How does Carvana (CVNA) make money?

Carvana (CVNA) generates revenue primarily from Used Vehicle Sales, which accounted for 89.8% of total revenue in TTM through Q1 2026. The company reported $22.52B in revenue and converted 7.1% of it into net profit, equivalent to roughly $1.60B 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 20% in TTM through Q1 2026, equivalent to $4.50B in gross profit on $22.52B 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 9.2% in TTM through Q1 2026, equivalent to $2.07B 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 7.1% in TTM through Q1 2026, equivalent to $1.60B 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 $1.60B in net income for TTM through Q1 2026, with a net profit margin of 7.1%. 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 $171.00M on capital expenditures (CapEx) during TTM through Q1 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 $740.00M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 3.3%. 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 89.8% of total revenue in TTM through Q1 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 Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 29, 2026).

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

Carvana (CVNA) Revenue by Product Segment — TTM through Q1 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) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Used Vehicle Sales	$20.21B	89.8%
Product and Service, Other	$2.31B	10.2%
Total	$22.52B	100%

Used Vehicle Sales$20.21B
Product and Service, Other$2.31B
Total$22.52B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Carvana (CVNA) reports revenue across 2 operating segments; the largest segment was Used Vehicle Sales at 89.8%, followed by Product and Service, Other (10.2%).

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