Carvana Co (CVNA) Q3 2026 Earnings Report
MX:CVNA Q3 2026 EPS Results
- Actual EPS
- MXN 7.33
- Consensus EPS
- MXN 8.28
- Beat/Miss
- Missed by -MXN 0.96
- One Year Ago EPS
- MXN 3.87
MX:CVNA Q3 2026 Revenue Results
- Actual Revenue
- MXN 151.04B
- Expected Revenue
- MXN 144.83B
- Beat/Miss
- Beat by +MXN 6.21B
- YoY Revenue Growth
- +42.38%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
MX:CVNA Upcoming Earnings
Carvana Co's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:CVNA Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Carvana delivered record retail units, revenue, operating income, adjusted EBITDA, and net income, strengthened its balance sheet, improved customer experience metrics, and raised confidence in its long-term scale and margin objectives. The main challenges were lower adjusted EBITDA margin, GPU pressure from customer rate givebacks and benchmark rates, higher fuel and logistics costs, and the ongoing difficulty of scaling production and inventory availability. Management nevertheless characterized the path forward as clear and maintained an outlook for a strong finish to 2026.
Company Guidance
Carvana said its focus remains on building the machine to deliver 3 million units per year and 13.5% adjusted EBITDA margin, and expects, as long as the environment remains stable, a sequential increase in retail units sold and adjusted EBITDA in the higher end of the previously communicated range of $2.7 billion to $3.0 billion for the full year 2026; management also said the 13.5% EBITDA margin goal maps to 12.5% operating income margins and that it can see its way very clearly to 13.5%.
- Record Retail Sales and RevenueQ3 retail units sold totaled 217,385, an increase of 39% and a new company record. Revenue was $8.04 billion, up 42% and also a new company record. Carvana reported its 11th consecutive quarter of industry-leading retail unit growth.
- Record Profitability and Net IncomeAdjusted EBITDA reached a record $800 million, up $163 million, while GAAP operating income reached a record $714 million, up $162 million. Net income was $483 million, an increase of $220 million, and net income margin improved to 6% from 4.7%.
- Scale and Long-Term Growth TargetsThis was Carvana's first quarter with more than 200,000 sales and $8 billion of revenue. The company said its current run rate is 870,000 units and $32 billion of revenue, both more than double the levels of two years ago. Management remains focused on building a machine capable of delivering 3 million units annually and a 13.5% adjusted EBITDA margin.
- Customer Experience ImprovementsOver the last two years, Carvana's NPS improved by 9 points, delivery times became 2 days faster, customer interest rates declined by more than 100 basis points, and the overall customer experience was made simpler and more intuitive.
- Retail Gross Profit and Reconditioning ProgressNon-GAAP retail GPU increased by $85, driven primarily by wider spreads between retail and wholesale market prices, partially offset by higher non-vehicle costs. Management also reported improved reconditioning efficiency and record production of more than 200,000 units in the quarter.
- Operating Leverage in SG&ANon-GAAP SG&A expense per retail unit sold was approximately flat. A $159 per-unit reduction in overhead expense, driven by 39% growth, more than offset a $109 per-unit increase in operations expense. Management identified additional long-term leverage opportunities in overhead, advertising, operations, AI, scale, and logistics network density.
- Balance Sheet StrengtheningCarvana refinanced the remaining $1.7 billion of senior secured notes due 2030 with a senior secured Term Loan B, resulting in approximately $45 million of annual interest expense savings. Net debt to trailing 12-month adjusted EBITDA improved to 0.8x, and trailing 12-month adjusted EBITDA to interest expense reached 6.9x; both were new company records.
- Full-Year OutlookSubject to a stable environment, management expects a sequential increase in retail units sold and adjusted EBITDA in the higher end of its previously communicated $2.7 billion to $3.0 billion full-year 2026 range.
- Platform Value and Stellantis ProgressManagement described early success with Stellantis new cars as a clear demonstration of the value of Carvana's vertically integrated operations, technology, brand, and infrastructure. The company said its customer offering is clear and high quality, the economics work, and the opportunity remains early.
- AI and Agentic Commerce PositioningManagement said Carvana's vertically integrated, data-rich, deterministic systems and API-based customer and operational processes position it well for AI and agentic commerce. The company is using AI to scale real-time operating systems for inspection and reconditioning center managers and expects to continue investing in tools, systems, and processes.
- Market Share OpportunityDespite doubling its scale in two years in an industry described as flat, Carvana said it has just over 2% of used-market share and 1.5% share overall. Management also said the company is approximately a 2% market shareholder and is approaching the position of the largest used-car seller in the country.
- Advertising and Customer Awareness InvestmentCarvana expects to continue investing in advertising to increase awareness, understanding, and trust. Management said the company remains relatively early in its long-term journey of telling its story to customers and sees a long growth runway.
- Regulatory and Competitive PositionManagement said FTC requirements that make fees and required products more transparent should make it easier for consumers to compare offers and are directionally beneficial to Carvana. Management also said it had not seen any notable impact from individual competitors on its results.
- Evolution Toward GAAP ReportingCarvana plans to place greater emphasis on GAAP earnings, operating income, and net income as it becomes more profitable on a GAAP basis, describing the change as a natural evolution of the company.
MX:CVNA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 6.80- | 15.86 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 8.287.33 | 3.87 | 89.32% (+3.46) | |
| Jul 29, 2026 | 2026 (Q2) | 7.277.89 | 4.98 | 58.49% (+2.91) | |
| Apr 29, 2026 | 2026 (Q1) | 6.036.39 | 5.67 | 12.58% (+0.71) | |
| Feb 18, 2026 | 2025 (Q4) | 4.2815.86 | 2.8 | 466.44% (+13.06) | |
| Oct 29, 2025 | 2025 (Q3) | 4.883.87 | 2.4 | 60.94% (+1.47) | |
| Jul 30, 2025 | 2025 (Q2) | 4.384.98 | 1.41 | 253.33% (+3.57) | |
| May 07, 2025 | 2025 (Q1) | 2.765.67 | 0.86 | 556.52% (+4.81) | |
| Feb 19, 2025 | 2024 (Q4) | 1.162.80 | -3.76 | 174.50% (+6.56) | |
| Oct 30, 2024 | 2024 (Q3) | 1.152.40 | 13.53 | -82.22% (-11.12) |
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