CVNANYSERetail-Auto Dealers & Gasoline StationsFiscal year ends December 31
CARVANA CO.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$58.71−0.12 (-0.20%)
Close on Oct 19, 2026
- Market cap
- $43.44B
- P/E (TTM)
- 6.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
20.6%+6.4 pts over 5 years
Operating margin
9.3%
Net margin
6.9%+10.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +48.6% | +14.3% | +29.5% | +65.7% | |
| Gross profit | +45.8% | +49.8% | +39.5% | +123.5% | |
| Operating income | +90.0% | – | – | – | |
| Net income | +570.0% | – | – | – | |
| EPS, diluted | +431.4% | – | – | – | |
| Free cash flow | +7.5% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -70.4% | 59.9% | |
| Return on assets | – | -6.7% | 13.0% | |
| Current ratio | 1.40 | 4.12 | 4.31 | |
| Debt to equity | -1.47 | 4.37 | 1.46 | |
| Interest coverage | – | – | 3.7× | |
| Inventory turnover | – | 5.3× | 8.0× | |
| Capex to revenue | 10.8% | 6.4% | 0.7% | |
| Diluted shares | – | 65M | 224M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Carvana generated $6.68B from operations and spent $1.39B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$6.68B
Used
$1.39B
Capital expenditure$1.39B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.9%
×Asset turnover1.87×
×Equity multiplier4.61×
=Return on equity, FY202559.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.9% | 1.87× | 4.61× | 59.9% |
| FY2024 | 1.5% | 1.76× | 10.35× | 27.9% |
| FY2023 | 4.2% | 1.37× | -57.34× | -327.3% |
| FY2022 | -11.7% | 1.73× | -74.12× | 1497.2% |
| FY2021 | -1.1% | 2.55× | 14.48× | -38.9% |
| FY2020 | -3.1% | 2.19× | 10.48× | -70.4% |
| FY2019 | -2.9% | 2.58× | 17.15× | -129.4% |
| FY2018 | -2.8% | 2.40× | 7.95× | -54.0% |
| FY2017 | -7.3% | 1.76× | 99.95× | -1285.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.41B
- Cash generatingOperating cash flow above zero$1.04B
- Return on assets improvedROA up on the prior year3.0% → 16.6%
- Earnings backed by cashOperating cash flow above net income$1.04B vs $1.41B
- Less leverageLong-term debt to assets fell62.0% → 36.6%
- Better liquidityCurrent ratio rose3.64 → 4.31
- No dilutionShare count did not rise132M → 224M
- Gross margin improvedGross margin up on the prior year21.03% → 20.63%
- More efficientAsset turnover rose1.93 → 2.40