Recent 8-K filings for CVNA
Highest-materiality recent filing
Carvana Q3 net income $148M; record Adj EBITDA $429M; guides FY24 above $1.0-1.2B
- Retail units sold 108,651 (+34% YoY); revenue $3.655B (+32% YoY).
- Record GAAP operating income $337M (+$289M YoY); net income margin 4.0%.
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Carvana enters $1.66B Term Loan B to refinance 2030 senior secured notes
$1.66B senior secured Term Loan B due 2033; priced at 99.75% of par.
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Carvana Q2 2026: record 197k units sold, net income $513M, raises FY EBITDA guidance to $2.7-3.0B
Retail units sold 197,325 (+38% YoY); revenue $7.376B (+52% YoY); both all-time quarterly records.
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Carvana stockholders approve 5-for-1 stock split, adopt new 2026 incentive plan
Stockholders approved five-for-one forward stock split effective May 7, 2026 at 9:30 a.m. ET; split-adjusted trading begins May 8.
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Carvana Q1 2026: Record revenue $6.43B, net income $405M, adj. EBITDA $672M
Retail units sold 187,393 (+40% YoY), setting a Q1 record; revenue up 52% to $6.432B.
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Carvana Q4/FY2025: record 596.6K units sold (+43% YoY), revenue $20.3B (+49%), Adj EBITDA $2.237B
Record FY2025 net income of $1.895B (incl. ~$685M non-cash tax benefit); GAAP operating income $1.881B, margin 9.3%.
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Record units sold 155,941 (+44% YoY); revenue $5.647B (+55% YoY), crossing $20B annual run rate.
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Carvana Q2 record: 143k units (+41% YoY), net income $308M, Adj EBITDA $601M
Retail units sold 143,280 (+41% YoY), revenue $4.84B (+42% YoY).
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Retail units sold 133,898 (+46% YoY); revenue $4.23B (+38% YoY); both all-time quarterly records.
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Dan Quayle (814.9M For) and Gregory Sullivan (809.5M For) elected as Class II directors to three-year terms.
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Renewed $1.5B credit line for inventory financing (floor plan) with Ally Bank and Ally Financial, maturing April 30, 2027.
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Carvana refreshes at-the-market offering program with new distribution agreement
Entered Second Amended and Restated Distribution Agreement with Barclays, Citigroup, and Virtu Americas LLC.
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Carvana reports record FY2024 net income of $404M; retail units +33% YoY
Full year 2024 revenue $13.67B (+27% YoY); net income $404M (3.0% margin) vs. prior year profit.
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Ally commits to purchase up to $4.0B of Carvana auto finance receivables from Jan 3, 2025 to Jan 2, 2026.
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Carvana Q3 net income $148M; record Adj EBITDA $429M; guides FY24 above $1.0-1.2B
Retail units sold 108,651 (+34% YoY); revenue $3.655B (+32% YoY).
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Carvana Q2 net income $48M, record 10.4% Adj. EBITDA margin; retail units +33% YoY
Retail units sold 101,440 (+33% YoY); revenue $3.41B (+15% YoY).
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Carvana repurchases $250M of notes, sells 3M shares for $350M, reaffirms Q2 outlook
Repurchased $250M face of 9%/12% Senior Secured Notes due 2028 for $259M (~103.4% avg price, or 100.4% incl. PIK benefit).
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Carvana holds 2024 annual meeting; directors elected, say-on-pay approved
Ernest Garcia III elected director with 841.3M votes for; Ira Platt elected with 834.8M votes for.
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Carvana Q1 net income $49M (1.6% margin), record Adj EBITDA $235M, units +16% YoY
Retail units sold 91,878 (+16% YoY); revenue $3.061B (+17% YoY).
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Carvana reports record net income $150M, adjusted EBITDA $339M for FY 2023
FY 2023 net income $150M (vs loss in 2022); adjusted EBITDA $339M, both records.
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Carvana secures $4B commitment from Ally to purchase auto finance receivables over one year
Ally commits to purchase up to $4.0B in Carvana auto finance receivables from Jan 11, 2024 to Jan 10, 2025.
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Carvana Q3 net income $741M, Adj. EBITDA $148M, GPU record $5,952, revenue $2.773B
Retail units 80,987 (-21% YoY); sequential growth 6% with $400/unit SG&A reduction.
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Carvana completes debt exchange with >96% participation; reduces debt by $1.325B
Total debt reduced by over $1.325B; near-term annual cash interest expense cut by more than $455M for two years.
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Raised $126M from Ernest Garcia II and III at $46.31/share, an 18% premium to Aug 18 closing price.
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Carvana raises Q3 2023 adjusted EBITDA outlook to >$75M, total GPU >$5,500
Q3 adjusted EBITDA outlook raised to above $75M from 'positive'; non-GAAP total GPU >$5,500 (prior >$5,000).
