Carvana Co
(NYSE:CVNA)

Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty covera...

Website: http://www.carvana.com

Founded: 2012

IPO Price: $15 (Apr 28, 2017)

Full Time Employees: 7,324

CEO / Co-Founder: Ernest Garcia III

Sector: Consumer Cyclical

Industry: Internet Retail

E-Commerce Consumer Cyclical Automotive

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At a glance:

Profitability and Margin Expansion Remain Central to the Story: Carvana’s investment case is heavily tied to sustaining recent improvements in unit economics—particularly gross profit per unit (GPU) and adjusted EBITDA margin—through pricing discipline, lower reconditioning/fulfillment costs, and tighter operating expense control.
Liquidity and Debt Management Are Key Investor Focus Areas: Given Carvana’s leveraged capital structure, progress on liquidity (cash balance, access to funding) and managing maturities/interest expense continues to be a primary driver of sentiment and valuation.
Used-Vehicle Demand and Pricing Volatility Drive Near-Term Results: Retail unit volumes and profitability are sensitive to used-car price movements, consumer affordability, and interest rates, which can quickly change inventory values, conversion rates, and overall demand.
Inventory Sourcing and Turnover Efficiency Affect Cash Flow: Carvana’s ability to source vehicles at attractive prices and move inventory efficiently impacts working capital, cash generation, and risk from holding depreciating assets during rapid market shifts.
Execution on Operations and Customer Experience Supports Share Gains: Operational reliability—vehicle condition, delivery speed, returns, and financing experience—remains important for maintaining brand trust and potentially capturing share in a highly competitive used-auto retail market.

Bull Thesis:

Operational Efficiency & Path to Profitability: Carvana has demonstrated significant improvements in operational efficiency, including reduced SG&A per unit and improved gross profit per unit (GPU). This focus on cost control and unit economics is driving the company towards sustainable profitability, with recent quarters showing positive adjusted EBITDA.
Market Share Expansion in a Fragmented Market: Despite its challenges, Carvana continues to be a leader in the online used car retail space, which still represents a small fraction of the overall used car market. As consumer preferences shift towards online purchasing for vehicles, Carvana is well-positioned to capture increasing market share from traditional dealerships in a highly fragmented industry.
Successful Debt Restructuring & Improved Liquidity: The company successfully completed a significant debt exchange, which reduced its cash interest expense and extended maturities. This restructuring has alleviated immediate liquidity concerns, providing Carvana with more financial flexibility and runway to execute its turnaround strategy without the immediate pressure of looming debt obligations.

Bear Thesis:

Persistent Negative Free Cash Flow: Despite improvements in profitability metrics like adjusted EBITDA, Carvana continues to report negative free cash flow. The company still burns a significant amount of cash, raising concerns about its long-term financial sustainability and potential need for future capital raises if it cannot achieve positive free cash flow consistently.
High Debt Load & Interest Expense: Even after the debt restructuring, Carvana still carries a substantial amount of debt. The high interest expense associated with this debt will continue to be a significant drag on net income and cash flow, making it challenging to achieve GAAP profitability and accumulate cash for future growth or debt reduction.
Intense Competition & Macroeconomic Headwinds: The used car market is highly competitive, with traditional dealerships, other online players (e.g., CarMax, Vroom), and even new entrants. Combined with potential macroeconomic headwinds such as high interest rates, inflation, and a slowing economy, consumer demand for used vehicles could soften, putting pressure on Carvana's sales volumes and margins.
Used Car Price Volatility & Inventory Risk: Carvana's business is highly sensitive to fluctuations in used car prices. A significant decline in used car values could lead to inventory write-downs, reduced gross profit per unit, and increased losses. Managing inventory effectively in a volatile market remains a critical challenge and source of risk for the company.

Main Competitors:

CarMax, Inc. ($KMX) (Used car sales (online and physical lots)), The largest used car retailer in the US, CarMax has significantly expanded its omnichannel capabilities, offering online purchasing, home delivery, and in-store pickup. They compete directly with Carvana on inventory selection, customer service, and convenience, leveraging their established brand, vast physical footprint, and reconditioning infrastructure.
AutoNation, Inc. ($AN) (Used car sales (online and physical dealerships)), As the largest automotive retailer in the US, AutoNation sells a massive volume of used cars alongside new vehicles. They have invested heavily in their digital retail platform ('AutoNation Express'), enabling customers to complete much of the purchase process online, including financing and home delivery, directly competing with Carvana's convenience and online model.
Driveway (Lithia Motors Inc.) ($LAD) (Online used car sales and services), Driveway is Lithia Motors' dedicated e-commerce platform, designed to offer a fully online car buying and selling experience, including home delivery and financing. It directly mimics Carvana's model, leveraging Lithia's extensive network of dealerships, inventory, and reconditioning capabilities to compete for online used car customers.
Private Party Sales (e.g., Facebook Marketplace, Craigslist) (Peer-to-peer used car listings), While not a single company, the collective of private party sales platforms represents a significant alternative for consumers. They compete with Carvana by offering potentially lower prices for both buyers and sellers, albeit with less convenience, no reconditioning guarantee, and higher risk compared to Carvana's inspected and warrantied vehicles.

Moat:

Carvana's initial competitive advantage stemmed from its fully online, vertically integrated model, proprietary logistics, and brand recognition for convenience. However, this 'moat' has been challenged by high capital expenditures, logistics costs, and intense competition. Established players like CarMax and AutoNation have significantly enhanced their omnichannel capabilities, offering similar online buying, home delivery, and financing options. Newer online platforms like Driveway directly replicate Carvana's model, often leveraging existing dealership infrastructure. Carvana's ongoing competitiveness relies on achieving operational efficiency, managing costs effectively, and maintaining its brand appeal for a seamless customer experience in a highly fragmented and competitive used car market.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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	4,828,000,000	4,156,000,000	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 13 and 8, respectively, from related parties	1,078,000,000
other sales and revenues, including 114 and 72, respectively, from related parties	526,000,000
net sales and operating revenues	6,432,000,000	5,603,000,000	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	51.98%	57.96%	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	14.80%	-0.78%	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 5 and 3, respectively, to related parties	5,161,000,000
gross profit	1,271,000,000	1,051,000,000	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	36.81%	37.75%	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	20.93%	-8.45%	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 %	19.76%	18.76%	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 10 and 7, respectively, to related parties	690,000,000
other operating expense			1,000,000	2,000,000		9,000,000	1,000,000	1,000,000	1,000,000
operating income	581,000,000	424,000,000	552,000,000	511,000,000	394,000,000	260,000,000	337,000,000	259,000,000	134,000,000
yoy	47.46%	63.08%	63.80%	97.30%	194.03%
qoq	37.03%	-23.19%	8.02%	29.70%	51.54%	-22.85%	30.12%	93.28%
operating margin %	9.03%	7.57%	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	99,000,000	98,000,000	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	6,000,000	4,000,000	2,000,000
other expense	41,000,000	2,158,000,000	154,000,000	60,000,000		-50,000,000	29,000,000	35,000,000			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	441,000,000	-1,832,000,000	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					-438,000,000				45,000,000
income tax provision	36,000,000				2,000,000	-3,000,000	-1,000,000	1,000,000		-2,000,000	29,000,000		-2,000,000			1,000,000						-93,000	76,000	-238,000
net income	405,000,000	951,000,000	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	8.58%	498.11%	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	-57.41%	261.60%	-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 %	6.30%	16.97%	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	155,000,000	94,000,000	112,000,000	125,000,000	157,000,000	80,000,000	63,000,000	30,000,000	21,000,000							-201,000,000				23,000,000
net income attributable to carvana co.	250,000,000	857,000,000	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					-238,000,000				22,000,000
net earnings per share of class a common stock - basic	1.75	6.18	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	1.69	4.63	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	142,749	137,634	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	148,085	224,277	146,274	143,230	142,587	132,206	133,555	128,465	212,239	200,578	205,958
wholesale sales and revenues, including 11, 7, 28 and 21, respectively, from related parties		766,000,000	1,177,000,000
other sales and revenues, including 93, 52, 248 and 141, respectively, from related parties		318,500,000	474,000,000
cost of sales, including 3, 2, 10 and 7, respectively, to related parties		2,894,500,000	4,499,000,000
selling, general and administrative expenses, including 9, 7, 24 and 22, respectively, to related parties		420,250,000	595,000,000
income tax benefit		-500,000	-4,000,000						-1,000,000
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
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
other income					-122,000,000				-87,000,000
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
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
gain on debt extinguishment											-878,000,000
net loss attributable to non-controlling interests										-86,000,000	-41,000,000	-47,000,000	-126,000,000	-635,000,000	-225,000,000		-246,000,000	-93,000,000	-36,000,000		-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
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 loss before income taxes												-105,000,000	-288,000,000	-1,441,000,000	-508,000,000		-506,000,000	-181,000,000	-68,000,000		-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
net loss attributable to carvana co.												-58,000,000	-160,000,000	-806,000,000	-283,000,000		-260,000,000	-89,000,000	-32,000,000		-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 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 loss 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 loss 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 loss attributable to class a unit holders, basic and diluted																																					-45,700,000
net loss per class a unit, basic and diluted																																					-440
weighted-average class a units outstanding, basic and diluted																																					103,286,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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

