Carvana (CVNA) 10-K Summaries & Annual Filing History
Review Carvana Co. (CVNA) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Carvana's annual filing reports a significant increase in revenue and positive operating income and net income. The company faces risks related to credit market volatility and the need for a healthy macroeconomic environment.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$20.3B
Revenue reported for the fiscal year.
Operating income
$1.9B
Income from operations reported for the year.
Net income
$1.4B
Net income reported for the year.
Operating cash flow
$1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $13.6B | +6.2% |
| Dec 31, 2023 | $10.8B | -20.8% |
| Dec 31, 2024 | $13.7B | +26.9% |
| Dec 31, 2025 | $20.3B | +48.6% |
Business overview
The company operates in the automotive retail industry, focusing on the sale of vehicles. It relies on a healthy industry and macroeconomic environment to grow its customer base and inventory.
Financial performance
Revenue for the reported year increased compared to the prior year. Operating income and net income were positive, and operating cash flow was also positive, indicating improved financial performance.
Material risks
Material risks include volatility in credit markets which could limit access to debt financing and increase borrowing costs. The company's growth depends on a favorable industry and macroeconomic environment, and past rapid growth may not continue. An inability to obtain adequate financing could significantly hinder business objectives.
Liquidity and capital
Liquidity is subject to credit market conditions; if financing becomes unavailable or costly, the company's ability to pursue business opportunities could be limited. The company notes that volatility in credit markets may adversely affect its access to capital.
What to watch
Investors should monitor the company's ability to sustain revenue growth and maintain profitability in the next filing.