---
schema_version: "secwatch.filing_event.v1"
accession: "0001690820-23-000162"
form_type: "8-K"
ticker: "CVNA"
cik: "0001690820"
company_name: "CARVANA CO."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T22:21:59.593305+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Carvana Q1 net loss narrows, GPU record, expects positive EBITDA in Q2 2023

## Summary
- Revenue $2.606B (-25% YoY); retail units 79,240 (-25% YoY); net loss $1.51/share.
- Total GPU $4,303 (+52% YoY); Non-GAAP GPU $4,796 (+61% YoY); best Q1.
- Adjusted EBITDA margin improved to (0.9)% from (10.3)% in Q4 2022; expects positive Adj EBITDA in Q2.
- Completed $1B annualized SG&A reduction one quarter early; Non-GAAP SG&A down $119M sequentially.
- Since Q2 start, sold/securitized ~$1.3B loan principal; inventory down 55% YoY.

## SEC filing metadata
- accession: 0001690820-23-000162
- form_type: 8-K
- ticker: CVNA
- cik: 0001690820
- company_name: CARVANA CO.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- 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/1690820/000169082023000162/0001690820-23-000162-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000162/cvna-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001690820-23-000162
- JSON: https://secwatch.observer/filing/0001690820-23-000162.json
- Plain text: https://secwatch.observer/filing/0001690820-23-000162.txt

## Key facts
- Earnings Releases
  CARVANA CO. reported the fiscal quarter ended March 31, 2023 results: revenue $2.606 billion, EPS $1.51.
  - Period: the fiscal quarter ended March 31, 2023
  - Revenue: $2.606 billion
  - EPS: $1.51
  - Result: reported results
  source text: are versus Q1 2022, unless otherwise noted. Complete financial tables appear at the end of this letter. • Retail units sold totaled 79,240, a decrease of 25% • Revenue totaled $2.606 billion, a decrease of 25% • Total gross profit was $341 million, an increase of 14% • Total gross profit per unit (“GPU”) was $4,303, an increase of $1,470 • Non-GAAP Total GPU was
  evidence_url: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000162/0001690820-23-000162-index.htm

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