Carvana Q3 2025 revenue rises 55% to $5.6 billion; net income reaches $263 million
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.
Key points
- 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.
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing 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 October 29, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.