CARVANA CO.(CVNA)Stock Analysis
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Rank #378 of 2,879 stocksTOP 25%
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Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
CVNA Stock Analysis & AI Quality Score
AI stock analysis and institutional research for CARVANA CO. (CVNA), a Consumer Discretionary sector company. 13F Pro's AI-powered ranking engine scores CVNA at 69.2/100 on a 32-signal composite quality model, placing it at rank #378 of 2,879 stocks — the top 25% of the AI-ranked universe. CVNA scores in the top quartile across institutional flow (94.0), revenue scale (93.1), revenue growth (89.5). Areas of concern include profitability (39.3), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), CARVANA CO. reports quarterly revenue of $6.4B, net income of $250.0M, an operating margin of 9.0%. Top institutional holders of CVNA by reported 13-F value include BlackRock,, Capital Research Global Investors, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. CVNA trades on the NYSE exchange and files with the SEC under CIK 1690820. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CVNA daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for CARVANA CO. directly from SEC EDGAR. CARVANA CO.'s 13F Pro composite quality score has ranged between 8 and 79 since 2021, currently 69.2 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving CVNA's Business? Latest 10-Q Breakdown
AI-extracted from CARVANA CO.'s 10-Q filed 2026-04-29 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Carvana's retail units surged 40% YoY to 187,393 in Q1 2026, driving total revenue up 52% to $6.4B and net income to $405M.
Biggest Revenue Drivers
Total revenue: $6,432M+52.0% YoY
Driven by 40% increase in retail units sold to 187,393 and 15.8% increase in retail revenue per unit.
Increase in wholesale units sold to 83,574 from 63,454, driven by higher overall vehicle acquisitions.
Higher gain on loan sales from increased retail units and loan volume, plus higher VSC conversion rates.
Largest Expense Items
Higher headcount, advertising, market occupancy, logistics, limited warranty costs driven by 40% growth in retail units.
Watch Items from the Filing
- Retail marketplace units represented a meaningful portion of retail sales mix; shift in retail marketplace percentage affects average selling price and revenue per unit.
- DriveTime (related party) represented $11M of wholesale sales in Q1 2026; company also relies on DriveTime for VSC administration ($111M commissions in Q1 2026), warranty services, and loan servicing.
- Tax Receivable Agreement liability of $2.2B, with $1.7B due to related parties (Garcia Parties); company made $37M in TRA payments in Q1 2026, creating ongoing cash obligations.
- Securities litigation ongoing (In re Carvana Securities Litigation); December 2024 motion to dismiss partially granted, case remains in discovery phase with uncertain outcome.
- Garcia Parties control voting through Class B shares with ten-vote-per-share structure; Carvana Co. owns 64.9% economic interest in Carvana Group but faces potential conflicts with LLC Unitholders owning 35.1%.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$6.4B
Net Income
Q1 2026
$250.0M
Free Cash Flow
Q1 2026
$56.0M
Operating Margin
Q1 2026
9.0%
D/E Ratio
Q1 2026
1.37
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+48.6% YoYNet Income
+570.0% YoYOperating Income
+90.0% YoYEPS (Diluted)
+431.4% YoYTotal Assets
+55.6% YoYTotal Debt
-8.4% YoYOp. Cash Flow
+12.9% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $20.32B +48.6% | $13.67B +26.9% | $10.77B -20.8% | $13.60B +6.2% | $12.81B +129.4% | $5.59B |
| Net Income | $1.41B +570.0% | $210.0M -53.3% | $450.0M +128.4% | $-1.59B -1075.6% | $-135.0M +21.1% | $-171.0M |
| Operating Income | $1.88B +90.0% | $990.0M +1337.5% | $-80.0M +96.6% | $-2.35B | — | — |
| EPS (Diluted) | $1.69 +431.4% | $0.32 +112.0% | $0.15 +104.8% | $-3.15 -865.6% | $-0.33 +38.0% | $-0.53 |
| Total Assets | $13.20B +55.6% | $8.48B +20.0% | $7.07B -18.7% | $8.70B +24.0% | $7.01B +131.1% | $3.04B |
| Total Debt | $5.13B -8.4% | $5.60B -9.6% | $6.19B -24.6% | $8.21B +53.2% | $5.36B +216.2% | $1.70B |
| Operating Cash Flow | $1.04B +12.9% | $918.0M +14.3% | $803.0M +160.6% | $-1.32B +49.0% | $-2.59B -326.6% | $-608.0M |
AI Insight: CVNA Financial Trends
Carvana delivered 88% revenue growth since Q2 2024 while swinging to sustained profitability, though operating cash flow remains volatile and equity leverage has tripled.
