tickdelta
tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

CVNACarvana

Consumer discretionary · Auto Dealers · NYSE

Carvana Co. is a holding company that was formed as a Delaware corporation in 2016 in order to operate the business of Carvana Group, LLC and its subsidiaries (collectively, "Carvana Group"). 10-K, Item 1

CVNA quote by TradingView
Employees
23,100
Headquarters
Tempe, AZ
CEO
Ernest C. Garcia III
Next results
around Feb 17, 2027
Compare with peers → Embed
All key numbers (34, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)8.45Sales (ttm)27.5BNet income (ttm)1.7BSales growth+48.6%EPS growth+431%Sales Q/Q+42.4%
Free cash flow1.1BGross margin19.0%Oper. margin8.7%Net margin6.2%FCF margin4.1%ROE39.2%
ROA11.2%R&D / sales-Dividend-Debt/Eq1.19Curr. ratio4.05Cash3.0B
Op. cash flow (ttm)1.3BNet debt2.1BQuick ratio2.92Interest cover3.72Stock pay / sales0.5%Shares out.739.9M
Book / share5.88Cash / share4.12Sales / share37.10Asset turnover1.81Inventory turns6.70Days sales out.4
Sales 3Y CAGR+14.3%Sales 5Y CAGR+29.5%Employees23,100Sales / employee1.2M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +48.6%+26.9% → +48.6% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 9.3%7.2% → 9.3% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

CVNA against Consumer discretionary peers

Ten years, side by side → · All 47 →
GrowthProfitBalanceCleanInsiders
CVNAPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth
+48.6%1st of 47 · median +5.4%
Net margin
6.2%36th of 47 · median 10.8%
Return on equity
39.2%14th of 34 · median 32.5%
Free cash flow margin
4.1%37th of 45 · median 9.4%
Debt / equity (less is better)
1.1917th of 28 · median 0.73
CVNA and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CVNA Carvana$27.5B +48.6%19.0%6.2%39.2%4.1%1.19
BKNG Booking Holdings$28.1B +13.4%-25.5%-32.8%-
MCD McDonald's$27.8B +3.7%-32.4%-27.0%-
CCL Carnival Corporation$27.6B +6.4%-11.4%22.1%11.5%1.73
MAR Marriott International$27.4B +4.3%-9.7%-12.7%-
GPC Genuine Parts Company$25.3B +3.5%37.1%0.1%0.7%3.0%1.10

From $10.8B of sales to $450.0M of profit

FY2023, from the 10-K income statement and revenue by product
Used Vehicle Sales to Revenue: $7.5BWholesale sales and revenues to Revenue: $2.5BOther sales and revenues to Revenue: $753.0MRevenue to Gross profit: $1.7BRevenue to Cost of revenue: $9.0BGross profit to Net profit: $450.0MGross profit to Costs, tax, other: $1.3B Used Vehicle Sales: $7.5B · 70% Used Vehicle Sales$7.5B70% Wholesale sales and revenues: $2.5B · 23% Wholesale sales and rev…$2.5B23% Other sales and revenues: $753.0M · 7% Other sales and revenues$753.0M7% Revenue: $10.8B Revenue$10.8B −21% Y/Y Gross profit: $1.7B · 16% margin Gross profit$1.7B16% margin +38% Y/Y Cost of revenue: $9.0B · 84% of revenue Cost of revenue$9.0B84% of revenue Net profit: $450.0M · 4% margin Net profit$450.0M4% margin Costs, tax, other: $1.3B · 12% of revenue Costs, tax, other$1.3B12% of revenue

