Filing Flows › Carvana (CVNA) › Q1 2026
Carvana (CVNA) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Carvana (CVNA) reported revenue of $6.4B for the first quarter 2026 (Q1 2026), +52% from a year earlier and +15% from the quarter before. Operating margin was 9.0%, net earnings $250M (3.9% of revenue).
Carvana, Q1 2026: revenue $6.4B (+52% year over year), operating margin 9.0%, net earnings $250M, operating cash flow $107M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.4B | +15% | +52% |
| Gross profit | $1.3B | +21% | +37% |
| Operating profit | $581M | +37% | +47% |
| Net earnings | $250M | -71% | +16% |
| Operating cash flow | $107M | -75% | -54% |
| Free cash flow | $56.0M | -85% | -73% |
What changed
Revenue was $6.4B in Q1 2026, up 52% year over year and up 15% from the previous quarter. Retail vehicle sales, net was the largest line at 75% of revenue. Retail vehicle sales, net added $1.8B year over year (up 62%), 84% of the total change.
Gross margin was 19.8%, down 2.2 points from Q1 2025. Operating profit was $0.58B, a 9.0% margin (down 0.3 points year over year). Of the extra revenue versus Q1 2025, 8% reached operating profit, below the 9% margin then. Operating expenses grew 29% against revenue growth of 52%. Net earnings were $0.25B, up 16% year over year. The effective tax rate was 8.2%.
Operating cash flow was $0.11B (down 54% year over year), 26% of net income including minority interests. Non-cash charges added back $0.03B of share-based compensation. Working capital and other items used $0.32B. Capital expenditures of $0.05B left free cash flow of $0.06B.
Questions
What was Carvana's revenue in the first quarter 2026?
Carvana (CVNA) reported revenue of $6.4B for the first quarter 2026 (Q1 2026), +52% from a year earlier and +15% from the quarter before.
Was Carvana profitable in the first quarter 2026?
Operating profit was $581M (9.0% of revenue) and net earnings $250M.
Source: Carvana 10-Q on SEC EDGAR.