$CVNA · CARVANA CO.
Carvana filed its 10-Q for the quarter ended September 30, 2026, reporting Q3 revenue of $8.04B (+42.4% YoY), net income attributable to Carvana Co. of $289M (vs. $151M in Q3 2025), and diluted EPS of $0.39. Retail unit sales grew 39.4% to 217,385 vehicles. Gross margin was 18.9% and operating margin reached 8.9%. The balance sheet shows $3.05B in cash and stockholders' equity of $5.65B, up from $4.20B at year-end.
- Retail vehicle unit sales jumped 39.4% YoY to 217,385 units in Q3 2026.
- Total revenue hit $8.04B, up 42.4% YoY; nine-month revenue reached $21.85B.
- Net income attributable to Carvana Co. rose to $289M from $151M in Q3 2025.
- Gross profit per retail unit improved to $3,556 from $3,456 a year ago.
- Cash and equivalents swelled to $3.05B from $2.33B at year-end 2025.
Extended-hours trading shows CVNA at $60.02, up 1.65% from the regular-session close of $59.05, suggesting a modestly positive initial reception to the strong top-line growth and near-doubling of net income.
Carvana is scaling revenue at 42% while converting it to sharply higher profits — the $289M net income nearly doubles the prior-year quarter, proving the model's operating leverage at scale.
Carvana's 39.4% retail unit growth and 42.4% revenue expansion dramatically outpace the broader used-auto market, where traditional dealers are growing low-single-digits. The 8.9% operating margin signals the online-only model is scaling profitably at a level few digital auto platforms have achieved.
Non-controlling interests absorbed $194M of Q3 net income (40%), meaning Carvana Co. shareholders capture only ~60% of consolidated profits. The tax receivable agreement liability stands at $2.13B, with $1.65B due to related parties. Vehicle inventory ballooned to $3.46B from $2.41B at year-end, raising working-capital intensity.