Carvana Q4/FY2025: record 596.6K units sold (+43% YoY), revenue $20.3B (+49%), Adj EBITDA $2.237B

CARVANA CO.

2025-FY EPS reported $8.45 revenue$20,322,000,000

Record FY2025 net income of $1.895B (incl. ~$685M non-cash tax benefit); GAAP operating income $1.881B, margin 9.3%.
Q4 retail units 163,522 (+43% YoY), revenue $5.603B (+58%), Adj EBITDA $511M (margin 9.1%).
FY2025 retail units 596,641 (+43% YoY), revenue $20.322B (+49%), Adj EBITDA $2.237B (margin 11.0%).
Guidance expects significant growth in retail units and Adj EBITDA in FY2026; sequential increase in Q1 2026.
Long-term target: 3M retail units/year at 13.5% Adj EBITDA margin by 2030-2035.

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