EarningsQ2 2026 Earnings Report
MX:CVNA Q2 2026 EPS Results
Actual EPS$7.63
Consensus EPS$7.03
Beat/MissBeat by +$0.60
One Year Ago EPS$4.82
MX:CVNA Q2 2026 Revenue Results
Actual Revenue$134.08B
Expected Revenue$125.38B
Beat/MissBeat by +$8.70B
YoY Revenue Growth+52.40%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:CVNA Upcoming Earnings
Carvana Co's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CVNA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple record results — unit sales (+38%), revenue (+52%), adjusted EBITDA dollars ($769M) and net income improvement — plus a strengthened balance sheet (net debt/EBITDA 1.0x) and runway toward long‑term scale goals. Operationally, management is driving recon efficiency, labor productivity and tool rollouts, and they validated the inventory-to-sales feedback loop across regions. Principal challenges include per‑unit GPU compression (retail, wholesale and finance), a decline in adjusted EBITDA margin (12.4% to 10.4%), temporary inventory undergrowth versus sales that constrained conversion, and some cost pressure from fuel and earlier reconditioning disruptions. Overall, the positive financial milestones, strong growth, improved leverage and concrete operational recovery plans materially outweigh the current margin and execution headwinds, leading to a constructive outlook contingent on continued execution.Company Guidance
Record Retail Unit Sales
Retail units sold totaled 197,325 in Q2, a company record and a 38% year‑over‑year increase, demonstrating continued strong demand and execution.
Strong Revenue Growth
Revenue was $7.376 billion in Q2, a new company record and up 52% year‑over‑year, driven by unit growth, mix shift to newer/higher cost vehicles and certain gross revenue accounting for partner-acquired vehicles.
Record Adjusted EBITDA Dollar Result and Run Rate Milestone
Adjusted EBITDA was a record $769 million (up $168 million YoY). The company crossed an adjusted EBITDA annual run rate above $3.0 billion for the first time.
Improved GAAP Operating Income and Net Income
GAAP operating income was $680 million (up $169 million YoY), a record, and net income was $513 million (up $205 million YoY) with net income margin rising to 7% from 6.4%.
Balance Sheet Strength and Leverage Reduction
Net debt to trailing 12‑month adjusted EBITDA fell to 1.0x, the strongest financial position the company has reported, improving optionality and financial resilience.
Regional Inventory-Sales Correlation Validates Strategy
In regions where the company added the most production capacity (Midwest and Northeast), inventory grew 57% and sales grew 54% in Q2; in regions with less added capacity (West and Southeast), inventory grew 17% and sales grew 30%, illustrating the positive feedback loop between inventory, conversion and marketing efficiency.
SG&A Operating Leverage per Unit
Non‑GAAP SG&A expense per retail unit sold declined by $157 YoY, driven by a $272 reduction in overhead per unit partially offset by an $88 increase in operations expense per unit. Advertising spend per unit increased by $27 as the company invests to grow awareness.
Ambitious Midterm Objectives with Shrinking Scale Gap
Midterm goal remains to sell 3 million cars per year at a 13.5% adjusted EBITDA margin by 2030–2035. Executives stated the scale required to reach that target has improved (now under ~4x current scale vs ~6x when goal was announced).
Organic Growth Outperforming Peers
The company reported organic revenue growth ranking in the top 5% of S&P 500 companies for the most recent quarter, highlighting its strong growth profile relative to large-cap peers.
Product & Operational Improvements
Reconditioning costs were brought back under control; labor hours per unit are near best historic levels; customer care costs have declined substantially over multiple years (40%, then 30%, then 20%, then 10% Y/Y reductions in successive periods), and new-car initiatives show very high NPS with new cars currently profitable.
MX:CVNA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed