Operating

Carvana·Cash Flow Statement·23 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Proceeds From Sale Of Loans Held For Sale	$2.2B	$2.5B	$2.3B	$2.7B	$3.2B	$3.7B	$3.7B	$4.3B
Payment for Origination and Purchase, Loan, Held-for-Sale	$2B	$2.2B	$2.3B	$2.7B	$3.1B	$3.4B	$3.6B	$4.3B
Net income	$48M	$148M	$159M	$373M	$308M	$263M	$951M	$405M
Gain (Loss) on Sales of Consumer Loans	$173M	$224M	$214M	$273M	$274M	$331M	$315M	$354M
Change in inventories	$56M	$84M	$301M	-$114M	$518M	$272M	$58M	$247M
Accounts payable and accrued liabilities	$36M	$26M	$89M	-$20M	$56M	$117M	$82M	$163M
Net cash from operating activities	$354M	$403M	$60M	$232M	$29M	$345M	$430M	$107M
Change in accounts receivable	$1M	$17M	—	$68M	-$46M	$34M	-$105M	$96M
Depreciation and amortization expense	$76M	$73M	$74M	$73M	$68M	$65M	$69M	$69M
Principal payments received on finance receivables held for sale	$51M	$52M	$46M	$48M	$69M	$72M	$52M	$62M
Change in other assets	-$13M	$25M	-$28M	$31M	$21M	—	—	$42M
Increase (Decrease) in Deferred Income Taxes	-$500K	-$500K	-$500K	$1M	—	—	—	-$35M
Stock-based compensation	$23M	$24M	$22M	$23M	$27M	$24M	$22M	$26M
Operating lease liabilities	$21M	-$14M	-$11M	-$10M	—	—	—	-$13M
Increase (Decrease) in Operating Lease Right-Of-Use Asset	$19M	-$14M	-$12M	-$10M	—	—	$5M	-$12M
Change in other liabilities	$14M	-$3M	-$28M	-$6M	$60M	$35M	-$110M	-$7M
Amortization expense related to capitalized debt issuance costs	$4M	$4M	$2M	$2M	$1M	$3M	$4M	$3M
Accounts Receivable, Credit Loss Expense (Reversal)	$9M	$7M	$3M	$5M	$5M	$2M	$3M	$3M
Unrealized Gain (Loss) On Beneficial Interest In Securitization	$5M	$1M	$8M	$3M	$1M	$4M	$4M	$2M
Loss on extinguishment of debt	-$2M	-$4M	-$6M	-$2M	$0	-$14M	$0	$0
Gain/(loss) on dispositions, net	-$1M	-$1M	-$9M	-$1M	-$1M	-$1M	$0	$0
Tax receivable agreement expense	$16.8M	$16.8M	$16.8M	$40M	—	—	—	$0
Payment-in-kind interest	$143M	$103M	$70M	$72M	$74M	$36M	$0	$0

Metrics

Operating

Breakdown

Metrics

Change in accounts receivable

Change in inventories

Change in other assets

Change in other liabilities

Loss on extinguishment of debt

Net cash from operating activities

Net income

Amortization expense related to capitalized debt issuance costs

Depreciation and amortization expense

Gain/(loss) on dispositions, net

Gain (Loss) on Sales of Consumer Loans

Increase (Decrease) in Deferred Income Taxes

Operating lease liabilities

Increase (Decrease) in Operating Lease Right-Of-Use Asset

Tax receivable agreement expense

Accounts payable and accrued liabilities

Payment-in-kind interest

Payment for Origination and Purchase, Loan, Held-for-Sale

Principal payments received on finance receivables held for sale

Proceeds From Sale Of Loans Held For Sale

Accounts Receivable, Credit Loss Expense (Reversal)

Unrealized Gain (Loss) On Beneficial Interest In Securitization

Stock-based compensation