Carvana Co.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.32B | $13.67B | $10.77B | $13.60B | $12.81B | $5.59B | $3.94B | $1.96B |
| 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% | 9.2% | 15.1% | 14.2% | 12.9% | 10.1% |
| 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% | -17.3% | — | — | — | — |
| 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% | -11.7% | -1.1% | -3.1% | -2.9% | -2.8% |
| 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 | — | — | — | — | — | — | — | — |