---
schema_version: "secwatch.filing_event.v1"
accession: "0001690820-23-000050"
form_type: "8-K"
ticker: "CVNA"
cik: "0001690820"
company_name: "CARVANA CO."
filed_at: "2023-02-23T23:59:59+00:00"
generated_at: "2026-06-19T02:53:27.088927+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Carvana Q4 net loss margin -50.8%; retail units -23% YoY; guides for >$1B SG&A cut by Q2 2023

## Summary
- Q4 retail units 86,977 (-23% YoY); revenue $2.84B (-24%); total GPU $2,219 (down $2,347).
- FY 2022 net loss margin -21.3% vs -2.2% in 2021; Adjusted EBITDA margin -7.7% vs +0.5%.
- Expects to complete >$1B annualized SG&A reduction by Q2 2023 vs Q1 2022; targets >$4,000 GPU.
- Renewed Ally forward flow for up to $4.0B loans; closed ~$360M prime securitization in Feb 2023.
- FY 2023 capex guidance reduced to $100-125M; no meaningful new markets planned in 2023.

## SEC filing metadata
- accession: 0001690820-23-000050
- form_type: 8-K
- ticker: CVNA
- cik: 0001690820
- company_name: CARVANA CO.
- filed_at: 2023-02-23T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000050/0001690820-23-000050-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000050/cvna-20230223.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001690820-23-000050
- JSON: https://secwatch.observer/filing/0001690820-23-000050.json
- Plain text: https://secwatch.observer/filing/0001690820-23-000050.txt

## Key facts
- Earnings Releases
  CARVANA CO. reported Q4 2022 results: revenue $2.837 billion, EPS $7.61. Guidance initiated.
  - Period: Q4 2022
  - Revenue: $2.837 billion
  - EPS: $7.61
  - Guidance: initiated
  - Result: reported results
  source text: Revenue totaled $2.837 billion, a decrease of 24% • Total gross profit was $193 million, a decrease of 63% • Total gross profit per unit (“GPU”) was $2,219, a decrease of $2,347 ◦ Total GPU, excluding depreciation, amortization, share-based compensation, Root warrant revenue, and restructuring expenses (“Non-GAAP Total GPU”), was $2,667 • Net loss margin was (50.8%), a decrease from (4.8%) • Adjusted EBITDA margin 1 was (10.3%) a decrease from (1.4%) • Basic and diluted net loss, per Class A share was $7.61 based on 106 million shares of Class A common stock outstanding
  evidence_url: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000050/0001690820-23-000050-index.htm
- Earnings Releases
  CARVANA CO. reported FY 2022 results: revenue $13.604 billion, EPS $15.74. Guidance initiated.
  - Period: FY 2022
  - Revenue: $13.604 billion
  - EPS: $15.74
  - Guidance: initiated
  - Result: reported results
  source text: Revenue totaled $13.604 billion, an increase of 6% • Total gross profit was $1.246 billion, a decrease of 35% • Total gross profit per unit was $3,022, a decrease of $1,515 ◦ Non-GAAP Total GPU (defined above) was $3,337 • Net loss margin was (21.3%), a decrease from (2.2%) • Adjusted EBITDA margin 1 was (7.7%), a decrease from 0.5% • Basic and diluted net loss, per Class A share was $15.74 based on 101 million shares of Class A common stock outstanding
  evidence_url: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000050/0001690820-23-000050-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.