CVNA · Carvana Co.

Carvana delivered another record quarter with 40% YoY retail unit growth to 187,393 vehicles, driving 52% revenue growth to $6.432 billion and record profitability including $405 million net income and $672 million Adjusted EBITDA. This marks the sixth consecutive quarter of 40%+ unit growth and ninth straight quarter as the fastest-growing and most profitable automotive retailer. Key drivers include vertical integration, technology automation, and operational efficiencies, evidenced by record vehicle lifecycle times like full turnaround in under 5 days and wholesale sales in 11 hours via ADESA Clear. Gross profit per unit dipped slightly YoY to $6,783 GAAP due to higher reconditioning costs and lower shipping fees, but improved sequentially by $175. Management highlighted reconditioning improvements via centralized planning, AI tools like 'Roll Call' for labor allocation, and enhanced training, with Q2 labor hours per unit nearing all-time bests. Title & registration achieved ~99% timely completion rates through tech-ops integration. Production capacity stands at 1.5 million annual units built-out, with real estate for 3 million, planning 6-8 ADESA integrations in 2026. Outlook signals Q2 records in units and Adjusted EBITDA, with FY2026 significant growth on track toward long-term 3 million units at 13.5% Adjusted EBITDA margin by 2030-2035. Conference call held April 29, 2026, at 5:30 p.m. EST.