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Carvana

CVNA Clue Score57
United States Fiscal year ends December CIK 0001690820
$63.73 +0.84% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $63.73 −77.46% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 28 Apr 2017. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.37Net income−0.09Fiscal year 2017Revenue0.86 +135.2%Net income−0.06Fiscal year 2018Revenue1.96 +127.7%Net income−0.06Fiscal year 2019Revenue3.94 +101.5%Net income−0.12EPS, diluted−2.45Fiscal year 2020Revenue5.59 +41.8%Net income−0.17EPS, diluted−2.63Fiscal year 2021Revenue12.81 +129.4%Net income−0.14EPS, diluted−1.63Fiscal year 2022Revenue13.60 +6.2%Operating income−2.35Net income−1.59EPS, diluted−15.74Fiscal year 2023Revenue10.77 −20.8%Operating income−0.08Net income0.45EPS, diluted0.75Fiscal year 2024Revenue13.67 +26.9%Operating income0.99Net income0.21 −53.3%EPS, diluted1.59Fiscal year 2025Revenue20.32 +48.6%Operating income1.88Net income1.41 +570.0%EPS, diluted8.45
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.37 0.86 1.96 3.94 5.59 12.81 13.60 10.77 13.67 20.32
Growth +135.2% +127.7% +101.5% +41.8% +129.4% +6.2% −20.8% +26.9% +48.6%
Operating income n/a n/a n/a n/a n/a n/a −2.35 −0.08 0.99 1.88
Net income −0.09 −0.06 −0.06 −0.12 −0.17 −0.14 −1.59 0.45 0.21 1.41
Growth −53.3% +570.0%
EPS, diluted n/a n/a n/a −2.45 −2.63 −1.63 −15.74 0.75 1.59 8.45

