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Carvana vs CarMax: CVNA and KMX compared
Carvana is the larger company: $8.0B of revenue in its latest quarter (Q3 2026) against $7.9B for CarMax (Q2 FY27). Carvana is growing faster (+42% against +20% a year earlier). Carvana is more profitable, with an operating margin of 8.9% against 2.8%.
Where the money goes: CVNA and KMX
Carvana (CVNA) · Q3 2026
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.
CarMax (KMX) · Q2 FY27
CarMax, Q2 FY27: revenue $7.9B (+20% year over year), operating margin 2.8%, net earnings $165M, operating cash flow $883M. The chart follows the revenue to costs, profit and cash.
| Carvana (CVNA) | CarMax (KMX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $8.0B | $7.9B |
| Revenue growth, Y/Y | +42% | +20% |
| Gross margin | 18.9% | 10.1% |
| Operating margin | 8.9% | 2.8% |
| Net earnings | $289M | $165M |
| Net margin | 3.6% | 2.1% |
| Operating cash flow | $555M | $883M |
| Free cash flow | $491M | $806M |
| Market value | $53.3B | $7.5B |
| P/E | 31.3× | 24.7× |
| Analysts’ mean target | $81.14 | $61.31 |
Where the revenue comes from
Carvana
- Retail vehicle sales, net: $6.1B (76%)
- Wholesale sales and revenues: $1.3B (16%)
- Other sales and revenues: $594M (7%)
CarMax
- Used vehicle sales: $6.3B (80%)
- Wholesale vehicle sales: $1.4B (17%)
- Extended protection plan revenues: $142M (2%)
- Advertising & subscription revenues: $36.3M (0%)
Questions
Which is bigger, Carvana or CarMax?
Carvana is the larger company: $8.0B of revenue in its latest quarter (Q3 2026) against $7.9B for CarMax (Q2 FY27).
Is Carvana or CarMax growing faster?
Carvana is growing faster (+42% against +20% a year earlier).
Which is more profitable, Carvana or CarMax?
Carvana is more profitable, with an operating margin of 8.9% against 2.8%.
More: Carvana earnings · how Carvana makes money · CarMax earnings · how CarMax makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Sep 30, 2026). Fiscal quarters can end on different dates. Not investment advice.