, non-GAAP 520M
|
|||
| Pari passu senior debt capacity | $750M | June 30, 2026 | — |
| Retail gross profit per retail unit, non-GAAP non-GAAP | $3,629 | Q2 2026 | — |
| Retail gross profit, non-GAAP non-GAAP | $716M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Retail gross profit 700M
+15M Depreciation and amortization expense in cost of sales
+1M Share-based compensation expense in cost of sales
= Retail gross profit, non-GAAP 716M
|
|||
| Retail vehicle unit sales | 384,718 | Six Months Ended June 30, 2026 | — |
| SG&A expenses, non-GAAP non-GAAP | $637M | Q2 2026 | — |
| Super senior debt capacity | $1.5B | June 30, 2026 | — |
| Total Gross profit per unit ("GPU") | $7,014 | Q2 2026 | — |
| total integrated sites | 19 | Q2 2026 | — |
| Total liquidity resources | $7.02B | June 30, 2026 | — |
| Total SG&A expenses per retail unit, non-GAAP non-GAAP | $3,228 | Q2 2026 | — |
| Unpledged beneficial interests in securitizations | $105M | June 30, 2026 | — |
| Wholesale gross profit per retail unit, non-GAAP non-GAAP | $861 | Q2 2026 | — |
| Wholesale gross profit, non-GAAP non-GAAP | $170M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Wholesale gross profit 158M
+12M Depreciation and amortization expense in cost of sales
= Wholesale gross profit, non-GAAP 170M
|
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| Wholesale vehicle unit sales | 188,626 | Six Months Ended June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CVNA
this stock
Carvana Co.
|
$79.84B | — | +48.6% | 46.8 | 5.9% |
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Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Carvana Co. retail units sold increased 39.4% to 217,385 during the three months ended September 30, 2026 and 39.0% to 602,103 during the nine months ended September 30, 2026; total gross profit per unit declined.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CVNA | -1.6% | +23.0% | +3.2% | +6.0% | -14.3% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -4.2% | +24.2% | +2.7% | +6.2% | -24.9% |
