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Carvana vs Murphy USA: revenue, profit, margins and growth compared

Carvana brought in $20.3B of revenue in fiscal 2025, Murphy USA $19.4B in fiscal 2025. Revenue changed by +48.6% at Carvana and -4.2% at Murphy USA on the year before, so Carvana grew faster. Carvana kept 6.9% of its revenue as net profit, Murphy USA 2.4%. Free cash flow was $889M at Carvana and $374.3M at Murphy USA.

Side by side, latest fiscal year

CVNAMUSA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$20.3B$19.4B
Revenue growth+48.6%-4.2%
Net income$1.4B$470.6M
Net margin6.9%2.4%
Free cash flow$889M$374.3M
Free cash flow margin4.4%1.9%
Earnings per share (diluted)$8.45$24.10
Cash$2.3B$28.9M
Debt$4.9B$2.2B
Price to earnings7.721.2
Market value$71.6B$9.4B
Dividend yieldn/a0.42%
Rank by revenue in sector#59 of 778 · Consumer discretionary#61 of 778 · Consumer discretionary

Over the years

Revenue
CVNA FY2018: $2BCVNA FY2019: $3.9BCVNA FY2020: $5.6BCVNA FY2021: $12.8BCVNA FY2022: $13.6BCVNA FY2023: $10.8BCVNA FY2024: $13.7BCVNA FY2025: $20.3BMUSA FY2018: $14.4BMUSA FY2019: $14BMUSA FY2020: $11.3BMUSA FY2021: $17.4BMUSA FY2022: $23.4BMUSA FY2023: $21.5BMUSA FY2024: $20.2BMUSA FY2025: $19.4BFY18FY19FY20FY21FY22FY23FY24FY25
CVNA $20.3BMUSA $19.4B
Net income
CVNA FY2018: -$55.5MCVNA FY2019: -$115MCVNA FY2020: -$171MCVNA FY2021: -$135MCVNA FY2022: -$1.6BCVNA FY2023: $450MCVNA FY2024: $210MCVNA FY2025: $1.4BMUSA FY2018: $213.6MMUSA FY2019: $154.8MMUSA FY2020: $386.1MMUSA FY2021: $396.9MMUSA FY2022: $672.9MMUSA FY2023: $556.8MMUSA FY2024: $502.5MMUSA FY2025: $470.6MFY18FY19FY20FY21FY22FY23FY24FY25
CVNA $1.4BMUSA $470.6M
Net margin
CVNA FY2018: -2.8%CVNA FY2019: -2.9%CVNA FY2020: -3.1%CVNA FY2021: -1.1%CVNA FY2022: -11.7%CVNA FY2023: 4.2%CVNA FY2024: 1.5%CVNA FY2025: 6.9%MUSA FY2018: 1.5%MUSA FY2019: 1.1%MUSA FY2020: 3.4%MUSA FY2021: 2.3%MUSA FY2022: 2.9%MUSA FY2023: 2.6%MUSA FY2024: 2.5%MUSA FY2025: 2.4%FY18FY19FY20FY21FY22FY23FY24FY25
CVNA 6.9%MUSA 2.4%
Revenue growth
CVNA FY2019: +101.5%CVNA FY2020: +41.8%CVNA FY2021: +129.4%CVNA FY2022: +6.2%CVNA FY2023: -20.8%CVNA FY2024: +26.9%CVNA FY2025: +48.6%MUSA FY2019: -2.3%MUSA FY2020: -19.7%MUSA FY2021: +54.1%MUSA FY2022: +35.1%MUSA FY2023: -8.2%MUSA FY2024: -6.0%MUSA FY2025: -4.2%FY19FY20FY21FY22FY23FY24FY25
CVNA +48.6%MUSA -4.2%
Free cash flow
CVNA FY2018: -$558MCVNA FY2019: -$988MCVNA FY2020: -$968MCVNA FY2021: -$3.2BCVNA FY2022: -$1.8BCVNA FY2023: $716MCVNA FY2024: $827MCVNA FY2025: $889MMUSA FY2018: $194.4MMUSA FY2019: $108.5MMUSA FY2020: $333MMUSA FY2021: $462.7MMUSA FY2022: $689.4MMUSA FY2023: $448.4MMUSA FY2024: $389.5MMUSA FY2025: $374.3MFY18FY19FY20FY21FY22FY23FY24FY25
CVNA $889MMUSA $374.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Carvana and Murphy USA

Which is bigger by revenue, Carvana or Murphy USA?

Carvana is bigger by revenue: $20.3B in fiscal 2025, against $19.4B for Murphy USA in fiscal 2025.

Which keeps more of its revenue as profit, Carvana or Murphy USA?

Carvana had a net margin of 6.9% in fiscal 2025; Murphy USA had 2.4% in fiscal 2025.

Which grew revenue faster, Carvana or Murphy USA?

In their latest fiscal years revenue changed by +48.6% at Carvana and -4.2% at Murphy USA.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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