Filing Flows › Carvana (CVNA) › Q2 2026
Carvana (CVNA) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 29, 2026
Carvana (CVNA) reported revenue of $7.4B for the second quarter 2026 (Q2 2026), +52% from a year earlier and +15% from the quarter before. Operating margin was 9.2%, net earnings $310M (4.2% of revenue).
Carvana, Q2 2026: revenue $7.4B (+52% year over year), operating margin 9.2%, net earnings $310M, operating cash flow $238M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.4B | +15% | +52% |
| Gross profit | $1.4B | +9% | +30% |
| Operating profit | $680M | +17% | +33% |
| Net earnings | $310M | +24% | +69% |
| Operating cash flow | $238M | +122% | +721% |
| Free cash flow | $187M | +234% | — |
What changed
Revenue was $7.4B in Q2 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 $2.1B year over year (up 62%), 83% of the total change.
Gross margin was 18.8%, down 3.2 points from Q2 2025. Operating profit was $0.68B, a 9.2% margin (down 1.3 points year over year). Of the extra revenue versus Q2 2025, 7% reached operating profit, below the 11% margin then. Operating expenses grew 27% against revenue growth of 52%. Net earnings were $0.31B, up 69% year over year. The effective tax rate was 11.4%.
Operating cash flow was $0.24B (up 721% year over year), 46% of net income including minority interests. Non-cash charges added back $0.03B of share-based compensation. Working capital and other items used $0.30B. Capital expenditures of $0.05B left free cash flow of $0.19B.
Questions
What was Carvana's revenue in the second quarter 2026?
Carvana (CVNA) reported revenue of $7.4B for the second quarter 2026 (Q2 2026), +52% from a year earlier and +15% from the quarter before.
Was Carvana profitable in the second quarter 2026?
Operating profit was $680M (9.2% of revenue) and net earnings $310M.
Source: Carvana 10-Q on SEC EDGAR.