Screener / SEC EDGAR /CIK 0001690820 /10-K filed Feb 18, 2026, compared with Feb 19, 2025 /Numbers from the XBRL of the 10-Ks

NYSE Consumer discretionary · Auto Dealers

Carvana CVNA

New risk paragraphs 9 Not in last year's 10-K Accounting checks 1 worth reading about, of 10 checks Insider buys 0 open-market, last 90 days Filings 12 in the last 30 days

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Cash returned and share count, year to Dec 31, 2025

Share count +69.6% in a year

XBRL, latest 10-K

Buybacks - cash paid for its own shares

Paid in stock to employees $96.0M stock-based compensation

Share count, 1 year +69.6% more shares: owners are diluted

Share count, 3 years +66.8% diluted average shares

New shares against shares bought back

Dilution: new shares, stock pay and buybacks · S-3 and 424B, 3 years; 10-K

Shares offered

Since Nov 15, 2023: 2 at-the-market programs, 1 shelf registration.

Feb 19, 2025 At-the-market program: up to $1.0B of common stock 424B5
Feb 19, 2025 Shelf registration: shares and other securities, amount not fixed S-3ASR
Jul 31, 2024 At-the-market program: up to $1.0B of common stock 424B5

“In accordance with the terms of the Distribution Agreement, we may offer and sell from time to time up to the greater of (i) shares of our Class A common stock representing an aggregate offering price of $1,000,000,000 and (ii) an aggregate number of 21,016,898 shares of our Class A common stock through the Sales Agents, acting as our sales agents, or directly to the Sales Agents, acting as principals.”
424B5, Feb 19, 2025

Every offering filing

Paid in stock

$96.0M

stock-based pay, year to Dec 31, 2025; shares sold for $536.0M in cash

Bought back

no buyback line in the 10-K XBRL, year to Dec 31, 2025

Diluted shares: 224.28M in the year to Dec 31, 2025 2025 +69.6%2024 -34.1%2023 -0.5%2022 +21.8%

Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. How

Net share count, 4 years

Shares, buybacks and stock pay, fiscal years 2021 to 2025 · 10-K XBRL

+103.1% shares

Share count +103.1% diluted average shares, 4 years to Dec 31, 2025, splits taken out

Bought back - cash paid for its own shares, summed over the 4 years

Paid in stock $329.0M stock-based compensation, and $2.3B received for shares sold, summed over the same years

Fiscal year	Shares, change	Bought back	Paid in stock	Cash from shares sold
Dec 31, 2025	+69.6%	-	$96.0M	$536.0M
Dec 31, 2024	-34.1%	-	$91.0M	$1.3B
Dec 31, 2023	-0.5%	-	$73.0M	$453.0M
Dec 31, 2022	+21.8%	-	$69.0M	-

Each year's change is the diluted weighted average share count against the year before, with stock splits taken out; the headline change compares the two ends of the span on one basis. Buybacks and stock pay are added up over the same years. Buybacks that only offset stock pay leave the count flat: both are shown, no verdict. A change this large usually comes from an IPO, a merger or a reverse split inside the span; the year-by-year rows show where. How

Where the cash came from and where it went

FY2023 to FY2025, from the cash flow statements in the 10-Ks, added up

Last year 3 years 5 years 10 years

The same cash, step by step

Came from

Operating cash flow NetCashProvidedByUsedInOperatingActivities, 0001690820-26-000009	$2.8B
Shares sold ProceedsFromIssuanceOfCommonStock, 0001690820-26-000009	$2.3B

Went to

Capital spending PaymentsToAcquirePropertyPlantAndEquipment, 0001690820-26-000009	$325.0M
Acquisitions PaymentsToAcquireBusinessesNetOfCashAcquired, 0001690820-26-000009	$167.0M
Added to cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001690820-26-000009	$1.8B
Other, net investments bought and sold, other financing and investing lines, and exchange rates	$2.7B

Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.

Where the operating cash went, year by year

FY2016 to FY2025 · cash flow statements, 10-K XBRL

10 years

Operating cash, added up -$3.4B 10 fiscal years, FY2016 to FY2025

Reinvested - not shown: operating cash was negative in a year of the span

Returned to owners - not shown: operating cash was negative in a year of the span

Debt repaid - gross repayments added up; debt that was refinanced counts each time

Capital spendingAcquisitionsDividends Operating cash flow

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025

Fiscal year	Operating cash	Capital spending	Acquisitions	Dividends
Dec 31, 2025	$1.0B	$147.0M	$160.0M	-
Dec 31, 2024	$918.0M	$91.0M	-	-
Dec 31, 2023	$803.0M	$87.0M	$7.0M	-
Dec 31, 2022	-$1.3B	$512.0M	$2.2B	-
Dec 31, 2021	-$2.6B	$557.0M	-	-
Dec 31, 2020	-$608.0M	$360.0M	-	-
Dec 31, 2019	-$757.0M	$231.0M	-	-
Dec 31, 2018	-$414.3M	$143.7M	$6.7M	$4.6M
Dec 31, 2017	-$199.9M	$78.5M	-	-
Dec 31, 2016	-$240.2M	$39.5M	-	-
Added up	-$3.4B	$2.2B	$2.4B	$4.6M

Each bar is one fiscal year; its colours add up to what the cash flow statement says the company spent on each line, and the line across it is that year's operating cash flow. Spending above the line was paid from new debt, shares sold or cash on hand. A bar part links to the 10-K it comes from. A line the company did not report is left out, not estimated, so the shares are of operating cash only and can add up to more or less than 100%. Debt repaid is the gross amount, so refinanced debt is counted each time it is repaid. A reading aid, not a grade: Tickdelta does not say whether a split was good. Banks and insurers are left out.

Buybacks, dividends and share count

Year by year · XBRL, each 10-K

Fiscal year to	Buybacks	Dividends	Stock pay	Shares issued for cash	Diluted shares
Dec 31, 2025	-	-	$96.0M	$536.0M	224.28M
Dec 31, 2024	-	-	$91.0M	$1.3B	132.21M
Dec 31, 2023	-	-	$73.0M	$453.0M	200.58M
Dec 31, 2022	-	-	$69.0M	-	100.83M
Dec 31, 2021	-	-	$39.0M	-	82.81M

From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: sbc = ShareBasedCompensation; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.

What the 10-Ks show for each CEO's years

Each CEO's years · the CEO of each fiscal year as named in the proxy's pay versus performance table

Mr. Garcia

FY2025 · 1 year in the table

Operating cash flow: $1.0B
Capital spending: $147.0M
Acquisitions: $160.0M
Stock-based pay: $96.0M
Diluted shares since FY2024: +69.6%
Revenue since FY2024: +49%
Debt since FY2024: -$379.0M
CEO pay (reported): $8.4M

The proxy that names the CEO

Sources

The cash flow statement, dividends per share and diluted share count in each 10-K's XBRL; Part II Item 2 of each 10-Q for monthly buybacks; offering prospectuses (S-3, 424B) for new shares; Form D data sets for private raises.

Also

CEO pay: what the CEO was paid over the same years.

Work with it

Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/CVNA/export.csv") into a cell.

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