Every material Form 8-K Carvana has filed with the SEC since February 22, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Carvana Co. reported financial results for the third quarter ended September 30, 2026, achieving 217,385 retail units sold and $8.040 billion in revenue. Net income totaled $483 million with a net income margin of 6.0%.
Retail units sold increased 39% year-over-year to 217,385 in the third quarter of 2026.
Total revenue reached $8.040 billion, up 42% compared to the third quarter of 2025.
Net income for the quarter was $483 million, resulting in a net income margin of 6.0%.
Carvana entered a $1.66 billion senior secured term loan B credit agreement on August 14, 2026, maturing in 2033. The company said the proceeds are expected to redeem or refinance its 2030 Secured Notes, with $1.0 billion redeemed on August 15, 2026 and the remainder on August 22, 2026.
Term loan B facility of $1.66 billion matures August 14, 2033, issued at 99.75% of principal.
Interest is Term SOFR plus 2.25% or base rate plus 1.25%, per the credit agreement.
Proceeds expected to redeem 2030 Secured Notes: $1.0 billion on August 15, 2026 and the remainder on August 22, 2026.
The credit agreement has no financial covenant and requires 50% excess cash flow prepayments starting fiscal 2028, subject to reductions.
Carvana reported second-quarter 2026 results for the period ended June 30, 2026, with net sales and operating revenues of $7.376 billion, up 52% from a year earlier. Net income attributable to Carvana Co. was $310 million, compared with $183 million, and the company sees full-year 2026 Adjusted EBITDA of $2.7 billion to $3.0 billion, compared with $2.24 billion in 2025. Adjusted EBITDA margin fell to 10.4% from 12.4%, and Total gross profit per unit declined year over year.
Net sales and operating revenues were $7.376 billion in Q2 2026, up 52.4% from $4.840 billion in Q2 2025.
Retail vehicle unit sales were 197,325, up 37.7% from 143,280 a year earlier.
Net income attributable to Carvana Co. was $310 million, or $0.42 diluted EPS for Class A shares, compared with $183 million and $0.26 a year earlier.
The company expects full-year 2026 Adjusted EBITDA of $2.7 billion to $3.0 billion, an increase from $2.24 billion in 2025, and a sequential rise in Q3 retail units sold.
At its May 5, 2026 annual meeting, Carvana stockholders approved a five-for-one forward split of Class A and Class B common stock, along with a proportionate increase in authorized shares. Stockholders also approved the 2026 Omnibus Incentive Plan, elected Michael Maroone and Neha Parikh as Class III directors, and rejected a stockholder proposal. For shareholders, each share will be reclassified into five shares when the split takes effect.
Each share of Class A and Class B common stock becomes five shares at the Effective Time, 9:30 a.m. ET on May 7, 2026.
Class A common stock is expected to begin trading split-adjusted on the New York Stock Exchange at market open on May 8, 2026.
The 2026 Omnibus Incentive Plan was approved with 730,926,830 votes for and 89,832,196 against.
The stockholder proposal in Item 6 was not approved: 32,002,459 votes for and 788,394,436 against.
Carvana reported first-quarter 2026 results for the quarter ended March 31, 2026, with revenue, gross profit, operating income and net income all higher than a year earlier. Gross profit per unit fell, and Adjusted EBITDA margin declined, but the company expects sequential growth in retail units sold and Adjusted EBITDA in the second quarter.
Net sales and operating revenues were $6.432 billion, up 52% from $4.232 billion; retail units sold were 187,393, up 40%
Net income attributable to Carvana Co. was $250 million versus $216 million; basic and diluted EPS of Class A shares were $1.75 and $1.69 versus $1.61 and $1.51
Total gross profit per unit was $6,783, down $155; Adjusted EBITDA was $672 million with a 10.4% margin, down from 11.5%
For Q2 2026, the company expects a sequential increase in retail units sold and Adjusted EBITDA, assuming the environment remains stable
Carvana reported fourth-quarter and full-year 2025 results on February 18, 2026. Revenue grew 58% in the fourth quarter to $5.603 billion and 49% for the year to $20.322 billion, while the company expects significant growth in 2026 retail units and Adjusted EBITDA. Fourth-quarter Adjusted EBITDA margin fell to 9.1% from 10.1%, and net income was boosted by a tax benefit of about $685 million.
