Carvana Q1 revenue rises 17% to $3.06 billion; net income $49 million
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.
Key points
- 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
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 01, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.