Carvana Co. (CVNA) Earnings Call Transcripts

Carvana Co.'s Latest Earnings Call - Q2 FY2026

In Q2 2026, Carvana Co. reported a record revenue of $7.376 billion, reflecting a 52% year-over-year increase, driven by a 38% rise in retail units sold to 197,325. The company achieved an adjusted EBITDA of $769 million, marking a significant milestone with an annual run rate exceeding $3 billion. Management raised full-year adjusted EBITDA guidance to between $2.7 billion and $3.0 billion, up from $2.24 billion in the previous year, indicating strong operational execution and growth potential in a challenging market environment.

Reported metrics

Guidance from management

Management raised full-year adjusted EBITDA guidance to $2.7 billion to $3.0 billion, indicating confidence in continued growth and operational execution in the second half of the year.

What management said

Sure. I think at a high level, we're going to stick with our guidance on this. I think we -- you can look at our results. There's a bit of seasonality in the different GPU line items that is kind of reasonable to assume could be somewhat similar in the future as to what it was in the past. But I think we're going to stick with our guidance and try to stay away from giving too much detailed line item by line item colo...

I think we pointed to that one because that's our expectation in the very near term. And again, I would point back to -- that goes back basically at the simplest level to this inventory point. Inventory is a little lighter relative to where we wish it were today. All else constant, that's impacting conversion a bit. We want to make sure we keep building the machine at a very consistent pace. We expect to get inventor...

What analysts pressed on

Analysts expressed concerns about inventory management and its impact on future sales and profitability. There were questions regarding the sustainability of GPU dynamics and the potential effects of rising benchmark rates on financing margins.

Main topics on the call

• Record Revenue and Units Sold — Carvana achieved a record revenue of $7.376 billion, up 52% year-over-year, with retail units sold increasing by 38%. CEO Ernie Garcia noted, "The power of compounding is clear in that number as it is almost double the n...
• Adjusted EBITDA Milestone — The company reported an adjusted EBITDA of $769 million, with an annual run rate exceeding $3 billion for the first time. This milestone reflects strong operational performance and profitability improvements.
• Inventory Growth and Market Share — Carvana's inventory growth was uneven across regions, with the Midwest and Northeast showing a 54% increase in sales due to added production capacity. Garcia stated, "These numbers make the size of our opportunity exceed...
• SG&A Expense Leverage — The company successfully reduced non-GAAP SG&A expense per retail unit sold by $157, reflecting operational efficiencies. CFO Mark Jenkins noted, "We continue to see opportunities for significant SG&A expense leverage ov...

Read the full Carvana Co. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 51 Carvana Co. earnings call transcripts on record, spanning February 26, 2020 to July 29, 2026. Based on this history, Carvana Co. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CVNA

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Specialty Retail

Calls on record

51

First call

February 26, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly