Record Full Year Retail Units Sold of 596,641, up 43% YoY
Record Full Year Revenue of $20.3 billion, up 49% YoY
Record Full Year Net Income of $1.9 billion, up more than $1 billion YoY
Record Full Year Adjusted EBITDA of $2.2 billion, up more than $850 million YoY
Expects Significant Growth in Retail Units Sold and Adjusted EBITDA2 in FY 2026 and Sequential Increase in Retail Units Sold and Adjusted EBITDA in Q1
Carvana CVNA, announced financial results for the full year and quarter ended December 31, 2025. Carvana’s complete fourth quarter and fiscal year 2025 financial results and management commentary are available in the company’s shareholder letter on the quarterly results page of its Investor Relations website.
“In 2025, Carvana grew 43% year-over-year, delivered record unit economics, and passed significant value back to customers through better selection, faster delivery times, and lower costs. Achieving all of this at once is rare and speaks to the powerful positive feedback our model generates as we grow. Carvana is still very small relative to our opportunity, but with 5 million cumulative customer transactions and counting, we are actively changing the way people buy and sell cars,” said Ernie Garcia, Carvana founder and CEO. “We remain firmly on track to our goal of selling 3 million retail units a year at a 13.5% Adjusted EBITDA margin by 2030 to 2035.”
Q4 and Full Year 2025 Highlights
In 2025, Carvana sold 596,641 retail units (+43% YoY) for a record total annual Revenue of $20.322 billion (+49% YoY) while reaching new profitability milestones, including:
- Full year record Net income of $1.895 billion1 and Net income margin of 9.3%
- Net income included a net non-cash benefit of $621 million1
- Full year record Adjusted EBITDA of $2.237 billion and Adjusted EBITDA margin of 11.0%
- Full year record GAAP Operating Income of $1.881 billion and Operating margin of 9.3%
In Q4, Carvana sold 163,522 retail units (+43%) for a record total Q4 Revenue of $5.603 billion (+58%) while reaching new profitability milestones, including:
- Q4 record Net income of $951 million1 and Net income margin of 17.0%
- Net income included a net non-cash benefit of $618 million1
- Q4 record Adjusted EBITDA of $511 million and Adjusted EBITDA margin of 9.1%
- Q4 record GAAP Operating Income of $424 million and Operating margin of 7.6%
Outlook
In 2025, Carvana focused on three key objectives: (i) significant growth in retail units and Adjusted EBITDA, (ii) fundamental gains in unit economics and customer experience, and (iii) developing foundational capabilities.
Carvana made significant progress in all three areas in 2025, highlighted by record units, industry-leading margins, multi-year high customer NPS, and expanded integrated reconditioning and digital auction capabilities.
In 2026, Carvana plans to maintain these priorities while placing additional weight on driving significant profitable growth at scale.
Looking forward, Carvana expects significant growth in both retail units sold and Adjusted EBITDA2 in full year 2026, including a sequential increase in both retail units sold and Adjusted EBITDA2 in Q1 2026, assuming the environment remains stable.
Check the latest stock upgrades and downgrades for Carvana
Stocks, Crypto, Forex and Commodities Breaking News. The latest news and analysis on metals, energy, and agriculture. Live news about gold, silver, copper, platinum, natural gas, crude oil, wheat, soybeans, rice coffee, sugar, cocoa, lumber and cotton.