• Revenue accelerated from $3,410M in Q2 2024 to $6,432M in Q1 2026, a compound quarterly growth rate of ~13% over eight quarters.
• Net income surged from $18M in Q2 2024 to $250M in Q1 2026, with a peak of $857M in Q4 2025, signaling operational profitability.
• Operating margin expanded from 7.6% in Q2 2024 to 9.0% in Q1 2026, with peak of 9.8% in Q3 2025.
• Total debt declined from $5,626M in Q2 2024 to $5,084M in Q1 2026, while equity increased from $526M to $3,720M.
⚠ Operating cash flow collapsed to $29M in Q2 2025 and $107M in Q1 2026, despite strong earnings—suggests working-capital headwinds or conversion delays.
⚠ Net income declined from $857M peak in Q4 2025 to $250M in Q1 2026, a 71% drop in one quarter—sustainability unclear.
⚠ Debt-to-equity ratio improved to 1.37x in Q1 2026 from 10.7x in Q2 2024, but equity build relied partly on retained earnings from Q4 2025 anomaly.
AI Insight: CVNA Ratio Trends
Carvana has slashed debt-to-equity from 10.7x to 1.37x over 18 months, but operating margins remain volatile and below Q2 2025 peak.
• D/E ratio collapsed from 10.70 in Q2 2024 to 1.37 in Q1 2026—dramatic deleveraging reducing financial risk.
• OpMargin fluctuated 7.3%–10.6% since Q2 2024; Q1 2026 sits at 9.0%, below Q2 2025's 10.6% peak.
• TTM ROIC of 23.5% remains solid; Q3 2025 hit 29.8%, indicating sustained capital efficiency gains.
⚠ Net profit margin spiked to 15.3% in Q4 2025 then fell to 3.9% in Q1 2026—possible one-off distortion or seasonal weakness.
⚠ ROE and ROA highly volatile quarter-to-quarter; Q1 2026 ROE of 26.9% down sharply from Q4 2025's 99.6%.
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Top Institutional Holders of CVNA
BlackRock, Inc.
$3.6B11,532,157 shCapital Research Global Investors
$3.4B10,850,505 shVANGUARD CAPITAL MANAGEMENT LLC
$2.8B8,994,028 shFMR LLC
$2.3B7,446,815 shSUSQUEHANNA INTERNATIONAL GROUP, LLP
$2.0B6,369,600 shVANGUARD PORTFOLIO MANAGEMENT LLC
$2.0B6,347,367 shCITIGROUP INC
$1.9B6,003,000 shSTATE STREET CORP
$1.8B5,692,942 shCAS Investment Partners, LLC
$1.4B4,541,291 shCITADEL ADVISORS LLC
$1.4B4,508,500 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $3.6B | 11,532,157 |
| Capital Research Global Investors | $3.4B | 10,850,505 |
| VANGUARD CAPITAL MANAGEMENT LLC | $2.8B | 8,994,028 |
| FMR LLC | $2.3B | 7,446,815 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2.0B | 6,369,600 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2.0B | 6,347,367 |
| CITIGROUP INC | $1.9B | 6,003,000 |
| STATE STREET CORP | $1.8B | 5,692,942 |
| CAS Investment Partners, LLC | $1.4B | 4,541,291 |
| CITADEL ADVISORS LLC | $1.4B | 4,508,500 |
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Popular Research
Is CVNA a good stock to buy?
13F Pro's AI-powered analysis of CARVANA CO. (CVNA) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Consumer Discretionary sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for CVNA are available on the CVNA stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own CVNA?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling CVNA. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of CARVANA CO.'s investment landscape.