assets
current assets:
cash and cash equivalents	2,410,000,000	2,327,000,000	2,142,000,000	1,857,000,000	1,858,000,000	1,716,000,000	871,000,000	542,000,000	252,000,000	530,000,000	544,000,000	541,000,000	488,000,000	434,000,000	316,000,000	1,047,000,000	247,000,000	403,000,000	297,000,000	201,000,000	370,000,000	300,810,000	173,704,000	246,299,000	72,435,000	76,016,000	94,943,000	40,200,000	85,321,000	78,861,000	439,794,000	199,192,000	121,497,000	172,680,000	103,454,000	144,433,000	8,307,000
restricted cash	102,000,000	102,000,000	79,000,000	73,000,000	46,000,000	44,000,000	61,000,000	65,000,000	75,000,000	64,000,000	72,000,000	136,000,000	206,000,000	194,000,000	161,000,000	150,000,000	295,000,000	233,000,000	107,000,000	109,000,000	45,000,000	28,301,000	22,619,000	119,987,000	72,600,000	42,443,000	13,531,000	2,196,000	21,734,000	9,848,000	18,471,000	18,356,000	18,428,000	14,443,000	11,755,000	10,339,000	11,488,000
accounts receivable	339,000,000	245,000,000	352,000,000	320,000,000	369,000,000	303,000,000	363,000,000	349,000,000	351,000,000	266,000,000	318,000,000	335,000,000	342,000,000	253,000,000	359,000,000	428,000,000	208,000,000	206,000,000	178,000,000	185,000,000	118,000,000	78,563,000	82,932,000	45,543,000	26,591,000	39,864,000	59,043,000	42,128,000	38,179,000	33,120,000	23,498,000	23,573,000	20,969,000	14,105,000	11,639,000	13,759,000	8,023,000
finance receivables held for sale	982,000,000	813,000,000	724,000,000	767,000,000	737,000,000	612,000,000	553,000,000	758,000,000	866,000,000	807,000,000	650,000,000	1,098,000,000	1,606,000,000	1,334,000,000	485,000,000	393,000,000	393,000,000	356,000,000	368,000,000	429,000,000	384,000,000	274,941,000	316,972,000	358,124,000	199,045,000	286,969,000	180,856,000	177,705,000	151,186,000	105,200,000	88,151,000	77,128,000	62,490,000	45,564,000	37,519,000	24,049,000	24,951,000
vehicle inventory	2,664,000,000	2,408,000,000	2,316,000,000	2,023,000,000	1,503,000,000	1,608,000,000	1,305,000,000	1,221,000,000	1,162,000,000	1,150,000,000	1,085,000,000	1,302,000,000	1,485,000,000	1,876,000,000	2,577,000,000	2,865,000,000	3,304,000,000	3,149,000,000	2,285,000,000	1,974,000,000	1,439,000,000	1,036,235,000	967,547,000	629,401,000	844,681,000	762,696,000	629,798,000	606,534,000	525,694,000	412,243,000	339,005,000	302,989,000	299,780,000	227,446,000	192,242,000	174,369,000	199,882,000
beneficial interests in securitizations	492,000,000	486,000,000	486,000,000	466,000,000	475,000,000	464,000,000	463,000,000	421,000,000	388,000,000	366,000,000	371,000,000	335,000,000	312,000,000	321,000,000	350,000,000	401,000,000	416,000,000	382,000,000	312,000,000	239,000,000	177,000,000	131,274,000	112,134,000	116,563,000	118,923,000	98,780,000	75,832,000	45,192,000	19,531,000
other current assets, including 7 and 5, respectively, due from related parties	208,000,000
total current assets	7,197,000,000	6,549,000,000	6,265,000,000	5,673,000,000	5,137,000,000	4,869,000,000	3,765,000,000	3,477,000,000	3,232,000,000	3,321,000,000	3,186,000,000	3,912,000,000	4,616,000,000	4,594,000,000	4,469,000,000	5,491,000,000	5,070,000,000	4,892,000,000	3,690,000,000	3,245,000,000	2,628,000,000	1,923,147,000	1,747,104,000	1,571,486,000	1,393,584,000	1,359,422,000	1,097,958,000	957,542,000	876,786,000	662,854,000	935,365,000	643,493,000	541,323,000	489,718,000	366,207,000	376,863,000	265,173,000
property and equipment	2,821,000,000	2,814,000,000	2,727,000,000	2,722,000,000	2,743,000,000	2,773,000,000	2,826,000,000	2,867,000,000	2,919,000,000	2,982,000,000	3,051,000,000	3,126,000,000	3,195,000,000	3,244,000,000	3,326,000,000	3,261,000,000	1,856,000,000	1,560,000,000	1,333,000,000	1,103,000,000	982,000,000	909,166,000	800,181,000	704,748,000	645,485,000	543,471,000	457,157,000	392,240,000	353,486,000	296,839,000	251,942,000	217,414,000	176,259,000	148,681,000	125,996,000	106,127,000	80,974,000
operating lease right-of-use assets, including 6 and 6, respectively, from leases with related parties	431,000,000
intangible assets	49,000,000	47,000,000	35,000,000	32,000,000	35,000,000	34,000,000	39,000,000	43,000,000	48,000,000	52,000,000	56,000,000	61,000,000	65,000,000	70,000,000	76,000,000	82,000,000	4,000,000	4,000,000	5,000,000	5,000,000	5,000,000	5,643,000	5,990,000	6,337,000	6,685,000	7,232,000	7,680,000	8,096,000	8,496,000	8,869,000	9,243,000	9,616,000
goodwill	10,000,000	10,000,000	3,000,000	2,000,000	2,000,000										847,000,000	847,000,000	9,000,000	9,000,000	9,000,000	9,000,000	9,000,000	9,353,000	9,353,000	9,353,000	9,353,000	9,353,000	9,353,000	9,353,000	9,353,000	9,353,000	9,353,000	6,868,000
deferred tax assets	3,031,000,000	3,064,000,000
other assets	232,000,000	274,000,000	385,000,000	507,000,000	531,000,000	368,000,000	286,000,000	317,000,000	337,000,000																						6,200,000	4,372,000	3,152,000	2,738,000	2,969,000	1,893,000	2,856,000
total assets	13,771,000,000	13,201,000,000	9,853,000,000	9,366,000,000	8,878,000,000	8,484,000,000	7,368,000,000	7,170,000,000	6,983,000,000	7,071,000,000	7,025,000,000	7,849,000,000	8,646,000,000	8,698,000,000	9,621,000,000	10,502,000,000	7,585,000,000	7,015,000,000	5,360,000,000	4,581,000,000	3,819,000,000	3,034,531,000	2,732,798,000	2,476,806,000	2,239,218,000	2,057,748,000	1,684,321,000	1,474,404,000	1,338,401,000	991,013,000	1,212,103,000	881,763,000	720,734,000	641,137,000	495,172,000	484,883,000	349,003,000
liabilities & stockholders' equity
current liabilities:
accounts payable and accrued liabilities, including 35 and 21, respectively, due to related parties	1,259,000,000
short-term revolving facilities	79,000,000	58,000,000	73,000,000	72,000,000	64,000,000	67,000,000	76,000,000	72,000,000	275,000,000	668,000,000	429,000,000	1,161,000,000	1,703,000,000	1,534,000,000	575,000,000	1,118,000,000	2,786,000,000	2,053,000,000	455,000,000	680,000,000	122,000,000	39,820,000	126,981,000	31,000,000	812,214,000	568,840,000	262,191,000	39,697,000
current portion of long-term debt	229,000,000	227,000,000	320,000,000	312,000,000	308,000,000	309,000,000	209,000,000	203,000,000	194,000,000	189,000,000	200,000,000	199,000,000	201,000,000	201,000,000	213,000,000	212,000,000	178,000,000	152,000,000	74,000,000	71,000,000	69,000,000	65,497,000	54,313,000	52,470,000	53,286,000	48,731,000	40,246,000	20,716,000				6,664,000	6,138,000	5,131,000	3,375,000	1,873,000
other current liabilities, including 77 and 31, respectively, due to related parties	194,000,000
total current liabilities	1,761,000,000	1,519,000,000	1,548,000,000	1,417,000,000	1,347,000,000	1,338,000,000	1,159,000,000	1,118,000,000	1,274,000,000	1,536,000,000	1,395,000,000	2,179,000,000	2,850,000,000	2,592,000,000	1,878,000,000	2,368,000,000	3,741,000,000	2,890,000,000	1,261,000,000	1,333,000,000	696,000,000	467,137,000	548,786,000	373,263,000	1,128,424,000	864,870,000	507,453,000	249,835,000	630,030,000	329,511,000	457,603,000	438,824,000	419,756,000	306,031,000	244,413,000	203,837,000	224,559,000
long-term debt, excluding current portion	4,846,000,000	4,830,000,000	4,810,000,000	5,323,000,000	5,269,000,000	5,256,000,000	5,431,000,000	5,428,000,000	5,544,000,000	5,416,000,000	5,305,000,000	6,542,000,000	6,553,000,000	6,574,000,000	6,616,000,000	6,605,000,000	3,286,000,000	3,208,000,000	3,134,000,000	2,327,000,000	2,254,000,000											76,873,000	66,788,000	48,469,000	16,363,000	10,279,000
operating lease liabilities, excluding current portion, including 4 and 5, respectively, from leases with related parties	392,000,000
tax receivable agreement liability, including 1,645 and 1,721, respectively, due to related parties	2,130,000,000
other liabilities	10,000,000	15,000,000										68,000,000	72,000,000	78,000,000	84,000,000	25,000,000	32,000,000	31,000,000	1,000,000	1,000,000	1,000,000	1,411,000	1,497,000	1,584,000	1,696,000	1,808,000	1,844,000	1,844,000	1,844,000	8,725,000	9,072,000	6,957,000	7,250,000	7,093,000	6,920,000	5,337,000	2,254,000
total liabilities	9,139,000,000	8,998,000,000	6,902,000,000	7,249,000,000	7,105,000,000	7,109,000,000	7,082,000,000	7,055,000,000	7,294,000,000	7,455,000,000	7,227,000,000	9,255,000,000	9,968,000,000	9,751,000,000	9,247,000,000	9,638,000,000	7,533,000,000	6,490,000,000	4,652,000,000	3,811,000,000	3,098,000,000	2,233,028,000	1,771,222,000	1,503,725,000	2,225,992,000	1,865,809,000	1,373,143,000	1,080,587,000	1,185,554,000	763,585,000	905,335,000	522,654,000	493,794,000	361,593,000	267,696,000	219,453,000	252,273,000
commitments and contingencies
stockholders' equity:
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of march 31, 2026 and december 31, 2025
class a common stock																						77,000	71,000	69,000	51,000	51,000	50,000	50,000	43,000	41,000	38,000	34,000	20,000	18,000	16,000	16,000
class b common stock																						96,000	101,000	101,000	101,000	101,000	101,000	101,000	102,000	104,000	106,000	106,000	113,000	115,000	117,000	117,000
additional paid-in capital	3,479,000,000	3,450,000,000	3,145,000,000	2,747,000,000	2,704,000,000		2,106,000,000	2,106,000,000	1,887,000,000		1,851,000,000	1,597,000,000	1,576,000,000		1,544,000,000	1,526,000,000	829,000,000		785,000,000	771,000,000	755,000,000		721,174,000	709,536,000	285,874,000		274,210,000	263,409,000	157,830,000
retained earnings	241,000,000
