Filing Flows

Filing Flows › Companies › Carvana › Cash flow

Carvana cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$491M in Q3 2026 · $1.1B over twelve months

Operating cash flow$555M
Capital spending−$64.0M
Free cash flow+$491M
Cash / net income1.1×
Cash conversion cycle46 days

Analysis

In Q3 2026, Carvana generated $555M of operating cash flow and spent $64.0M on capital projects, leaving free cash flow of $491M. That is $184M more than in Q3 2025 ($307M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.3B; the largest uses were capital spending ($217M), acquisitions ($149M), net borrowing (+) / repaid (−) ($83.0M); besides operations, cash came from other investing ($105M), shares issued ($15.0M); the cash balance rose by $951M.

Operating cash flow was $555M against net income of $483M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: inventory −$192M, receivables +$55.0M, stock-based pay +$24.0M.

Its cash conversion cycle was 46 days (receivables 4 + inventory 47 − payables 5).

Free cash flow

Carvana: free cash flow by quarterCarvana: free cash flow by quarter$36.0MQ4 2024$205MQ1 2025−$2.0MQ2 2025$307MQ3 2025$379MQ4 2025$56.0MQ1 2026$187MQ2 2026$491MQ3 2026
Operating cash flow less capital spending.
Carvana: operating cash flow against capital spendingCarvana: operating cash flow against capital spendingOperating cash flowCapital spending$60.0M$24.0MQ4 2024$232M$27.0MQ1 2025$29.0M$31.0MQ2 2025$345M$38.0MQ3 2025$430M$51.0MQ4 2025$107M$51.0MQ1 2026$238M$51.0MQ2 2026$555M$64.0MQ3 2026
Latest (Q3 2026): Operating cash flow $555M, Capital spending $64.0M.

Capital allocation, year by year

Carvana: where the cash came from (up) and went (down), by fiscal yearCarvana: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$2.6BFY2021: Net borrowing $2.0BFY2021: Shares issued $2.0MFY2021: Capital spending −$557M$2.0BFY2021FY2022: Operating cash flow −$1.3BFY2022: Net borrowing −$658MFY2022: Shares issued $4.0MFY2022: Asset sales $44.0MFY2022: Capital spending −$512MFY2022: Acquisitions −$2.2B$48.0MFY2022FY2023: Operating cash flow $803MFY2023: Net borrowing −$981MFY2023: Shares issued $453MFY2023: Asset sales $72.0MFY2023: Capital spending −$87.0MFY2023: Acquisitions −$7.0M$1.3BFY2023FY2024: Operating cash flow $918MFY2024: Net borrowing −$682MFY2024: Shares issued $1.3BFY2024: Asset sales $11.0MFY2024: Capital spending −$91.0M$2.2BFY2024FY2025: Operating cash flow $1.0BFY2025: Net borrowing −$102MFY2025: Shares issued $584MFY2025: Asset sales $2.0MFY2025: Capital spending −$147MFY2025: Acquisitions −$160M$1.6BFY2025
Over these 5 years operating cash flow totalled −$1.2B; the largest uses were operating cash flow ($3.9B) and net borrowing ($2.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.0B
Debt$4.9B
Net debt$1.9B
Due within a year$153M

Carvana funds itself: free cash flow was $1.1B over the last twelve months, and $3.0B of cash and investments stands against $4.9B of debt ($153M due within a year, 19.9× covered by cash).

Carvana: debt maturities by year (FY2025)Carvana: debt maturities by year (FY2025)$153MYear 1$133MYear 2$92.0MYear 3$73.0MYear 4$1.7BYear 5$2.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.0B of cash and investments now.

Where the cash came from and went

Carvana: sources (+) and uses (−) of cash, Q3 2026Carvana: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$555MCash drawn (+) / kept (−)−$429MNet borrowing (+) / repaid (−)−$74.0MCapital spending−$64.0MOther investing$18.0MTaxes on employees’ shares−$8.0MShares issued$1.0MOther financing$1.0M
Carvana: sources (+) and uses (−) of cash, TTM to Q3 2026Carvana: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.3BCash drawn (+) / kept (−)−$951MCapital spending−$217MAcquisitions−$149MOther investing$105MNet borrowing (+) / repaid (−)−$83.0MTaxes on employees’ shares−$61.0MShares issued$15.0MOther financing$9.0MAsset & business sales$2.0M

From profit to cash

Carvana: net income to operating cash flow, Q3 2026Carvana: net income to operating cash flow, Q3 2026Net income$483MStock-based pay$24.0MGains on disposals$1.0MReceivables$55.0MInventory−$192MOther liabilities−$6.0MOperating cash flow$555M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026447546
Q2 2026445544
Q1 2026444543
Q4 2025548547
Q3 2025544644
Q2 2025642643
Q1 2025742643
Q4 2024948849

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$555M−$64.0M—−$74.0M$1.0M−$429M$491M
Q2 2026$238M−$51.0M−$29.0M$28.0M$3.0M−$231M$187M
Q1 2026$107M−$51.0M−$11.0M$2.0M$1.0M−$83.0M$56.0M
Q4 2025$430M−$51.0M−$109M−$39.0M$10.0M−$208M$379M
Q3 2025$345M−$38.0M−$27.0M−$26.0M$16.0M−$291M$307M
Q2 2025$29.0M−$31.0M——$17.0M−$26.0M−$2.0M
Q1 2025$232M−$27.0M−$24.0M−$23.0M$5.0M−$144M$205M
Q4 2024$60.0M−$24.0M—−$29.0M$921M−$828M$36.0M

Carvana: income statement and cash flow

Carvana, Q3 2026: revenue $8.0B (+42% year over year), operating margin 8.9%. The chart follows the revenue to costs, profit and cash.

Carvana: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.