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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Carvana
Carvana (CVNA) investor relations material
Carvana Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Record Q3 retail sales of 217,385 units (+39.4% YoY) and revenue of $8.040B (+42% YoY), with $483M net income and record $800M Adjusted EBITDA.
Eight consecutive quarters of ~40% growth in a flat industry; market share remained just over 2% of used vehicles and 1.5% overall.
Long-term targets remain 3M annual units and a 13.5% Adjusted EBITDA margin, corresponding to a 12.5% operating income margin.
Customer volume doubled over two years, alongside twice the selection, faster deliveries and lower loan interest rates.
Financial highlights
Revenue was $8.040B vs. $5.647B YoY; GAAP gross profit was $1.521B vs. $1.148B and operating income was $714M vs. $552M.
Net income was $483M vs. $263M YoY; diluted EPS was $0.39 vs. $0.21.
Adjusted EBITDA reached a record $800M vs. $637M; margin was 10.0% vs. 11.3%.
GAAP SG&A expense was $805M vs. $595M; non-GAAP SG&A was $742M vs. $533M.
Nine-month operating cash flow was $900M vs. $606M; cash, cash equivalents and restricted cash totaled $3.17B at September quarter-end.
Outlook and guidance
FY 2026 outlook assumes a stable environment, with sequential increases in retail units and Adjusted EBITDA at the higher end of the $2.7B–$3.0B range.
Q4 outlook calls for sequential growth in retail units sold, assuming conditions remain stable.
Investments in advertising, inventory selection, delivery speed, reconditioning capacity, technology and operating efficiency are intended to support growth.
Operating expenses are expected to increase with retail and wholesale volumes; no assurance was given that growth investments will earn desired returns.
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Latest events from Carvana
- Sales and gross profit per unit surged, but expansion drove a $164.3M net loss.CVNA
Q4 2017 - Triple-digit sales growth improved unit economics, but losses and cash use remained substantial.CVNAQ4 2018
- Rapid growth lifted revenue and gross profit, but losses and funding demands remained substantial.CVNAQ4 2019
- Sales scaled sharply in 2020, but growth investment and financing costs kept losses substantial.CVNAQ4 2020
- Sales surged, but losses and cash burn persisted as expansion and the ADESA deal raised the stakes.CVNAQ4 2021
- Revenue grew, but a $2.9B loss and falling unit economics drove a pivot to efficiency.CVNAQ4 2022
- Lower volume, stronger unit economics and debt restructuring drove the 2023 turnaround.CVNAQ4 2023
- Q2 2026 retail unit sales up 38% YoY, with record growth driven by scaling and digital innovation.CVNAJ.P. Morgan Automotive Conference
- Online platform leverages scale, tech, and integration to disrupt the used car market and drive growth.CVNACorporate presentation
Next Carvana earnings date
Q4 202618 Feb, 2027
Carvana
Next Carvana earnings date
Q4 202618 Feb, 2027
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Frequently asked questions
The company behind the car vending machine
Carvana is an e-commerce platform and used car retailer that operates primarily online. The company provides a digital marketplace for customers to browse, select, and purchase used vehicles. Carvana offers a wide inventory of cars of various makes and models with everything from daily drivers from Ford to modern EV’s from Polestar and Tesla available through their platform. They focus on providing transparency to customers by offering detailed vehicle descriptions, photos, and virtual tours. Through their online platform, Carvana aims to simplify the car buying process and provide customers with an alternative to traditional dealership experiences.
A user friendly platform
Carvana's platform is an innovative online marketplace designed to simplify the car buying process. Through their website or mobile app, customers gain access to a wide selection of used vehicles. The platform offers detailed vehicle descriptions, high-resolution photos, and a 360-degree virtual tour for transparency. Customers can browse, compare, and purchase cars entirely online. Carvana's platform also provides financing options, trade-in evaluations, and vehicle delivery to customers' locations. The convenience and user-friendly interface of the platform aim to offer a streamlined and hassle-free car buying experience for customers seeking a digital alternative to traditional dealerships. For customers looking to buy a car online, other alternatives include AutoNation and CarMax.
Sourcing the inventory
Carvana sources its cars from various channels to offer a diverse inventory. They acquire vehicles through auctions, trade-ins, and partnerships with dealerships. Carvana's sourcing strategy focuses on selecting high-quality used cars with clean histories and low mileage. They employ a comprehensive inspection process to ensure the vehicles meet their standards. By leveraging multiple sourcing channels and conducting thorough evaluations, Carvana aims to provide customers with a wide selection of reliable used cars to choose from.
Innovative and unique pickup points
Carvana's car vending machines are a unique and distinctive aspect of their vehicle pickup process. These automated multi-story structures have become an integral part of the Carvana experience. Upon completing a vehicle purchase, customers have the option to choose the car vending machine as their pickup location. The car vending machine serves as a visually striking delivery point, adding an element of novelty to the car buying journey. Customers are given a personalized coin that they insert into the machine, triggering the retrieval process. The chosen vehicle is then automatically brought down to a designated bay where customers can collect it. Regardless of whether a customer is buying their dream sports car from Porsche or just needs a workhorse that will get them from A to B, the pickup process is as convenient as it is memorable.