CARVANA CO. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CARVANA CO. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	365	859	1,955	3,940	5,587	12,814	13,604	10,771	13,673	20,322
Cost of revenue	346	791	1,759	3,433	4,793	10,885	12,358	9,047	10,797	16,130
Gross profit	19.2	68.1	197	507	794	1,929	1,246	1,724	2,876	4,192
Selling, general and administrative	109	223	425	787	1,126	2,033	2,736	1,796	1,874	2,308
Operating income							-2,351	-80	990	1,881
Interest expense	3.59	7.66	25	81	131	176	486	632	651	505
Other non-operating income	-0.05	-1.35	-1.18	-4	1	-6	-56	9	73	-2,250
Income tax	0	0	0	0	0	1	1	25	-4	-2,785
Net income to minority interests	0	-101	-199	-250	-291	-152	-1,307	-300	194	488
Net income	-93.1	-62.8	-55.5	-115	-171	-135	-1,587	450	210	1,407
EPS, basic						-1.63	-15.74	4.12	1.72	10.22
EPS, diluted				-2.45	-2.63	-1.63	-15.74	0.75	1.59	8.45
Shares, basic (weighted)						82.8	101	109	122	138
Shares, diluted (weighted)				46.8	65	82.8	101	201	132	224

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	39.2	173	78.9	76	301	403	434	530	1,716	2,327
Receivables	5.69	14.1	33.1	39.9	79	206	253	266	303	245
Inventory	186	227	412	763	1,036	3,149	1,876	1,150	1,608	2,408
Other current assets	9.82	15.5	23.6	52.7	73	163	182	138	122	168
Total current assets	275	490	663	1,359	1,923	4,892	4,594	3,321	4,869	6,549
Property, plant and equipment	60.6	149	297	543	909	1,560	3,244	2,982	2,773	2,814
Lease right-of-use assets			0	123	156	369	536	455	440	443
Goodwill		0	9.35	9.35	9	9	0		0	10
Intangible assets		0	8.87	7.23	6	4	70	52	34	47
Other non-current assets	0	2.74	13.1	14.9	32	181	254	261	365	274
Total assets	336	641	991	2,058	3,035	7,015	8,698	7,071	8,484	13,201
Accounts payable	6.21	10.5	33	63.6	67	141	232	231	236	236
Accrued liabilities	3.4	5.05	13.5	21.7	34	45	65	41	92	103
Deferred revenue			2.89	6.38	17	34	23	30	63	51
Short-term debt	166	254	208	607	79	2,154	1,638	777	302	211
Total current liabilities	196	306	330	865	467	2,890	2,592	1,536	1,338	1,519
Long-term debt	4.4	48.5	425	883	1,617	3,208	6,574	5,416	5,256	4,830
Lease liabilities			0	116	148	361	507	433	414	406
Other non-current liabilities	0	7.09	8.73	1.81	1	31	78	70	36	15
Total liabilities	201	362	764	1,866	2,233	6,490	9,751	7,455	7,109	8,998
Total debt	4.4	302	633	717	1,206	2,742	6,482	5,176	5,297	4,918
Paid-in capital	0	41.4	148	281	742	795	1,558	1,869	2,676	3,449
Retained earnings	0	-12.9	-68.4	-183	-354	-489	-2,076	-1,626	-1,416	-9
Shareholders' equity	-116	126	79.7	98.1	388	306	-518	243	1,260	3,441
Minority interests	0	154	148	93.8	414	219	-535	-627	115	762
Total equity	-116	280	227	192	802	525	-1,053	-384	1,375	4,203
Total liabilities and equity	336	641	991	2,058	3,035	7,015	8,698	7,071	8,484	13,201
Shares outstanding	0

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-93.1	-164	-255	-365	-462	-287	-2,894	150	404	1,895
Stock-based compensation	0.56	5.61	24.1	33	25	39	69	73	91	96
Change in receivables	-3.49	-8.72	-19.2	-10	-43	-148	145	-22	-47	49
Change in inventory	-117	-40.8	-183	-345	-263	-2,086	1,354	711	-455	-734
Cash from operations	-240	-200	-414	-757	-608	-2,594	-1,324	803	918	1,036
Capital expenditures	-39.5	-78.5	-144	-231	-360	-557	-512	-87	-91	-147
Acquisitions	0	0	-6.67	0	0	0	-2,196	-7	0	-160
Cash from investing	-39.5	-78.5	-150	-228	-346	-627	-2,583	31	-13	-230
Debt issued	0	32.7	49.1
Stock issued	0	0.05	0.8	1.7	5.42			453	1,264	536
Dividends paid	0	0	-4.62
Cash from financing	284	416	466	1,015	1,165	3,528	3,899	-868	261	-137
Net change in cash	4.2	138	-98.4	30	211	307	-8	-34	1,166	669
Free cash flow	-280	-278	-558	-988	-968	-3,151	-1,836	716	827	889
Interest paid	2.86	7.06	16.3	74	95	152	423	538	115	336
Income taxes paid						2	3	27	0	6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $65.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.4%	Gross profit / revenue.
Operating margin	8.9%	Operating income / revenue.
Net margin	6.3%	Net income / revenue.
FCF margin	3.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.5%	Cash from operations / revenue.
Return on equity (ROE)	38.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.8%	Net income / average total assets.
Return on invested capital (ROIC)	26.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	10.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	48.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	45.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	49.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	39.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	90.0%	Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	570.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	431.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	12.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	7.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	173.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	54.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	55.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	34.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	69.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	30.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	28.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.93x	Current assets / current liabilities.
Quick ratio	1.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.28x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.5%	Total debt / total assets.
Liabilities / assets	64.7%	Total liabilities / total assets.
Net debt	$2.54B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	5.29x	Operating income / interest expense.
Working capital	$5.97B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.96B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.72x	Revenue / average total assets.
Fixed asset turnover	8.76x	Revenue / average property, plant and equipment.
Inventory turnover	6.19x	Cost of revenue / average inventory.
Days inventory	59 days	365 x average inventory / cost of revenue.
Receivables turnover	66.5x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
Days payables	7 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	57 days	Days inventory + days sales outstanding - days payables.
FCF conversion	59.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$33.86	Revenue / diluted weighted shares.
FCF per share	$1.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.51	Cash from operations / diluted weighted shares.
Book value per share	$5.44	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.36	Tangible book value / shares outstanding.
Cash per share	$3.55	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$71.60B	Share price x shares outstanding.
Enterprise value	$74.14B	Market cap + total debt - cash - short-term investments.
P/E	45.7x	Market cap / net income. Only when net income is positive.
P/S	2.86x	Market cap / revenue.
P/B	17.8x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	18.1x	Market cap / tangible book value, when positive.
P/FCF	77.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	63.9x	Market cap / cash from operations, when positive.
EV/Sales	2.96x	Enterprise value / revenue.
EV/EBIT	33.1x	Enterprise value / operating income, when both are positive.
EV/FCF	79.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.3%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).

What was CARVANA CO.'s revenue in fiscal 2025?

CARVANA CO. reported revenue of $20.32B for fiscal 2025, 48.6% higher than the year before.

Was CARVANA CO. profitable in fiscal 2025?

Yes. Net income was $1.41B, a net margin of 6.9%.

How much free cash flow did CARVANA CO. generate in fiscal 2025?

Cash from operations of $1.04B minus capital expenditures of $147.0M left free cash flow of $889.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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