Filing Flows › Carvana (CVNA) › Q3 2026 › vs Q2 2026
Carvana (CVNA) Q3 2026 vs Q2 2026 (quarter over quarter)
Carvana's revenue rose $664M (+9%) from $7.4B in Q2 2026 to $8.0B in Q3 2026. The biggest changes: Retail vehicle sales, net +$637M (+12%); Other sales and revenues +$68.0M (+13%); Wholesale sales and revenues −$41.0M (-3%). Gross margin 18.9% against 18.8% (+0.2 pts).
Carvana, Q3 2026: revenue $8.0B (+42% year over year), operating margin 8.9%, net earnings $289M, operating cash flow $555M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 18.9% | 18.8% | +0.2 pts |
| Operating margin | 8.9% | 9.2% | -0.3 pts |
| Net margin | 3.6% | 4.2% | -0.6 pts |
| Free cash flow margin | 6.1% | 2.5% | +3.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Retail vehicle sales, net | $6.1B | $5.5B | $637M | +12% |
| Wholesale sales and revenues | $1.3B | $1.3B | −$41.0M | -3% |
| Other sales and revenues | $594M | $526M | $68.0M | +13% |
| Revenue | $8.0B | $7.4B | $664M | +9% |
| Gross profit | $1.5B | $1.4B | $137M | +10% |
| Cost of revenue | $6.5B | $6.0B | $527M | +9% |
| Operating profit | $714M | $680M | $34.0M | +5% |
| Operating expenses | $807M | $704M | $103M | +15% |
| Pre-tax earnings | $552M | $579M | −$27.0M | -5% |
| Other expense, net | $162M | $101M | $61.0M | +60% |
| Net earnings | $289M | $310M | −$21.0M | -7% |
| Minority interests | $194M | $203M | −$9.0M | -4% |
| Income tax | $69.0M | $66.0M | $3.0M | +5% |
| Share-based compensation | $24.0M | $25.0M | −$1.0M | -4% |
| Working capital & other | $242M | −$97.0M | $339M | — |
| Operating cash flow | $555M | $238M | $317M | +133% |
| Free cash flow (OCF − capex) | $491M | $187M | $304M | +163% |
| Capital expenditures | $64.0M | $51.0M | $13.0M | +25% |
Questions
How much did Carvana's revenue grow quarter over quarter in Q3 2026?
Carvana's revenue rose $664M (+9%) from $7.4B in Q2 2026 to $8.0B in Q3 2026.
What drove Carvana's revenue change in Q3 2026?
Retail vehicle sales, net +$637M (+12%); Other sales and revenues +$68.0M (+13%); Wholesale sales and revenues −$41.0M (-3%).