Carvana sells used cars it buys, reconditions and delivers itself, then earns more on each car from selling the customer's loan and add-on products. FY2025 (year ended Dec 31, 2025) revenue was $20.32B (+49%) on 596,641 retail cars sold, with operating income of $1.88B and net income of $1.41B after a $2.2B non-cash Tax Receivable Agreement charge. In H1 2026 revenue rose to $13.81B (+52%) and operating income to $1.26B.
Click any of the 9 blocks below for a plain-language story of how that part of the model works for Carvana — and how it connects to the others.
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