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Carvana Business Segments

Business, geographic, and product segment breakdowns

Carvana generates $22.5B in annual revenue across 2 key segments: Used vehicle sales, net ($16.4B), and Wholesale sales and revenues ($4.3B). The company-wide operating margin is 9.18%. Based on the Q1 2026 filing.

Used vehicle sales, net (TTM)$16.4BWholesale sales and revenues (TTM)$4.3B
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$48.6B
P/E Ratio33.71
ROE55.17%

Products & Services

Net sales and operating revenues, from related parties

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Used vehicle sales, net$2.6B$3B$3.4B$4B$4.2B$4.8B
Wholesale sales and revenues$678M$863M$1B$1.2B$988M$1.1B

Selling, general and administrative expenses, including $32, $31, and $33, respectively, to related parties

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Shipping and Handling$29.5M$40.5M$40.5M$40.5M$40.5M—

Cost of sales, including $5 and $3, respectively, to related parties

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Wholesale Marketplace Revenues—$1M$1M$0—$0

Payments for vehicle inventory

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Wholesale sales and revenues$1M$3M$3M$4M$2M$4M

Business Segments

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net sales and operating revenues, from related parties$3.5B$4.2B$4.8B$5.6B$5.6B$6.4B
Cost of sales, including $5 and $3, respectively, to related parties$2.8B$3.3B$3.8B$4.5B$4.6B$5.2B
Gross Profit$763M$929M$1.1B$1.1B$1.1B$1.3B
Operating Income (Loss)$260M$394M$511M$552M$424M$581M
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax$156M$375M$308M$259M-$1.8B$441M
Net Income$159M$373M$308M$263M$951M$405M
Other$198M$211M$212M$224M$238M$260M
Compensation and benefits$184M$199M$201M$209M$221M$245M
Advertising$64M$72M$84M$102M$105M$118M
Net Interest Expense$148M$139M$143M$125M$98M$99M
Logistics$32M$37M$38M$43M$44M$48M
Other Nonoperating Income (Expense)$50M$122M-$60M-$154M-$2.2B-$41M
Income tax provision-$3M$2M$0-$4M-$2.8B$36M
Market occupancy$16M$16M$16M$17M$19M$19M
Gain (Loss) on Extinguishment of Debt-$6M-$2M$0-$14M$0$0
Other Operating Income-$9M$0-$2M-$1M$0$0