Filing Flows › Carvana (CVNA) › Q1 2025
Carvana (CVNA) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Carvana (CVNA) reported revenue of $4.2B for the first quarter 2025 (Q1 2025), +38% from a year earlier and +19% from the quarter before. Operating margin was 9.3%, net earnings $216M (5.1% of revenue).
Carvana, Q1 2025: revenue $4.2B (+38% year over year), operating margin 9.3%, net earnings $216M, operating cash flow $232M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +19% | +38% |
| Gross profit | $929M | +22% | +57% |
| Operating profit | $394M | +52% | +194% |
| Net earnings | $216M | +173% | +671% |
| Operating cash flow | $232M | +287% | +130% |
| Free cash flow | $205M | +469% | +147% |
What changed
Revenue was $4.2B in Q1 2025, up 38% year over year and up 19% from the previous quarter. Retail vehicle sales, net was the largest line at 70% of revenue. Retail vehicle sales, net added $0.81B year over year (up 37%), 69% of the total change.
Gross margin was 22.0%, up 2.6 points from a year earlier. Operating profit was $0.39B, a 9.3% margin (up 4.9 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, above the 4% margin then. Operating expenses grew 17% against revenue growth of 38%. Net earnings were $0.22B, up 671% year over year. The effective tax rate was 0.5%.
Operating cash flow was $0.23B (up 130% year over year), 62% of net income including minority interests. Non-cash charges added back $0.02B of share-based compensation. Working capital and other items used $0.16B. Capital expenditures of $0.03B left free cash flow of $0.20B.
Questions
What was Carvana's revenue in the first quarter 2025?
Carvana (CVNA) reported revenue of $4.2B for the first quarter 2025 (Q1 2025), +38% from a year earlier and +19% from the quarter before.
Was Carvana profitable in the first quarter 2025?
Operating profit was $394M (9.3% of revenue) and net earnings $216M.
Source: Carvana 10-Q on SEC EDGAR.