Swipe sideways for the whole flow →

From $13.7B of sales to $210.0M of profit

FY2024, from the 10-K income statement and revenue by product
Used Vehicle Sales to Revenue: $9.7BWholesale sales and revenues to Revenue: $2.8BOther sales and revenues to Revenue: $1.2BRevenue to Gross profit: $2.9BRevenue to Cost of revenue: $10.8BGross profit to Operating profit: $990.0MGross profit to Operating expenses: $1.9BOperating profit to Net profit: $210.0MOperating profit to Interest, tax, other: $780.0M Used Vehicle Sales: $9.7B · 71% Used Vehicle Sales$9.7B71% Wholesale sales and revenues: $2.8B · 21% Wholesale sales and rev…$2.8B21% Other sales and revenues: $1.2B · 8% Other sales and revenues$1.2B8% Revenue: $13.7B Revenue$13.7B +27% Y/Y Gross profit: $2.9B · 21% margin Gross profit$2.9B21% margin +67% Y/Y Cost of revenue: $10.8B · 79% of revenue Cost of revenue$10.8B79% of revenue Operating profit: $990.0M · 7% margin Operating profit$990.0M7% margin Operating expenses: $1.9B · 14% of revenue Operating expenses$1.9B14% of revenue Net profit: $210.0M · 2% margin Net profit$210.0M2% margin −53% Y/Y Interest, tax, other: $780.0M · 6% of revenue Interest, tax, other$780.0M6% of revenue

Swipe sideways for the whole flow →

From $20.3B of sales to $1.4B of profit

FY2025, from the 10-K income statement and revenue by product
Used Vehicle Sales to Revenue: $14.5BWholesale sales and revenues to Revenue: $4.1BOther sales and revenues to Revenue: $1.7BRevenue to Gross profit: $4.2BRevenue to Cost of revenue: $16.1BGross profit to Operating profit: $1.9BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $1.4BOperating profit to Interest, tax, other: $474.0M Used Vehicle Sales: $14.5B · 72% Used Vehicle Sales$14.5B72% Wholesale sales and revenues: $4.1B · 20% Wholesale sales and rev…$4.1B20% Other sales and revenues: $1.7B · 9% Other sales and revenues$1.7B9% Revenue: $20.3B Revenue$20.3B +49% Y/Y Gross profit: $4.2B · 21% margin Gross profit$4.2B21% margin +46% Y/Y Cost of revenue: $16.1B · 79% of revenue Cost of revenue$16.1B79% of revenue Operating profit: $1.9B · 9% margin Operating profit$1.9B9% margin +90% Y/Y Operating expenses: $2.3B · 11% of revenue Operating expenses$2.3B11% of revenue Net profit: $1.4B · 7% margin Net profit$1.4B7% margin +570% Y/Y Interest, tax, other: $474.0M · 2% of revenue Interest, tax, other$474.0M2% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Net profit
  • Tax & other

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4
  • !
    Net margin below the peer median6.2% vs 10.8%
  • ✓
    Gross margin up over 5 years14.2% → 20.6%
  • ✓
    Return on equity above 15%39.2%
  • !
    A profit in 3 of 10 years
Net margin, FY2016 to FY2025: -25.5% → 6.9%

Balance sheet

2 of 4
  • !
    Interest covered less than 5 timesOperating income is 3.7× interest expense
  • !
    Debt larger than equityDebt / equity 1.19 on the latest balance sheet (peer median 0.73)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 4.05
  • ✓
    Net debt under 3 years of free cash flow$2.1B net debt, 1.9 years
Debt / equity at each year end, FY2016 to FY2025: 2.40 → 1.43
What the debt is made of ↓

Cash and shareholders

0 of 3
  • !
    Free cash flow positive in 3 of 10 years$889.0M last year
  • !
    Share count up over 5 years+158.9%
  • !
    Cash from operations below net income$1.0B vs $1.4B
Free cash flow, FY2016 to FY2025: -279.8M → 889.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $5.2B Debt$5.2B Long-term debt: $4.9B · 94% Long-term debt$4.9B · 94% Due within a year: $302.0M · 6% Due within a year$302.0M · 6% Next 12 months: $153.0M · 3% Next 12 months$153.0M · 3% Year 2: $133.0M · 3% Year 2$133.0M · 3% Year 3: $92.0M · 2% Year 3$92.0M · 2% Year 4: $73.0M · 1% Year 4$73.0M · 1% Year 5: $1.7B · 33% Year 5$1.7B · 33% After year 5: $2.8B · 53% After year 5$2.8B · 53%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
Senior Secured Notes (Senior Notes)Secured–not stated$3.9B
Senior NotesNotes and bonds–not stated$3.9B
Notes due June 1, 2031 (the "2031 Senior Secured Notes") (Senior Notes)Secured–not stated$2.3B
Notes due June 1, 2030 (the "2030 Senior Secured Notes") (Senior Notes)Secured–not stated$1.7B
Senior Unsecured Notes (Senior Notes)Secured–not stated$106.0M
Notes due April 15, 2027 ("2027 Senior Unsecured Notes") (Senior Notes)Secured5.50%not stated$32.0M
Notes due May 1, 2030 ("2030 Senior Unsecured Notes") (Senior Notes)Secured10.25%not stated$27.0M
Notes due September 1, 2029 ("2029 Senior Unsecured Notes") (Senior Notes)Secured4.88%not stated$26.0M
Loan Agreement with Citizens Bank (Secured Debt)Secured–not stated$23.0M
Notes due October 1, 2028 ("2028 Senior Unsecured Notes") (Senior Notes)Secured5.88%not stated$22.0M