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Carvana launches $4.275B exchange offer for unsecured notes, $425M cash tender for 2025 notes
Exchange offers for 2027/2028/2029/2030 notes into up to $4.275B of new secured notes (three tranches with PIK/cash interest).
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Carvana raises $225M via ATM offering, satisfies exchange offer TSA equity requirement
Raised $225M through issuance of ~4.9M shares via at-the-market equity offering program.
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Carvana reaches debt restructuring deal with noteholders to cut total debt by over $1.2B
Eliminates over 83% of 2025 and 2027 unsecured note maturities; lowers cash interest by >$430M/yr for 2 years.
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Carvana Q2 record Adj EBITDA $155M; revenue down 24% but GPU surges 94%
Retail units 76,530 (-35% YoY); revenue $2.97B (-24% YoY).
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Carvana expects Q2 adjusted EBITDA above $50M and record GPU above $6,000
Q2 2023 adjusted EBITDA >$50M; non-GAAP total GPU >$6,000 (new record, +63% YoY)
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Carvana exchange offer fails; $500M minimum participation not met
Carvana's exchange offers for up to $1B of new 9.0%/12.0% Cash/PIK Toggle Senior Secured Second Lien Notes due 2028 expired unaccepted.
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Carvana extends exchange offer expiration to June 1, adds early exchange premium
Exchange offers extended to 5:00 p.m. ET on June 1, 2023; withdrawal deadline extended to May 24.
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Carvana Q1 net loss narrows, GPU record, expects positive EBITDA in Q2 2023
Revenue $2.606B (-25% YoY); retail units 79,240 (-25% YoY); net loss $1.51/share.
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Carvana extends exchange offers for senior notes to May 17, keeps early premium
Extends expiration of exchange offers to May 17, 2023; withdrawal deadline has passed.
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Carvana shareholders approve 20M share increase to 2017 Omnibus Incentive Plan
Shareholders approved an amendment increasing the Plan's share reserve by 20M shares to a total of 34M shares.
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Carvana extends exchange offers to May 3, boosts consideration for 2025 notes
Extends expiration of exchange offers to May 3, 2023; withdrawal deadline already passed.
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Carvana launches exchange of up to $1B unsecured notes for new 9.0%/12.0% secured notes due 2028
Offers to exchange five series of unsecured notes (2025-2030) for up to $1B of new 9.0%/12.0% Cash/PIK Toggle Senior Secured Second Lien Notes due 2028.
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Carvana Q4 net loss margin -50.8%; retail units -23% YoY; guides for >$1B SG&A cut by Q2 2023
Q4 retail units 86,977 (-23% YoY); revenue $2.84B (-24%); total GPU $2,219 (down $2,347).
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Carvana subsidiary clarifies $4B auto receivables purchase commitment with Ally
Ally commitment to purchase up to $4.0B in auto finance receivables began Jan 13, 2023 and ends Jan 12, 2024.
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Carvana adopts shareholder rights plan to preserve NOLs; triggers at 4.9% ownership
Plan designed to prevent an IRC Section 382 'ownership change' that would limit use of net operating loss carryforwards.
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Carvana extends Ally financing facility to $4B through Jan 2024
Amendment ups Ally commitment to $4.0 billion for purchasing automotive finance receivables.
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Carvana lays off ~1,500 employees to better match company size with current environment
Workforce reduction of approximately 1,500 across corporate, technology, and operations.
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Carvana Q3 2022: units -8%, revenue -3%, net loss margin widens to 15%; cautious Q4 outlook
Retail units sold 102,570 (-8% YoY); revenue $3.386B (-3% YoY); net loss margin (15.0%).
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Carvana extends inventory credit line to $2.2B and adds $2B facility with Ally
12-Month Floor Plan Facility extended to Sep 22, 2023, with $2.2B aggregate, including $200M from Deutsche Bank.
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Carvana Q2 net loss $439M; revenue $3.88B, GPU falls to $3,368
Net loss of $439M vs $45M profit YoY; diluted EPS -$2.35 on 101.5M Class A shares.
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Carvana posts investor presentation on operating plan; no specific figures disclosed
Presentation posted May 13, 2022 on Carvana's investor relations website.
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Carvana cuts 2,500 jobs, execs forgo salaries to fund severance
Approximately 2,500 employees laid off, primarily in operational groups, to align staffing with sales volumes.
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Issued $3.275 billion of 10.2500% Senior Notes due 2030 under indenture with U.S. Bank Trust as trustee.
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Carvana shareholders elect directors, ratify auditor, approve say-on-pay at 2022 annual meeting
Directors Quayle and Sullivan elected with ~798M and ~795M votes for, respectively.
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$3.275B aggregate principal of 10.25% senior unsecured notes due 2030, upsized from $2.275B.
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Carvana completed upsized public offering of 15,625,000 shares of Class A common stock at $80.00/share.
Earnings & guidance
Materiality & sentiment trend
Max materiality 0.90 · Median 0.78 · Most common event earnings