total stockholders' equity attributable to carvana co.	3,720,000,000	3,441,000,000	2,279,000,000	1,730,000,000	1,504,000,000	1,260,000,000	611,000,000	526,000,000	289,000,000						274,000,000	539,000,000	80,000,000	306,000,000	385,000,000	403,000,000	365,000,000	387,600,000	430,510,000	425,955,000	43,105,000	98,112,000	105,532,000	133,748,000	54,773,000	73,408,000	109,106,000	163,748,000	120,301,000
non-controlling interests	912,000,000	762,000,000	672,000,000	387,000,000	269,000,000	115,000,000	-325,000,000	-411,000,000	-600,000,000	-627,000,000	-541,000,000	-709,000,000	-662,000,000	-535,000,000	100,000,000	325,000,000	-28,000,000	219,000,000	323,000,000	367,000,000	356,000,000	413,903,000	531,066,000	547,126,000	-29,879,000	93,827,000	205,646,000	260,069,000	98,074,000	154,020,000	197,662,000	195,361,000	106,639,000	153,808,000	199,315,000	234,191,000
total stockholders' equity	4,632,000,000	4,203,000,000	2,951,000,000	2,117,000,000	1,773,000,000	1,375,000,000	286,000,000	115,000,000						-1,053,000,000	374,000,000	864,000,000	52,000,000	525,000,000	708,000,000	770,000,000	721,000,000	801,503,000	961,576,000	973,081,000	13,226,000	191,939,000	311,178,000	393,817,000	152,847,000	227,428,000	306,768,000	359,109,000	226,940,000
total liabilities & stockholders' equity	13,771,000,000	13,201,000,000	9,853,000,000	9,366,000,000	8,878,000,000	8,484,000,000	7,368,000,000	7,170,000,000						8,698,000,000	9,621,000,000	10,502,000,000	7,585,000,000	7,015,000,000	5,360,000,000	4,581,000,000	3,819,000,000	3,034,531,000	2,732,798,000	2,476,806,000	2,239,218,000	2,057,748,000	1,684,321,000	1,474,404,000	1,338,401,000	991,013,000	1,212,103,000	881,763,000	720,734,000
other current assets, including 5 and 4, respectively, due from related parties		168,000,000	166,000,000	167,000,000
operating lease right-of-use assets, including 6 and 13, respectively, from leases with related parties		443,000,000
accounts payable and accrued liabilities, including 21 and 17, respectively, due to related parties		1,100,000,000
other current liabilities, including 31 and 16, respectively, due to related parties		134,000,000
operating lease liabilities, excluding current portion, including 5 and 10, respectively, from leases with related parties		406,000,000	402,000,000
tax receivable agreement liability, including 1,721 and 48, respectively, due to related parties		2,228,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of december 31, 2025 and 2024
accumulated deficit		-9,000,000	-866,000,000	-1,017,000,000	-1,200,000,000	-1,416,000,000	-1,495,000,000	-1,580,000,000	-1,598,000,000	-1,626,000,000	-1,512,000,000	-2,294,000,000	-2,236,000,000	-2,076,000,000	-1,270,000,000	-987,000,000	-749,000,000	-489,000,000	-400,000,000	-368,000,000	-390,000,000	-354,174,000	-290,836,000	-283,751,000	-242,921,000	-183,034,000	-168,829,000	-129,812,000	-103,202,000	-74,653,000	-45,949,000	-29,907,000	-19,942,000	-12,899,000	-7,419,000	-3,039,000	-221,157,000
operating lease right-of-use assets, including 7 and 13, respectively, from leases with related parties			438,000,000
accounts payable and accrued liabilities, including 23 and 17, respectively, due to related parties			1,012,000,000
other current liabilities, including 39 and 16, respectively, due to related parties			143,000,000
other liabilities, including 95 and 48, respectively, due to related parties			142,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of september 30, 2025 and december 31, 2024
operating lease right-of-use assets, including 8 and 13, respectively, from leases with related parties				430,000,000	430,000,000
accounts payable and accrued liabilities, including 24 and 17, respectively, due to related parties				893,000,000
other current liabilities, including 38 and 16, respectively, due to related parties				140,000,000
operating lease liabilities, excluding current portion, including 6 and 10, respectively, from leases with related parties				402,000,000	402,000,000
other liabilities, including 62 and 48, respectively, due to related parties				107,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of june 30, 2025 and december 31, 2024
other current assets, including 4 and 4, respectively, due from related parties					149,000,000
accounts payable and accrued liabilities, including 22 and 17, respectively, due to related parties					836,000,000
other current liabilities, including 37 and 16, respectively, due to related parties					139,000,000
other liabilities, including 42 and 48, respectively, due to related parties					87,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of march 31, 2025 and december 31, 2024
other current assets, including 4 and 3, respectively, due from related parties						122,000,000	149,000,000	121,000,000	138,000,000
operating lease right-of-use assets, including 13 and 10, respectively, from leases with related parties						440,000,000	452,000,000
accounts payable and accrued liabilities, including 17 and 7, respectively, due to related parties						856,000,000
other current liabilities, including 16 and 3, respectively, due to related parties						106,000,000
operating lease liabilities, excluding current portion, including 10 and 7, respectively, from leases with related parties						414,000,000	429,000,000
other liabilities, including 48 and 11, respectively, due to related parties						101,000,000
stockholders' equity
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of december 31, 2024 and 2023
additional paid in capital						2,676,000,000				1,869,000,000				1,558,000,000				795,000,000				741,601,000				280,994,000				147,916,000	130,284,000	95,008,000	41,603,000	41,375,000	35,447,000	34,145,000
accounts payable and accrued liabilities, including 14 and 7, respectively, due to related parties							772,000,000
other current liabilities, including 13 and 3, respectively, due to related parties							102,000,000	101,000,000
other liabilities, including 17 and 11, respectively, due to related parties							63,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of september 30, 2024 and december 31, 2023, respectively
operating lease right-of-use assets, including 14 and 10, respectively, from leases with related parties								466,000,000
accounts payable and accrued liabilities, including 6 and 7, respectively, due to related parties								742,000,000
operating lease liabilities, excluding current portion, including 11 and 7, respectively, from leases with related parties								444,000,000
other liabilities, including 15 and 11, respectively, due to related parties								65,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of june 30, 2024 and december 31, 2023, respectively
operating lease right-of-use assets, including 9 and 10, respectively, from leases with related parties									447,000,000
liabilities & stockholders' deficit
accounts payable and accrued liabilities, including 12 and 7, respectively, due to related parties									705,000,000
other current liabilities, including 14 and 3, respectively, due to related parties									100,000,000
operating lease liabilities, excluding current portion, including 6 and 7, respectively, from leases with related parties									424,000,000
other liabilities, including 0 and 11, respectively, due to related parties									52,000,000
stockholders' deficit:
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of march 31, 2024 and december 31, 2023, respectively
total stockholders' deficit									-311,000,000	-384,000,000	-202,000,000	-1,406,000,000	-1,322,000,000
total liabilities & stockholders' deficit									6,983,000,000	7,071,000,000	7,025,000,000	7,849,000,000	8,646,000,000
other current assets, including 3 and 6, respectively, due from related parties										138,000,000
operating lease right-of-use assets, including 10 and 14, respectively, from leases with related parties										455,000,000
other assets, including 0 and 1, respectively, due from related parties										261,000,000	259,000,000
accounts payable and accrued liabilities, including 7 and 16, respectively, due to related parties										596,000,000
other current liabilities, including 3 and 4, respectively, from leases with related parties										83,000,000	85,000,000	80,000,000
operating lease liabilities, excluding current portion, including 7 and 9, respectively, from leases with related parties										433,000,000	450,000,000
other liabilities, including 11 and 0, respectively, due to related parties										70,000,000	77,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of december 31, 2023 and 2022
total stockholders' equity (deficit) attributable to carvana co.										243,000,000	339,000,000			-518,000,000
other current assets, including 0 and 6, respectively, due from related parties											146,000,000
operating lease right-of-use assets, including 11 and 14, respectively, from leases with related parties											473,000,000
accounts payable and accrued liabilities, including 1 and 16, respectively, due to related parties											681,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of september 30, 2023 and december 31, 2022
other current assets, including 5 and 6, respectively, due from related parties												165,000,000
