Carvana's Q2 Blowout: Revenue Jumps 52% to $7.38B, Net Income Doubles to $513M, and EBITDA Guidance Raised to $2.7–$3.0B
CVNA is trading near its 52-week low of $54.464 (4.7% above the low).
Summary
Carvana posted record Q2 2026 results: revenue up 52% to $7.38B, net income of $513M, and full-year Adjusted EBITDA guidance raised to $2.7–$3.0B. The company continues to take share in a declining industry, now running at a nearly 800K-unit annual pace.
Key Events · Earnings and Guidance · CVNA
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Record Revenue and Unit Sales
Revenue in Q2 jumped 52% year-over-year to $7.38 billion, driven by 197,325 retail units sold — a 38% increase and an all-time quarterly record. This growth far outpaced the industry, which contracted over the same period.
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Net Income More Than Doubles
Net income reached $513 million, up from $308 million a year ago, with the net income margin expanding to 7.0% from 6.4%. GAAP operating income rose to $680 million.
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Adjusted EBITDA Hits $769M, Margin Compresses
Adjusted EBITDA grew to $769 million from $601 million, but the margin contracted to 10.4% from 12.4% as the company invested in growth and faced higher benchmark rates.
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Full-Year Guidance Raised
Management now expects full-year 2026 Adjusted EBITDA of $2.7–$3.0 billion, up from $2.24 billion in 2025, and a sequential increase in retail units in Q3.
Analysis · CVNA · Trade & Services
A standout quarter for Carvana saw revenue surge 52% to $7.38 billion, while net income more than doubled to $513 million. The company moved a record 197,325 retail units, expanding 38% year-over-year even as the broader industry contracted. Profitability remains best-in-class: net income margin reached 7.0% and Adjusted EBITDA margin came in at 10.4%, though the latter compressed from 12.4% a year ago as the company invested in growth and absorbed higher benchmark rates. Management raised the full-year Adjusted EBITDA outlook to $2.7–$3.0 billion, up from $2.24 billion last year, and expects a sequential increase in retail units in Q3. The results reinforce Carvana's narrative of scaling efficiently — it is now running at an annualized pace of nearly 800,000 units and over $2 billion in net income, yet still holds only 1.5% of the U.S. auto retail market. The stock trades near its 52-week low, suggesting the market may be underappreciating the earnings power and growth trajectory demonstrated here.
At the time of this filing, CVNA was trading at $57.02 on NYSE in the Trade & Services sector, with a market capitalization of approximately $72.7B. The 52-week trading range was $54.46 to $97.38. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.