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Carvana CVNA Q4 2025 Annual earnings

Reported February 18, 2026 · After market close

Revenue$5.6BBeat by $333.0M
EPS$4.22Beat by $3.08
Revenue estimate$5.3B
EPS estimate$1.14

Next report

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

Financials

Q4 2025

Income statement

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Revenue$5.6B+58.0%
Gross profit$1.1B+37.7%
Operating income$424.0M+63.1%
Net income$857.0M+985%

Balance sheet

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Cash & equivalents$2.4B+38.0%
Total debt$5.7B-8.7%
Total equity$3.4B+173%
Total assets$13.2B+55.6%

Cash flow

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Operating cash flow$430.0M+617%
CapEx$51.0M+113%
Free cash flow$379.0M+953%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$59.68B+128%
Enterprise value$62.93B+106%
P/E42.4×-82.0×
P/S2.9×+1.0×

Profitability

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Gross margin20.6%-0.4pp
Operating margin9.3%+2.0pp
Net margin6.9%+5.4pp
FCF margin4.4%-1.7pp

Returns & leverage

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Return on equity59.9%+31.9pp
Debt / equity1.7×-3.3×
Current ratio4.3×+0.7×

Segments

By product

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Used vehicle sales, net$4.2B+62.9%
Wholesale sales and revenues$988.0M+45.7%

By segment

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Reportable Segment$5.6B+58.0%

FAQ

When did Carvana report Q4 2025 earnings?
Carvana (CVNA) reported Q4 2025 earnings on February 18, 2026 after market close.
What were Carvana's Q4 2025 revenue and EPS?
Carvana reported revenue of $5.6B and eps of $4.22 for Q4 2025.
Did Carvana beat estimates in Q4 2025?
Revenue beat the consensus estimate of $5.3B by $333.0M. EPS beat the consensus estimate of $1.14 by $3.08.
How did Carvana's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 58.0% from $3.5B a year earlier and eps grew 653.6% from $0.56.
Where can I find Carvana's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001690820-26-000008) and the 10-K periodic report (0001690820-26-000009) directly on SEC EDGAR. The filing index links above go to sec.gov.