CARVANA CO.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 4,918 | 58.8 |
| Stockholders' equity | 3,441 | 41.2 |
| Total capitalization | 8,359 | 100.0 |
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 4,918 |
| Long-term debt, noncurrent | 4,830 |
| Current maturities | 211 |
CAPITAL STOCK 12/31/25
| Preferred stock ($ millions) | 0 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | – | – |
| 2024 | – | – |
| 2023 | – | – |
| 2022 | – | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Delaware.
BUSINESS: Classified by the SEC under Standard Industrial Classification 5500, Retail-Auto Dealers & Gasoline Stations. Large accelerated filer. Principal executive office: 300 E. Rio Salado Parkway, Tempe, AZ 85281. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 20,322 | 13,673 | 10,771 |
| Cost of revenues | 16,130 | 10,797 | 9,047 |
| Gross profit | 4,192 | 2,876 | 1,724 |
| Selling, general and administrative | 2,308 | 1,874 | 1,796 |
| Operating income | 1,881 | 990 | (80) |
| Interest expense | 505 | 651 | 632 |
| Income taxes | (2,785) | (4) | 25 |
| Net income | 1,407 | 210 | 450 |
| Earned per share, diluted ($) | 8.45 | 1.59 | 0.75 |
| Dividends per share ($) | – | – | – |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 2,327 | 1,716 |
| Receivables, net | 245 | 303 |
| Inventories | 2,408 | 1,608 |
| Total current assets | 6,549 | 4,869 |
| Property, plant and equipment, net | 2,814 | 2,773 |
| Goodwill | 10 | 0 |
| Total assets | 13,201 | 8,484 |
| Total current liabilities | 1,519 | 1,338 |
| Long-term debt | 4,830 | 5,256 |
| Total liabilities | 8,998 | 7,109 |
| Stockholders' equity | 3,441 | 1,260 |
| Total liabilities and equity | 13,201 | 8,484 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 20,322 | 1,881 | 1,407 | 6.9 | 8.45 | – | 1,036 | 147 | 889 | 13,201 | 8,998 | 4,918 | 3,441 | 40.9 | 1.43 |
| 12/31/24 | 13,673 | 990 | 210 | 1.5 | 1.59 | – | 918 | 91 | 827 | 8,484 | 7,109 | 5,297 | 1,260 | 16.7 | 4.20 |
| 12/31/23 | 10,771 | (80) | 450 | 4.2 | 0.75 | – | 803 | 87 | 716 | 7,071 | 7,455 | 5,176 | 243 | 185.2 | 21.30 |
| 12/31/22 | 13,604 | (2,351) | (1,587) | -11.7 | (15.74) | – | (1,324) | 512 | (1,836) | 8,698 | 9,751 | 6,482 | (518) | 306.4 | -12.51 |
| 12/31/21 | 12,814 | – | (135) | -1.1 | (1.63) | – | (2,594) | 557 | (3,151) | 7,015 | 6,490 | 2,742 | 306 | -44.1 | 8.96 |
| 12/31/20 | 5,587 | – | (171) | -3.1 | (2.63) | – | (608) | 360 | (968) | 3,035 | 2,233 | 1,206 | 388 | -44.1 | 3.11 |
| 12/31/19 | 3,940 | – | (115) | -2.9 | (2.45) | – | (757) | 231 | (988) | 2,058 | 1,866 | 717 | 98 | -117.2 | 7.31 |
| 12/31/18 | 1,955 | – | (55) | -2.8 | – | – | (414) | 144 | (558) | 991 | 764 | 633 | 80 | -69.6 | 7.95 |
| 12/31/17 | 859 | – | (63) | -7.3 | – | – | (200) | 78 | (278) | 641 | 362 | 302 | 126 | -50.0 | 2.40 |
| 12/31/16 | 365 | – | (93) | -25.5 | – | – | (240) | 40 | (280) | 336 | 201 | 171 | – | – | – |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
CARVANA CO.
CIK 1690820 · EIN 81-4549921
PRINCIPAL OFFICE:
300 E. Rio Salado Parkway, Tempe, AZ 85281
Tel.: (480) 719-8809
INCORPORATED:
Delaware
INDUSTRY (SEC SIC CODE):
5500 · Retail-Auto Dealers & Gasoline Stations
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 18 February 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/18/26) · 10-K FY2024 (filed 2/19/25) · 10-K FY2023 (filed 2/22/24) · 10-K FY2022 (filed 2/23/23) · 10-K FY2021 (filed 2/24/22) · 10-K FY2020 (filed 2/25/21) · 10-K FY2019 (filed 2/26/20) · 10-K FY2018 (filed 2/27/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.