Carvana, an e-commerce platform for buying and selling cars, announced financial results for the full year and quarter ended Dec. 31, 2025.
Carvana’s complete fourth quarter and fiscal year 2025 financial results and management commentary are available in the company’s shareholder letter on the quarterly results page of its Investor Relations website.
“In 2025, Carvana grew 43% year-over-year, delivered record unit economics, and passed significant value back to customers through better selection, faster delivery times, and lower costs,” said Ernie Garcia, Carvana founder and CEO. “Achieving all of this at once is rare and speaks to the powerful positive feedback our model generates as we grow. Carvana is still very small relative to our opportunity, but with 5 million cumulative customer transactions and counting, we are actively changing the way people buy and sell cars. We remain firmly on track to our goal of selling 3 million retail units a year at a 13.5% Adjusted EBITDA margin by 2030 to 2035.”
In 2025, Carvana sold 596,641 retail units (+43% YoY) for a record total annual Revenue of $20.322 billion (+49% YoY) while reaching new profitability milestones, including:
- Full year record Net income of $1.895 billion and Net income margin of 9.3%
- Net income included a net non-cash benefit of $621 million
- Full year record Adjusted EBITDA of $2.237 billion and Adjusted EBITDA margin of 11.0%
- Full year record GAAP Operating Income of $1.881 billion and Operating margin of 9.3%
