Carvana (CVNA) FY2025 10-K Annual Report
Carvana (CVNA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Carvana FY2025 10-K Analysis
Business Overview
- • Core business: Online used vehicle sales platform with vehicle sourcing, financing, and delivery services
- • New emphasis on AI integration for customer support, marketing, recruiting, and operational efficiencies, with associated legal and compliance risks
Management Discussion & Analysis
- • Revenue $20.3B in 2025 vs $13.7B in 2024 (+48.2%), driven by retail vehicle sales growth to $14.5B from $9.7B
- • Total gross profit per unit $7,026 in 2025 vs $6,908 in 2024; non-GAAP gross profit per unit $7,182 vs $7,196
Risk Factors
- • Legal risk from increased regulatory scrutiny on selling used vehicles with open safety recalls, causing potential losses, costs, and litigation exposure
- • Geopolitical threat from military conflicts in Ukraine, Middle East, and US-China-Taiwan tensions impacting vehicle supply and consumer behavior
Carvana FY2025 Key Financial MetricsXBRL
Revenue
$20.3B
▲ +48.6% YoY
Net Income
$1.4B
▲ +570.0% YoY
Gross Margin
20.6%
▼ -41bp YoY
Operating Margin
9.3%
▲ +202bp YoY
Net Margin
6.9%
▲ +539bp YoY
ROE
40.9%
▲ +2422bp YoY
Total Assets
$13.2B
▲ +55.6% YoY
EPS (Diluted)
$8.45
▲ +431.4% YoY
Operating Cash Flow
$1.0B
▲ +12.9% YoY
Source: XBRL data from Carvana FY2025 10-K filing on SEC EDGAR. All figures in USD.
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