CVNA
FY2026 Q1 · Calendar Q2 2026
Carvana Co.
Carvana extended its record-breaking run into FY2026 Q1, posting all-time highs in units sold (187k), revenue ($6.43B), GAAP operating income ($581M), and adjusted EBITDA ($672M), representing 40% year-over-year growth. The company beat consensus EPS by 7.4% and revenue by 5.1%. Management's focus has shifted from broad growth to operational leverage: new reconditioning tools and centralized planning are delivering measurable labor productivity gains, while ADESA integration is replacing greenfield expansion as the primary capacity strategy. The maintained 13.5% adjusted EBITDA margin target and 3-million-unit annual goal by 2030-35 remain the lodestar, but the near-term question is whether rising advertising spend per unit and AI/technology capex will compress margins before efficiency gains fully materialize. The stock's -1.2% abnormal move on the print and -7.8% subsequent drift…
EPS surprise+7.4%
Market move-0.2%
