---
schema_version: "secwatch.filing_event.v1"
accession: "0001690820-26-000008"
form_type: "8-K"
ticker: "CVNA"
cik: "0001690820"
company_name: "CARVANA CO."
filed_at: "2026-02-18T23:59:59+00:00"
generated_at: "2026-05-16T02:06:40.906701+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001690820-26-000008
- form_type: 8-K
- ticker: CVNA
- cik: 0001690820
- company_name: CARVANA CO.
- filed_at: 2026-02-18T23:59:59+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/1690820/000169082026000008/0001690820-26-000008-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690820/000169082026000008/cvna-20260218.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001690820-26-000008
- JSON: https://secwatch.observer/filing/0001690820-26-000008.json
- Plain text: https://secwatch.observer/filing/0001690820-26-000008.txt

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