From the debt note in the 10-K's XBRL (0001690820-26-000009), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 20.3B Net income 1.4B
FY2016 revenue 365.1M · SalesRevenueNet, 0001690820-19-000024 FY2016 net income -93.1M · NetIncomeLoss, 0001690820-19-000024 365.1M FY2016 FY2017 revenue 858.9M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001690820-20-000052 FY2017 net income -62.8M · NetIncomeLoss, 0001690820-20-000052 858.9M FY2017 FY2018 revenue 2.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001690820-21-000069 FY2018 net income -55.5M · NetIncomeLoss, 0001690820-21-000069 2.0B FY2018 FY2019 revenue 3.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001690820-22-000080 FY2019 net income -115.0M · NetIncomeLoss, 0001690820-22-000080 3.9B FY2019 FY2020 revenue 5.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001690820-23-000052 FY2020 net income -171.0M · NetIncomeLoss, 0001690820-23-000052 5.6B FY2020 FY2021 revenue 12.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001690820-24-000093 FY2021 net income -135.0M · NetIncomeLoss, 0001690820-24-000093 12.8B FY2021 FY2022 revenue 13.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001690820-25-000074 FY2022 net income -1.6B · NetIncomeLoss, 0001690820-25-000074 13.6B FY2022 FY2023 revenue 10.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001690820-26-000009 FY2023 net income 450.0M · NetIncomeLoss, 0001690820-26-000009 10.8B FY2023 FY2024 revenue 13.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001690820-26-000009 FY2024 net income 210.0M · NetIncomeLoss, 0001690820-26-000009 13.7B FY2024 FY2025 revenue 20.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001690820-26-000009 FY2025 net income 1.4B · NetIncomeLoss, 0001690820-26-000009 20.3B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

CVNA's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue20.3B
FY2016: 365.1MFY2017: 858.9MFY2018: 2.0BFY2019: 3.9BFY2020: 5.6BFY2021: 12.8BFY2022: 13.6BFY2023: 10.8BFY2024: 13.7BFY2025: 20.3B FY2017FY2019FY2021FY2023FY2025
Net income1.4B
FY2016: -93.1MFY2017: -62.8MFY2018: -55.5MFY2019: -115.0MFY2020: -171.0MFY2021: -135.0MFY2022: -1.6BFY2023: 450.0MFY2024: 210.0MFY2025: 1.4B FY2017FY2019FY2021FY2023FY2025
Free cash flow889.0M
FY2016: -279.8MFY2017: -278.4MFY2018: -558.0MFY2019: -988.0MFY2020: -968.0MFY2021: -3.2BFY2022: -1.8BFY2023: 716.0MFY2024: 827.0MFY2025: 889.0M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.45
FY2016: -FY2017: -FY2018: -FY2019: -2.45FY2020: -2.63FY2021: -1.63FY2022: -15.74FY2023: 0.75FY2024: 1.59FY2025: 8.45 FY2017FY2019FY2021FY2023FY2025
Diluted shares224.3M
FY2016: -FY2017: -FY2018: -FY2019: 46.8MFY2020: 65.0MFY2021: 82.8MFY2022: 100.8MFY2023: 200.6MFY2024: 132.2MFY2025: 224.3M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Used Vehicle Sales 14.5B71.5% +50.2%
Wholesale sales and revenues 4.1B19.9% +42.6%
Other sales and revenues 1.7B8.5% +50.6%

