Filing Flows › Carvana (CVNA) › Q3 2025
Carvana (CVNA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Carvana (CVNA) reported revenue of $5.6B for the third quarter 2025 (Q3 2025), +55% from a year earlier and +17% from the quarter before. Operating margin was 9.8%, net earnings $151M (2.7% of revenue).
Carvana, Q3 2025: revenue $5.6B (+54% year over year), operating margin 9.8%, net earnings $151M, operating cash flow $345M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.6B | +17% | +55% |
| Gross profit | $1.1B | +8% | +42% |
| Operating profit | $552M | +8% | +64% |
| Net earnings | $151M | -17% | +78% |
| Operating cash flow | $345M | 12× | -14% |
| Free cash flow | $307M | — | -18% |
What changed
Revenue was $5.6B in Q3 2025, up 55% year over year and up 17% from the previous quarter. Retail vehicle sales, net was the largest line at 71% of revenue. Retail vehicle sales, net added $1.5B year over year (up 57%), 73% of the total change.
Gross margin was 20.3%, down 1.7 points from a year earlier. Operating profit was $0.55B, a 9.8% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 11% reached operating profit, above the 9% margin then. Operating expenses grew 27% against revenue growth of 55%. Net earnings were $0.15B, up 78% year over year. The effective tax rate was -1.5%.
Operating cash flow was $0.34B (down 14% year over year), 131% of net income including minority interests. Non-cash charges added back $0.02B of share-based compensation. Working capital and other items added $0.06B. Capital expenditures of $0.04B left free cash flow of $0.31B.
Questions
What was Carvana's revenue in the third quarter 2025?
Carvana (CVNA) reported revenue of $5.6B for the third quarter 2025 (Q3 2025), +55% from a year earlier and +17% from the quarter before.
Was Carvana profitable in the third quarter 2025?
Operating profit was $552M (9.8% of revenue) and net earnings $151M.
Source: Carvana 10-Q on SEC EDGAR.