operating lease right-of-use assets, including 12 and 14, respectively, from leases with related parties												489,000,000
other assets, including 2 and 1, respectively, due from related parties												261,000,000
accounts payable and accrued liabilities, including 6 and 16, respectively, due to related parties												739,000,000
operating lease liabilities, excluding current portion, including 8 and 9, respectively, from leases with related parties												466,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of june 30, 2023 and december 31, 2022
total stockholders' deficit attributable to carvana co.												-697,000,000	-660,000,000
other current assets, including 6 and 6, respectively, due from related parties													177,000,000
operating lease right-of-use assets, including 13 and 14, respectively, from leases with related parties													519,000,000
other assets, including 1 and 1, respectively, due from related parties													251,000,000
accounts payable and accrued liabilities, including 13 and 16, respectively, due to related parties													864,000,000
other current liabilities, including 4 and 4, respectively, from leases with related parties													82,000,000
operating lease liabilities, excluding current portion, including 9 and 9, respectively, from leases with related parties													493,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of march 31, 2023 and december 31, 2022
other current assets, including 6 and 12, respectively, due from related parties														182,000,000
operating lease right-of-use assets, including 14 and 17, respectively, from leases with related parties														536,000,000	689,000,000
other assets, including 1 and 7, respectively, due from related parties														254,000,000	214,000,000
accounts payable and accrued liabilities, including 16 and 27, respectively, due to related parties														777,000,000
other current liabilities, including 4 and 3, respectively, from leases with related parties														80,000,000	81,000,000	57,000,000	29,000,000		32,000,000	24,000,000	21,000,000
operating lease liabilities, excluding current portion, including 9 and 13, respectively, from leases with related parties														507,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of december 31, 2022 and 2021
other current assets, including 5 and 12, respectively, due from related parties															221,000,000
accounts payable and accrued liabilities, including 19 and 27, respectively, due to related parties															1,009,000,000
operating lease liabilities, excluding current portion, including 10 and 13, respectively, from leases with related parties															669,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of september 30, 2022 and december 31, 2021
other current assets, including 8 and 12, respectively, due from related parties																207,000,000	207,000,000
operating lease right-of-use assets, including 15 and 17, respectively, from leases with related parties																659,000,000
other assets, including 3 and 7, respectively, due from related parties																162,000,000
accounts payable and accrued liabilities, including 24 and 27, respectively, due to related parties																981,000,000
operating lease liabilities, excluding current portion, including 11 and 13, respectively, from leases with related parties																640,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of june 30, 2022 and december 31, 2021
operating lease right-of-use assets, including 16 and 17, respectively, from leases with related parties																	475,000,000
other assets, including 4 and 7, respectively, due from related parties																	171,000,000
accounts payable and accrued liabilities, including 28 and 27, respectively, due to related parties																	748,000,000
operating lease liabilities, excluding current portion, including 12 and 13, respectively, from leases with related parties																	474,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of march 31, 2022 and december 31, 2021
other current assets, including 12 and 6, respectively, due from related parties																		163,000,000
operating lease right-of-use assets, including 17 and 22, respectively, from leases with related parties																		369,000,000
other assets, including 7 and 4, respectively, due from related parties																		181,000,000	50,000,000
accounts payable and accrued liabilities, including 27 and 16, respectively, due to related parties																		656,000,000
other current liabilities, including 3 and 3, respectively, from leases with related parties																		29,000,000
operating lease liabilities, excluding current portion, including 13 and 19, respectively, from leases with related parties																		361,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of december 31, 2021 and 2020
other current assets, including 10 and 6, respectively, due from related parties																			143,000,000
operating lease right-of-use assets, including 20 and 22, respectively, from leases with related parties																			273,000,000	159,000,000
accounts payable and accrued liabilities, including 23 and 16, respectively, due to related parties																			700,000,000		484,000,000
operating lease liabilities, excluding current portion, including 15 and 19, respectively, from leases with related parties																			256,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of september 30, 2021 and december 31, 2020
other current assets, including 9 and 6, respectively, due from related parties																				108,000,000
other assets, including 6 and 4, respectively, due from related parties																				60,000,000
accounts payable and accrued liabilities, including 18 and 16, respectively, due to related parties																				558,000,000
operating lease liabilities, excluding current portion, including 17 and 19, respectively, from leases with related parties																				150,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of june 30, 2021 and december 31, 2020
other current assets, including 8 and 6, respectively, due from related parties																					95,000,000
operating lease right-of-use assets, including 21 and 22, respectively, from leases with related parties																					156,000,000
other assets, including 4 for both periods due from related parties																					39,000,000
operating lease liabilities, excluding current portion, including 18 and 19, respectively, from leases with related parties																					147,000,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of march 31, 2021 and december 31, 2020
other current assets, including 6,434 and 0, respectively, due from related parties																						73,023,000
operating lease right-of-use assets, including 21,809 and 44,583, respectively, from leases with related parties																						155,464,000
other assets, including 3,753 and 6,138, respectively, due from related parties																						31,758,000
accounts payable and accrued liabilities, including 15,509 and 9,549, respectively, due to related parties																						342,314,000
other current liabilities, including 3,471 and 4,518, respectively, from leases with related parties																						19,506,000
long-term debt, excluding current portion, including 0 and 15,000, respectively, held by a related party																						1,617,002,000
operating lease liabilities, excluding current portion, including 18,645 and 41,829, respectively, from leases with related parties																						147,478,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of december 31, 2020 and 2019
other current assets, including 5,437 and 0, respectively, due from related parties																							71,196,000
operating lease right-of-use assets, including 22,483 and 44,583, respectively, from leases with related parties																							141,657,000
other assets, including 4,908 and 6,138, respectively, due from related parties																							28,513,000
accounts payable and accrued liabilities, including 12,845 and 9,549, respectively, due to related parties																							355,876,000
other current liabilities, including 3,442 and 4,518, respectively, from leases with related parties																							11,616,000
long-term debt, excluding current portion, including 15,000 held by a related party																							1,080,929,000	965,668,000	936,121,000	883,060,000	776,580,000	743,132,000
operating lease liabilities, excluding current portion, including 19,482 and 41,829, respectively, from leases with related parties																							140,010,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of september 30, 2020 and december 31, 2019
other current assets, including 1,248 and 0, respectively, due from related parties																								55,569,000
operating lease right-of-use assets, including 42,691 and 44,583, respectively, from leases with related parties																								166,337,000
other assets, including 10,502 and 6,138, respectively, due from related parties																								18,545,000