Q4 2025 revenue was $5.603 billion, up 58%, on 163,522 retail units sold, up 43%
Q4 2025 net income was $951 million, including a tax-related benefit of about $685 million; FY 2025 net income was $1.895 billion
Q4 2025 Adjusted EBITDA was $511 million, with margin down to 9.1% from 10.1%
Company expects significant growth in full-year 2026 retail units and Adjusted EBITDA, and a sequential increase in both in Q1 2026, assuming a stable environment
Carvana reported third-quarter 2025 results for the period ended September 30, 2025, with revenue up 55% year over year and net income up to $263 million from $148 million. It also expects fourth-quarter retail units above 150,000 and full-year 2025 Adjusted EBITDA at or above the high end of its previously communicated $2.0 to $2.2 billion range, provided the environment remains stable.
Q3 2025 revenue was $5.647 billion, up 55%, on 155,941 retail units sold, up 44%.
Net income was $263 million; basic EPS was $1.08 and diluted EPS was $1.03, versus $0.69 and $0.64 a year earlier.
Adjusted EBITDA was $637 million, up 48%, but its margin fell to 11.3% from 11.7%.
Net income included a $120 million negative impact from the decline in fair value of Root warrants.
Carvana reported results for the quarter ended June 30, 2025, with revenue of $4.84 billion, up 42% from a year earlier, and net income of $308 million, up from $48 million. Net income attributable to Carvana Co. was $183 million, compared with $18 million in the prior-year quarter. The company also expects full-year 2025 Adjusted EBITDA of $2.0 billion to $2.2 billion.
Retail units sold were 143,280, up 41% year over year.
GAAP operating income was $511 million, up from $259 million, and Adjusted EBITDA was $601 million, up $246 million.
Full-year 2025 Adjusted EBITDA outlook is $2.0 billion to $2.2 billion, compared with $1.38 billion last year; the company also expects a sequential increase in retail units in Q3.
Carvana reported first-quarter 2025 results for the period ended March 31, 2025, with retail units sold up 46% to 133,898 and revenue up 38% to $4.232 billion. Net income was $373 million, including a $158 million benefit from the fair value of Root warrants, and the company said it expects sequential increases in retail units sold and Adjusted EBITDA in the second quarter.
Net income was $373 million versus $49 million a year earlier; the figure includes a $158 million Root warrant benefit.
Basic and diluted net earnings per Class A share were $1.61 and $1.51, versus $0.24 and $0.23 in Q1 2024.
GAAP operating income was $394 million, up from $134 million, and Adjusted EBITDA was $488 million, up from $235 million.
For Q2 2025, the company expects a sequential increase in retail units sold and Adjusted EBITDA, leading to all-time company records on both metrics.
Carvana, LLC, a subsidiary of Carvana Co., entered into a renewed inventory financing agreement with Ally Bank and Ally Financial Inc. that extends its $1.5 billion line of credit until April 30, 2027. The company also amended its master purchase agreement with Ally, which reestablishes a commitment by the Ally Parties to purchase up to $4.0 billion of automotive finance receivables from April 30, 2025 to April 29, 2026. The filing covers financing terms only and does not report financial results.
Floor plan line of credit of $1.5 billion extended to April 30, 2027
Ally Parties commit to purchase up to $4.0 billion of automotive finance receivables from April 30, 2025 to April 29, 2026
Certain portions of the inventory financing agreement were omitted under Item 601(b)(10)(iv) of Regulation S-K
Carvana reported fourth-quarter and full-year 2024 results on February 19, 2025, with full-year revenue of $13.673 billion, up 27%, and net income of $404 million, compared with a 1.4% net income margin in 2023. The company expects significant growth in retail units sold and Adjusted EBITDA in full-year 2025, assuming the environment remains stable, and it also gave FY 2025 budget items such as about $520 million of GAAP interest expense.
FY 2024 retail units sold rose 33% to 416,348; revenue was $13.673 billion, up 27%.
FY 2024 net income was $404 million, a 3.0% margin, and included about $115 million from changes in the fair value of Root warrants.
Q4 2024 revenue was $3.547 billion, up 46%, and Q4 net income was $159 million, a 4.5% margin, compared with a loss margin of (8.3)% in Q4 2023.
The company expects significant growth in full-year 2025 retail units sold and Adjusted EBITDA, including a sequential increase in Q1 2025.
