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News articleYahoo Finance· February 18, 2026

Carvana Announces Record Fourth Quarter and Full Year 2025 Results

View original at finance.yahoo.com
Carvana Announces Record Fourth Quarter and Full Year 2025 Results Record Full Year Retail Units Sold of 596,641, up 43% YoY Record Full Year Revenue of $20.3 billion, up 49% YoY Record Full Year Net Income of $1.9 billion1, up more than $1 billion YoY Record Full Year Adjusted EBITDA of $2.2 billion, up more than $850…
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  • Carvana expects significant growth in both retail units sold and Adjusted EBITDA in full year 2026, including a sequential increase in both retail units sold and Adjusted EBITDA in Q1 2026, assuming the environment remains stable.

    80% confidence
  • In 2025, Carvana made significant progress in record units, industry-leading margins, multi-year high customer NPS, and expanded integrated reconditioning and digital auction capabilities.

    80% confidence
  • Carvana is still very small relative to its opportunity, but with 5 million cumulative customer transactions and counting, it is actively changing the way people buy and sell cars.

    80% confidence
  • Net income for FY 2025 was positively impacted by approximately $685 million associated with the release of the valuation allowance against deferred tax assets and recording of the full tax receivable agreement liability.

    80% confidence
  • In 2025, Carvana grew 43% year-over-year, delivered record unit economics, and passed significant value back to customers through better selection, faster delivery times, and lower costs.

    80% confidence
  • Net income for FY 2025 and Q4 2025 was negatively impacted by approximately $64 million and $67 million, respectively, associated with changes in the fair value of warrants to acquire Root common stock.

    80% confidence
  • In 2026, Carvana plans to maintain its 2025 priorities while placing additional weight on driving significant profitable growth at scale.

    80% confidence
  • Since launching in 2013, more than 4 million customers have chosen Carvana's automotive e-commerce experience.

    80% confidence
  • Achieving significant growth in units, record unit economics, and lower costs simultaneously is rare and speaks to the powerful positive feedback the model generates as it grows.

    80% confidence
  • Carvana remains firmly on track to its goal of selling 3 million retail units a year at a 13.5% Adjusted EBITDA margin by 2030 to 2035.

    80% confidence

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