CVNAHIGH SIGNALFINANCIAL10-K

Carvana delivered substantially higher operating income and meaningful revenue growth while expanding its vehicle sales volume and total assets significantly.

The company's operating income roughly doubled while revenue grew meaningfully, indicating substantial operational leverage and improved efficiency in its used car marketplace model. The expansion from 2.2 million to 2.8 million vehicles sold since inception, combined with cumulative revenue growth from $63.7 billion to $84.1 billion, demonstrates accelerating business momentum.

Comparing 2026-02-18 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

Carvana showed robust financial performance with operating income roughly doubling and revenue growing substantially to $20.3 billion. The company expanded its asset base meaningfully to $13.2 billion, driven by higher inventory levels to support increased sales volume, while maintaining a solid cash position that grew to $2.3 billion. The overall financial picture signals strong operational leverage and successful scaling of the digital used car platform, though interest expense increased moderately as the business expanded.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+90%
$990.0M→$1.9B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
+61.5%
$91.0M→$147.0M

Capital expenditure jumped 61.5% — major investment cycle underway; assess returns on deployment.

Total Assets
Balance Sheet
+55.6%
$8.5B→$13.2B

Asset base grew 55.6% — expansion through organic growth, acquisitions, or capital deployment.

Inventory
Balance Sheet
+49.8%
$1.6B→$2.4B

Inventory surged 49.8% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Revenue
P&L
+48.6%
$13.7B→$20.3B

Strong top-line growth of 48.6% — accelerating demand or successful expansion into new markets.

Gross Profit
P&L
+45.8%
$2.9B→$4.2B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Cash & Equivalents
Balance Sheet
+35.6%
$1.7B→$2.3B

Cash position surged 35.6% — strong cash generation or capital raise providing significant financial cushion.

Current Assets
Balance Sheet
+34.5%
$4.9B→$6.5B

Current assets grew 34.5% — improving short-term liquidity or inventory/receivables build.

Interest Expense
P&L
+30%
$486.0M→$632.0M

Interest expense surged 30% — significant debt increase or rising rates materially impacting earnings.

Total Liabilities
Balance Sheet
+26.6%
$7.1B→$9.0B

Liabilities increased 26.6% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-19
ADDED
As of February 13, 2026, the registrant had 142,736,197 shares of Class A common stock outstanding and 76,109,471 shares of Class B common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.
population as of December 31, 2025, to sell 2.8 million retail vehicles, generating $84.1 billion in total revenue since inception in 2012 through December 31, 2025.
We primarily acquire our used vehicle inventory directly from customers, used car auctions, including by use of our growing digital auction platform, and wholesale used vehicle suppliers, including retail marketplace partners.
Our online tool then allows customers to schedule a time to have their existing vehicle picked up at their home, or drop it off at a Carvana location, and receive payment.
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REMOVED
As of February 14, 2025, the registrant had 134,046,880 shares of Class A common stock outstanding and 79,119,471 shares of Class B common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.
accounting for less than 10% of the market share in 2023 according to Automotive News.
population as of December 31, 2024, to sell 2.2 million retail vehicles, generating $63.7 billion in total revenue since inception in 2012 through December 31, 2024.
We primarily acquire our used vehicle inventory directly from customers, used car auctions, and wholesale used vehicle suppliers, including retail marketplace partners.
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