Companies /Consumer Cyclical

Carvana Co. - Class A

NYSE: CVNA Auto & Truck Dealerships
$74.58
â–² $0.63 (+0.85%) today
Markets open · 2:01pm ET

Q2 2026 Earnings

Reported Jul 29, 2026, 4:05pm ET · SEC source
$0.42
Beat +10.09%
EPS · est. $0.38
$7.4B
Beat +6.76%
Revenue · est. $6.9B
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+7%+14%+21%Jul 29Jul 30report 4:05pm ETearnings+2.2%+9.9%
0+7%+14%+21%Jul 29Jul 30earnings+2.2%+9.9%
CVNA +9.9%S&P 500 +2.2%
0+8%+16%+24%Jul 29Jul 30report 4:05pm ETearnings+4.3%+9.9%
0+8%+16%+24%Jul 29Jul 30earnings+4.3%+9.9%
CVNA +9.9%NASDAQ +4.3%
0+7%+14%+21%Jul 28Aug 6report 4:05pm ETearnings+5.5%+19.9%
0+7%+14%+21%Jul 28Aug 6earnings+5.5%+19.9%
CVNA +19.9%S&P 500 +5.5%
0+7%+14%+21%Jul 28Aug 6report 4:05pm ETearnings+8.3%+19.9%
0+7%+14%+21%Jul 28Aug 6earnings+8.3%+19.9%
CVNA +19.9%NASDAQ +8.3%
−7.36%
Day of report
+1.50%
Next session
+11.23%
One week

Did CVNA Beat Earnings? Q2 2026 Results

Carvana delivered a convincing beat across the board in Q2 2026, posting earnings per share of $0.42 against a consensus estimate of $0.38, a 10.09% beat, while revenue of $7.38 billion topped expectations by 6.76% and rose 52.4% year-over-year. The standout driver was a record 197,325 retail units sold, up 38% from a year ago, with the company capturing share even as the broader used-auto retail industry contracted. A 17.4% jump in average retail vehicle revenue per unit to $27,908 amplified the top-line gain, while net income climbed to $513 million from $308 million a year ago, expanding net margin to 7.0%. SG&A per unit improved to $3,568 from $3,846, reflecting continued operating leverage as the company scales. Analysts have broadly maintained bullish stances heading into the print, with consensus price targets implying meaningful upside from current levels. Management guided for sequential retail unit growth in Q3 and raised full-year 2026 Adjusted EBITDA guidance to a range of $2.70 billion to $3.00 billion, up from $2.24 billion in 2025.

Key Takeaways
  • 38% YoY retail unit growth to all-time high of 197,325 units
  • Retail vehicle revenue per unit increased 17.4% YoY to $27,908
  • SG&A expenses per retail unit decreased to $3,568 from $3,846 YoY, demonstrating operating leverage
  • Inventory selection growth driving sales across regional footprint
  • FTC guidance requiring competitors to include mandatory dealer fees in advertised prices benefited Retail GPU as Carvana does not charge these fees
  • Production efficiency with labor hours per unit approaching all-time best levels

“Q2 2026 was Carvana's 10th consecutive quarter of industry-leading growth and profitability, and it was made possible by the foundations we laid in the 10 years prior.”

Carvana CEO, on the earnings call

Forward Guidance & Outlook

Carvana expects a sequential increase in retail units sold in Q3 2026 compared to Q2, and full-year 2026 Adjusted EBITDA of $2.7 billion to $3.0 billion, up from $2.24 billion in 2025, assuming the environment remains stable. The company reaffirmed its long-term goal of selling 3 million cars per year and achieving 13.5% Adjusted EBITDA margin by 2030 to 2035.

CVNA YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$3.0B$6.0B$4.8B$7.4BRevenue$1.0B$1.4BGross Profit$513.0M$680.0MOperating Income$183.0M$513.0MNet Income
$0$3.0B$6.0BRevenueGross ProfitOperating IncomeNet Income

CVNA Revenue by Segment

Retail Vehicle Sales$5.5B+61.7%
Wholesale Sales and Revenues$1.3B+31.2%
Other Sales and Revenues$526.0M+28.0%
Wholesale Marketplace

Figures from SEC filings and company reports. Not investment advice.