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Lithia Motors vs Carvana: LAD and CVNA compared
Lithia Motors is the larger company: $9.9B of revenue in its latest quarter (Q3 2026) against $8.0B for Carvana (Q3 2026). Carvana is growing faster (+42% against +3% a year earlier). Carvana is more profitable, with an operating margin of 8.9% against 4.2%.
Where the money goes: LAD and CVNA
Lithia Motors (LAD) · Q3 2026
Lithia Motors, Q3 2026: revenue $9.9B (+3% year over year), operating margin 4.2%, net earnings $293M, operating cash flow −$30.8M. The chart follows the revenue to costs, profit and cash.
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.
| Lithia Motors (LAD) | Carvana (CVNA) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $9.9B | $8.0B |
| Revenue growth, Y/Y | +3% | +42% |
| Gross margin | 15.0% | 18.9% |
| Operating margin | 4.2% | 8.9% |
| Net earnings | $293M | $289M |
| Net margin | 2.9% | 3.6% |
| Operating cash flow | −$30.8M | $555M |
| Free cash flow | — | $491M |
| Market value | $6.8B | $53.3B |
| P/E | 8.8× | 31.3× |
| Analysts’ mean target | $391.20 | $81.14 |
Where the revenue comes from
Lithia Motors
- New vehicle: $4.9B (49%)
- Used vehicles: $3.6B (36%)
- Aftersales: $1.1B (11%)
- Finance and insurance: $361M (4%)
Carvana
- Retail vehicle sales, net: $6.1B (76%)
- Wholesale sales and revenues: $1.3B (16%)
- Other sales and revenues: $594M (7%)
Questions
Which is bigger, Lithia Motors or Carvana?
Lithia Motors is the larger company: $9.9B of revenue in its latest quarter (Q3 2026) against $8.0B for Carvana (Q3 2026).
Is Lithia Motors or Carvana growing faster?
Carvana is growing faster (+42% against +3% a year earlier).
Which is more profitable, Lithia Motors or Carvana?
Carvana is more profitable, with an operating margin of 8.9% against 4.2%.
More: Lithia Motors earnings · how Lithia Motors makes money · Carvana earnings · how Carvana makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.