The company's decision to cease quarterly/annual guidance after Q4 2026 is a significant shift that may reduce near-term earnings visibility for the Street. Monitor the Q4 2026 earnings call for any additional color on the transition to longer-term goal-based reporting and for confirmation of the full-year 2026 Adjusted EBITDA landing near the top of the $2.7B-$3.0B range.
Price Chart
Executive Summary
Carvana reported record Q3 2026 results with retail units sold up 39% YoY to 217,385 and revenue up 42% to $8.04B, both all-time highs. Net income rose to $483M (6.0% margin) and Adjusted EBITDA hit a record $800M (10.0% margin), though GAAP and non-GAAP GPU declined YoY. The company guided for a sequential increase in Q4 retail units and full-year 2026 Adjusted EBITDA in the higher end of the $2.7B-$3.0B range, and announced it will stop providing quarterly/annual financial outlooks starting with the Q4 2026 call.
Key Financial Metrics
Key Facts
- Retail units sold: 217,385, up 39% YoY (industry approximately flat)
- Revenue: $8.040B, up 42% YoY, a new quarterly record
- Net income: $483M, up $220M YoY; net income margin 6.0% vs 4.7%
- Adjusted EBITDA: $800M, up $163M YoY; Adjusted EBITDA margin 10.0% vs 11.3%
- GAAP Operating income: $714M, up $162M YoY; operating margin 8.9% vs 9.8%
- Total GPU (GAAP): $6,997, down $365 YoY; Non-GAAP Total GPU: $7,093, down $410 YoY
- Company expects sequential increase in Q4 retail units and full-year 2026 Adjusted EBITDA in higher end of $2.7B-$3.0B range
- Company plans to stop providing quarterly/annual financial outlooks starting Q4 2026 earnings call, shifting to longer-term goals
- Mid-term goal converted to 12.5% Operating margin (GAAP) by 2030-2035, equivalent to prior 13.5% Adjusted EBITDA margin target
- Cash and cash equivalents: $3.049B; total liquidity resources: $7.503B
Financial Impact
Revenue grew 42% YoY to $8.04B; Net income grew 84% YoY to $483M; Adjusted EBITDA grew 26% YoY to $800M
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Retail vehicle sales | $6.1B | +53.8% |
| Wholesale sales and revenues | $1.3B | +10.6% |
| Other sales and revenues | $594.0M | +25.3% |
Risk Factors
- GAAP and Non-GAAP Total GPU declined YoY ($6,997 vs $7,362; $7,093 vs $7,503), driven by lower customer loan rates and lower wholesale GPU
- Adjusted EBITDA margin contracted to 10.0% from 11.3% YoY
- Company estimates $200 per unit negative impact from elevated fuel prices and rising benchmark interest rates
- Elimination of quarterly/annual guidance after Q4 2026 could increase earnings uncertainty and reduce analyst coverage visibility
- Rapid share count growth: diluted shares outstanding increased from 731M to 740M YoY; fully diluted share count of 1.127B implies significant future dilution from LLC units
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001690820-26-000066 |
| Exhibit: ex99_2q32026.htm | 0001690820-26-000066 |
| Document: cvna-20261028.htm | 0001690820-26-000066 |
| Document: 0001690820-26-000066-index-headers.html | 0001690820-26-000066 |
| Document: 0001690820-26-000066-index.html | 0001690820-26-000066 |
| Document: 0001690820-26-000066.txt | 0001690820-26-000066 |
| 8-K Data (Synthetic) | 0001690820-26-000066 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 today | 144 | $68.32 | awaiting T+60 | awaiting T+60 | $68.29 (−0.04%) |
Oct 28, 2026 2d ago | 8-K | $62.14 | awaiting T+60 | awaiting T+60 | $68.29 (+9.90%) |
Oct 27, 2026 2d ago | Institutional Cluster | $59.05 | awaiting T+60 | awaiting T+60 | $68.29 (+15.65%) |
Oct 21, 2026 9d ago | Institutional Cluster | $58.72 | awaiting T+60 | awaiting T+60 | $68.29 (+16.30%) |
Oct 13, 2026 17d ago | 144 | $60.39 | awaiting T+60 | awaiting T+60 | $68.29 (+13.08%) |
Oct 5, 2026 24d ago | Insider Cluster | $63.88 | awaiting T+60 | awaiting T+60 | $68.29 (−6.90%) |
Oct 5, 2026 24d ago | Insider Buy | $63.88 | awaiting T+60 | awaiting T+60 | $68.29 (+6.90%) |
Sep 3, 2026 8w ago | Insider Cluster | $74.59 | awaiting T+60 | awaiting T+60 | $68.29 (−8.45%) |
Aug 17, 2026 10w ago | Insider Cluster | $65.00 | awaiting T+60 | awaiting T+60 | $68.29 (+5.06%) |
Aug 4, 2026 12w ago | Insider Buy | $69.48 $68.31 | ▼ −1.68% | ▼ −1.63% | $68.29 (−1.71%) |
US Market Status
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