10-K 0001690820-26-000009, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue365.1M858.9M2.0B3.9B5.6B12.8B13.6B10.8B13.7B20.3B
Cost of revenue346.0M790.8M1.8B3.4B4.8B10.9B12.4B9.0B10.8B16.1B
Gross profit19.2M68.1M196.7M507.0M794.0M1.9B1.2B1.7B2.9B4.2B
SG&A108.7M223.4M425.3M787.0M1.1B2.0B2.7B1.8B1.9B2.3B
Operating income-------2.4B-80.0M990.0M1.9B
Interest expense3.6M7.7M25.0M81.0M131.0M176.0M486.0M632.0M651.0M505.0M
Income tax000001.0M1.0M25.0M-4.0M-2.8B
Net income-93.1M-62.8M-55.5M-115.0M-171.0M-135.0M-1.6B450.0M210.0M1.4B
EPS (diluted)----2.45-2.63-1.63-15.740.751.598.45
Diluted shares---46.8M65.0M82.8M100.8M200.6M132.2M224.3M
Gross margin5.3%7.9%10.1%12.9%14.2%15.1%9.2%16.0%21.0%20.6%
Operating margin-------17.3%-0.7%7.2%9.3%
Net margin-25.5%-7.3%-2.8%-2.9%-3.1%-1.1%-11.7%4.2%1.5%6.9%
Revenue growth-+135%+128%+101%+41.8%+129%+6.2%-20.8%+26.9%+48.6%
EPS growth--------+112%+431%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash39.2M172.7M78.9M76.0M301.0M403.0M434.0M530.0M1.7B2.3B
Receivables5.7M14.1M33.1M39.9M79.0M206.0M253.0M266.0M303.0M245.0M
Inventory185.5M227.4M412.2M762.7M1.0B3.1B1.9B1.1B1.6B2.4B
Current assets275.2M489.7M662.9M1.4B1.9B4.9B4.6B3.3B4.9B6.5B
Property & equipment60.6M148.7M296.8M-------
Goodwill-09.4M9.4M9.0M9.0M0-010.0M
Total assets335.8M641.1M991.0M2.1B3.0B7.0B8.7B7.1B8.5B13.2B
Accounts payable6.2M10.5M33.0M63.6M67.0M141.0M232.0M231.0M236.0M236.0M
Current liabilities196.4M306.0M329.5M864.9M467.0M2.9B2.6B1.5B1.3B1.5B
Total debt170.8M302.4M290.6M716.7M1.2B2.7B6.5B5.2B5.3B4.9B
Total liabilities200.8M361.6M763.6M1.9B2.2B6.5B9.8B7.5B7.1B9.0B
Shareholders' equity-116.0M125.7M79.7M98.1M388.0M306.0M-518.0M243.0M1.3B3.4B
Retained earnings0-12.9M-68.4M-183.0M-354.0M-489.0M-2.1B-1.6B-1.4B-9.0M

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow-240.2M-199.9M-414.3M-757.0M-608.0M-2.6B-1.3B803.0M918.0M1.0B
Capital spending39.5M78.5M143.7M231.0M360.0M557.0M512.0M87.0M91.0M147.0M
Free cash flow-279.8M-278.4M-558.0M-988.0M-968.0M-3.2B-1.8B716.0M827.0M889.0M
Stock-based pay (added back)555K5.6M24.1M33.0M25.0M39.0M69.0M73.0M91.0M96.0M
Dividends paid004.6M-------
Acquisitions006.7M0002.2B7.0M0160.0M
Debt raised032.7M49.1M-------
Investing cash flow-39.5M-78.5M-150.3M-228.0M-346.0M-627.0M-2.6B31.0M-13.0M-230.0M
Financing cash flow284.0M416.1M466.3M1.0B1.2B3.5B3.9B-868.0M261.0M-137.0M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)555K5.6M24.1M33.0M25.0M39.0M69.0M73.0M91.0M96.0M
Stock-based pay / revenue0.2%0.7%1.2%0.8%0.4%0.3%0.5%0.7%0.7%0.5%
Operating lease cost---22.0M38.0M63.0M135.0M71.0M65.0M66.0M
Finance lease principal paid---8.0M20.0M56.0M139.0M115.0M81.0M94.0M
Right-of-use assets--0123.4M156.0M369.0M536.0M455.0M440.0M443.0M
Operating lease liabilities--86.8M128.9M167.0M390.0M567.0M494.0M481.0M480.0M
Finance lease liabilities---51.5M110.0M206.0M374.0M267.0M183.0M157.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on CVNA in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CVNA/export.csv") into a cell.