Carvana (CVNA) J.P. Morgan Automotive Conference summary

Business performance and growth

• Achieved a run rate of nearly 800,000 used vehicles sold per year, with 38% year-over-year growth in Q2 2026, significantly outpacing an industry that declined in the same period.

• Reached $30 billion run rate revenue and $3 billion run rate Adjusted EBITDA in Q2, with strong profitability and net income growth approaching 70% year-over-year.

• Generated over $20B in annual revenue in 2025, matching the pace of high-profile growth leaders.

• Ranked in the top 5% of S&P 500 companies for organic growth, reaching $20 billion revenue scale rapidly and continuing to scale toward $30 billion.

• E-commerce penetration in auto retail remains low, indicating a long runway for future growth.

Customer experience and digital innovation

• Customer offering, focused on a seamless online experience, is resonating strongly and driving market share gains.

• Offers a differentiated, streamlined online buying process with integrated financing, trade-in, and delivery options.

• Provides instant trade-in offers, flexible payment options, and free home delivery, enhancing convenience.

Operational strategy and scaling

• Growth is driven by scaling production, with regions where production increased by 55% also seeing 55% sales growth, especially in the Midwest and Northeast.

• Positive feedback loop: more production increases selection and proximity, boosting conversion and marketing efficiency.

• Three-part plan to scale production: add lines to existing facilities, integrate ADESA locations, and build out new ADESA sites.

• Integrated 19 ADESA locations, with 6–8 more planned for FY 2026, and first full buildout to begin production in early 2027.

• Scaling logistics, last-mile delivery, and centralized customer care are key strategic focuses to support growth.