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

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM 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%—	——	——
Returns
Return on equity	55.2%-4.7pp	59.9%+16.3pp	43.5%—	——	——
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×
Liquidity
Current ratio	4.1×-0.2×	4.3×+0.3×	4×0.0×	4×+0.2×	3.8×+0.2×
Leverage
Debt-to-equity	1.5×-0.1×	1.7×-0.9×	2.5×-1.1×	3.6×-0.5×	4.1×-0.8×
Valuation
Market capitalization	$44.95B-24.7%	$59.68B+14.6%	$52.09B+19.5%	$43.61B+55.3%	$28.09B+7.5%
Price / earnings	31.2×-11.2×	42.4×-40.4×	82.8×—	——	——
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×

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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.