Carvana 10-Q: Q3 Revenue $8.04B (+42%), Net Income $483M, SEC Probe Closed
CVNA is trading near its 52-week low of $54.464 (13% above the low) on elevated volume (1.9× avg).
Summary
Carvana's Q3 2026 10-Q confirms $8.040 billion of revenue (+42%), $483 million of net income and $800 million of Adjusted EBITDA, alongside $7.503 billion of total liquidity and the SEC's investigation closed with no enforcement action.
Key Events · Earnings and Guidance · CVNA
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Record Q3 Revenue and Profit
Revenue of $8.040 billion, up 42% year over year, on 217,385 retail units (+39%); net income of $483 million and Adjusted EBITDA of $800 million.
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Liquidity and Debt Refinancing
Cash of $3.049 billion and total liquidity resources of $7.503 billion; the $1.66 billion Term Loan B replaced the 9% 2030 secured notes, producing a $53 million loss on extinguishment.
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SEC Investigation Closed
The SEC concluded its investigation into the January 2025 short-seller allegations and does not intend to recommend an enforcement action.
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Root Warrant Exchange
Surrendered ~7.2 million shares of Original Root Warrants for 1.5 million New Root Warrants, recognizing an $11 million loss in other expense.
Analysis · CVNA · Trade & Services
The Q3 2026 10-Q confirms the record quarter already reported: revenue of $8.040 billion, up 42% year over year, on 217,385 retail units, with net income of $483 million and Adjusted EBITDA of $800 million. What the 8-K headline did not carry is the balance-sheet detail: $3.049 billion of cash and $7.503 billion of total liquidity resources, plus a $1.66 billion Term Loan B that replaced the 9% 2030 secured notes at roughly a 6.1% effective rate. The filing also discloses that in September 2026 the SEC closed its investigation into the 2025 short-seller allegations without recommending an enforcement action. The quarter carried a $53 million non-cash loss on debt extinguishment from redeeming the old notes at a premium. None of this changes the growth story, but the balance sheet and the closed regulatory matter remove two overhangs that had weighed on the stock.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 38.5% of the 1020 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CVNA was trading at $61.39 on NYSE in the Trade & Services sector, with a market capitalization of approximately $65B. The 52-week trading range was $54.46 to $97.38. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.