Carvana Q3 revenue jumps to record, surpassing estimates as customer base doubled
CVNA•Carvana’s third-quarter revenue rose 42% year over year to a record $8.04 billion, above the $7.70 billion consensus estimate, as it sold a record 217,385 retail units. The company expects retail unit sales to increase sequentially in Q4 and sees full-year 2026 adjusted EBITDA at the high end of its $2.7 billion-$3.0 billion range.
1. Record quarterly results
Carvana reported third-quarter revenue of $8.04 billion, up 42% year over year and above analysts’ $7.70 billion estimate. Net income was $483 million, and adjusted EBITDA was $800 million, slightly above the $795.21 million consensus estimate; adjusted EBITDA margin was 10%. The company sold a record 217,385 retail units, up 39% year over year.
2. Sales and EBITDA outlook
Carvana expects retail units sold to increase sequentially in the fourth quarter and expects full-year 2026 adjusted EBITDA to be at the high end of its $2.7 billion-$3.0 billion range, assuming stable market conditions in Q4. The company attributed its results to a doubled customer base, improved unit economics, expanded selection, faster delivery, lower loan rates and improved infrastructure capacity and reconditioning facilities.
