Income StatementBalance SheetCash FlowSegments
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Carvana Cash Flow Statement

Operating, investing, and financing cash movements

Carvana generated $911.0M in operating cash flow over the trailing twelve months. After $171.0M in capital expenditures, free cash flow was $740.0M. Free cash flow decreased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$911.0MNet Cash From Investing (TTM)-$226.0MNet Cash From Financing (TTM)-$77.0MCapital Expenditures (TTM)$171.0MNet Change In Cash (TTM)$608.0M
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$286.53B
P/E Ratio198.84
ROE55.17%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0.0$24.0M$0.0$27.0M$109.0M$11.0M
Capital expenditures$24.0M$27.0M$31.0M$38.0M$51.0M$51.0M
Net cash from investing activities-$7.0M-$35.0M-$19.0M-$46.0M-$130.0M-$31.0M
Principal payments received on and proceeds from sale of beneficial interests$15.0M$15.0M$12.0M$18.0M$30.0M$31.0M
Proceeds from disposals of property, plant and equipment$2.0M$1.0M$0.0$1.0M$0.0$0.0

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from lines of credit$495.0M$567.0M$1.6B$928.0M$954.0M$1.1B
Repayments of Lines of Credit$504.0M$570.0M$1.6B$927.0M$968.0M$1.1B
Net cash from financing activities$775.0M-$53.0M$16.0M-$8.0M-$92.0M$7.0M
Net Proceeds from (Repayments of) Other Long-Term Debt$150.0M$77.0M$21.0M$598.0M$124.0M$20.0M
Taxes paid for net share settlement$17.0M$4.0M$9.0M$8.0M$9.0M$8.0M
Tax receivable agreement payments$0.0$17.0M$0.0$0.0$0.0$37.0M
Payments Of Debt Issuance Costs$1.0M$1.0M$10.0M$4.0M$2.0M$1.0M
Proceeds from exercises of stock options and other stock issuances$4.0M$5.0M$17.0M$16.0M$10.0M$1.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts receivable—$68.0M-$46.0M$34.0M-$105.0M$96.0M
Change in inventories$301.0M-$114.0M$518.0M$272.0M$58.0M$247.0M
Change in other assets-$31.0M$32.0M$20.0M-$6.0M—$42.0M
Change in other liabilities$38.0M$34.0M$20.0M$35.0M-$110.0M-$7.0M
Loss on extinguishment of debt-$6.0M-$2.0M$0.0-$14.0M$0.0$0.0
Net cash from operating activities$60.0M$232.0M$29.0M$345.0M$430.0M$107.0M
Net income$159.0M$373.0M$308.0M$263.0M$951.0M$405.0M
Fair Value Adjustment of Warrants-$88.0M-$158.0M$35.0M$120.0M$67.0M$42.0M
Stock-based compensation$22.0M$23.0M$27.0M$24.0M$22.0M$26.0M
Amortization expense related to capitalized debt issuance costs$2.0M$2.0M$1.0M$3.0M$4.0M$3.0M
Depreciation and amortization expense$74.0M$73.0M$68.0M$65.0M$69.0M$69.0M
Gain/(loss) on dispositions, net-$9.0M-$1.0M-$1.0M-$1.0M$0.0$0.0
Gain (Loss) on Sales of Consumer Loans$214.0M$273.0M$274.0M$331.0M$315.0M$354.0M
Increase (Decrease) in Deferred Income Taxes-$500.0K$1.0M———-$35.0M
Operating lease liabilities-$11.0M-$10.0M$1.0M$3.0M—-$13.0M
Increase (Decrease) in Operating Lease Right-Of-Use Asset-$12.0M-$10.0M$0.0$8.0M$5.0M-$12.0M
Tax receivable agreement expense$16.8M$40.0M———$0.0
Accounts payable and accrued liabilities$89.0M-$20.0M$56.0M$117.0M$82.0M$163.0M
Payment-in-kind interest$70.0M$72.0M$74.0M$36.0M$0.0$0.0
Payment for Origination and Purchase, Loan, Held-for-Sale$2.3B$2.7B$3.1B$3.4B$3.6B$4.3B
Principal payments received on finance receivables held for sale$46.0M$48.0M$69.0M$72.0M$52.0M$62.0M
Proceeds From Sale Of Loans Held For Sale$2.3B$2.7B$3.2B$3.7B$3.7B$4.3B
Accounts Receivable, Credit Loss Expense (Reversal)$3.0M$5.0M$5.0M$2.0M$3.0M$3.0M
Unrealized Gain (Loss) On Beneficial Interest In Securitization$8.0M$3.0M$1.0M$4.0M$4.0M$2.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$36.0M$205.0M-$2.0M$307.0M$379.0M$56.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$828.0M$144.0M$26.0M$291.0M$208.0M$83.0M
Proceeds From Issuance Of Other Long Term Debt$31.0M$46.0M$33.0M$49.0M$47.0M$53.0M