A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Carvana Co. reported strong Q2 FY2026 financial results with revenue surging 52.4% year-over-year to $7.38B and net income rising 69.4% to $310M, driven by a 37.7% increase in retail vehicle sales to 197,325 units.
Revenue
$7.38B
+52.40% YoY
Gross Margin
18.8%
-3.2 pts YoY
Operating Income
$680M
+33.07% YoY
Carvana (CVNA) reported Q2 FY2026 revenue of $7.38B, up 52.4% year over year. The company posted net income of $310M, up 69.4% from a year earlier. Gross margin was 18.8%. Operating income was $680M, up 33.1% year over year. CVNA's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
In Q2 FY2026, Carvana generated $7.38B in revenue (+52.4% YoY) and $310M in net income (+69.4% YoY) on 197,325 retail vehicle unit sales.
Last 4 quarters: 2 beats, 2 misses
Retail vehicle unit sales reached 197,325 during Q2 FY2026, representing a 37.7% increase compared to 143,280 units in Q2 FY2025, supported by expanding inventory selection and AI-enabled customer tools.
Source: 10-Q Item 2 MD&A, p.38
Total net revenue grew 52.4% YoY to $7.38B in Q2 FY2026, driven by retail vehicle sales of $5.51B (+61.7%), wholesale sales of $1.34B (+31.2%), and other revenues from loan sales and complementary products of $526M (+28.0%).
Source: 10-Q Item 2 MD&A, p.44
Total gross profit per unit reached $7,014 ($7,125 non-GAAP) in Q2 FY2026 compared to $7,426 ($7,580 non-GAAP) in Q2 FY2025, while retail vehicle gross profit per unit was $3,547 compared to $3,636 in the prior-year period.
Source: 10-Q Item 2 MD&A, p.40, 44
Carvana's logistics and reconditioning network spans 316 metro statistical areas and services over 80% of the U.S. population, with 75% of the population situated within 100 miles of an IRC or auction site as of June 30, 2026.
Source: 10-Q Item 2 MD&A, p.38, 39
Carvana maintains significant total liabilities of $9.41B, including $4.85B in long-term debt, resulting in a debt-to-equity ratio of 2.34. Substantial debt service obligations could limit future operational flexibility or increase borrowing costs if macroeconomic conditions tighten.
Source: 10-Q Balance Sheet (XBRL)
Cost of revenue increased 58.7% YoY to $5.99B, outpacing revenue growth of 52.4% and leading to a gross margin decline from 21.98% to 18.76%. Unfavorable shifts in vehicle acquisition costs, reconditioning expenses, or logistics overhead could further strain profit margins.
Source: 10-Q Income Statement (XBRL)
Business operations and loan origination revenues depend on broader used vehicle price stability, consumer credit availability, and benchmark interest rates. Unexpected vehicle depreciation or secondary loan market volatility could reduce per-unit revenues and profitability.
Source: 10-Q Income Statement (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Carvana (CVNA) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the CVNA earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $7.38B | $4.84B | +52.40% |
Cost of Revenue | $5.99B | $3.78B | +58.69% |
Gross Profit | $1.38B | $1.06B | +30.08% |
Operating Income | $680M | $511M | +33.07% |
Net Income | $310M | $183M | +69.40% |
SG&A Expense | $704M | $551M | +27.77% |
In Q2 FY2026, Carvana generated $7.38B in total revenue (+52.4% YoY) and $310M in net income (+69.4% YoY). Retail vehicle unit sales increased 37.7% YoY to 197,325 units, while total gross profit per unit reached $7,014.
Carvana's revenue increased 52.4% year-over-year to $7.38B in Q2 FY2026. This was driven by a 61.7% increase in retail vehicle sales to $5.51B, a 31.2% rise in wholesale revenues to $1.34B, and $526M in loan sales and product commissions.
Carvana ended Q2 FY2026 with $2.63B in cash and cash equivalents and a healthy current ratio of 3.93. Long-term debt decreased 8.8% year-over-year to $4.85B, resulting in a debt-to-equity ratio of 2.34.
Carvana (CVNA) is next expected to report earnings on Oct 27, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
Carvana delivered explosive Q1 FY2026 revenue growth of 52.0% YoY to $6.43B, with operating income surging 47.5% to $581M, though net income growth lagged at 15.7% and operating cash flow declined sharply by 53.9%.
Carvana delivered a landmark FY2025, with revenue surging 48.6% to $20.3B and net income exploding 570% to $1.4B, marking a dramatic profitability turnaround driven by scale efficiencies and disciplined cost management.
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