Filing Flows › Carvana (CVNA) › Q2 2025
Carvana (CVNA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Carvana (CVNA) reported revenue of $4.8B for the second quarter 2025 (Q2 2025), +42% from a year earlier and +14% from the quarter before. Operating margin was 10.6%, net earnings $183M (3.8% of revenue).
Carvana, Q2 2025: revenue $4.8B (+42% year over year), operating margin 10.6%, net earnings $183M, operating cash flow $29.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.8B | +14% | +42% |
| Gross profit | $1.1B | +15% | +49% |
| Operating profit | $511M | +30% | +97% |
| Net earnings | $183M | -15% | +917% |
| Operating cash flow | $29.0M | -88% | -92% |
What changed
Revenue was $4.8B in Q2 2025, up 42% year over year and up 14% from the previous quarter. Retail vehicle sales, net was the largest line at 70% of revenue. Retail vehicle sales, net added $1.0B year over year (up 41%), 70% of the total change.
Gross margin was 22.0%, up 1.0 points from a year earlier. Operating profit was $0.51B, a 10.6% margin (up 3.0 points year over year). Of the extra revenue versus a year earlier, 18% reached operating profit, above the 8% margin then. Operating expenses grew 21% against revenue growth of 42%. Net earnings were $0.18B, up 917% year over year. The effective tax rate was 0.0%.
Operating cash flow was $0.03B (down 92% year over year), 9% of net income including minority interests. Non-cash charges added back $0.03B of share-based compensation. Working capital and other items used $0.31B. Capital expenditures of $0.03B exceeded it, leaving free cash flow of −$2.0M.
Questions
What was Carvana's revenue in the second quarter 2025?
Carvana (CVNA) reported revenue of $4.8B for the second quarter 2025 (Q2 2025), +42% from a year earlier and +14% from the quarter before.
Was Carvana profitable in the second quarter 2025?
Operating profit was $511M (10.6% of revenue) and net earnings $183M.
Source: Carvana 10-Q on SEC EDGAR.