Filing Flows › Carvana (CVNA) › Q3 2026 › vs Q3 2025
Carvana (CVNA) Q3 2026 vs Q3 2025 (year over year)
Carvana's revenue rose $2.4B (+42%) from $5.6B in Q3 2025 to $8.0B in Q3 2026. The biggest changes: Retail vehicle sales, net +$2.1B (+54%); Wholesale sales and revenues +$125M (+11%); Other sales and revenues +$120M (+25%). Gross margin 18.9% against 20.3% (-1.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 18.9% | 20.3% | -1.4 pts |
| Operating margin | 8.9% | 9.8% | -0.9 pts |
| Net margin | 3.6% | 2.7% | +0.9 pts |
| Free cash flow margin | 6.1% | 5.4% | +0.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Retail vehicle sales, net | $6.1B | $4.0B | $2.1B | +54% |
| Wholesale sales and revenues | $1.3B | $1.2B | $125M | +11% |
| Other sales and revenues | $594M | $474M | $120M | +25% |
| Revenue | $8.0B | $5.6B | $2.4B | +42% |
| Gross profit | $1.5B | $1.1B | $373M | +32% |
| Cost of revenue | $6.5B | $4.5B | $2.0B | +45% |
| Operating profit | $714M | $552M | $162M | +29% |
| Operating expenses | $807M | $596M | $211M | +35% |
| Pre-tax earnings | $552M | $259M | $293M | +113% |
| Other expense, net | $162M | $293M | −$131M | -45% |
| Net earnings | $289M | $151M | $138M | +91% |
| Minority interests | $194M | $112M | $82.0M | +73% |
| Income tax | $69.0M | −$4.0M | $73.0M | — |
| Share-based compensation | $24.0M | $24.0M | $0 | 0% |
| Working capital & other | $242M | $170M | $72.0M | +42% |
| Operating cash flow | $555M | $345M | $210M | +61% |
| Free cash flow (OCF − capex) | $491M | $307M | $184M | +60% |
| Capital expenditures | $64.0M | $38.0M | $26.0M | +68% |
Questions
How much did Carvana's revenue grow year over year in Q3 2026?
Carvana's revenue rose $2.4B (+42%) from $5.6B in Q3 2025 to $8.0B in Q3 2026.
What drove Carvana's revenue change in Q3 2026?
Retail vehicle sales, net +$2.1B (+54%); Wholesale sales and revenues +$125M (+11%); Other sales and revenues +$120M (+25%).