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Carvana CVNA Q3 2025 earnings

Reported October 29, 2025 · After market close

Revenue$5.6BBeat by $536.5M
EPS$1.03Miss by $0.27
Revenue estimate$5.1B
EPS estimate$1.30

Next report

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

Financials

Q3 2025

Income statement

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Revenue$5.6B+54.5%
Gross profit$1.1B+42.3%
Operating income$552.0M+63.8%
Net income$151.0M+77.6%

Balance sheet

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Cash & equivalents$2.2B+138%
Total debt$5.8B-9.0%
Total equity$2.3B+273%
Total assets$9.9B+33.7%

Cash flow

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Operating cash flow$345.0M-14.4%
CapEx$38.0M+40.7%
Free cash flow$307.0M-18.4%

Valuation & ratios

Valuation

as of 09/30/25
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Market cap$52.09B+142%
Enterprise value$55.63B+106%
P/E82.8×—
P/S2.9×+1.1×

Profitability

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Gross margin21.4%+1.3pp
Operating margin9.4%+3.9pp
Net margin3.4%—
FCF margin3%—

Returns & leverage

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Return on equity43.5%—
Debt / equity2.5×-7.8×
Current ratio4×+0.8×

Segments

By product

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Used vehicle sales, net$4.0B+57.1%
Wholesale sales and revenues$1.2B+49.7%

By segment

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Reportable Segment$5.6B+54.5%

FAQ

When did Carvana report Q3 2025 earnings?
Carvana (CVNA) reported Q3 2025 earnings on October 29, 2025 after market close.
What were Carvana's Q3 2025 revenue and EPS?
Carvana reported revenue of $5.6B and eps of $1.03 for Q3 2025.
Did Carvana beat estimates in Q3 2025?
Revenue beat the consensus estimate of $5.1B by $536.5M. EPS missed the consensus estimate of $1.30 by $0.27.
How did Carvana's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 54.5% from $3.7B a year earlier and eps grew 60.9% from $0.64.
Where can I find Carvana's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001690820-25-000352) and the 10-Q periodic report (0001690820-25-000353) directly on SEC EDGAR. The filing index links above go to sec.gov.