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Carvana CVNA Operating margin

Operating margin at other companies

Copart logo
CopartCPRT
36.6%+0.8pp
Rivian Automotive, Inc. logo
Rivian Automotive, Inc.RIVN
-68.9%-6.6pp
Ford Motor Company logo
Ford Motor CompanyF
-3.8%-6.1pp
S&P Global logo
S&P GlobalSPGI
43.9%+4.0pp
Caterpillar logo
CaterpillarCAT
16.5%-2.7pp
Hewlett Packard Enterprise logo
Hewlett Packard EnterpriseHPE
3.8%+2.0pp

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%

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$47.68B+60.0%
Enterprise value$50.85B+48.6%
P/E33.1×-41.8×
P/S2.1×+0.1×

Profitability

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Gross margin20.1%-1.5pp
Net margin6.4%+3.7pp

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

Calculated from Carvana’s reported figures.

Based on trailing twelve months.

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 operating margin?
Carvana (CVNA) reported operating margin of 9.2% in Q1 2026.
How has Carvana's operating margin changed year-over-year?
Carvana's operating margin increased by 9.0% year-over-year, from 8.4% to 9.2%.
What is the long-term trend for Carvana's operating margin?
Over 2 years (2023 to 2025), Carvana's operating margin has grown at a 6.5% compound annual growth rate (CAGR), from -32% to 36.3%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.