7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 
      
    		                                   
      sales and operating revenues:
    		                                   
      retail vehicle sales
    		3,996,000,000 3,405,000,000 2,980,000,000 2,552,000,000 2,543,000,000 2,411,000,000 2,175,000,000 1,777,000,000 1,949,000,000 1,961,000,000 1,827,000,000 2,068,000,000 2,492,000,000                       
      wholesale sales and revenues, including 11, 7, 28 and 21, respectively, from related parties
    		1,177,000,000                                   
      other sales and revenues, including 93, 52, 248 and 141, respectively, from related parties
    		474,000,000                                   
      net sales and operating revenues
    		5,647,000,000 4,840,000,000 4,232,000,000 3,547,000,000 3,655,000,000 3,410,000,000 3,061,000,000 2,424,000,000 2,773,000,000 2,968,000,000 2,606,000,000 2,837,000,000 3,386,000,000 3,884,000,000 3,497,000,000 3,753,000,000 3,480,000,000 3,336,000,000 2,245,000,000 1,826,406,000 1,543,609,000 1,118,334,000 1,098,216,000 1,103,587,000 1,094,854,000 986,221,000 755,234,000 584,838,000 534,921,000 475,286,000 360,422,000 265,053,000 225,379,000 209,365,000 159,073,000 
      yoy
    		54.50% 41.94% 38.26% 46.33% 31.81% 14.89% 17.46% -14.56% -18.10% -23.58% -25.48% -24.41% -2.70% 16.43% 55.77% 105.49% 125.45% 198.30% 104.42% 65.50% 40.99% 13.40% 45.41% 88.70% 104.68% 107.50% 109.54% 120.65% 137.34% 127.01% 126.58%     
      qoq
    		16.67% 14.37% 19.31% -2.95% 7.18% 11.40% 26.28% -12.59% -6.57% 13.89% -8.14% -16.21% -12.82% 11.07% -6.82% 7.84% 4.32% 48.60% 22.92% 18.32% 38.03% 1.83% -0.49% 0.80% 11.02% 30.58% 29.14% 9.33% 12.55% 31.87% 35.98% 17.60% 7.65% 31.62%  
      cost of sales, including 3, 2, 10 and 7, respectively, to related parties
    		4,499,000,000                                   
      gross profit
    		1,148,000,000 1,064,000,000 929,000,000 763,000,000 807,000,000 715,000,000 591,000,000 402,000,000 482,000,000 499,000,000 341,000,000 193,000,000 359,000,000 396,000,000 298,000,000 516,000,000 523,000,000 552,000,000 338,000,000 243,864,000 261,273,000 150,206,000 138,422,000 142,546,000 137,543,000 137,793,000 88,532,000 56,134,000 57,306,000 49,035,000 34,234,000 21,890,000 20,416,000 16,039,000 9,746,000 
      yoy
    		42.26% 48.81% 57.19% 89.80% 67.43% 43.29% 73.31% 108.29% 34.26% 26.01% 14.43% -62.60% -31.36% -28.26% -11.83% 111.59% 100.17% 267.50% 144.18% 71.08% 89.96% 9.01% 56.35% 153.94% 140.02% 181.01% 158.61% 156.44% 180.69% 205.72% 251.26%     
      qoq
    		7.89% 14.53% 21.76% -5.45% 12.87% 20.98% 47.01% -16.60% -3.41% 46.33% 76.68% -46.24% -9.34% 32.89% -42.25% -1.34% -5.25% 63.31% 38.60% -6.66% 73.94% 8.51% -2.89% 3.64% -0.18% 55.64% 57.72% -2.05% 16.87% 43.23% 56.39% 7.22% 27.29% 64.57%  
      gross margin %
    		20.33% 21.98% 21.95% 21.51% 22.08% 20.97% 19.31% 16.58% 17.38% 16.81% 13.09% 6.80% 10.60% 10.20% 8.52% 13.75% 15.03% 16.55% 15.06% 13.35% 16.93% 13.43% 12.60% 12.92% 12.56% 13.97% 11.72% 9.60% 10.71% 10.32% 9.50% 8.26% 9.06% 7.66% 6.13% 
      selling, general and administrative expenses, including 9, 7, 24 and 22, respectively, to related parties
    		595,000,000                                   
      other operating expense
    		1,000,000 2,000,000  9,000,000 1,000,000 1,000,000 1,000,000                             
      operating income
