$CVNA · CARVANA CO.
Carvana reported Q3 2026 results with record retail units of 217,385 (+39% YoY), revenue of $8.04 billion (+42% YoY), net income of $483 million, and Adjusted EBITDA of $800 million. The company also announced it will discontinue quarterly and annual financial outlooks beginning with its Q4 2026 earnings call, shifting to long-term goals only, and will convert its mid-term target to a 12.5% GAAP operating margin on 3 million annual retail units by 2030–2035.
- Retail units sold hit a record 217,385, up 39% YoY — the first quarter above 200,000.
- Revenue reached $8.04 billion, up 42% YoY, with the broader auto industry approximately flat.
- Net income was $483 million (6.0% margin), up from $263 million (4.7% margin) in Q3 2025.
- Adjusted EBITDA hit a record $800 million, though margin compressed to 10.0% from 11.3% YoY.
- Carvana will stop providing quarterly/annual financial outlooks starting Q4 2026, shifting to long-term goals only.
Extended-hours trading shows CVNA at $60.99, up 3.34% from the regular-session close of $59.02. The market is rewarding record unit sales and profit growth despite the announcement that forward guidance will be discontinued.
Carvana delivered its first 200K+ unit quarter with 39% growth in a flat industry, but the surprise elimination of forward guidance reshapes how investors will value the stock going forward.
Carvana's 39% unit growth in a flat industry underscores aggressive market-share capture from traditional dealers. Its 10% Adjusted EBITDA margin remains roughly 2x the industry average for the 10th consecutive quarter.
Rising benchmark interest rates and elevated fuel prices negatively impacted unit economics by an estimated ~$200 per unit in Q3. The decision to discontinue quarterly and annual guidance starting Q4 2026 reduces forward visibility for investors.