C

CARVANA CO.

CVNA · CIK 0001690820

11 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$20.32B48.6%
FY2025
Net income (FY)
$1.41B570.0%
FY2025
Free cash flow (FY)
$889.0M7.5%
FY2025
Diluted EPS (FY)
$8.45431.4%
FY2025
The story, charted

The shape of the business

FY2015–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$10B$20BFY2015 · Revenue $130.4M · Net income −$36.8M · 0001690820-18-000005 · filed 2018-03-06FY15Revenue $130.4MNet income −$36.8M0001690820-18-000005 · filed 2018-03-06FY2016 · Revenue $365.1M · Net income −$93.1M · 0001690820-19-000024 · filed 2019-02-27FY16Revenue $365.1MNet income −$93.1M0001690820-19-000024 · filed 2019-02-27FY2017 · Revenue $858.9M · Net income −$62.8M · 0001690820-20-000052 · filed 2020-02-26FY17Revenue $858.9MNet income −$62.8M0001690820-20-000052 · filed 2020-02-26FY2018 · Revenue $1.96B · Net income −$55.5M · 0001690820-21-000069 · filed 2021-02-25FY18Revenue $1.96BNet income −$55.5M0001690820-21-000069 · filed 2021-02-25FY2019 · Revenue $3.94B · Net income −$115.0M · 0001690820-22-000080 · filed 2022-02-24FY19Revenue $3.94BNet income −$115.0M0001690820-22-000080 · filed 2022-02-24FY2020 · Revenue $5.59B · Net income −$171.0M · 0001690820-23-000052 · filed 2023-02-23FY20Revenue $5.59BNet income −$171.0M0001690820-23-000052 · filed 2023-02-23FY2021 · Revenue $12.81B · Net income −$135.0M · 0001690820-24-000093 · filed 2024-02-22FY21Revenue $12.81BNet income −$135.0M0001690820-24-000093 · filed 2024-02-22FY2022 · Revenue $13.60B · Net income −$1.59B · 0001690820-25-000074 · filed 2025-02-19FY22Revenue $13.60BNet income −$1.59B0001690820-25-000074 · filed 2025-02-19FY2023 · Revenue $10.77B · Net income $450.0M · 0001690820-26-000009 · filed 2026-02-18FY23Revenue $10.77BNet income $450.0M0001690820-26-000009 · filed 2026-02-18FY2024 · Revenue $13.67B · Net income $210.0M · 0001690820-26-000009 · filed 2026-02-18FY24Revenue $13.67BNet income $210.0M0001690820-26-000009 · filed 2026-02-18FY2025 · Revenue $20.32B · Net income $1.41B · 0001690820-26-000009 · filed 2026-02-18FY25Revenue $20.32BNet income $1.41B0001690820-26-000009 · filed 2026-02-18FY25Revenue $20.32BNet income $1.41B0001690820-26-000009 · filed 2026-02-18FY15FY17FY19FY21FY23FY25

revenue 155.9× since FY2015 · net margin -28.2% → 6.9%

MarginsNet marginFCF margin
-50%0%FY2015 · Net margin -28.2% · FCF margin -51.7%FY15Net margin -28.2%FCF margin -51.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin -25.5% · FCF margin -76.6%FY16Net margin -25.5%FCF margin -76.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin -7.3% · FCF margin -32.4%FY17Net margin -7.3%FCF margin -32.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin -2.8% · FCF margin -28.5%FY18Net margin -2.8%FCF margin -28.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin -2.9% · FCF margin -25.1%FY19Net margin -2.9%FCF margin -25.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -3.1% · FCF margin -17.3%FY20Net margin -3.1%FCF margin -17.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin -1.1% · FCF margin -24.6%FY21Net margin -1.1%FCF margin -24.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin -11.7% · FCF margin -13.5%FY22Net margin -11.7%FCF margin -13.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 4.2% · FCF margin 6.6%FY23Net margin 4.2%FCF margin 6.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 1.5% · FCF margin 6.0%FY24Net margin 1.5%FCF margin 6.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 6.9% · FCF margin 4.4%FY25Net margin 6.9%FCF margin 4.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 6.9%FCF margin 4.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’16’19’22’25

