Carvana Co.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.32B | $13.67B | $10.77B | $13.71B | $12.95B | $3.91B | $3.59B | $2.15B |
| Retail | — | — | $6.86B | $9.36B | $9.58B | $3.22B | $2.94B | $1.86B |
| Wholesale | — | — | $2.23B | $3.67B | $2.78B | $610.0M | $560.0M | $260.0M |
| Other | — | — | $1.68B | $680.0M | $590.0M | $80.0M | $90.0M | $30.0M |
| Cost of Revenue | $16.13B | $10.80B | $9.05B | $12.36B | $10.89B | $4.79B | $3.43B | $1.76B |
| Gross Profit | $4.19B | $2.88B | $1.72B | $1.25B | $1.93B | $794.0M | $507.0M | $196.7M |
| Gross Margin | 20.6% | 21.0% | 16.0% | 9.1% | 14.9% | 20.3% | 14.1% | 9.1% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $2.31B | $1.87B | $1.80B | $2.74B | $2.03B | $1.13B | $787.0M | $425.3M |
| Operating Income | $1.88B | $990.0M | $-80.0M | $-2.35B | — | — | — | — |
| Operating Margin | 9.3% | 7.2% | -0.7% | -17.1% | — | — | — | — |
| Interest Expense | — | — | $632.0M | $486.0M | $176.0M | $131.0M | $81.0M | $25.0M |
| Pretax Income | — | — | — | — | — | — | — | — |
| Income Tax Expense | $-2.79B | $-4.0M | $25.0M | $1.0M | $1.0M | $0 | $0 | $0 |
| Net Income | $1.41B | $210.0M | $450.0M | $-1.59B | $-135.0M | $-171.0M | $-115.0M | $-55.5M |
| Net Margin | 6.9% | 1.5% | 4.2% | -11.6% | -1.0% | -4.4% | -3.2% | -2.6% |
| EPS (Basic) | $10.22 | $1.72 | $4.12 | $-15.74 | $-1.63 | — | — | — |
| EPS (Diluted) | $8.45 | $1.59 | $0.75 | $-15.74 | $-1.63 | $-2.63 | $-2.45 | — |
| Shares Outstanding (Basic) | 137.6M | 122.3M | 109.3M | 100.8M | 82.8M | — | — | — |
| Shares Outstanding (Diluted) | 224.3M | 132.2M | 200.6M | 100.8M | 82.8M | 65.0M | 46.8M | — |
| Dividends Per Share | — | — | — | — | — | — | — | — |
Stocks you trade, it's wives you're stuck with.