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%-1.5pp	20.6%-0.4pp	21.4%+1.3pp	21.9%+3.1pp	21.7%+4.1pp
Operating margin	9.2%+0.8pp	9.3%+2.0pp	9.4%+3.9pp	9.2%+5.8pp	8.4%+6.8pp
Net margin	6.4%+3.7pp	6.9%+5.4pp	3.4%—	3.5%—	2.7%—
Free cash flow margin	3.3%-3.1pp	4.4%-1.7pp	3%—	3.8%—	6.4%—
Returns
Return on equity	55.2%+10.8pp	59.9%+31.9pp	43.5%—	49.9%—	44.4%—
Return on assets	12.7%+7.7pp	13%+10.3pp	7.3%—	6.8%—	5%—
Return on invested capital	32.6%+12.5pp	30.3%+14.2pp	29%+17.8pp	24.3%+18.4pp	20.1%+17.5pp
Efficiency
Asset turnover	2×+0.1×	1.9×+0.1×	2.1×+0.4×	2×+0.4×	1.9×+0.4×
Inventory turnover	8.6×-0.1×	8×+0.2×	7.9×-0.5×	7.8×+0.3×	8.7×+1.7×
Liquidity
Current ratio	4.1×+0.3×	4.3×+0.7×	4×+0.8×	4×+0.9×	3.8×+1.3×
Quick ratio	2.6×-0.1×	2.7×+0.3×	2.6×+0.4×	2.6×+0.6×	2.7×+1.1×
Cash ratio	1.4×0.0×	1.6×+0.3×	1.4×+0.6×	1.4×+0.8×	1.4×+1.2×
Leverage
Debt-to-equity	1.5×-2.6×	1.7×-3.3×	2.5×-7.8×	3.6×-8.5×	4.1×-18.9×
Debt-to-assets	0.4×-0.3×	0.4×-0.3×	0.6×-0.3×	0.7×-0.2×	0.7×-0.3×
Interest coverage	4.4×+2.4×	3.7×+2.2×	3.1×+2.1×	2.6×+2.0×	2×+1.7×
Valuation
Market capitalization	$44.95B+60.0%	$59.68B+128%	$52.09B+142%	$43.61B+183%	$28.09B+175%
Enterprise value	$48.13B+48.6%	$62.93B+106%	$55.63B+106%	$47.94B+127%	$32.39B+95.6%
Price / earnings	31.2×-39.4×	42.4×-82.0×	82.8×—	77.5×—	70.6×—
Price / sales	2×+0.1×	2.9×+1.0×	2.9×+1.1×	2.7×+1.4×	1.9×+1.0×
Price / book	12.1×-6.6×	17.3×-3.4×	22.9×-12.4×	25.2×-4.1×	18.7×-16.7×
EV / sales	2.1×0.0×	3.1×+0.9×	3×+0.9×	2.9×+1.1×	2.2×+0.7×
Free cash flow yield	1.7%-1.7pp	1.5%-1.7pp	1.1%—	1.4%—	3.4%—
Earnings yield	3.2%+1.8pp	2.4%+1.6pp	1.2%—	1.3%—	1.4%—
PEG ratio	0.1×—	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.