    		552,000,000 511,000,000 394,000,000 260,000,000 337,000,000 259,000,000 134,000,000                             
      yoy
    		63.80% 97.30% 194.03%                                 
      qoq
    		8.02% 29.70% 51.54% -22.85% 30.12% 93.28%                              
      operating margin %
    		9.78% 10.56% 9.31% 7.33% 9.22% 7.60% 4.38% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 
      interest expense
    		125,000,000 143,000,000 139,000,000 148,000,000 157,000,000 173,000,000 173,000,000 165,000,000 153,000,000 155,000,000 159,000,000 83,250,000 153,000,000 116,000,000 64,000,000    30,000,000                 
      loss on debt extinguishment
    		14,000,000  2,000,000   2,000,000                              
      other income
    		154,000,000 60,000,000 -122,000,000 -50,000,000 29,000,000 35,000,000 -87,000,000  4,000,000 -3,000,000 -2,000,000 2,000,000 58,000,000 -3,000,000 13,000,000 22,000,000 -3,000,000 -6,000,000 -7,000,000 -6,573,000 -9,201,000 -3,079,000 17,406,000 1,970,000 827,000 694,000 239,000 223,000 308,000 468,000 179,000 68,000 671,000 391,000 218,000 
      net income before income taxes
    		259,000,000 308,000,000 375,000,000 156,000,000 147,000,000 49,000,000 48,000,000 -202,000,000 770,000,000 -105,000,000 -288,000,000 -1,441,000,000 -508,000,000 -438,000,000 -506,000,000 -181,000,000 -68,000,000 45,000,000 -82,000,000 -154,712,000 -17,644,000 -106,564,000 -183,557,000 -125,740,000 -92,244,000 -64,059,000 -82,596,000 -86,404,000 -64,419,000 -51,250,000 -52,672,000 -47,238,000 -39,769,000 -38,870,000  
      income tax benefit
    		-4,000,000  2,000,000 -3,000,000 -1,000,000 1,000,000 -1,000,000    -2,000,000                         
      net income
    		263,000,000 308,000,000 373,000,000 159,000,000 148,000,000 48,000,000 49,000,000 -200,000,000 741,000,000 -105,000,000 -286,000,000 -1,441,000,000 -508,000,000 -439,000,000 -506,000,000 -182,000,000 -68,000,000 45,000,000 -82,000,000 -154,619,000 -17,720,000 -106,326,000 -183,557,000 -125,740,000 -92,244,000 -64,059,000 -82,596,000 -86,404,000 -64,419,000 -51,250,000 -52,672,000 -47,238,000 -39,769,000 -38,870,000 -38,439,000 
      yoy
    		77.70% 541.67% 661.22% -179.50% -80.03% -145.71% -117.13% -86.12% -245.87% -76.08% -43.48% 691.76% 647.06% -1075.56% 517.07% 17.71% 283.75% -142.32% -55.33% 22.97% -80.79% 65.98% 122.23% 45.53% 43.19% 24.99% 56.81% 82.91% 61.98% 31.85% 37.03%     
      qoq
    		-14.61% -17.43% 134.59% 7.43% 208.33% -2.04% -124.50% -126.99% -805.71% -63.29% -80.15% 183.66% 15.72% -13.24% 178.02% 167.65% -251.11% -154.88% -46.97% 772.57% -83.33% -42.07% 45.98% 36.31% 44.00% -22.44% -4.41% 34.13% 25.70% -2.70% 11.50% 18.78% 2.31% 1.12%  
      net income margin %
    		4.66% 6.36% 8.81% 4.48% 4.05% 1.41% 1.60% -8.25% 26.72% -3.54% -10.97% -50.79% -15.00% -11.30% -14.47% -4.85% -1.95% 1.35% -3.65% -8.47% -1.15% -9.51% -16.71% -11.39% -8.43% -6.50% -10.94% -14.77% -12.04% -10.78% -14.61% -17.82% -17.65% -18.57% -24.16% 
      net income attributable to non-controlling interests
    		112,000,000 125,000,000 157,000,000 80,000,000 63,000,000 30,000,000 21,000,000 -86,000,000 -41,000,000 -47,000,000 -126,000,000 -635,000,000 -225,000,000 -201,000,000 -246,000,000 -93,000,000 -36,000,000 23,000,000 -46,000,000 -91,281,000 -10,635,000 -65,496,000 -123,670,000 -105,257,000 -53,227,000 -37,449,000 -54,047,000 -57,700,000 -48,377,000 -41,285,000 45,629,000     
      net income attributable to carvana co.
