Carvana (CVNA) Q3 2025 earnings summary

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.

• Annual revenue run rate surpassed $20 billion, highlighting significant business scale.

• Profit margins remain more than double the industry average, with growth over 40% while peers are flat.

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; net income margin 4.7%.

• Adjusted EBITDA: $637 million, up from $429 million in Q3 2024; adjusted EBITDA margin 11.3%.

• GAAP operating income: $552 million, up from $337 million in Q3 2024; operating margin 9.8%.

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.

• Sequential changes in retail, wholesale, and other GPU expected to mirror last year, reflecting seasonality.

• Advertising expense in Q4 projected to be similar or slightly higher than Q3.

• Management expects continued profitable growth, supported by strong liquidity and expanded financing capacity.