Carvana Co.
As of Fiscal Year 2025 (ended December 31, 2025)
Key KPIs at a Glance
| Metric | Value |
|---|---|
| Total revenue (FY2025) | $20.32 billion, up 49% year-over-year |
| Net income (FY2025) | $1.895 billion (9.3% margin), up from $404 million in FY2024 (includes ~$685 million in non-cash tax-related gains; see note above) |
| Retail units sold (FY2025) | 596,641 units, up 43% (+180,293 units) year-over-year |
| Gross profit per unit (FY2025) | $7,026, up $118 from FY2024 |
| Adjusted EBITDA (FY2025) | $2.237 billion (11.0% margin), up 54% year-over-year |
Sources: Figures are from Carvana's Q4/Full Year 2025 earnings release and shareholder letter (reported February 18, 2026). Net income benefited from approximately $685 million in non-cash gains related to tax receivable agreements and deferred tax assets, partially offset by $64 million in warrant fair-value losses, so the year-over-year jump in net income overstates the improvement in underlying operating performance (Adjusted EBITDA, up 54% year-over-year, is a cleaner operating comparison). The used-vehicle market-share figure is Carvana's own estimate disclosed in its shareholder letter (based on total U.S. used vehicle sales), not an independent third-party estimate.