Filing Flows › Carvana (CVNA) › Q2 2026 › vs Q1 2026
Carvana (CVNA) Q2 2026 vs Q1 2026 (quarter over quarter)
Carvana's revenue rose $944M (+15%) from $6.4B in Q1 2026 to $7.4B in Q2 2026. The biggest changes: Retail vehicle sales, net +$679M (+14%); Wholesale sales and revenues +$265M (+25%); Other sales and revenues +$0 (0%). Gross margin 18.8% against 19.8% (-1.0 pts).
Carvana, Q2 2026: revenue $7.4B (+52% year over year), operating margin 9.2%, net earnings $310M, operating cash flow $238M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 18.8% | 19.8% | -1.0 pts |
| Operating margin | 9.2% | 9.0% | +0.2 pts |
| Net margin | 4.2% | 3.9% | +0.3 pts |
| Free cash flow margin | 2.5% | 0.9% | +1.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Retail vehicle sales, net | $5.5B | $4.8B | $679M | +14% |
| Wholesale sales and revenues | $1.3B | $1.1B | $265M | +25% |
| Other sales and revenues | $526M | $526M | $0 | 0% |
| Revenue | $7.4B | $6.4B | $944M | +15% |
| Gross profit | $1.4B | $1.3B | $113M | +9% |
| Cost of revenue | $6.0B | $5.2B | $831M | +16% |
| Operating profit | $680M | $581M | $99.0M | +17% |
| Operating expenses | $704M | $690M | $14.0M | +2% |
| Pre-tax earnings | $579M | $441M | $138M | +31% |
| Other expense, net | $101M | $140M | −$39.0M | -28% |
| Net earnings | $310M | $250M | $60.0M | +24% |
| Minority interests | $203M | $155M | $48.0M | +31% |
| Income tax | $66.0M | $36.0M | $30.0M | +83% |
| Share-based compensation | $25.0M | $26.0M | −$1.0M | -4% |
| Working capital & other | $97.0M | $169M | −$72.0M | -43% |
| Operating cash flow | $238M | $107M | $131M | +122% |
| Free cash flow (OCF − capex) | $187M | $56.0M | $131M | +234% |
| Capital expenditures | $51.0M | $51.0M | $0 | 0% |
Questions
How much did Carvana's revenue grow quarter over quarter in Q2 2026?
Carvana's revenue rose $944M (+15%) from $6.4B in Q1 2026 to $7.4B in Q2 2026.
What drove Carvana's revenue change in Q2 2026?
Retail vehicle sales, net +$679M (+14%); Wholesale sales and revenues +$265M (+25%); Other sales and revenues +$0 (0%).