Short answer
Carvana (CVNA) filed its Q3 2025 10-Q quarterly report on Oct 29, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $5.6B (up 54.5% year over year) with net income of $151M.
Q3 2025 key financials · XBRL
- Revenue
- $5.6B
- +54.5% YoY · +16.7% QoQ
- Net income
- $151M
- +77.6% YoY · −17.5% QoQ
- Operating margin
- 9.8%
- Gross margin
- 20.3%
Source: XBRL data from the Carvana (CVNA) Q3 2025 10-Q on SEC EDGAR. USD.
Carvana Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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