Carvana — Q3 2026 Earnings Summary

Carvana sold 217,385 retail units in the third quarter of 2026, representing a 39% year-over-year increase and marking the first quarter with sales exceeding 200,000 units. The company reported $8.040 billion in revenue and achieved a 6.0% net income margin alongside a 10.0% Adjusted EBITDA margin, despite facing elevated fuel prices and rising interest rates. Total gross profit per unit decreased to $6,997, driven by lower loan rates offered to customers and reduced wholesale gross profit as retail volume scaled faster than wholesale volume. Looking ahead, Carvana expects sequential growth in retail unit sales for the fourth quarter and aims to conclude 2026 with Adjusted EBITDA at the higher end of its previously communicated range.