How does Carvana (CVNA) make money?

Carvana (CVNA) primarily makes money through Used Vehicle Sales, which accounts for 89.3% of total revenue. For TTM through Q4 2025, Carvana generated $20.32B in total revenue with a net profit margin of 6.9%.

What is Carvana (CVNA) gross profit margin?

Carvana (CVNA) reported a gross profit margin of 20.2% for TTM through Q4 2025, equivalent to $4.11B in gross profit. This means Carvana retains 20.2% of each revenue unit after direct costs of production.

What is Carvana (CVNA) operating profit margin?

Carvana (CVNA) reported an operating profit margin of 9.3% for TTM through Q4 2025, equivalent to $1.88B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Carvana (CVNA) net profit margin?

Carvana (CVNA) reported a net profit margin of 6.9% for TTM through Q4 2025, equivalent to $1.41B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Carvana (CVNA) spend on capital expenditures?

Carvana (CVNA) spent $147.00M on capital expenditures in TTM through Q4 2025 (0.7% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Carvana (CVNA) free cash flow?

Carvana (CVNA) generated $889.00M in free cash flow for TTM through Q4 2025 (4.4% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

How Carvana (CVNA) Makes Money: A Visual Guide

Carvana (CVNA) generated $20.32B in revenue, earning $1.41B in net profit (6.9% margin). Its largest revenue source is Used Vehicle Sales (89.3% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

Carvana (CVNA) Income Statement Flow — TTM through Q4 2025

Calculated from the four most recent reported quarters, ending December 31, 2025 (reported February 18, 2026).

Frequently asked questions

How does Carvana (CVNA) make money?: Carvana (CVNA) primarily makes money through Used Vehicle Sales, which accounts for 89.3% of total revenue. For TTM through Q4 2025, Carvana generated $20.32B in total revenue with a net profit margin of 6.9%.
What is Carvana (CVNA) gross profit margin?: Carvana (CVNA) reported a gross profit margin of 20.2% for TTM through Q4 2025, equivalent to $4.11B in gross profit. This means Carvana retains 20.2% of each revenue unit after direct costs of production.
What is Carvana (CVNA) operating profit margin?: Carvana (CVNA) reported an operating profit margin of 9.3% for TTM through Q4 2025, equivalent to $1.88B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Carvana (CVNA) net profit margin?: Carvana (CVNA) reported a net profit margin of 6.9% for TTM through Q4 2025, equivalent to $1.41B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Carvana (CVNA) spend on capital expenditures?: Carvana (CVNA) spent $147.00M on capital expenditures in TTM through Q4 2025 (0.7% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Carvana (CVNA) free cash flow?: Carvana (CVNA) generated $889.00M in free cash flow for TTM through Q4 2025 (4.4% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q4 2025.