Carvana Co. (CVNA) Earnings
Carvana Co. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.42. CVNA has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +67.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.58 | $1.75 | +10.8% | $6.4B | +5.1% |
| Feb 18, 2026 | $1.14 | $4.22 | +270.2% | $5.6B | +6.3% |
| Oct 29, 2025 | $1.30 | $1.03 | -20.8% | $5.6B | +10.5% |
| Jul 30, 2025 | $1.17 | $1.28 | +9.4% | $4.8B | +5.7% |
| Feb 19, 2025 | $0.29 | $0.56 | +93.9% | $3.5B | +7.0% |
| Jul 31, 2024 | $-0.07 | $0.14 | +300.0% | $3.4B | +4.6% |
| May 1, 2024 | $-0.67 | $-0.41 | +39.0% | $3.1B | +13.5% |
| Feb 22, 2024 | $-0.95 | $-1.00 | -5.3% | $2.4B | -4.2% |
| Nov 2, 2023 | $-0.85 | $0.23 | +127.1% | $2.8B | +0.4% |
| Jul 19, 2023 | $-1.13 | $-0.55 | +51.3% | $3.0B | +8.5% |
| May 4, 2023 | $-1.87 | $-1.51 | +19.3% | $2.6B | +0.0% |
| Feb 23, 2023 | $-2.30 | $-0.97 | +57.8% | $2.8B | -7.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Ernie Garcia mentioned the first quarter was another outstanding quarter with records like 187,000 cars sold, $581 million gap operating income, and $672 million adjusted EBITDA. It was the ninth straight quarter of being the most profitable and fastest growing automotive retailer. The quality of the customer offering and experience led to belief in available demand. The recon team reacted quickly to a previous issue, turning up operational intensity, assessing causes of facility performance variation, and building new tools. Mark Jenkins noted Q1 was a strong quarter driven by profitable growth and strong execution, with growth driven by three long - term drivers. SG&A expenses were levered, with 40% growth in retail units sold leading to reduction in SG&A expense per retail unit sold.
Guidance
Looking ahead to Q2, expect retail GPU to increase sequentially but decrease year - over - year due to tariff - related benefits last year, lower shipping fees, higher non - vehicle costs this year, and narrower industry - wide wholesale to retail spreads. Expect sequential increase in both retail units sold and adjusted EBITDA in Q2, and significant growth in full year 2026 in both retail units sold and adjusted EBITDA.
Segment performance
In Q1, retail units sold totaled 187,393, an increase of 40%, a new company record. Revenue was 6.432 billion, an increase of 52%. GAAP operating income was 581 million, a new record. Adjusted EBITDA was 672 million, a new record. Non - GAAP retail GPU decreased by $58, mainly due to higher non - vehicle costs and lower shipping fees. Non - GAAP wholesale GPU decreased by $83, driven by increased wholesale vehicle volume and lower wholesale marketplace gross profit. Non - GAAP other GPU decreased by $88, mainly due to lower interest rates for customers, partially offset by higher finance and VSC attach rates.
Risks & headwinds
Execution in a complex, growing business is difficult. Bumps in the road are a reality. Market - related risks like wholesale to retail spread compression, fuel cost impact on operations. Consumer behavior and macroeconomic uncertainties may also affect financial performance.
Analyst Q&A
Q: Chris Pierce asked about new tools at underperforming sites with new managers.
A: Ernie Garcia said the new tools are net new and hope to drive fundamental gains, with the team reacting well to previous issues and rolling out tools over time.
Q: Daniela Higgins asked about SG&A leverage and logistics expense in rising fuel cost environment.
A: Mark Jenkins explained operations expense is more variable, with potential impact from fuel prices, and overhead expenses are more fixed with opportunities for leverage.
Q: Rajat Gupta asked about wholesale retail spread impact and SG&A expense details.
A: Mark Jenkins explained wholesale appreciation in Q1 not fully passed to retail causing spread compression, and there are seasonal and investment components in SG&A expenses.