What are Carvana's profit margins?

Carvana (CVNA) runs a 20.1% gross margin and a 9.2% operating margin, with a 6.4% net margin.

Where do Carvana's ratios come from?

Every ratio is computed from Carvana's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Carvana CVNA Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	20.1%-0.5pp	20.6%-0.7pp	21.4%-0.5pp	21.9%+0.2pp	21.7%+0.6pp
Operating margin	9.2%-0.1pp	9.3%-0.1pp	9.4%+0.2pp	9.2%+0.8pp	8.4%+1.2pp
Net margin	6.4%-0.5pp	6.9%+3.5pp	3.4%0.0pp	3.5%+0.8pp	2.7%+1.1pp
Free cash flow margin	3.3%-1.1pp	4.4%+1.4pp	3%-0.8pp	3.8%-2.6pp	6.4%+0.3pp
Returns
Return on equity	55.2%-4.7pp	59.9%+16.3pp	43.5%-6.4pp	49.9%+5.5pp	44.4%+16.5pp
Return on assets	12.7%-0.3pp	13%+5.7pp	7.3%+0.5pp	6.8%+1.8pp	5%+2.3pp
Return on invested capital	32.6%+2.2pp	30.3%+1.3pp	29%+4.7pp	24.3%+4.2pp	20.1%+4.0pp
Efficiency
Asset turnover	2×+0.1×	1.9×-0.2×	2.1×+0.2×	2×+0.1×	1.9×+0.1×
Inventory turnover	8.6×+0.6×	8×+0.1×	7.9×+0.1×	7.8×-0.9×	8.7×+0.9×
Liquidity
Current ratio	4.1×-0.2×	4.3×+0.3×	4×0.0×	4×+0.2×	3.8×+0.2×
Quick ratio	2.6×-0.2×	2.7×+0.2×	2.6×0.0×	2.6×-0.1×	2.7×+0.3×
Cash ratio	1.4×-0.2×	1.6×+0.2×	1.4×+0.1×	1.4×-0.1×	1.4×+0.1×
Leverage
Debt-to-equity	1.5×-0.1×	1.7×-0.9×	2.5×-1.1×	3.6×-0.5×	4.1×-0.8×
Debt-to-assets	0.4×0.0×	0.4×-0.2×	0.6×-0.1×	0.7×0.0×	0.7×0.0×
Interest coverage	4.4×+0.7×	3.7×+0.6×	3.1×+0.5×	2.6×+0.5×	2×+0.5×
Valuation
Market capitalization	$44.95B-24.7%	$59.68B+14.6%	$52.09B+19.5%	$43.61B+55.3%	$28.09B+7.5%
Enterprise value	$48.13B-23.5%	$62.93B+13.1%	$55.63B+16.0%	$47.94B+48.0%	$32.39B+5.9%
Price / earnings	31.2×-11.2×	42.4×-40.4×	82.8×+5.4×	77.5×+6.9×	70.6×-53.9×
Price / sales	2×-0.9×	2.9×+0.1×	2.9×+0.2×	2.7×+0.8×	1.9×0.0×
Price / book	12.1×-5.3×	17.3×-5.5×	22.9×-2.4×	25.2×+6.5×	18.7×-2.1×
EV / sales	2.1×-1.0×	3.1×+0.1×	3×+0.1×	2.9×+0.8×	2.2×-0.1×
Free cash flow yield	1.7%+0.2pp	1.5%+0.4pp	1.1%-0.4pp	1.4%-2.0pp	3.4%+0.2pp
Earnings yield	3.2%+0.8pp	2.4%+1.1pp	1.2%-0.1pp	1.3%-0.1pp	1.4%+0.6pp
PEG ratio	0.1×0.0×	0.1×—	——	——	——

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Questions, answered.

What are Carvana's profit margins?: Carvana (CVNA) runs a 20.1% gross margin and a 9.2% operating margin, with a 6.4% net margin.
Where do Carvana's ratios come from?: Every ratio is computed from Carvana's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.