Carvana said retail vehicle sales increased by $1.5 billion to $4.0 billion during the 3 months ended September 30, 2025. Retail vehicle unit sales were 155,941 compared with 108,651 in the prior year, and retail revenue per retail unit was $25,625 compared with $23,405 in the prior year.

1. 01

   Carvana said retail vehicle sales increased by $1.5 billion to $4.0 billion during the 3 months ended September 30, 2025. Retail vehicle unit sales were 155,941 compared with 108,651 in the prior year, and retail revenue per retail unit was $25,625 compared with $23,405 in the prior year.

2. 02

   The company said retail vehicle gross profit was $539 million during the 3 months ended September 30, 2025, an increase of $159 million from $380 million in the prior year. Retail vehicle gross profit per unit decreased to $3,456 from $3,497 in the prior year, which the company cited higher retail depreciation rates as a factor.

3. 03

   Carvana said it voluntarily redeemed $559 million of principal amount of 2028 Senior Secured Notes for $578 million during Q3 2025. Loss on debt extinguishment was $14 million for the 3 months and $16 million for the 9 months, the company said.

4. 04

   The company said cash flow from operating activities decreased by $252 million to $606 million during the 9 months ended September 30, 2025 from $858 million in the prior year. During Q3, it issued 1.5 million shares of Class A common stock under the ATM Program for gross proceeds of $539 million.

Key figures

Quarter ended September 30, 2025

Revenue

$5.6B

Operating income

$552M

Net income

$151M

Gross profit

$1.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.