    		151,000,000 183,000,000 216,000,000 79,000,000 85,000,000 18,000,000 28,000,000 -114,000,000 782,000,000 -58,000,000 -160,000,000 -806,000,000 -283,000,000 -238,000,000 -260,000,000 -89,000,000 -32,000,000 22,000,000 -36,000,000 -63,338,000 -7,085,000 -40,830,000 -59,887,000 -20,483,000 -39,017,000 -26,610,000 -28,549,000 -28,704,000 -16,042,000 -9,965,000 -7,043,000 -5,480,000 -4,380,000 -14,542,000  
      net earnings per share of class a common stock - basic
    		1.08 1.35 1.61 0.63 0.69 0.15 0.24 -1.12 7.05     -2.35    0.27                  
      net earnings per share of class a common stock - diluted
    		1.03 1.28 1.51 0.58 0.64 0.14 0.23 -1.03 3.6     -2.35    0.26                  
      weighted-average shares of class a common stock outstanding - basic
    		139,213 135,414 134,058 122,344 123,883 118,930 116,298 109,323 110,844                           
      weighted-average shares of class a common stock outstanding - diluted
    		146,274 143,230 142,587 132,206 133,555 128,465 212,239 200,578 205,958                           
      wholesale sales and revenues, including 9, 7, 17 and 14, respectively, from related parties
    		 1,024,000,000                                  
      other sales and revenues, including 83, 47, 155 and 89, respectively, from related parties
    		 411,000,000                                  
      cost of sales, including 4, 3, 7 and 5, respectively, to related parties
    		 3,776,000,000                                  
      selling, general and administrative expenses, including 8, 8, 15 and 15, respectively, to related parties
    		 551,000,000                                  
      income tax provision
    		       -2,000,000 29,000,000     1,000,000      -93,000 76,000 -238,000              
      wholesale sales and revenues, including 8 and 7, respectively, from related parties
    		  863,000,000                                 
      other sales and revenues, including 72 and 42, respectively, from related parties
    		  389,000,000                                 
      cost of sales, including 1 and 1, respectively, to related parties
    		  3,303,000,000    2,470,000,000                             
      selling, general and administrative expenses, including 7 and 7, respectively, to related parties
    		  535,000,000                                 
      wholesale sales and revenues, including 7, 4, 21 and 14, respectively, from related parties
    		   540,750,000 786,000,000                               
      other sales and revenues, including 52, 35, 141 and 104, respectively, from related parties
    		   208,500,000 326,000,000                               
      cost of sales, including 1, 1, 4 and 3, respectively, to related parties
    		   2,003,250,000 2,848,000,000                               
      selling, general and administrative expenses, including 7, 8, 22 and 26, respectively, to related parties
    		   345,000,000 469,000,000                               
      gain on debt extinguishment
    		   6,000,000 4,000,000    -878,000,000                           
      wholesale sales and revenues, including 7, 5, 14 and 10, respectively, from related parties
    		     720,000,000                              
      other sales and revenues, including 47, 33, 89 and 69, respectively, from related parties
    		     279,000,000                              
      cost of sales, including 2, 1, 3 and 2, respectively, to related parties
    		     2,695,000,000                              
      selling, general and administrative expenses, including 8, 10, 15 and 18, respectively, to related parties
    		     455,000,000                              
      wholesale sales and revenues, including 7 and 5, respectively, from related parties
    		      657,000,000                             
      other sales and revenues, including 42 and 36, respectively, from related parties
    		      229,000,000                             
      selling, general and administrative expenses, including 7 and 8, respectively, to related parties
    		      456,000,000                             
      wholesale sales and revenues, including 4, 6, 14 and 27, respectively, from related parties
    		       501,250,000 610,000,000                           
      other sales and revenues, including 35, 39, 104 and 137, respectively, from related parties
    		       151,250,000 214,000,000                           
