Carvana (CVNA) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with 197,325 retail units sold, up 38% year-over-year, and total revenue of $7.376 billion, up 52% year-over-year, driven by higher prices, expanded inventory, and operational scaling.

• Net income reached $513 million, a $205 million increase year-over-year, with a net income margin of 7.0%.

• Adjusted EBITDA was $769 million, up $168 million year-over-year, with a 10.4% margin.

• Market share reached 2% of the used car market and 1.5% of the total auto retail market, highlighting significant growth opportunity.

• Strong correlation between inventory growth and sales growth, especially in regions with increased production capacity.

Financial highlights

• Retail vehicle sales reached $5.51 billion in Q2 2026, up 61.7% year-over-year; wholesale sales and revenues were $1.34 billion, up 31.2%.

• Gross profit increased 30.1% year-over-year to $1.38 billion in Q2 2026.

• Net income margin improved to 7.0% from 6.4% in the prior year.

• Adjusted EBITDA margin was 10.4%, compared to 12.4% in the prior year.

• SG&A expense per retail unit sold decreased to $3,568, reflecting operational leverage.

Outlook and guidance

• Expects a sequential increase in retail units sold in Q3 2026.

• Full-year 2026 adjusted EBITDA guidance raised to $2.7–$3.0 billion, up from $2.24 billion in 2025.

• Revenue growth expected to align more closely with retail unit growth starting Q3 as gross revenue treatment changes phase out.

• Management expects continued growth in retail units sold and revenue, supported by investments in technology, logistics, and infrastructure.

• Liquidity resources, including cash and available credit, are expected to be sufficient to fund operations and growth for at least the next 12 months.