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Carvana CVNA Business Segments — Advertising

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Other financials

Income statement

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Revenue$6.4B+52.0%
Gross profit$1.3B+36.8%
Operating income$581.0M+47.5%
Net income$250.0M+15.7%
EPS (diluted)$2.11

Balance sheet

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Cash & equivalents$2.5B+31.9%
Total debt$5.7B-8.4%
Total equity$3.7B+147%
Total assets$13.8B+55.1%

Cash flow

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Operating cash flow$107.0M-53.9%
CapEx$51.0M+88.9%
Free cash flow$56.0M-72.7%

Valuation

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Market cap$48.64B+12.6%
Enterprise value$51.82B+9.1%
P/E33.8×-74.8×
P/S2.2×-0.8×

Profitability

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Gross margin20.1%-1.5pp
Operating margin9.2%+0.8pp
Net margin6.4%+3.7pp
FCF margin3.3%-3.1pp

Returns & leverage

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Return on equity55.2%+10.8pp
Debt / equity1.5×-2.6×
Current ratio4.1×+0.3×

Where this comes from

Reported directly by Carvana in its filing.

Tagged under the XBRL concept us-gaap:AdvertisingExpense.

The official record: Carvana’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Carvana's business segments — advertising?
Carvana (CVNA) reported business segments — advertising of $118M in Q1 2026.
How has Carvana's business segments — advertising changed year-over-year?
Carvana's business segments — advertising increased by 63.9% year-over-year, from $72M to $118M.
What is the long-term trend for Carvana's business segments — advertising?
Over 3 years (2022 to 2025), Carvana's business segments — advertising has grown at a -9.5% compound annual growth rate (CAGR), from $490M to $363M.
What does business segments — advertising mean?
This represents the marketing and promotional expenditures specifically attributed to the reportable segment to drive customer acquisition and brand awareness. It is a critical driver of growth for e-commerce platforms and reflects the cost of acquiring new users or transactions. High levels of advertising spend are often necessary to scale operations in competitive markets.