accounts payable and accrued liabilities, including 10,912 and 9,549, respectively, due to related parties																								278,081,000
other current liabilities, including 4,329 and 4,518, respectively, from leases with related parties																								11,712,000
operating lease liabilities, excluding current portion, including 39,664 and 41,829, respectively, from leases with related parties																								163,210,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of june 30, 2020 and december 31, 2019
other current assets																									59,309,000	52,654,000	43,955,000	43,587,000	35,141,000	23,582,000	26,446,000	22,255,000	18,159,000	15,480,000	9,598,000	9,914,000	12,522,000
operating lease right-of-use assets, including 43,677 and 44,583, respectively, from leases with related parties																									169,741,000
other assets, including 8,372 and 6,138, respectively, due from related parties																									14,370,000
accounts payable and accrued liabilities, including 10,173 and 9,549, respectively, due to related parties																									246,783,000
other current liabilities, including 4,436 and 4,518, respectively, from leases with related parties																									16,141,000
operating lease liabilities, excluding current portion, including 40,732 and 41,829, respectively, from leases with related parties																									159,751,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of march 31, 2020 and december 31, 2019
operating lease right-of-use assets, including 44,583 and 0, respectively, from leases with related parties																										123,420,000
other assets, including 6,138 and 1,895, respectively, due from related parties																										14,850,000
accounts payable and accrued liabilities, including 9,549 and 3,891, respectively, due to related parties																										234,443,000
other current liabilities, including 4,518 and 0, respectively, from leases with related parties																										12,856,000
operating lease liabilities, excluding current portion, including 41,829 and 0, respectively, from leases with related parties																										116,071,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of december 31, 2019 and 2018
operating lease right-of-use assets, including 41,224 and 0, respectively, from leases with related parties																											95,388,000
other assets, including 4,301 and 1,895, respectively, due from related parties																											16,785,000
accounts payable and accrued liabilities, including 6,759 and 3,891, respectively, due to related parties																											191,598,000
other current liabilities, including 4,358 and 0, respectively, from leases with related parties																											13,418,000
operating lease liabilities, excluding current portion, including 38,893 and 0, respectively, from leases with related parties																											87,266,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of september 30, 2019 and december 31, 2018
operating lease right-of-use assets, including 42,019 and 0, respectively, from leases with related parties																												91,607,000
other assets, including 3,470 and 1,895, respectively, due from related parties																												15,566,000
accounts payable and accrued liabilities including 5,665 and 3,891, respectively, due to related parties																												178,032,000
other current liabilities, including 4,416 and 0, respectively, from leases with related parties																												11,390,000
operating lease liabilities, including 39,916 and 0, respectively, from leases with related parties, excluding current portion																												85,776,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of june 30, 2019 and december 31, 2018, respectively
operating lease right-of-use assets, including 42,779 and 0, respectively from leases with related parties																													77,754,000
other assets, including 2,492 and 1,895, respectively, due from related parties																													12,526,000
accounts payable and accrued liabilities																													165,024,000	117,524,000	96,861,000	81,880,000	62,483,000	50,306,000	43,813,000	32,955,000	29,068,000
accounts payable due to related party																													5,739,000	3,891,000	3,512,000	3,193,000	2,602,000	1,802,000	2,142,000	2,169,000	4,392,000
floor plan facility																													434,777,000	196,963,000	349,392,000	347,087,000	348,533,000	248,792,000	195,083,000	166,840,000	189,736,000
current portion of other long-term debt																													15,331,000	11,133,000	7,838,000
other current liabilities, including 4,519 and 0, respectively from leases with related parties																													9,159,000
senior unsecured notes																													343,251,000	342,869,000	342,481,000
other long-term debt, excluding current portion																													135,788,000	82,480,000	96,179,000
operating lease liabilities, including 41,030 and 0, respectively from leases with related parties, excluding current portion																													74,641,000
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of march 31, 2019 and december 31, 2018
other assets, including 1,895 and 0, respectively, due from related parties																														13,098,000
class a convertible preferred stock, 0.01 par value...																															24,627,000	98,507,000	98,507,000	97,127,000
preferred stock, .01 par value - 50,000 and 49,900 shares authorized, and none issued and outstanding as of december 31, 2018 and 2017, respectively
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of september 30, 2018 and december 31, 2017
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of june 30, 2018 and december 31, 2017
preferred stock, 0.01 par value - 50,000 shares authorized; none issued and outstanding as of march 31, 2018 and december 31, 2017
liabilities, temporary equity & stockholders' equity / members’ deficit
temporary equity - class c redeemable preferred units - 0 and 43,089 units authorized and outstanding as of december 31, 2017 and december 31, 2016, respectively
stockholders' equity / members' deficit:
members' deficit
preferred stock, .01 par value - 50,000 shares authorized, none issued and outstanding as of december 31, 2017
total stockholders' equity / members' deficit attributable to carvana co.																																		125,736,000	28,161,000	31,239,000
total stockholders' equity / members’ deficit																																		279,544,000	227,476,000	265,430,000
total liabilities, temporary equity & stockholders' equity / members’ deficit																																		641,137,000	495,172,000	484,883,000
temporary equity - class c redeemable preferred units - 0 and 43,089 units authorized and outstanding as of september 30, 2017 and december 31, 2016, respectively
preferred stock, .01 par value - 50,000 shares authorized, none issued and outstanding as of september 30, 2017
temporary equity - class c redeemable preferred units - 0 and 43,089 units authorized and outstanding as of june 30, 2017 and december 31, 2016, respectively
preferred stock, .01 par value - 50,000 shares authorized, none issued and outstanding as of june 30, 2017
liabilities, temporary equity & members’ deficit
current portion of notes payable																																					1,363,000
notes payable, excluding current portion																																					5,460,000
verde credit facility																																					20,000,000
temporary equity - class c redeemable preferred units - 43,089,005 units authorized and outstanding as of march 31, 2017 and december 31, 2016																																					258,233,000
members' equity
class a units - 103,286,258 units authorized and outstanding as of march 31, 2017 and december 31, 2016																																					59,654,000
class b units - 6,727,000 and 6,740,500 units authorized and outstanding as of march 31, 2017 and december 31, 2016, respectively
total members’ deficit																																					-161,503,000
total liabilities, temporary equity & members’ deficit																																					349,003,000
sales and operating revenues:
used vehicle sales																																					148,382,000
wholesale vehicle sales																																					5,726,000
other sales and revenues, including 1,758 and 0 from related parties																																					4,965,000
net sales and operating revenues																																					159,073,000
cost of sales																																					149,327,000
gross profit																																					9,746,000
selling, general and administrative expenses																																					45,908,000
interest expense, including 141 and 0 to related parties																																					2,059,000
other income																																					218,000
net income																																					-38,439,000
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

