Carvana (CVNA) financial statements
Carvana reported revenue of $20.3B in fiscal 2025, up 56.3% a year over 9 years.
Net income was $1.4B.
Free cash flow was $889M.
The diluted share count rose 379% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Carvana's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $365M | $859M | $2.0B | $3.9B | $5.6B | $12.8B | $13.6B | $10.8B | $13.7B | $20.3B |
| Cost of revenue | $346M | $791M | $1.8B | $3.4B | $4.8B | $10.9B | $12.4B | $9.0B | $10.8B | $16.1B |
| Gross profit | $19M | $68M | $197M | $507M | $794M | $1.9B | $1.2B | $1.7B | $2.9B | $4.2B |
| Selling, general and admin | $109M | $223M | $425M | $787M | $1.1B | $2.0B | $2.7B | $1.8B | $1.9B | $2.3B |
| Operating income | — | — | — | — | — | — | -$2.4B | -$80M | $990M | $1.9B |
| Interest expense | $4M | $8M | $25M | $81M | $131M | $176M | $486M | $632M | $651M | $505M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $1M | $1M | $25M | -$4M | -$2.8B |
| Net income | -$93M | -$63M | -$55M | -$115M | -$171M | -$135M | -$1.6B | $450M | $210M | $1.4B |
| EPS (diluted) | — | — | — | -$2.45 | -$2.63 | -$1.63 | -$15.74 | $0.75 | $1.59 | $8.45 |
| Diluted shares | — | — | — | 47M | 65M | 83M | 101M | 201M | 132M | 224M |
| Gross margin | 5.3% | 7.9% | 10.1% | 12.9% | 14.2% | 15.1% | 9.2% | 16.0% | 21.0% | 20.6% |
| Operating margin | — | — | — | — | — | — | -17.3% | -0.7% | 7.2% | 9.3% |
| Net margin | -25.5% | -7.3% | -2.8% | -2.9% | -3.1% | -1.1% | -11.7% | 4.2% | 1.5% | 6.9% |
Balance sheet
Fiscal years, from Carvana's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $39M | $173M | $79M | $76M | $301M | $403M | $434M | $530M | $1.7B | $2.3B |
| Receivables | $6M | $14M | $33M | $40M | $79M | $206M | $253M | $266M | $303M | $245M |
| Inventory | $186M | $227M | $412M | $763M | $1.0B | $3.1B | $1.9B | $1.1B | $1.6B | $2.4B |
| Total current assets | $275M | $490M | $663M | $1.4B | $1.9B | $4.9B | $4.6B | $3.3B | $4.9B | $6.5B |
| Property, plant and equipment | $61M | $149M | $297M | $543M | $909M | $1.6B | $3.2B | $3.0B | $2.8B | $2.8B |
| Goodwill | — | $0 | $9M | $9M | $9M | $9M | $0 | — | $0 | $10M |
| Total assets | $336M | $641M | $991M | $2.1B | $3.0B | $7.0B | $8.7B | $7.1B | $8.5B | $13.2B |
| Total current liabilities | $196M | $306M | $330M | $865M | $467M | $2.9B | $2.6B | $1.5B | $1.3B | $1.5B |
| Long-term debt | $4M | $48M | $425M | $883M | $1.6B | $3.2B | $6.6B | $5.4B | $5.3B | $4.8B |
| Total liabilities | $201M | $362M | $764M | $1.9B | $2.2B | $6.5B | $9.8B | $7.5B | $7.1B | $9.0B |
| Shareholders' equity | -$116M | $126M | $80M | $98M | $388M | $306M | -$518M | $243M | $1.3B | $3.4B |
| Net debt | -$35M | -$124M | $555M | $1.4B | $1.4B | $5.0B | $7.8B | $5.7B | $3.8B | $2.7B |
Cash flow
Fiscal years, from Carvana's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$240M | -$200M | -$414M | -$757M | -$608M | -$2.6B | -$1.3B | $803M | $918M | $1.0B |
| Capital spending | $40M | $78M | $144M | $231M | $360M | $557M | $512M | $87M | $91M | $147M |
| Free cash flow | -$280M | -$278M | -$558M | -$988M | -$968M | -$3.2B | -$1.8B | $716M | $827M | $889M |
| Stock-based compensation | $555,000 | $6M | $24M | $33M | $25M | $39M | $69M | $73M | $91M | $96M |
| Dividends paid | $0 | $0 | $5M | — | — | — | — | — | — | — |
| Net borrowing | $0 | $33M | $49M | — | — | — | — | — | — | — |
| Free cash flow margin | -76.6% | -32.4% | -28.5% | -25.1% | -17.3% | -24.6% | -13.5% | 6.6% | 6.0% | 4.4% |
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Open CVNA in InvestinglyQuestions
What was Carvana's revenue in 2025?
$20.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Carvana generate?
$889M in fiscal 2025 (operating cash flow minus capital spending).
From Carvana's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.