How Carvana (CVNA) Makes Money: A Visual Guide
Carvana (CVNA) generated $20.32B in revenue (TTM through Q4 2025), 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
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.
About this data
- 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 sum the last four quarters. 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.