FY2025: net 6.9% · free cash flow 4.4% of revenue

Cash engineOperating cash flowFree cash flow
−$2B$0FY2015 · OCF −$53.5M · FCF −$67.5M · 0001690820-18-000005 · filed 2018-03-06FY15OCF −$53.5MFCF −$67.5M0001690820-18-000005 · filed 2018-03-06FY2016 · OCF −$240.2M · FCF −$279.8M · 0001690820-19-000024 · filed 2019-02-27FY16OCF −$240.2MFCF −$279.8M0001690820-19-000024 · filed 2019-02-27FY2017 · OCF −$199.9M · FCF −$278.4M · 0001690820-20-000052 · filed 2020-02-26FY17OCF −$199.9MFCF −$278.4M0001690820-20-000052 · filed 2020-02-26FY2018 · OCF −$414.3M · FCF −$558.0M · 0001690820-21-000069 · filed 2021-02-25FY18OCF −$414.3MFCF −$558.0M0001690820-21-000069 · filed 2021-02-25FY2019 · OCF −$757.0M · FCF −$988.0M · 0001690820-22-000080 · filed 2022-02-24FY19OCF −$757.0MFCF −$988.0M0001690820-22-000080 · filed 2022-02-24FY2020 · OCF −$608.0M · FCF −$968.0M · 0001690820-23-000052 · filed 2023-02-23FY20OCF −$608.0MFCF −$968.0M0001690820-23-000052 · filed 2023-02-23FY2021 · OCF −$2.59B · FCF −$3.15B · 0001690820-24-000093 · filed 2024-02-22FY21OCF −$2.59BFCF −$3.15B0001690820-24-000093 · filed 2024-02-22FY2022 · OCF −$1.32B · FCF −$1.84B · 0001690820-25-000074 · filed 2025-02-19FY22OCF −$1.32BFCF −$1.84B0001690820-25-000074 · filed 2025-02-19FY2023 · OCF $803.0M · FCF $716.0M · 0001690820-26-000009 · filed 2026-02-18FY23OCF $803.0MFCF $716.0M0001690820-26-000009 · filed 2026-02-18FY2024 · OCF $918.0M · FCF $827.0M · 0001690820-26-000009 · filed 2026-02-18FY24OCF $918.0MFCF $827.0M0001690820-26-000009 · filed 2026-02-18FY2025 · OCF $1.04B · FCF $889.0M · 0001690820-26-000009 · filed 2026-02-18FY25OCF $1.04BFCF $889.0M0001690820-26-000009 · filed 2026-02-18FY25OCF $1.04BFCF $889.0M0001690820-26-000009 · filed 2026-02-18’16’19’22’25

FY2025: $1.04B operating cash − $147.0M capex = $889.0M free cash flow

Returns on capitalReturn on equityReturn on assets
0%200%FY2016 · ROA -27.7%FY16ROA -27.7%derived: net income ÷ assetsFY2017 · ROE -50.0% · ROA -9.8%FY17ROE -50.0%ROA -9.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE -69.6% · ROA -5.6%FY18ROE -69.6%ROA -5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE -117.2% · ROA -5.6%FY19ROE -117.2%ROA -5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -44.1% · ROA -5.6%FY20ROE -44.1%ROA -5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE -44.1% · ROA -1.9%FY21ROE -44.1%ROA -1.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 306.4% · ROA -18.2%FY22ROE 306.4%ROA -18.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 185.2% · ROA 6.4%FY23ROE 185.2%ROA 6.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 16.7% · ROA 2.5%FY24ROE 16.7%ROA 2.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 40.9% · ROA 10.7%FY25ROE 40.9%ROA 10.7%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 40.9%ROA 10.7%derived: net income ÷ equity · derived: net income ÷ assets’17’19’21’23’25

return on equity -50% (FY2017) → 41% (FY2025) · on assets 10.7%

Balance sheetLiabilitiesEquity
$0$5B$10BFY2017 · Liabilities $361.6M · Equity $125.7MFY17Liabilities $361.6MEquity $125.7M0001690820-19-000024 · filed 2019-02-27FY2018 · Liabilities $763.6M · Equity $79.7MFY18Liabilities $763.6MEquity $79.7M0001690820-20-000052 · filed 2020-02-26FY2019 · Liabilities $1.87B · Equity $98.1MFY19Liabilities $1.87BEquity $98.1M0001690820-21-000069 · filed 2021-02-25FY2020 · Liabilities $2.23B · Equity $388.0MFY20Liabilities $2.23BEquity $388.0M0001690820-22-000080 · filed 2022-02-24FY2021 · Liabilities $6.49B · Equity $306.0MFY21Liabilities $6.49BEquity $306.0M0001690820-23-000052 · filed 2023-02-23FY2022 · Liabilities $9.75B · Equity −$518.0MFY22Liabilities $9.75BEquity −$518.0M0001690820-24-000093 · filed 2024-02-22FY2023 · Liabilities $7.46B · Equity $243.0MFY23Liabilities $7.46BEquity $243.0M0001690820-25-000074 · filed 2025-02-19FY2024 · Liabilities $7.11B · Equity $1.26BFY24Liabilities $7.11BEquity $1.26B0001690820-26-000009 · filed 2026-02-18FY2025 · Liabilities $9.00B · Equity $3.44BFY25Liabilities $9.00BEquity $3.44B0001690820-26-000009 · filed 2026-02-18FY25Liabilities $9.00BEquity $3.44B0001690820-26-000009 · filed 2026-02-18’17’19’21’23’25

FY2025: $13.20B assets · $9.00B liabilities · $3.44B equity

The receipts