      cost of sales, including 1, 2, 3 and 20, respectively, to related parties
    		       1,756,250,000 2,291,000,000                           
      selling, general and administrative expenses, including 8, 7, 26 and 20, respectively, to related parties
    		       339,250,000 433,000,000                           
      wholesale sales and revenues, including 5, 7, 10 and 21, respectively, from related parties
    		         777,000,000                          
      other sales and revenues, including 33, 50, 69 and 98, respectively, from related parties
    		         230,000,000                          
      cost of sales, including 1, 9, 2 and 18, respectively, to related parties
    		         2,469,000,000                          
      selling, general and administrative expenses, including 10, 7, 18 and 13, respectively, to related parties
    		         452,000,000                          
      net income per share
    		         -0.55 -1.51 -7.86 -2.67  -2.89 -1.07 -0.38  -0.46 -0.9 -0.1 -0.62 -1.19 -0.39 -0.78 -0.58 -0.69 -0.81 -0.5 -0.41 -0.53 -0.45 -0.29 -0.28  
      weighted-average shares of class a common stock outstanding, basic and diluted
    		         106,222 106,011                         
      wholesale sales and revenues, including 5 and 14, respectively, from related parties
    		          618,000,000                         
      other sales and revenues, including 36 and 48, respectively, from related parties
    		          161,000,000                         
      cost of sales, including 1 and 9, respectively, to related parties
    		          2,265,000,000                         
      selling, general and administrative expenses, including 8 and 6, respectively, to related parties
    		          472,000,000                         
      wholesale sales and revenues, including 6, 15, 27 and 37, respectively, from related parties
    		           494,000,000 697,000,000                       
      other sales and revenues, including 39, 52, 137 and 143, respectively, from related parties
    		           151,250,000 197,000,000                       
      cost of sales, including 2, 17, 20 and 21, respectively, to related parties
    		           2,428,500,000 3,027,000,000                       
      selling, general and administrative expenses, including 7, 7, 20 and 19, respectively, to related parties
    		           526,000,000 656,000,000                       
      weighted-average shares of class a common stock, basic and diluted
    		           100,828 105,857  90,095 82,805 84,779  78,103 64,981 70,005 66,327 50,399 46,847 49,787 46,038 41,352 30,043 34,655 27,780 18,346 15,241 15,045 15,026  
      used vehicle sales
    		             2,962,000,000 2,732,000,000 2,897,000,000 2,650,000,000 2,504,000,000 1,800,000,000 1,495,386,000 1,289,128,000 991,802,000 964,279,000 949,971,000 931,016,000 855,785,000 683,829,000 526,798,000 486,269,000 437,922,000 334,056,000 246,473,000 208,113,000 193,947,000 148,382,000 
      wholesale sales and revenues, including 7, 16, 21 and 22, respectively, from related parties
    		             704,000,000                      
      other sales and revenues, including 50, 49, 98 and 91, respectively, from related parties
    		             218,000,000                      
      cost of sales, including 9, 3, 18 and 4, respectively, to related parties
    		             3,488,000,000                      
      selling, general and administrative expenses, including 7, 6, 13 and 12, respectively, to related parties
    		             721,000,000                      
      weighted-average shares of class a common stock - basic
    		             101,450    81,398                  
      weighted-average shares of class a common stock - diluted
    		             101,450    176,015                  
      wholesale vehicle sales, including 14 and 6 respectively, from related parties
    		              575,000,000                     
      other sales and revenues, including 48 and 42, respectively, from related parties
    		              190,000,000                     
      cost of sales, including 9 and 1, respectively, to related parties
    		              3,199,000,000                     
      selling, general and administrative expenses, including 6 for both periods, to related parties
    		              727,000,000                     
      wholesale vehicle sales, including 15, 1, 37, and 1, respectively, from related parties
