Carvana Co
carvana.comWhat Do They Do?
Sells used cars online to consumers, buys vehicles from people selling or trading them in, and offers financing and vehicle protection products to car buyers.
10-K for FY2025, filed Feb 18, 2026Carvana is the leading e-commerce platform for buying and selling used cars. We are transforming the used car buying and selling experience…View ↗
Vehicle Acquisition. We primarily acquire our used vehicle inventory directly from customers, used car auctions, including by use of our…View ↗
Online Search and Shopping Experience. We offer a mobile-optimized website, where prospective retail car buyers can immediately begin…View ↗
Financing. We offer integrated financing using our proprietary loan origination platform. Customers who choose to apply for our in-house…View ↗
Complementary Products. As part of the integrated purchasing process, customers have the option to protect their vehicle with a vehicle…View ↗
How Do They Make Money?
Car buyers pay for vehicles before delivery or arrange financing; wholesale buyers pay after delivery, while marketplace auction fees are due after sale. Carvana also earns gains from selling finance receivables, interest on receivables held, and commissions on complementary products; VSC commissions come at sale, while GAP income is earned over coverage.
10-K for FY2025, filed Feb 18, 2026The Company sells retail vehicles directly to its customers through its website. The prices of retail vehicles are set forth in the…View ↗
The Company sells vehicles to wholesalers. These vehicles sold to wholesalers are primarily acquired from customers and do not meet the…View ↗
Other sales and revenues include gains on the sales of finance receivables, commissions on VSCs, GAP waiver coverage, and other…View ↗
Customers purchasing retail vehicles from the Company may enter into contracts for VSCs and, if they finance with the Company, GAP waiver…View ↗
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10-K for FY2025, filed Feb 18, 2026
FY2025 revenue by product or service ↗
$20.3B
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10-K for FY2025, filed Feb 18, 2026
$20.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Retail vehicle sales, net
Sold outright
10-K for FY2025, filed Feb 18, 2026 |
72%
FY2022: 75%
|
Retail vehicle sales, net, FY2025
$14.5B Sources
|
Sold outright |
|
Wholesale sales and revenues
Sold outright
10-K for FY2025, filed Feb 18, 2026 |
20%
FY2022: 19%
|
Wholesale sales and revenues, FY2025
$4.1B Sources
|
Sold outright |
|
Other sales and revenues
|
8.5%
FY2022: 5.5%
|
Other sales and revenues, FY2025
$1.7B Sources
|
Who Are Their Customers?
Consumers buy cars directly through Carvana’s website; people selling or trading in cars can get an online offer and arrange pickup or drop-off. Some retail marketplace partners sell vehicles through Carvana.
10-K for FY2025, filed Feb 18, 2026Vehicle Acquisition. We primarily acquire our used vehicle inventory directly from customers, used car auctions, including by use of our…View ↗
Online Search and Shopping Experience. We offer a mobile-optimized website, where prospective retail car buyers can immediately begin…View ↗
Wholesale sales and revenues includes sales of trade-ins and other vehicles acquired from customers that do not meet the requirements for…View ↗
The Company sells retail vehicles directly to its customers through its website. The prices of retail vehicles are set forth in the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.
10-K for FY2025, filed Feb 18, 2026
$1.9BView ↗
10-K for FY2025, filed Feb 18, 2026
$1.4BView ↗
10-K for FY2025, filed Feb 18, 2026
$889MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
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Jul 29, 2026
Carvana gives full-year Adjusted EBITDA guidance
It expects $2.7 billion to $3.0 billion for the full year.
Sources
8-K, filed Jul 29, 2026
A sequential increase in retail units sold in Q3 compared to Q2, and Adjusted EBITDA1 of $2.7 to $3.0 billion for the full year 2026, an…View ↗
Growing. Revenue grew 59% in 4 years, from $12.8B in FY2021 to $20.3B in FY2025, about 12% a year.
Who Do They Compete With?
Competes with CarMax, Amazon, Autobytel, AutoTrader, Cars, Carfax, CarGurus, eBay Motors, Edmunds, Google, KBB, TrueCar, Ford, General Motors, Toyota, Volkswagen, Tesla, Rivian, and Lucid
10-K for FY2025, filed Feb 18, 2026traditional used vehicle dealerships such as CarMax; internet and online automotive sites, such as Amazon, Autobytel, AutoTrader, Cars…View ↗
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