Carvana's subsidiary, Ally Bank and Ally Financial amended their master purchase and sale agreement on January 3, 2025. The amendment reestablishes a commitment by the Ally parties to purchase up to $4.0 billion of automotive finance receivables through January 2, 2026.
The filing describes a financing arrangement that supports Carvana's ability to sell auto loans to Ally, but it does not report financial results or a change in profitability.
Amendment dated January 3, 2025 to the Second Amended and Restated Master Purchase and Sale Agreement, filed as Exhibit 10.1 (Sixth Amendment).
Ally parties commit to purchase up to $4.0 billion of automotive finance receivables from January 3, 2025 to January 2, 2026.
Certain portions of the exhibit were omitted; Carvana agreed to provide an unredacted copy to the SEC on request.
Carvana reported third-quarter 2024 results, with revenue up 32% to $3.655 billion and retail units sold up 34% to 108,651. Net income was $148 million, a 4.0% margin, down from a year earlier because Q3 2023 included a roughly $878 million one-time debt extinguishment gain, while operating income rose to $337 million. The company expects Q4 2024 adjusted EBITDA significantly above the high end of its previously communicated $1.0 to $1.2 billion full-year range, if the environment remains stable.
Q3 2024 revenue was $3.655 billion, up 32% year over year, and retail units sold were 108,651, up 34%.
Adjusted EBITDA was $429 million, an 11.7% margin, and GAAP operating income was $337 million, up $289 million.
Net income was $148 million, down from a 26.7% margin in Q3 2023, which included an approximately $878 million debt extinguishment gain.
Outlook: Q4 2024 adjusted EBITDA expected significantly above the high end of the $1.0 to $1.2 billion full-year 2024 range.
Carvana reported second-quarter 2024 results with revenue of $3.410 billion, up 15%, and net income of $48 million, compared with a loss in the year-earlier quarter. The company also expects full-year 2024 Adjusted EBITDA of $1.0 to $1.2 billion, up from $339 million last year, which gives shareholders a specific profit target while the company's results were filed with the SEC.
Retail units sold totaled 101,440 in Q2 2024, up 33% year over year
Net income was $48 million, a 1.4% margin, versus a net loss margin of (3.5)% in Q2 2023
Adjusted EBITDA was $355 million, a 10.4% margin, compared with a 5.2% margin a year earlier
Outlook: full-year 2024 Adjusted EBITDA of $1.0 to $1.2 billion, versus $339 million in 2023
Carvana reported first-quarter 2024 results on May 1, 2024, with revenue up 17% year over year to $3.06 billion and net income of $49 million, a 1.6% net margin versus a loss in Q1 2023. The company said net income included a gain of about $75 million from its Root warrants, and that Adjusted EBITDA of $235 million was a company record. For shareholders, the filing shows higher sales and profit, and management expects Q2 unit growth and Adjusted EBITDA to rise sequentially and expects to meet its full-year 2024 targets.
Revenue of $3.061 billion in Q1 2024, up 17% year over year; retail units sold were 91,878, up 16%
Net income of $49 million, including a gain of about $75 million in the fair value of Root warrants; GAAP net earnings were $0.24 per basic and $0.23 per diluted Class A share
Adjusted EBITDA of $235 million, a 7.7% margin, compared with a negative 0.9% margin in Q1 2023
For Q2 2024, the company expects sequential increases in its year-over-year retail unit growth rate and in Adjusted EBITDA, as long as the environment remains stable
Carvana reported fourth-quarter and full-year 2023 results. Q4 revenue of $2.424 billion fell 15% from a year earlier, while the net loss margin narrowed to (8.3)% from (50.8)%. Full-year net income of $150 million was helped by an $878 million one-time gain on debt extinguishment, and the company expects Q1 2024 Adjusted EBITDA significantly above $100 million.
Q4 2023 revenue was $2.424 billion, down 15%; retail units sold were 76,090, down 13%
Q4 basic and diluted net loss per Class A share was ($1.00), versus a net loss margin of (50.8)% in Q4 2022
FY 2023 net income was $150 million, including an $878 million gain on debt extinguishment; FY revenue was $10.771 billion, down 21%
Q1 2024 outlook: retail units sold slightly up year over year and Adjusted EBITDA significantly above $100 million
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