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Carvana (CVNA) investor relations material
Carvana Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved record Q3 2025 results with 155,941 retail units sold, up 44% year-over-year, and $5.65 billion in revenue, up 55% year-over-year.
Net income reached $263 million, an increase of $115 million year-over-year, with a net income margin of 4.7%.
Adjusted EBITDA was $637 million, up $208 million year-over-year, with an 11.3% margin.
Maintained status as the most profitable and fastest-growing automotive retailer, with profit margins over twice the industry average and 44% year-over-year unit growth.
Progressed toward long-term goal of selling 3 million cars annually at a 13.5% adjusted EBITDA margin within 5–10 years.
Financial highlights
Q3 2025 revenue: $5.647 billion, up from $3.655 billion in Q3 2024.
Retail units sold: 155,941, up 44% year-over-year.
Net income: $263 million, up from $148 million in Q3 2024.
Adjusted EBITDA: $637 million, up from $429 million in Q3 2024.
GAAP operating income: $552 million, up from $337 million in Q3 2024.
Outlook and guidance
Q4 2025 retail units sold expected to exceed 150,000.
Full-year 2025 Adjusted EBITDA projected at or above the high end of the $2.0–$2.2 billion range.
Expect sequential changes in retail, wholesale, and other GPU similar to last year, reflecting seasonality and plans to share gains with customers via lower interest rates.
Advertising expense in Q4 expected to be similar to or slightly higher than Q3.
Management expects continued profitable growth, supported by strong liquidity and expanded financing capacity.
Explain utilization of super senior debt capacity
TRA liability impact on future earnings?
Impact of new loan purchase agreements?
Explain Root warrant impact on Q3 net income.
How does Carvana leverage its model for efficiency?
What macroeconomic risks could impact FY25 EBITDA?
Phoenix same-day delivery: national rollout strategy?
Capital allocation post debt retirement?
How does AI enhance Carvana's moat?
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Q4 202518 Feb, 2026
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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.
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