$CVNA

CARVANA CO.

CIK:0001690820|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Sales and operating revenues:
Net sales and operating revenues, from related parties	$ 7,376	$ 4,840	$ 13,808	$ 9,072
Cost of sales, including $4, $4, $9 and $7, respectively, to related parties	5,992	3,776	11,153	7,079
Gross profit	1,384	1,064	2,655	1,993
Selling, general and administrative expenses, including $12, $8, $22 and $15, respectively, to related parties	704	551	1,394	1,086
Other operating expense, net	0	2	0	2
Operating income	680	511	1,261	905
Interest expense, net	101	143	200	282
Loss on debt extinguishment	0	0	0	2
Other expense (income), net	0	60	41	(62)
Net income before income taxes	579	308	1,020	683
Income tax provision	66	0	102	2
Net income	513	308	918	681
Net income attributable to non-controlling interests	203	125	358	282
Net income attributable to Carvana Co.	$ 310	$ 183	$ 560	$ 399
Weighted-average shares of Class A common stock outstanding - basic (in shares)	717,691	677,070	715,728	673,699
Weighted-average shares of Class A common stock outstanding - diluted (in shares)	739,960	716,153	740,174	714,611
Class A Common Stock
Sales and operating revenues:
Net earnings per share of Class A common stock - basic (in dollars per share)	$ 0.43	$ 0.27	$ 0.78	$ 0.59
Net earnings per share of Class A common stock - diluted (in dollars per share)	$ 0.42	$ 0.26	$ 0.76	$ 0.56
Weighted-average shares of Class A common stock outstanding - basic (in shares)	717,691	677,070	715,728	673,699
Weighted-average shares of Class A common stock outstanding - diluted (in shares)	739,960	716,153	740,174	714,611
Retail vehicle sales, net
Sales and operating revenues:
Net sales and operating revenues, from related parties	$ 5,507	$ 3,405	$ 10,335	$ 6,385
Wholesale sales and revenues
Sales and operating revenues:
Net sales and operating revenues, from related parties	1,343	1,024	2,421	1,887
Other sales and revenues
Sales and operating revenues:
Net sales and operating revenues, from related parties	$ 526	$ 411	$ 1,052	$ 800

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 918	$ 681
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	138	141
Equity-based compensation expense	51	50
Deferred income taxes	98	(2)
Tax receivable agreement expense	1	65
Loss on disposal of property and equipment	0	2
Loss on debt extinguishment	0	2
Payment-in-kind interest expense	0	146
Provision for bad debt and valuation allowance	7	10
Amortization of debt issuance costs	7	3
Unrealized loss (gain) on warrants to acquire common stock	45	(123)
Unrealized gain on beneficial interests in securitizations	(5)	(4)
Changes in finance receivable related assets:
Originations of finance receivables	(9,005)	(5,746)
Proceeds from sale of finance receivables, net	9,323	5,916
Gain on loan sales	(703)	(547)
Principal payments received on finance receivables held for sale	125	117
Other changes in assets and liabilities:
Vehicle inventory	(833)	(404)
Accounts receivable	(137)	(22)
Other assets	(35)	(50)
Accounts payable and accrued liabilities	362	36
Operating lease right-of-use assets	18	10
Operating lease liabilities	(20)	(9)
Other liabilities	(10)	(11)
Net cash provided by operating activities	345	261
Cash Flows from Investing Activities:
Purchases of property and equipment	(102)	(58)
Proceeds from disposal of property and equipment	2	1
Payments for acquisitions, net of cash acquired	(40)	(24)
Principal payments received on and proceeds from sale of beneficial interests	57	27
Net cash used in investing activities	(83)	(54)
Cash Flows from Financing Activities:
Proceeds from short-term revolving facilities	2,408	2,136
Payments on short-term revolving facilities	(2,340)	(2,131)
Proceeds from issuance of long-term debt	108	79
Payments on long-term debt	(41)	(98)
Payments of debt issuance costs	(2)	(11)
Payments of tax made on behalf of non-controlling members	(4)	(4)
Tax receivable agreement payments	(37)	(17)
Proceeds from equity-based compensation plans	4	22
Tax withholdings related to RSUs	(44)	(13)
Net cash provided by (used in) financing activities	52	(37)
Net increase in cash, cash equivalents and restricted cash	314	170
Cash, cash equivalents, and restricted cash at beginning of period	2,429	1,760
Cash, cash equivalents, and restricted cash at end of period	$ 2,743	$ 1,930

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,630	$ 2,327
Restricted cash	113	102
Accounts receivable, net	377	245
Finance receivables held for sale, net	921	813
Vehicle inventory	3,263	2,408
Beneficial interests in securitizations	502	486
Other current assets, including $7 and $5, respectively, due from related parties	200	168
Total current assets	8,006	6,549
Property and equipment, net	2,859	2,814
Operating lease right-of-use assets, including $5 and $6, respectively, from leases with related parties	425	443
Intangible assets, net	53	47
Goodwill	12	10
Deferred tax assets	2,968	3,064
Other assets	229	274
Total assets	14,552	13,201
Current liabilities:
Accounts payable and accrued liabilities, including $33 and $21, respectively, due to related parties	1,461	1,100
Short-term revolving facilities	126	58
Current portion of long-term debt	256	227
Other current liabilities, including $78 and $31, respectively, due to related parties	196	134
Total current liabilities	2,039	1,519
Long-term debt, excluding current portion	4,854	4,830
Operating lease liabilities, excluding current portion, including $4 and $5, respectively, from leases with related parties	385	406
Tax receivable agreement liability, including $1,645 and $1,721, respectively, due to related parties	2,130	2,228
Other liabilities	6	15
Total liabilities	9,414	8,998
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	3,476	3,449
Retained earnings (accumulated deficit)	551	(9)
Total stockholders' equity attributable to Carvana Co.	4,028	3,441
Non-controlling interests	1,110	762
Total stockholders' equity	5,138	4,203
Total liabilities & stockholders' equity	14,552	13,201
Class A Common Stock
Stockholders' equity:
Common stock	1	1
Class B Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0