Carvana Posts Record Third Quarter 2025 Results
1. Strong Growth and Profitability
Carvana Co. (NYSE: CVNA), renowned as the leading e-commerce platform for buying and selling used cars, announced today exceptional financial results for the third quarter of 2025, marking a significant milestone in the company’s trajectory. The results, which reflect an impressive growth in both revenue and unit sales, underscore Carvana’s commitment to leveraging its vertically integrated model to enhance customer offerings and operational efficiency.
2. Key Financial Highlights
For the quarter ending September 30, 2025, Carvana achieved a remarkable 155,941 retail units sold, representing a 44% year-over-year increase. This surge in sales contributed to a record total revenue of $5.647 billion, up 55% from the previous year. The company also reported industry-leading profitability metrics, which include:
- Net Income: $263 million, with a net income margin of 4.7%.
- Adjusted EBITDA: $637 million, translating to an adjusted EBITDA margin of 11.3%.
- GAAP Operating Income: $552 million, resulting in a GAAP operating margin of 9.8%.
CEO Ernie Garcia expressed pride in these results, stating, “In Q3, Carvana once again drove industry-leading growth and profitability while crossing over $20 billion revenue run rate scale for the first time. We continue to focus on unlocking the structural advantages of our vertically integrated model that strengthen our business and separate our customer offering.”
3. Future Outlook
Looking ahead, Carvana remains optimistic about its performance in the fourth quarter of 2025. The company anticipates selling over 150,000 retail units and expects its adjusted EBITDA to reach or exceed the upper range of its previously communicated forecast of $2.0 to $2.2 billion for the entirety of 2025. This positive outlook is contingent on maintaining a stable economic environment.
4. Conference Call and Shareholder Engagement
In conjunction with the release of these results, Carvana will hold a conference call today at 5:30 p.m. ET (2:30 p.m. PT) to discuss its financial performance in greater detail. Investors and analysts can participate by dialing the provided teleconference numbers or by accessing the live audio webcast available on the company’s Investor Relations website. Following the call, an archived version will also be accessible for those unable to attend the live event.
5. Conclusion
Carvana's third-quarter performance reflects its ongoing strategic initiatives and operational efficiencies that have positioned it favorably within the used car e-commerce landscape. With strong sales growth, impressive profitability, and an optimistic outlook for the remainder of the year, Carvana continues to redefine the used car buying experience for consumers while solidifying its leadership in the market.
