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Carvana CVNA Q2 2025 earnings

Reported July 30, 2025 · After market close

Revenue$4.8BBeat by $263.0M
EPS$1.28Beat by $0.11
Revenue estimate$4.6B
EPS estimate$1.17

Next report

Oct 28, 2026 (In 3 weeks)
Revenue estimate$7.6B
EPS estimate$0.44

Financials

Q2 2025

Income statement

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Revenue$4.8B+41.9%
Gross profit$1.1B+48.8%
Operating income$511.0M+97.3%
Net income$183.0M+917%
EPS (diluted)$0.26—

Balance sheet

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Cash & equivalents$1.9B+218%
Total debt$6.3B-1.5%
Total equity$1.7B+229%
Total assets$9.4B+30.6%

Cash flow

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Operating cash flow$29.0M-91.8%
CapEx$31.0M+40.9%
Free cash flow--100%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$43.61B+183%
Enterprise value$47.94B+127%
P/E77.5×—
P/S2.7×+1.4×

Profitability

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Gross margin21.9%+3.1pp
Operating margin9.2%+5.8pp
Net margin3.5%—
FCF margin3.8%—

Returns & leverage

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Return on equity49.9%—
Debt / equity3.6×-8.5×
Current ratio4×+0.9×

Segments

By product

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Used vehicle sales, net$3.4B+41.2%
Wholesale sales and revenues$1.0B+42.2%

By segment

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Reportable Segment$4.8B+41.9%

FAQ

When did Carvana report Q2 2025 earnings?
Carvana (CVNA) reported Q2 2025 earnings on July 30, 2025 after market close.
What were Carvana's Q2 2025 revenue and EPS?
Carvana reported revenue of $4.8B and eps of $1.28 for Q2 2025.
Did Carvana beat estimates in Q2 2025?
Revenue beat the consensus estimate of $4.6B by $263.0M. EPS beat the consensus estimate of $1.17 by $0.11.
How did Carvana's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 41.9% from $3.4B a year earlier and eps grew 814.3% from $0.14.
Where can I find Carvana's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001690820-25-000310) and the 10-Q periodic report (0001690820-25-000312) directly on SEC EDGAR. The filing index links above go to sec.gov.