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin5.3%Net margin−25.5%Free cash flow margin−76.6%Fiscal year 2017Gross margin7.9%Net margin−7.3%Free cash flow margin−32.4%Fiscal year 2018Gross margin10.1%Net margin−2.8%Free cash flow margin−28.5%Fiscal year 2019Gross margin12.9%Net margin−2.9%Free cash flow margin−25.1%Fiscal year 2020Gross margin14.2%Net margin−3.1%Free cash flow margin−17.3%Fiscal year 2021Gross margin15.1%Net margin−1.1%Free cash flow margin−24.6%Fiscal year 2022Gross margin9.2%Operating margin−17.3%Net margin−11.7%Free cash flow margin−13.5%Fiscal year 2023Gross margin16.0%Operating margin−0.7%Net margin4.2%Free cash flow margin6.6%Fiscal year 2024Gross margin21.0%Operating margin7.2%Net margin1.5%Free cash flow margin6.0%Fiscal year 2025Gross margin20.6%Operating margin9.3%Net margin6.9%Free cash flow margin4.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 5.3% 7.9% 10.1% 12.9% 14.2% 15.1% 9.2% 16.0% 21.0% 20.6%
Operating margin n/a n/a n/a n/a n/a n/a −17.3% −0.7% 7.2% 9.3%
Net margin −25.5% −7.3% −2.8% −2.9% −3.1% −1.1% −11.7% 4.2% 1.5% 6.9%
Free cash flow margin −76.6% −32.4% −28.5% −25.1% −17.3% −24.6% −13.5% 6.6% 6.0% 4.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−0.24Capital expenditure−0.04Free cash flow−0.28Dividends paid0.00Fiscal year 2017Operating cash flow−0.20Capital expenditure−0.08Free cash flow−0.28Dividends paid0.00Fiscal year 2018Operating cash flow−0.41Capital expenditure−0.14Free cash flow−0.56Dividends paid−0.00Fiscal year 2019Operating cash flow−0.76Capital expenditure−0.23Free cash flow−0.99Fiscal year 2020Operating cash flow−0.61Capital expenditure−0.36Free cash flow−0.97Fiscal year 2021Operating cash flow−2.59Capital expenditure−0.56Free cash flow−3.15Fiscal year 2022Operating cash flow−1.32Capital expenditure−0.51Free cash flow−1.84Fiscal year 2023Operating cash flow0.80Capital expenditure−0.09Free cash flow0.72Fiscal year 2024Operating cash flow0.92Capital expenditure−0.09Free cash flow0.83 +15.5%Fiscal year 2025Operating cash flow1.04Capital expenditure−0.15Free cash flow0.89 +7.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.24 −0.20 −0.41 −0.76 −0.61 −2.59 −1.32 0.80 0.92 1.04
Capital expenditure −0.04 −0.08 −0.14 −0.23 −0.36 −0.56 −0.51 −0.09 −0.09 −0.15
Free cash flow −0.28 −0.28 −0.56 −0.99 −0.97 −3.15 −1.84 0.72 0.83 0.89
Growth +15.5% +7.5%
Dividends paid 0.00 0.00 −0.00 n/a n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.04Total debt0.00Net cash (debt)0.03Shareholders’ equity−0.12Fiscal year 2017Cash0.17Shareholders’ equity0.13Fiscal year 2018Cash0.08Total debt0.63Net cash (debt)−0.55Shareholders’ equity0.08Debt to equity7.95Fiscal year 2019Cash0.08Total debt1.49Net cash (debt)−1.41Shareholders’ equity0.10Debt to equity15.18Fiscal year 2020Cash0.30Total debt1.70Net cash (debt)−1.40Shareholders’ equity0.39Debt to equity4.37Fiscal year 2021Cash0.40Total debt5.36Net cash (debt)−4.96Shareholders’ equity0.31Debt to equity17.52Fiscal year 2022Cash0.43Total debt8.21Net cash (debt)−7.78Shareholders’ equity−0.52Fiscal year 2023Cash0.53Total debt6.19Net cash (debt)−5.66Shareholders’ equity0.24Debt to equity25.49Fiscal year 2024Cash1.72Total debt5.56Net cash (debt)−3.84Shareholders’ equity1.26Debt to equity4.41Fiscal year 2025Cash2.33Total debt5.04Net cash (debt)−2.71Shareholders’ equity3.44Debt to equity1.46
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.04 0.17 0.08 0.08 0.30 0.40 0.43 0.53 1.72 2.33
Total debt 0.00 n/a 0.63 1.49 1.70 5.36 8.21 6.19 5.56 5.04
Net cash (debt) 0.03 n/a −0.55 −1.41 −1.40 −4.96 −7.78 −5.66 −3.84 −2.71
Shareholders’ equity −0.12 0.13 0.08 0.10 0.39 0.31 −0.52 0.24 1.26 3.44
Debt to equity n/a n/a 7.95 15.18 4.37 17.52 n/a 25.49 4.41 1.46

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024† 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
0.37 0.86 1.96 3.94 5.59 12.81 13.60 10.77 13.67 20.32
Growth +135.2% +127.7% +101.5% +41.8% +129.4% +6.2% −20.8% +26.9% +48.6%
n/a 0.79 1.76 3.43 4.79 10.89 12.36 9.05 10.80 16.13
0.02 0.07 0.20 0.51 0.79 1.93 1.25 1.72 2.88 4.19
Growth +254.7% +188.9% +157.7% +56.6% +142.9% −35.4% +38.4% +66.8% +45.8%
0.11 0.22 0.43 0.79 1.13 2.03 2.74 1.80 1.87 2.31
n/a n/a n/a n/a n/a n/a −2.35 −0.08 0.99 1.88
Growth +90.0%
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 −0.00 −2.79
−0.09 −0.06 −0.06 −0.12 −0.17 −0.14 −1.59 0.45 0.21 1.41
Growth −53.3% +570.0%
Per share
n/a n/a n/a n/a n/a −1.63 −15.74 4.12 1.72 10.22
n/a n/a n/a −2.45 −2.63 −1.63 −15.74 0.75 1.59 8.45
Growth +112.0% +431.4%
n/a n/a n/a n/a n/a 82.8 100.8 109.3 122.3 137.6
n/a n/a n/a 46.8 65.0 82.8 100.8 200.6 132.2 224.3
Growth +38.7% +27.4% +21.8% +98.9% −34.1% +69.6%

† The diluted share count jumps at 2023 and 2024 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 29.5% a year over five years.
  • Gross margin is up 6.4 points on five years ago, at 20.6%.
  • A net loss in 7 of 10 years on file.