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	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

cash flows from operating activities:
net income	405,000,000	951,000,000	263,000,000	308,000,000	373,000,000	159,000,000	148,000,000	48,000,000	49,000,000	-200,000,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization expense	69,000,000	69,000,000	65,000,000	68,000,000	73,000,000	74,000,000	73,000,000	76,000,000	82,000,000	82,000,000	87,000,000	90,000,000	93,000,000	82,000,000	78,000,000	64,000,000	37,000,000	33,000,000	26,000,000	24,000,000	22,000,000	21,715,000	18,636,000	17,629,000	15,811,000	13,760,000	10,675,000	8,887,000	7,943,000	7,238,000	6,439,000	5,257,000	4,605,000	3,822,000	3,101,000	2,584,000	2,061,000
equity-based compensation expense	26,000,000	22,000,000	24,000,000	27,000,000	23,000,000	22,000,000	24,000,000	23,000,000	22,000,000	21,000,000	18,000,000	19,000,000	15,000,000	12,000,000	15,000,000	14,000,000	28,000,000	11,000,000	10,000,000	10,000,000	8,000,000	7,077,000	5,851,000	6,220,000	5,940,000	7,697,000	9,621,000	8,034,000	7,711,000	6,114,000	13,888,000	2,583,000	1,510,000	1,622,000	1,887,000
deferred income taxes	35,000,000
tax receivable agreement expense
loss on disposal of property and equipment		0	1,000,000	1,000,000	1,000,000	9,000,000	1,000,000	1,000,000	1,000,000	0	2,000,000	5,000,000	1,000,000	11,000,000	1,000,000	1,000,000	1,000,000	0	0			422,000	1,065,000	4,498,000	145,000	668,000	393,000	604,000	49,000	33,000	275,000	164,000	103,000	76,000	317,000	365,000	200,000
loss on debt extinguishment		0	14,000,000	0	2,000,000	6,000,000	4,000,000
payment-in-kind interest expense		0	36,000,000	74,000,000	72,000,000	70,000,000	103,000,000	143,000,000	142,000,000	138,000,000
provision for bad debt and valuation allowance	3,000,000	3,000,000	2,000,000	5,000,000	5,000,000	3,000,000	7,000,000	9,000,000	8,000,000	4,000,000	9,000,000	15,000,000	10,000,000	12,000,000	3,000,000	3,000,000	5,000,000	12,000,000	10,000,000	5,000,000	1,000,000	10,210,000	3,134,000	2,405,000	5,213,000	4,892,000	3,739,000	1,906,000	1,385,000					570,000	311,000	209,000	285,000
amortization of debt issuance costs	3,000,000	4,000,000	3,000,000	1,000,000	2,000,000	2,000,000	4,000,000	4,000,000	5,000,000																												181,000
unrealized loss on warrants to acquire common stock	42,000,000
unrealized gain on beneficial interests in securitizations	-2,000,000	-4,000,000	-4,000,000	-1,000,000	-3,000,000	-8,000,000	-1,000,000	-5,000,000	-9,000,000
changes in finance receivable related assets:
originations of finance receivables	-4,254,000,000	-3,627,000,000	-3,434,000,000	-3,086,000,000	-2,660,000,000	-2,278,000,000	-2,163,000,000	-2,042,000,000	-1,846,000,000	-1,532,000,000	-1,596,000,000	-1,485,000,000	-1,428,000,000	-1,524,000,000	-1,730,000,000	-1,975,000,000	-1,985,000,000	-1,991,000,000	-2,026,000,000	-1,862,000,000	-1,427,000,000	-1,086,415,000	-927,732,000	-782,769,000	-782,240,000	-748,015,000	-695,529,000	-649,741,000	-532,066,000	-387,157,000	-346,497,000	-297,290,000	-228,595,000	-167,888,000	-137,422,000	-127,315,000	-96,528,000
proceeds from sale of finance receivables	4,302,000,000	3,732,000,000	3,667,000,000	3,217,000,000	2,699,000,000	2,341,000,000	2,452,000,000	2,187,000,000	1,825,000,000	1,387,000,000	2,089,000,000	2,002,000,000	1,116,000,000	669,000,000	1,707,000,000	2,015,000,000	1,906,000,000	2,016,000,000	2,121,000,000	1,886,000,000	1,368,000,000	1,155,589,000	1,019,587,000	646,476,000	812,868,000	616,223,000	671,344,000	754,788,000	601,557,000	519,215,000	600,484,000	293,463,000	220,357,000	165,606,000	129,717,000	132,798,000	99,144,000
gain on loan sales	-354,000,000	-315,000,000	-331,000,000	-274,000,000	-273,000,000	-214,000,000	-224,000,000	-173,000,000	-144,000,000	-74,000,000	-146,000,000	-150,000,000	-64,000,000	-50,000,000	-126,000,000	-130,000,000	-105,000,000	-189,000,000	-190,000,000	-200,000,000	-138,000,000	-88,602,000	-76,769,000	-39,296,000	-12,976,000	-37,893,000	-39,835,000	-40,373,000	-19,200,000		-13,342,000	-12,422,000	-9,891,000		-6,592,000	-5,448,000	-2,942,000
principal payments received on finance receivables held for sale	62,000,000	52,000,000	72,000,000	69,000,000	48,000,000	46,000,000	52,000,000	51,000,000	39,000,000	26,000,000	28,000,000	59,000,000	73,000,000	44,000,000	33,000,000	52,000,000	61,000,000	70,000,000	58,000,000	46,000,000	32,000,000	30,122,000	21,743,000	12,717,000	25,653,000	30,394,000	23,777,000	19,619,000	11,227,000
other changes in assets and liabilities:
vehicle inventory	-247,000,000	-58,000,000	-272,000,000	-518,000,000	114,000,000	-301,000,000	-84,000,000	-56,000,000	-14,000,000	-66,000,000	213,000,000	179,000,000	385,000,000	716,000,000	305,000,000	466,000,000	-133,000,000	-856,000,000	-304,000,000	-529,000,000	-397,000,000	-65,359,000	-335,186,000	217,238,000	-80,014,000	-131,099,000	-21,771,000	-79,455,000	-112,536,000	-72,756,000	-35,495,000	-2,787,000	-72,030,000	-34,877,000	-17,630,000	25,712,000	-14,044,000
accounts receivable	-96,000,000	105,000,000	-34,000,000	46,000,000	-68,000,000	58,000,000	-17,000,000	-1,000,000	-87,000,000	51,000,000	13,000,000	5,000,000	-91,000,000	105,000,000	69,000,000	-24,000,000	-5,000,000	-37,000,000	0	-70,000,000	-41,000,000	2,580,000	-38,534,000	-20,036,000	12,995,000	18,166,000	-18,160,000	-4,312,000	-5,435,000	-9,778,000	66,000	-2,531,000	-6,969,000	-2,556,000	2,134,000	-5,823,000	-2,470,000
other assets	-42,000,000	42,000,000	6,000,000	-20,000,000	-32,000,000	31,000,000	-25,000,000	13,000,000	-4,000,000	12,000,000	23,000,000	1,000,000	3,000,000	-8,000,000	-56,000,000	24,000,000	-43,000,000	-19,000,000	-26,000,000	-31,000,000	-29,000,000	-8,672,000	-14,372,000	614,000	-3,985,000	-30,025,000	-570,000	-2,262,000	238,000		-690,000	-27,000	297,000	703,000	-574,000	1,708,000	-2,856,000
accounts payable and accrued liabilities	163,000,000	82,000,000	117,000,000	56,000,000	-20,000,000	89,000,000	26,000,000	36,000,000	109,000,000	-82,000,000	-60,000,000	-125,000,000	101,000,000	-201,000,000	33,000,000	5,000,000	117,000,000	-72,000,000	103,000,000	65,000,000	151,000,000	-18,316,000	73,220,000	37,455,000	1,820,000	32,460,000	10,074,000	8,594,000	46,784,000	21,634,000	11,825,000	20,045,000	12,957,000	8,292,000	7,752,000	3,632,000	-2,690,000
operating lease right-of-use assets	12,000,000	-5,000,000	-8,000,000	0	10,000,000	12,000,000	14,000,000	-19,000,000	8,000,000	18,000,000	16,000,000	30,000,000	17,000,000	153,000,000	-30,000,000	4,000,000	-106,000,000	-96,000,000	-113,000,000			-13,807,000	24,680,000	3,404,000	-46,321,000	-28,032,000	-3,781,000	-13,853,000	-1,262,000
operating lease liabilities	-13,000,000	4,000,000	3,000,000	1,000,000	-10,000,000	-11,000,000	-14,000,000	21,000,000	-6,000,000	-19,000,000	-11,000,000	-29,000,000	-12,000,000	-163,000,000	38,000,000	27,000,000	113,000,000	102,000,000	115,000,000			15,358,000	-23,296,000	-970,000	46,965,000	28,243,000	3,518,000	13,366,000	68,000
other liabilities	-7,000,000	-110,000,000	35,000,000	20,000,000	34,000,000	38,000,000	-3,000,000	14,000,000	-4,000,000	-7,000,000	9,000,000	-4,000,000	-6,000,000	-6,000,000	-1,000,000	-7,000,000	1,000,000					-86,000	-87,000	-112,000	-112,000	-36,000	0	0	-382,000	-347,000	-370,000	-293,000	157,000	173,000	1,583,000	3,083,000	2,254,000
net cash from operating activities	107,000,000	430,000,000	345,000,000	29,000,000	232,000,000	60,000,000	403,000,000	354,000,000	101,000,000	-239,000,000	599,000,000	509,000,000	-66,000,000	-739,000,000	-98,000,000	106,000,000	-593,000,000	-1,172,000,000	-283,000,000	-607,000,000	-532,000,000	-161,708,000	-271,282,000	-6,964,000	-168,458,000	-322,459,000	-139,841,000	-80,325,000	-214,509,000	-150,465,000	-84,390,000	-48,036,000	-131,449,000	-83,910,000	-54,723,000	-8,405,000	-52,886,000
