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Carvana (CVNA) Q3 2025 10-Q Quarterly Report

Filed: Oct 29, 2025Period ending Sep 30, 2025
Consumer Discretionary
Retail-Auto Dealers & Gasoline StationsSEC EDGAR
Carvana Overview

Carvana (CVNA) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 29, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.

Carvana Q3 2025 10-Q Analysis

Management Discussion & Analysis

  • • Revenue $5.65B Q3 2025, up 54.5% YoY from $3.66B in Q3 2024; nine-month revenue $14.7B up 45.4% YoY from $10.1B
  • • Total gross profit $1.15B Q3 2025, up 42.3% YoY; total gross profit per retail unit $7,362 Q3 2025 vs $7,427 Q3 2024 (down 0.9%)
  • • Best segment: Retail vehicle sales $4.0B Q3 2025 (+57.1% YoY), gross profit $539M (+41.8% YoY); Worst: Wholesale gross profit per unit down 4.4% YoY to $1,033
  • • Cash and equivalents $2.1B up from $1.7B Dec 2024; operating cash flow $606M YTD 2025, down $252M from prior year; equity raise $539M via ATM in Q3
  • • Management expects continued focus on profitable growth, no material macro impacts in 2025; risks include macroeconomics, scaling, competition, and capital markets access

Risk Factors

  • • No material changes in risk factors compared to 2025 10-K filing
  • • Carvana continues exposure to automotive market volatility affecting vehicle supply and pricing
  • • Ongoing liquidity risk related to debt maturities and financing availability detailed in 10-K
  • • Regulatory compliance risks include evolving vehicle safety and consumer protection laws per 10-K
  • • Competitive pressures from online and traditional auto retailers remain significant near-term challenges

Carvana Q3 2025 Quarterly Financials
XBRL

Revenue

$5.6B

▲ +54.5% YoY▲ +16.7% QoQ

Net Income

$151M

▲ +77.6% YoY▼ -17.5% QoQ

Gross Margin

20.3%

▼ -175bp YoY▼ -165bp QoQ

Operating Margin

9.8%

▲ +55bp YoY▼ -78bp QoQ

Net Margin

2.7%

▲ +35bp YoY▼ -111bp QoQ

ROE

6.6%

Total Assets

$9.9B

Operating Cash Flow

$345M

▼ -14.4% YoY▲ +1089.7% QoQ

Source: XBRL data from Carvana Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.

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