---
schema_version: "secwatch.filing_event.v1"
accession: "0001690820-23-000218"
form_type: "8-K"
ticker: "CVNA"
cik: "0001690820"
company_name: "CARVANA CO."
filed_at: "2023-07-19T23:59:59+00:00"
generated_at: "2026-06-13T06:25:21.335361+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Carvana Q2 record Adj EBITDA $155M; revenue down 24% but GPU surges 94%

## Summary
- Retail units 76,530 (-35% YoY); revenue $2.97B (-24% YoY).
- GAAP GPU $6,520 (+94% YoY); Non-GAAP $7,030; includes ~$900 non-recurring per unit.
- Net loss -$105M; net loss margin (3.5%) improved from (11.0%) in Q1 2023.
- Adj EBITDA $155M (5.2% margin) record; expects positive Adj EBITDA again in Q3 2023.
- Achieved $1.1B annualized cost reductions; sees further SG&A efficiencies ahead.

## SEC filing metadata
- accession: 0001690820-23-000218
- form_type: 8-K
- ticker: CVNA
- cik: 0001690820
- company_name: CARVANA CO.
- filed_at: 2023-07-19T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000218/0001690820-23-000218-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000218/cvna-20230719.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001690820-23-000218
- JSON: https://secwatch.observer/filing/0001690820-23-000218.json
- Plain text: https://secwatch.observer/filing/0001690820-23-000218.txt

## Key facts
- Earnings Releases
  CARVANA CO. reported the fiscal quarter ended June 30, 2023 results: revenue $2.968 billion, net income -105 million, EPS $0.55.
  - Period: the fiscal quarter ended June 30, 2023
  - Revenue: $2.968 billion
  - Net income: -105 million
  - EPS: $0.55
  - Result: reported results
  source text: Q2 2023 Financial Results : All financial comparisons stated below are versus Q2 2022, unless otherwise noted. Complete financial tables appear at the end of this letter. • Retail units sold totaled 76,530, a decrease of 35% • Revenue totaled $2.968 billion, a decrease of 24% • Total gross profit was $499 million, an increase of 26% • Total gross profit per unit (“GPU”) was $6,520, an increase of $3,152 • Non-GAAP Total GPU was $7,030, an increase of $3,347 ◦ GAAP and Non-GAAP Total GPU benefited from ~$900 of non-recurring items, including selling and holding a higher-than-normalized volume of loans and a benefit from our retail inventory allowance • Net loss margin was (3.5%), a sequential improvement from (11.0%) • Adjusted EBITDA margin 1 was 5.2% a sequential improvement from (0.9%) ◦ Adjusted EBITDA benefitted by ~$70 million from non-recurring items, including selling and holding a higher-than-normalized volume of loans and a benefit from our retail inventory allowance ◦ Basic a
  evidence_url: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000218/0001690820-23-000218-index.htm

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