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Carvana (CVNA) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Carvana (CVNA) Q3 2026 earnings results →

Q3 2026 Revenue up 42% year over year to $8.0B · 4¢ of every $1 of revenue kept as net profit · operating margin 8.9%

Carvana made $8.0B in Q3 2026 (+42% Y/Y): Retail vehicle sales, net $6.1B, Wholesale sales and revenues $1.3B, Other sales and revenues $594M. Operating margin 8.9%, net earnings $289M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$8.0B

Year over year+42%

Operating margin8.9%

Net earnings$289M

Operating cash flow$555M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $8.0B in Q3 2026, up 42% year over year and up 9% from the previous quarter. Retail vehicle sales, net was the largest line at 76% of revenue. Retail vehicle sales, net added $2.1B year over year (up 54%), 90% of the total change.

Gross margin was 18.9%, down 1.4 points from Q3 2025. Operating profit was $0.71B, a 8.9% margin (down 0.9 points year over year). Of the extra revenue versus Q3 2025, 7% reached operating profit, below the 10% margin then. Operating expenses grew 35% against revenue growth of 42%. Net earnings were $0.29B, up 91% year over year. The effective tax rate was 12.5%.

Operating cash flow was $0.56B (up 61% year over year), 115% of net income including minority interests. Non-cash charges added back $0.02B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.06B left free cash flow of $0.49B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 28, 2026	$8.0B	+42%	8.9%	$289M	$555M
Q2 2026	10-Q	Jul 29, 2026	$7.4B	+52%	9.2%	$310M	$238M
Q1 2026	10-Q	Apr 29, 2026	$6.4B	+52%	9.0%	$250M	$107M
Q4 2025	10-K	Feb 18, 2026	$5.6B	+58%	7.6%	$951M	$430M
Q3 2025	10-Q	Oct 29, 2025	$5.6B	+54%	9.8%	$151M	$345M
Q2 2025	10-Q	Jul 30, 2025	$4.8B	+42%	10.6%	$183M	$29.0M
Q1 2025	10-Q	May 7, 2025	$4.2B	+38%	9.3%	$216M	$232M

Charts

Latest (Q3 2026): Y/Y +42%, Q/Q +9%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $483M, Operating cash flow $555M.

+72.6% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2023.

Cash $2.3B, short-term investments —, long-term debt $4.9B at 2025-12-31.

Retail-Auto Dealers & Gasoline Stations; dot size is quarterly revenue; dashed lines are the industry's medians.