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AI brief of an SEC Form 8-K · Carvana (CVNA)

Carvana posts record 2025 results: revenue tops $20 billion, net income $1.895 billion

Positive Impact 3 of 5 earnings Written later

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.

Key points

  • 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

The filing

CompanyCarvana (CVNA)
Form8-K, current report
Filed with the SECFeb 18, 2026, 4:05 PM ET
Accession number0001690820-26-000008

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

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 February 18, 2026.

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.