---
schema_version: "secwatch.filing_event.v1"
accession: "0001690820-26-000034"
form_type: "8-K"
ticker: "CVNA"
cik: "0001690820"
company_name: "CARVANA CO."
filed_at: "2026-04-29T23:59:59+00:00"
generated_at: "2026-05-15T02:17:33.366385+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Carvana Q1 2026: Record revenue $6.43B, net income $405M, adj. EBITDA $672M

## Summary
- Retail units sold 187,393 (+40% YoY), setting a Q1 record; revenue up 52% to $6.432B.
- GAAP net income $405M (6.3% margin); adjusted EBITDA $672M (10.4% margin); both all-time Q1 records.
- GAAP operating income $581M, up $187M YoY; diluted EPS $1.69 on 148M shares.
- Net income includes $42M negative impact from warrant fair value changes.
- Outlook: Expects sequential Q2 records in both retail units and adjusted EBITDA; FY 2026 growth on track.

## SEC filing metadata
- accession: 0001690820-26-000034
- form_type: 8-K
- ticker: CVNA
- cik: 0001690820
- company_name: CARVANA CO.
- filed_at: 2026-04-29T23:59:59+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/1690820/000169082026000034/0001690820-26-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690820/000169082026000034/cvna-20260429.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001690820-26-000034
- JSON: https://secwatch.observer/filing/0001690820-26-000034.json
- Plain text: https://secwatch.observer/filing/0001690820-26-000034.txt

## Key facts
- Earnings Releases
  CARVANA CO. reported the fiscal quarter ended March 31, 2026 results: revenue $6.432 billion, net income $405 million, EPS Basic and diluted net earnings per Class A share were $1.75 and $1.69.
  - Period: the fiscal quarter ended March 31, 2026
  - Revenue: $6.432 billion
  - Net income: $405 million
  - EPS: Basic and diluted net earnings per Class A share were $1.75 and $1.69
  - Result: reported results
  source text: are versus Q1 2025 unless otherwise noted. Complete financial tables appear at the end of this letter. • Retail units sold totaled 187,393, an increase of 40% • Revenue totaled $6.432 billion, an increase of 52% • Total Gross profit was $1.271 billion, an increase of 37% • Total Gross profit per unit ("GPU") was $6,783, a decrease of $155 • Non-GAAP Total GPU was
  evidence_url: https://www.sec.gov/Archives/edgar/data/1690820/000169082026000034/0001690820-26-000034-index.htm

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