capital expenditures	-51,000,000	-51,000,000	-38,000,000	-31,000,000	-27,000,000	-24,000,000	-27,000,000	-22,000,000	-18,000,000	-18,000,000	-19,000,000	-18,000,000	-32,000,000	0	-90,000,000	-141,000,000	-220,000,000	0	0	-112,000,000	-82,000,000	0	0	0	-89,433,000	0	-63,243,000	0	-43,199,000	-36,440,000	-33,803,000	-45,414,000	-28,011,000	-19,082,000	-16,832,000	-24,020,000	-18,556,000
free cash flows	56,000,000	379,000,000	307,000,000	-2,000,000	205,000,000	36,000,000	376,000,000	332,000,000	83,000,000	-257,000,000	580,000,000	491,000,000	-98,000,000	-739,000,000	-188,000,000	-35,000,000	-813,000,000	-1,172,000,000	-283,000,000	-719,000,000	-614,000,000	-161,708,000	-271,282,000	-6,964,000	-257,891,000	-322,459,000	-203,084,000	-80,325,000	-257,708,000	-186,905,000	-118,193,000	-93,450,000	-159,460,000	-102,992,000	-71,555,000	-32,425,000	-71,442,000
cash flows from investing activities:
purchases of property and equipment	-51,000,000	-51,000,000	-38,000,000	-31,000,000	-27,000,000	-24,000,000	-27,000,000	-22,000,000	-18,000,000	-18,000,000	-19,000,000	-18,000,000	-32,000,000		-90,000,000	-141,000,000	-220,000,000			-112,000,000	-82,000,000									-36,440,000	-33,803,000	-45,414,000	-28,011,000	-19,082,000	-16,832,000	-24,020,000	-18,556,000
proceeds from disposal of property and equipment		0	1,000,000	0	1,000,000	2,000,000	1,000,000	3,000,000	5,000,000	14,000,000	25,000,000	21,000,000	12,000,000
payments for acquisitions, net of cash acquired	-11,000,000	-109,000,000	-27,000,000	0	-24,000,000					0	0	0	-7,000,000		0
principal payments received on and proceeds from sale of beneficial interests	31,000,000	30,000,000	18,000,000	12,000,000	15,000,000	15,000,000	11,000,000	21,000,000	20,000,000	13,000,000	10,000,000	22,000,000	8,000,000	9,000,000	47,000,000	13,000,000	12,000,000
net cash from investing activities	-31,000,000	-130,000,000	-46,000,000	-19,000,000	-35,000,000	-7,000,000	-15,000,000	2,000,000	7,000,000	9,000,000	16,000,000	25,000,000	-19,000,000	-15,000,000	-43,000,000	-2,317,000,000	-208,000,000	-275,000,000	-178,000,000	-99,000,000	-75,000,000	-84,222,000	-94,516,000	-78,480,000	-88,708,000	-78,936,000	-61,774,000	-43,830,000	-43,199,000	-36,440,000	-33,803,000	-52,084,000	-28,011,000	-21,770,000	-18,248,000	-22,871,000	-19,778,000
cash flows from financing activities:
proceeds from short-term revolving facilities	1,125,000,000	954,000,000	928,000,000	1,569,000,000	567,000,000	495,000,000	855,000,000	907,000,000	839,000,000	953,000,000	1,220,000,000	2,678,000,000	1,858,000,000	2,386,000,000	2,437,000,000	2,928,000,000	5,231,000,000	5,867,000,000	4,069,000,000	2,600,000,000	2,064,000,000	1,003,430,000	809,095,000	652,164,000	1,964,496,000	1,392,878,000	1,191,432,000
payments on short-term revolving facilities	-1,104,000,000	-968,000,000	-927,000,000	-1,561,000,000	-570,000,000	-504,000,000	-851,000,000	-1,110,000,000	-1,232,000,000	-714,000,000	-1,952,000,000	-3,220,000,000	-1,689,000,000	-1,427,000,000	-2,980,000,000	-4,596,000,000	-4,498,000,000	-4,269,000,000	-4,294,000,000	-2,043,000,000	-1,981,000,000	-1,090,591,000	-713,114,000	-1,433,378,000	-1,721,122,000	-1,086,229,000	-968,938,000
proceeds from issuance of long-term debt	53,000,000	47,000,000	49,000,000	33,000,000	46,000,000	31,000,000	59,000,000	59,000,000	42,000,000	22,000,000	48,000,000	43,000,000	19,000,000	0	19,000,000	3,396,000,000	20,000,000	125,000,000	815,000,000	70,000,000	640,000,000		115,656,000	35,428,000	51,963,000		51,675,000
payments on long-term debt	-20,000,000	-124,000,000	-598,000,000	-21,000,000	-77,000,000	-150,000,000	-124,000,000	-280,000,000	-23,000,000	-33,000,000	-385,000,000	-48,000,000	-37,000,000	-54,000,000	-45,000,000	-30,000,000	-36,000,000	-27,000,000	-17,000,000	-15,000,000	-14,000,000	-635,175,000	-6,502,000	-6,000,000	-5,912,000	-4,596,000	-4,219,000	-3,865,000	-3,003,000	-26,705,000	-5,965,000	-1,543,000	-1,309,000	-1,122,000	-496,000
payments of debt issuance costs	-1,000,000	-2,000,000	-4,000,000	-10,000,000	-1,000,000	-1,000,000	0	-2,000,000	-1,000,000	-17,000,000	-50,000,000			0	-10,000,000			-3,000,000	-10,000,000	-4,000,000	-7,000,000	-17,664,000	-8,258,000	0	-3,472,000		-1,389,000	-6,467,000	-567,000
payments of tax made on behalf of non-controlling members	-2,000,000	0	0	-2,000,000	-2,000,000
tax receivable agreement payments	-37,000,000	0	0	0	-17,000,000
proceeds from equity-based compensation plans	1,000,000	10,000,000	16,000,000	17,000,000	5,000,000	4,000,000	0							0	1,000,000	1,000,000	2,000,000	1,000,000	0
tax withholdings related to rsus	-8,000,000
net cash from financing activities	7,000,000	-92,000,000	-8,000,000	16,000,000	-53,000,000	775,000,000	-63,000,000	-76,000,000	-375,000,000	208,000,000	-676,000,000	-551,000,000	151,000,000	905,000,000	-579,000,000	2,866,000,000	707,000,000	1,679,000,000	555,000,000	601,000,000	693,000,000	378,718,000	195,835,000	306,695,000	283,742,000	411,380,000	267,693,000	59,496,000	276,054,000	-182,651,000	358,910,000	177,743,000	112,262,000	174,906,000	31,992,000	167,402,000	41,787,000
net increase in cash, cash equivalents and restricted cash	83,000,000		291,000,000	26,000,000	144,000,000	828,000,000	325,000,000	280,000,000	-267,000,000			-17,000,000	66,000,000	151,000,000	-720,000,000	655,000,000	-94,000,000		94,000,000	-105,000,000	86,000,000		-169,963,000	221,251,000	26,576,000		66,078,000	-64,659,000	18,346,000		240,717,000
cash, cash equivalents, and restricted cash at beginning of period	2,429,000,000	0	0	0	1,760,000,000
cash, cash equivalents, and restricted cash at end of period	2,512,000,000	208,000,000	291,000,000	26,000,000	1,904,000,000
net proceeds from issuance of class a common stock and llc units										0
tax withholdings related to restricted stock units		-9,000,000	-8,000,000	-9,000,000	-4,000,000
net increase in cash, cash equivalents, and restricted cash
unrealized gain on warrants to acquire root class a common stock			120,000,000	35,000,000	-158,000,000		26,000,000	22,000,000	-75,000,000
net proceeds from issuance of class a common stock							0							0	0							0	0			0	0			0	0
goodwill impairment
unrealized loss on warrants to acquire root class a common stock																0	5,000,000
tax withholdings related to restricted stock units and awards						-17,000,000				-3,000,000	-10,000,000			0	-1,000,000	5,000,000	-12,000,000
cash, cash equivalents and restricted cash at beginning of period							0	0	594,000,000		0	0	628,000,000		0	0	636,000,000		0	0	329,000,000		0	0	118,459,000		0	0	88,709,000	0	0	0	187,123,000
cash, cash equivalents and restricted cash at end of period							325,000,000	280,000,000	327,000,000		-61,000,000	-17,000,000	694,000,000		-720,000,000	655,000,000	542,000,000		94,000,000	-105,000,000	415,000,000		-169,963,000	221,251,000	145,035,000		66,078,000	-64,659,000	107,055,000	-369,556,000	240,717,000	77,623,000	139,925,000
gain on debt extinguishment										0
amortization and write-off of debt issuance costs												6,000,000	8,000,000	7,000,000	8,000,000													1,193,000	979,000	1,250,000	406,000	326,000	323,000	239,000	157,000
purchases of investments
amortization and write-off of debt issuance costs and debt premium
unrealized loss on warrants to acquire root's class a common stock
unrealized loss on beneficial interests in securitization											-7,000,000	-4,000,000	-1,000,000		-9,000,000	0	10,000,000			-2,000,000	-2,000,000		-7,409,000	-8,017,000	11,405,000
net decrease in cash, cash equivalents and restricted cash																																	-47,198,000
