Filing Flows › Carvana (CVNA) › Q3 2026
Carvana (CVNA) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 28, 2026
Carvana (CVNA) reported revenue of $8.0B for the third quarter 2026 (Q3 2026), +42% from a year earlier and +9% from the quarter before. Operating margin was 8.9%, net earnings $289M (3.6% of revenue).
Carvana, Q3 2026: revenue $8.0B (+42% year over year), operating margin 8.9%, net earnings $289M, operating cash flow $555M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.0B | +9% | +42% |
| Gross profit | $1.5B | +10% | +32% |
| Operating profit | $714M | +5% | +29% |
| Net earnings | $289M | -7% | +91% |
| Operating cash flow | $555M | +133% | +61% |
| Free cash flow | $491M | +163% | +60% |
What changed
Revenue was $8.0B in Q3 2026, up 42% year over year and up 9% from the previous quarter. Retail vehicle sales, net was the largest line at 76% of revenue. Retail vehicle sales, net added $2.1B year over year (up 54%), 90% of the total change.
Gross margin was 18.9%, down 1.4 points from Q3 2025. Operating profit was $0.71B, a 8.9% margin (down 0.9 points year over year). Of the extra revenue versus Q3 2025, 7% reached operating profit, below the 10% margin then. Operating expenses grew 35% against revenue growth of 42%. Net earnings were $0.29B, up 91% year over year. The effective tax rate was 12.5%.
Operating cash flow was $0.56B (up 61% year over year), 115% of net income including minority interests. Non-cash charges added back $0.02B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.06B left free cash flow of $0.49B.
Questions
What was Carvana's revenue in the third quarter 2026?
Carvana (CVNA) reported revenue of $8.0B for the third quarter 2026 (Q3 2026), +42% from a year earlier and +9% from the quarter before.
Was Carvana profitable in the third quarter 2026?
Operating profit was $714M (8.9% of revenue) and net earnings $289M.
Source: Carvana 10-Q on SEC EDGAR.