    		               337,250,000 552,000,000                   
      other sales and revenues, including 52, 26, 143, and 69, respectively, from related parties
    		               189,500,000 278,000,000                   
      cost of sales, including 17, 1, 21, and 3, respectively, to related parties
    		               1,912,000,000 2,957,000,000                   
      selling, general and administrative expenses, including 7, 5, 19, and 14, respectively, to related parties
    		               353,250,000 546,000,000                   
      interest expense, including 0, 0, 0, and 1, respectively, to related parties
    		               30,250,000 48,000,000 43,000,000                  
      wholesale vehicle sales, including 16, 0, 22, and 0, respectively, from related parties
    		                 557,000,000                  
      other sales and revenues, including 49, 23, 91, and 43, respectively, from related parties
    		                 275,000,000                  
      cost of sales, including 3, 1, 4, and 2, respectively, to related parties
    		                 2,784,000,000                  
      selling, general and administrative expenses, including 6, 5, 12, and 9, respectively, to related parties
    		                 470,000,000                  
      wholesale vehicle sales, including 6 and 0, respectively, from related parties
    		                  240,000,000                 
      other sales and revenues, including 42 and 20, respectively, from related parties
    		                  205,000,000                 
      cost of sales, including 1 for both periods to related parties
    		                  1,907,000,000                 
      selling, general and administrative expenses, including 6 and 4, respectively, to related parties
    		                  397,000,000                 
      wholesale vehicle sales, including 1,323, 0, 1,365, and 0, respectively, from related parties
    		                   64,741,250 129,925,000               
      other sales and revenues, including 26,141, 15,824, 69,423, and 40,386, respectively, from related parties
    		                   63,996,250 124,556,000               
      cost of sales, including 931, 997, 2,664, and 3,487, respectively, to related parties
    		                   802,564,500 1,282,336,000               
      selling, general and administrative expenses, including 4,712, 4,264, 13,630, and 9,884, respectively, to related parties
    		                   195,871,750 267,842,000               
      interest expense, including 332, 332, 998, and 998, respectively, to related parties
    		                   17,263,250 20,276,000               
      wholesale vehicle sales
    		                     49,434,000 79,606,000 79,112,000 92,430,000 63,014,000 33,030,000 25,389,000 21,440,000 16,622,000 10,133,000 7,511,000 7,459,000 7,818,000 5,726,000 
      other sales and revenues, including 22,720, 13,989, 43,282, and 24,562, respectively, from related parties
    		                     77,098,000              
      cost of sales, including 891, 1,217, 1,733, and 2,490, respectively, to related parties
    		                     968,128,000              
      selling, general and administrative expenses, including 4,491, 2,885, 8,917, and 5,620, respectively, to related parties
    		                     239,934,000              
      interest expense, including 333, 333, 666, and 666, respectively, to related parties
    		                     19,915,000              
      other sales and revenues, including 20,562 and 10,573, respectively, from related parties
    		                      54,331,000             
      cost of sales, including 842 and 1,273, respectively, to related parties
    		                      959,794,000             
      selling, general and administrative expenses, including 4,426 and 2,735, respectively, to related parties
    		                      275,711,000             
      interest expense, including 333 to related parties
    		                      28,862,000             
      other sales and revenues, including 15,824, 6,696, 40,386 and 16,351, respectively, from related parties
    		                       44,301,250 71,408,000           
      cost of sales, including 997, 1,286, 3,487 and 3,543 respectively, to related parties
    		                       618,110,250 957,311,000           
      selling, general and administrative expenses, including 4,264, 2,085, 9,884 and 6,019 respectively, to related parties