net loss												-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
adjustments to reconcile net loss to net cash from operating activities:
loss on early extinguishment of debt
purchases of property and equipment, including 0, 0, and 22, respectively, from related parties
proceeds from sale of property and equipment
payment for acquisitions, net of cash acquired
amortization and write-off of debt issuance costs and bond premium																	6,000,000	3,000,000	3,000,000	3,000,000	2,000,000	2,214,000	1,907,000	1,906,000	1,932,000	1,972,000
unrealized loss on beneficial interests in securitizations
purchase of finance receivables																										0	0	-34,071,000	-127,710,000	-134,404,000
purchases of property and equipment, including 0, 22, and 6, respectively, from related parties
net increase in cash and cash equivalents																																		69,226,000	-40,979,000
unrealized gain on beneficial interests in securitization
changes in assets and liabilities:
purchases of property and equipment, including 0 and 22, respectively, from related parties
principal payments received on beneficial interests in securitizations																			18,000,000	13,000,000	7,000,000	5,093,000	4,913,000	3,144,000	725,000	222,000
tax withholdings related to restricted stock awards																			-8,000,000	-8,000,000	-9,000,000		-3,128,000	-3,135,000	-2,356,000		-1,562,000	-1,557,000	-433,000	-1,133,000	-1,053,000	-163,000	-160,000	-305,000
unrealized loss on beneficial interest in securitization																										745,000
purchases of property and equipment, including 21,657 and 6,282 in 2020 and 2019, respectively, from related parties
business acquisitions, net of cash acquired																														0	0
proceeds from issuance of long-term debt, including 25,000 in 2018 from related parties
net proceeds from issuance of class a convertible preferred stock
proceeds from exercise of stock options																						512,000	2,086,000	2,676,000	145,000	204,000	694,000	372,000	426,000	153,000	473,000	106,000	63,000	20,000
dividends paid on class a convertible preferred stock																															-1,375,000
purchases of property and equipment, including 21,657 and 6,282, respectively, from related parties
purchases of property and equipment, including 0 and 6,282, respectively, from related parties
purchases of property and equipment, including 0 and 4,257, respectively, from related parties																									-89,433,000
purchases of property and equipment, including 6,282 in 2019 from related parties
proceeds from verde credit facility																																		0	0	15,000,000	20,000,000
payments on verde credit facility																																		0	0
payments of debt issuance costs, including 1,000 in 2017 to related parties
other current assets																											-1,111,000	-8,939,000	-13,111,000	4,588,000	-4,482,000	-4,399,000	-2,998,000	-5,399,000	332,000	-1,830,000	292,000
purchases of property and equipment, including 6,282 and 0, respectively, from related parties																											-63,243,000
payments of costs related to issuance of class a convertible preferred stock																															0	0	-12,000
unrealized gain on beneficial interest in securitization
accounts payable to related party																												-74,000	1,848,000	379,000	319,000	591,000	800,000	-340,000	-27,000	-2,223,000	2,508,000
principal payments received on beneficial interest in securitization
purchases of property and equipment, including 4,257 and 0 from related parties																													-43,199,000
proceeds from floor plan facility																													807,890,000	550,632,000	459,746,000	444,554,000	393,119,000	274,733,000	277,329,000	249,692,000	147,390,000
payments on floor plan facility																													-570,076,000	-703,061,000	-457,441,000	-446,000,000	-293,378,000	-221,024,000	-249,086,000	-272,588,000	-122,967,000
proceeds from long-term debt																													41,817,000	2,884,000	20,509,000	10,062,000	15,608,000	25,102,000	4,616,000
dividends paid																																	-1,528,000
gain on loan sales, including 0, 0 and 269 from related parties, respectively
proceeds from sale of finance receivables to related party
purchase of finance receivables from related party
other assets, including 1,895, 0 and 0 due from related parties, respectively
proceeds from issuance of senior unsecured notes, including 25,000, 0, and 0 from related parties, respectively
payments of debt issuance costs, including 0, 1,000 and 0 to related parties, respectively
proceeds from issuance of class c redeemable preferred units
class c redeemable preferred units issuance costs
provision for bad debt and finance receivable allowance																															244,000	534,000	597,000
proceeds from issuance of senior unsecured notes
payments of debt issuance costs, including 0 and 1,000 to related parties, respectively																															-5,984,000	-184,000	-141,000
payments of costs related to initial public offering
gain on loan sales, including 0, 269 and 0 from related parties, respectively
change in restricted cash																																		-2,688,000	-1,416,000	1,149,000	-1,222,000
payments of debt issuance costs, including 1,000, 0 and 0 to related parties, respectively
proceeds from note payable to related party
payment of note payable to related party
net proceeds from initial public offering																																		-125,000	0
cash and cash equivalents at beginning of period																																		0	0	0	39,184,000
cash and cash equivalents at end of period																																		69,226,000	-40,979,000	136,126,000	8,307,000
prepayment to related parties
payments of debt issuance costs, including 1,000 and 0 to related parties, respectively
supplemental cash flow information:
cash payments for interest to third parties																																			829,000
cash payments for interest to related parties																																			0
non-cash investing and financing activities:
capital expenditures included in accounts payable and accrued liabilities																																			3,405,000	1,381,000	6,220,000
capital expenditures financed through long-term debt																																			3,466,000
accrual of return on class c redeemable preferred units																																			0	2,178,000	7,261,000
conversion of class c redeemable preferred units to class a units
payments of debt issuance costs, including 1,000 and 0 to related parties
tax withholdings related to equity awards included in accounts payable and accrued liabilities
class c subscription proceeds included in restricted cash and class c subscription liability
conversion of class c units to class a units
unit-based compensation expense																																					158,000
payments on notes payable																																					-260,000
payments of debt issuance costs to related parties																																					-1,000,000
payments of costs related to planned initial public offering																																					-1,376,000
net decrease in cash and cash equivalents																																					-30,877,000
capital expenditures financed through notes payable																																					1,622,000
costs related to planned initial public offering included in accrued liabilities																																					1,424,000

Carvana Co(NYSE:CVNA)

Carvana Co
(NYSE:CVNA)