Filing Flows › Carvana (CVNA) › How it makes money
How Carvana (CVNA) makes money
Carvana (CVNA) made $8.0B of revenue in the third quarter 2026 (Q3 2026), +42% from a year earlier. Retail vehicle sales, net brought in $6.1B (76%); Wholesale sales and revenues brought in $1.3B (16%); Other sales and revenues brought in $594M (7%). Of every dollar of revenue, 19¢ was left as gross profit, 9¢ was left as operating profit, 4¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Retail vehicle sales, net | $6.1B | 76.4% | +12% | +54% |
| Wholesale sales and revenues | $1.3B | 16.2% | -3% | +11% |
| Other sales and revenues | $594M | 7.4% | +13% | +25% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $8.0B | 100.0% |
| Cost of revenue | $6.5B | 81.1% |
| Gross profit | $1.5B | 18.9% |
| Operating expenses | $807M | 10.0% |
| Operating profit | $714M | 8.9% |
| Income tax | $69.0M | 0.9% |
| Net earnings | $289M | 3.6% |
| Operating cash flow | $555M | 6.9% |
| Free cash flow | $491M | 6.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $8.0B | +42% |
| Q2 2026 | $7.4B | +52% |
| Q1 2026 | $6.4B | +52% |
| Q4 2025 | $5.6B | +58% |
| Q3 2025 | $5.6B | +54% |
| Q2 2025 | $4.8B | +42% |
| Q1 2025 | $4.2B | +38% |
From Carvana's 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does Carvana make money?
Carvana (CVNA) made $8.0B of revenue in the third quarter 2026 (Q3 2026), +42% from a year earlier. Retail vehicle sales, net brought in $6.1B (76%); Wholesale sales and revenues brought in $1.3B (16%); Other sales and revenues brought in $594M (7%). Of every dollar of revenue, 19¢ was left as gross profit, 9¢ was left as operating profit, 4¢ was left as net earnings.
What is Carvana's biggest business?
Retail vehicle sales, net: $6.1B in the third quarter 2026, 76% of revenue, +54% from a year earlier.
What is Carvana's profit margin?
Net earnings were $289M, 3.6% of revenue, in the third quarter 2026; the operating margin was 8.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.