    		                       136,263,500 207,970,000           
      interest expense, including 332, 0, 998 and 0, respectively, to related parties
    		                       13,988,250 20,990,000           
      dividends on class a convertible preferred stock
    		                           -256,000 -1,230,000 -1,375,000 -1,345,000     
      accretion of beneficial conversion feature on class a convertible preferred stock
    		                              -1,380,000     
      net income attributable to class a common stockholders
    		                       -20,483,000 -39,017,000 -26,610,000 -28,549,000 -28,960,000 -17,272,000 -11,340,000 -9,768,000     
      other sales and revenues, including 13,989, 5,544, 24,562, and 9,655, respectively, from related parties
    		                         67,422,000          
      cost of sales, including 1,217 and 1,210, 2,490 and 2,257 respectively, to related parties
    		                         848,428,000          
      selling, general and administrative expenses, including 2,885, 2,115, 5,620 and 3,934 respectively, to related parties
    		                         181,843,000          
      interest expense, including 333, 0, 666 and 0, respectively, to related parties
    		                         19,315,000          
      other sales and revenues, including 10,573 and 4,111, respectively, from related parties
    		                          38,375,000         
      cost of sales, including 1,273 and 1,047, respectively, to related parties
    		                          666,702,000         
      selling, general and administrative expenses, including 2,735 and 1,819, respectively, to related parties
    		                          155,241,000         
      interest expense, including 333 and 0, respectively, to related parties
    		                          15,648,000         
      other sales and revenues, including 6,696, 2,414, 16,351 and 6,070, respectively, from related parties
    		                           16,046,750 27,212,000       
      cost of sales
    		                           528,704,000 477,615,000 426,251,000 326,188,000 243,163,000 204,963,000 193,326,000 149,327,000 
      selling, general and administrative expenses
    		                           130,652,000 115,768,000 95,652,000 83,186,000 66,805,000 58,676,000 52,011,000 45,908,000 
      interest expense, including 0, 0, 0 and 1,382, respectively, to related parties
    		                           3,338,750 5,649,000       
      other sales and revenues, including 5,544, 1,898, 9,655 and 3,656, respectively, from related parties
    		                             20,742,000      
      interest expense, including 0, 1,241, 0 and 1,382, respectively, to related parties
    		                             4,165,000      
      other sales and revenues, including 4,111 and 1,758, respectively, from related parties
    		                              16,233,000     
      interest expense, including 0 and 141, respectively, to related parties
    		                              3,541,000     
      other sales and revenues, including 2,414, 0, 6,070 and 0, respectively, from related parties
    		                               5,593,000 9,807,000   
      interest expense, including 0, 0, 1,382 and 0, respectively, to related parties
    		                               1,351,000 838,000   
      less: net income attributable to non-controlling interests
    		                               -41,758,000 -35,389,000 -24,328,000  
      other sales and revenues, including 1,898, 0, 3,656 and 0, respectively, from related parties
    		                                 7,600,000  
      interest expense, including 1,241, 0, 1,382 and 0, respectively, to related parties
    		                                 2,507,000  
      other sales and revenues, including 1,758 and 0 from related parties
    		                                  4,965,000 
      interest expense, including 141 and 0 to related parties
    		                                  2,059,000 
      net income attributable to class a unit holders, basic and diluted
    		                                  -45,700,000 
      net income per class a unit, basic and diluted
    		                                  -440 
      weighted-average class a units outstanding, basic and diluted
    		                                  103,286,000 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.