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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 $742.0M. 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)$583.0MCapital Expenditures (TTM)$171.0MNet Change In Cash (TTM)$608.0M
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$48.6B
P/E Ratio33.71
ROE55.17%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0$24M$0$27M$109M$11M
Capital expenditures$24M$27M$31M$38M$51M$51M
Principal payments received on and proceeds from sale of beneficial interests$15M$15M$12M$18M$30M$31M
Proceeds from disposals of property, plant and equipment$2M$1M—$1M—$0
Net cash from investing activities-$7M-$35M-$19M-$46M-$130M-$31M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts receivable—$68M-$46M$34M-$105M$96M
Change in inventories$301M-$114M$518M$272M$58M$247M
Change in other assets-$28M$31M$21M——$42M
Change in other liabilities-$28M-$6M$60M$35M-$110M-$7M
Loss on extinguishment of debt-$6M-$2M$0-$14M$0$0
Net cash from operating activities$60M$232M$29M$345M$430M$107M
Net income$159M$373M$308M$263M$951M$405M
Amortization expense related to capitalized debt issuance costs$2M$2M$1M$3M$4M$3M
Depreciation and amortization expense$74M$73M$68M$65M$69M$69M
Gain/(loss) on dispositions, net-$9M-$1M-$1M-$1M$0$0
Gain (Loss) on Sales of Consumer Loans$214M$273M$274M$331M$315M$354M
Increase (Decrease) in Deferred Income Taxes-$500K$1M———-$35M
Operating lease liabilities-$11M-$10M———-$13M
Increase (Decrease) in Operating Lease Right-Of-Use Asset-$12M-$10M——$5M-$12M
Tax receivable agreement expense$16.8M$40M———$0
Accounts payable and accrued liabilities$89M-$20M$56M$117M$82M$163M
Payment-in-kind interest$70M$72M$74M$36M$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$46M$48M$69M$72M$52M$62M
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)$3M$5M$5M$2M$3M$3M
Unrealized Gain (Loss) On Beneficial Interest In Securitization$8M$3M$1M$4M$4M$2M
Stock-based compensation$22M$23M$27M$24M$22M$26M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Tax receivable agreement payments$0$17M———$37M
Payments Of Debt Issuance Costs$1M$1M$10M$4M$2M$1M
Proceeds from exercises of stock options and other stock issuances$4M$5M$17M$16M$10M$1M
Net cash from financing activities$775M-$53M—-$8M-$92M$7M
Taxes paid for net share settlement$17M$4M$9M$8M$9M$8M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$36M$205M$0$307M$379M$56M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$828M$144M$26M$291M$208M$83M
Proceeds From Issuance Of Other Long Term Debt$31M$46M$33M$49M$47M$53M