CVNA (Carvana Co.) Stock Financials & Earnings | Market Cap Arena

CVNA (Carvana Co.) Stock Financials & Earnings | Market Cap Arena

CVNACarvana Co.

Mkt Cap$70B

Consumer Cyclical·Auto - Dealerships·🇺🇸 United States·NYSE

Revenue (TTM)$20.3B

Net Income (TTM)$1.4B

EPS (TTM)$9.78

Free Cash Flow (TTM)$889M

Gross Margin20.6%

Op. Margin9.3%

Net Margin6.9%

FCF Margin4.4%

P/S Ratio (TTM)3.4x

P/E Ratio (TTM)49.8x

YoY Rev Growth+48.6%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$2.6B	$253M	-$131M
Q2 23	$3.0B	$499M	$42M
Q3 23	$2.8B	$437M	$49M
Q4 23	$2.4B	$359M	-$37M
Q1 24	$3.1B	$548M	$135M
Q2 24	$3.4B	$674M	$260M
Q3 24	$3.7B	$767M	$338M
Q4 24	$3.5B	$722M	$269M
Q1 25	$4.2B	$887M	$394M
Q2 25	$4.8B	$1.0B	$513M
Q3 25	$5.6B	$1.1B	$552M
Q4 25	$5.6B	$1.1B	$424M

Valuation

Quarter	P/S	P/E
Q1 23	5.5x	—
Q2 23	5.9x	—
Q3 23	6.3x	—
Q4 23	6.5x	155.6x
Q1 24	6.2x	109.8x
Q2 24	6.0x	98.1x
Q3 24	5.6x	4119.1x
Q4 24	5.1x	333.5x
Q1 25	4.7x	175.9x
Q2 25	4.3x	124.4x
Q3 25	3.8x	111.3x
Q4 25	3.4x	49.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$66M	-$98M
Q2 23	$509M	$491M
Q3 23	$599M	$580M
Q4 23	-$239M	-$257M
Q1 24	$101M	$83M
Q2 24	$354M	$332M
Q3 24	$403M	$376M
Q4 24	$60M	$36M
Q1 25	$232M	$205M
Q2 25	$29M	-$2M
Q3 25	$345M	$307M
Q4 25	$430M	$379M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$32M
Q2 23	$18M
Q3 23	$19M
Q4 23	$18M
Q1 24	$18M
Q2 24	$22M
Q3 24	$27M
Q4 24	$24M
Q1 25	$27M
Q2 25	$31M
Q3 25	$38M
Q4 25	$51M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-25.5%	-30.3%
Q2 23	-23.6%	-30.5%
Q3 23	-18.1%	-26.0%
Q4 23	-14.6%	-24.9%
Q1 24	+17.5%	+6.9%
Q2 24	+14.9%	+7.7%
Q3 24	+31.8%	+21.8%
Q4 24	+46.3%	+33.2%
Q1 25	+38.3%	+31.2%
Q2 25	+41.9%	+37.4%
Q3 25	+54.5%	+53.6%
Q4 25	+58.0%	+58.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$15M	0.6%
Q2 23	$19M	0.6%
Q3 23	$18M	0.6%
Q4 23	$21M	0.9%
Q1 24	$22M	0.7%
Q2 24	$23M	0.7%
Q3 24	$24M	0.7%
Q4 24	$22M	0.6%
Q1 25	$23M	0.5%
Q2 25	$27M	0.6%
Q3 25	$24M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 23	$412M	$56M	—
Q2 23	$366M	$86M	—
Q3 23	$377M	$56M	—
Q4 23	$197M	$59M	—
Q1 24	$402M	$54M	—
Q2 24	$400M	$55M	—
Q3 24	$413M	$56M	—
Q4 24	$265M	$64M	—
Q1 25	$463M	$72M	—
Q2 25	$467M	$84M	—
Q3 25	$493M	$102M	—
Q4 25	—	—	$627M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$488M	$312M	$800M
Q2 23	$541M	$335M	$876M
Q3 23	$616M	$371M	$987M
Q4 23	$530M	$366M	$896M
Q1 24	$252M	$388M	$640M
Q2 24	$542M	$421M	$963M
Q3 24	$871M	$463M	$1.3B
Q4 24	$1.7B	$464M	$2.2B
Q1 25	$1.9B	$475M	$2.3B
Q2 25	$1.9B	$466M	$2.3B
Q3 25	$2.2B	$486M	$2.7B
Q4 25	$2.3B	$0	$2.3B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	106M	+0.1%
Q2 23	106M	+0.2%
Q3 23	110M	+3.7%
Q4 23	114M	+3.6%
Q1 24	116M	+1.9%
Q2 24	128M	+10.5%
Q3 24	134M	+4.0%
Q4 24	140M	+4.7%
Q1 25	143M	+2.0%
Q2 25	143M	+0.5%
Q3 25	146M	+2.1%
Q4 25	226M	+54.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	—	—
FY 17	$461K	2K
FY 18	$504K	4K
FY 19	$538K	7K
FY 20	$537K	10K
FY 21	$610K	21K
FY 22	$820K	17K
FY 23	$786K	14K
FY 24	$786K	17K
FY 25	$880K	23K