Short answer
Carvana (CVNA) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $20.3B (+48.6% year over year) and net income of $1.4B.
- Top risk flagged: Legal risk from increased regulatory scrutiny on selling used vehicles with open safety recalls, causing potential losses, costs, and litigation exposure
FY2025 key financial metrics · XBRL
- Revenue
- $20.3B
- +48.6% YoY
- Net income
- $1.4B
- +570.0% YoY
- Operating margin
- 9.3%
- +2.0 pp YoY
- Gross margin
- 20.6%
- −0.4 pp YoY
- EPS (diluted)
- $8.45
- +431.4% YoY
- ROE
- 40.9%
- +24.2 pp YoY
- Operating cash flow
- $1.0B
- +12.9% YoY
Source: XBRL data from the Carvana (CVNA) FY2025 10-K on SEC EDGAR. USD.
Carvana FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Heightened focus on expanding complementary products like insurance, leasing, and subscription services to diversify revenue streams
- Notable risk from SEC subpoena in June 2025 linked to short-seller allegations, outcome currently unpredictable
- Logistics dependence on both internal and external transport network amidst rising costs, labor shortages, and regulatory challenges
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
- Best performing: retail vehicle sales $14.5B (+49% YoY); worst: wholesale sales $4.1B, though up 46% YoY from $2.8B
- No explicit cash flow details in excerpt; investments prioritized in technology, infrastructure, logistics, and product development
- Management expects continued growth in retail units sold absent material macroeconomic changes; monitors tariffs and seasonality as risks
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
- Supply chain vulnerabilities due to global supply chain challenges, including impacts from tariffs and trade restrictions on vehicle parts and components
- Market disruption risk from new technologies like autonomous driving and electric vehicles altering vehicle ownership dynamics and used vehicle desirability
- Financial risk from substantial indebtedness and restrictive covenants on Senior Secured Notes limiting capital raising and strategic flexibility
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