How does Carvana (CVNA) make money?

Carvana (CVNA) generates revenue primarily from Used Vehicle Sales, which accounted for 90.3% of total revenue in TTM through Q2 2026. The company reported $25.1B in revenue and converted 6.9% of it into net profit, equivalent to roughly $1.72B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Carvana (CVNA)?

Carvana (CVNA) reported a gross profit margin of 19.4% in TTM through Q2 2026, equivalent to $4.85B in gross profit on $25.1B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Carvana (CVNA)?

Carvana (CVNA) reported an operating profit margin of 8.9% in TTM through Q2 2026, equivalent to $2.24B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Carvana (CVNA)?

Carvana (CVNA) reported a net profit margin of 6.9% in TTM through Q2 2026, equivalent to $1.72B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Carvana (CVNA) profitable?

Yes. Carvana (CVNA) reported $1.72B in net income for TTM through Q2 2026, with a net profit margin of 6.9%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

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

Carvana (CVNA) spent $191M on capital expenditures (CapEx) during TTM through Q2 2026, roughly 0.8% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Carvana (CVNA) generate?

Carvana (CVNA) generated $929M in free cash flow during TTM through Q2 2026, a free-cash-flow margin of 3.7%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What are the main business segments of Carvana (CVNA)?

Carvana (CVNA) reports revenue across 2 reportable product segments, led by Used Vehicle Sales at 90.3% of total revenue in TTM through Q2 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Carvana Makes Money: 2026 Visual Revenue Map

Carvana (CVNA) Income Statement Flow — TTM through Q2 2026

Calculated from the four most recent reported quarters, ending June 30, 2026 (reported July 29, 2026).

Carvana discloses geographic revenue only in annual filings. to view the full breakdown.

Carvana (CVNA) Revenue by Product Segment — TTM through Q2 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Carvana (CVNA), TTM through Q2 2026.
Segment	Revenue (USD)	% of total
Used Vehicle Sales	$22.6B	90.3%
Product and Service, Other	$2.43B	9.7%
Total	$25.1B	100%

Used Vehicle Sales$22.6B
Product and Service, Other$2.43B
Total$25.1B

Revenue Breakdown — TTM through Q2 2026

In TTM through Q2 2026, Carvana (CVNA) reports revenue across 2 reportable product segments; the largest segment was Used Vehicle Sales at 90.3%, followed by Product and Service, Other (9.7%).

Frequently asked questions

Data & methodology

Carvana (CVNA) Key Financials

Charts, filings, and peer comparison for every metric

Trains Company Knowledge

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

CVNA Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation