Filing Flows › Carvana (CVNA) › Q2 2026 › vs Q2 2025
Carvana (CVNA) Q2 2026 vs Q2 2025 (year over year)
Carvana's revenue rose $2.5B (+52%) from $4.8B in Q2 2025 to $7.4B in Q2 2026. The biggest changes: Retail vehicle sales, net +$2.1B (+62%); Wholesale sales and revenues +$319M (+31%); Other sales and revenues +$115M (+28%). Gross margin 18.8% against 22.0% (-3.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 18.8% | 22.0% | -3.2 pts |
| Operating margin | 9.2% | 10.6% | -1.3 pts |
| Net margin | 4.2% | 3.8% | +0.4 pts |
| Free cash flow margin | 2.5% | 0.0% | +2.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Retail vehicle sales, net | $5.5B | $3.4B | $2.1B | +62% |
| Wholesale sales and revenues | $1.3B | $1.0B | $319M | +31% |
| Other sales and revenues | $526M | $411M | $115M | +28% |
| Revenue | $7.4B | $4.8B | $2.5B | +52% |
| Gross profit | $1.4B | $1.1B | $320M | +30% |
| Cost of revenue | $6.0B | $3.8B | $2.2B | +59% |
| Operating profit | $680M | $511M | $169M | +33% |
| Operating expenses | $704M | $553M | $151M | +27% |
| Pre-tax earnings | $579M | $308M | $271M | +88% |
| Other expense, net | $101M | $203M | −$102M | -50% |
| Net earnings | $310M | $183M | $127M | +69% |
| Minority interests | $203M | $125M | $78.0M | +62% |
| Income tax | $66.0M | $0 | $66.0M | — |
| Share-based compensation | $25.0M | $27.0M | −$2.0M | -7% |
| Working capital & other | $97.0M | $181M | −$84.0M | -46% |
| Operating cash flow | $238M | $29.0M | $209M | +721% |
| Free cash flow (OCF − capex) | $187M | −$2.0M | $189M | — |
| Capital expenditures | $51.0M | $31.0M | $20.0M | +65% |
Questions
How much did Carvana's revenue grow year over year in Q2 2026?
Carvana's revenue rose $2.5B (+52%) from $4.8B in Q2 2025 to $7.4B in Q2 2026.
What drove Carvana's revenue change in Q2 2026?
Retail vehicle sales, net +$2.1B (+62%); Wholesale sales and revenues +$319M (+31%); Other sales and revenues +$115M (+28%).