CVNA Q2 2026 Earnings

Call Details

• Call Title: Carvana Q2 2026 Earnings Call
• Date: July 29, 2026 at 9:30 PM UTC
• Management Team:
  • Ernie Garcia (Chief Executive Officer)
  • Mark Jenkins (Chief Financial Officer)
  • Meg Kehan (Investor Relations)

Call Summary

Financial Performance

• Retail units sold totaled 197,325 in Q2, representing a company record and a 38% year-over-year increase.
• Revenue was $7.376 billion in Q2, which was a new company record and a 52% year-over-year increase.
• Adjusted EBITDA was a record $769 million in Q2, an increase of $168 million year-over-year, and the adjusted EBITDA annual run rate crossed $3.0 billion for the first time.
• Adjusted EBITDA margin was 10.4% in Q2, down from 12.4% in the prior-year comparison.
• Net income was $513 million, an increase of $205 million year-over-year, and net income margin was 7.0%, up from 6.4%.
• Non-GAAP retail GPU decreased by $105 year-over-year, non-GAAP wholesale GPU decreased by $158 year-over-year, and non-GAAP other GPU decreased by $192 year-over-year.
• Non-GAAP SG&A expense per retail unit sold declined by $157 year-over-year driven by a $272 reduction in overhead expense per unit offset by an $88 increase in operations expense per unit and an advertising increase of $27 per retail unit sold.

Guidance

• The company expects a sequential increase in retail units sold in Q3 compared to Q2, assuming the environment remains stable.
• Full-year 2026 adjusted EBITDA is expected to be $2.7 to $3.0 billion, compared with $2.24 billion in the prior year.
• The prior-quarter change in gross revenue treatment for certain vehicles acquired from a large retail marketplace partner will no longer affect year-over-year revenue comparisons beginning in Q3, and revenue growth in Q3 is expected to be more in line with retail unit growth.
• The company expects advertising expense dollars to increase in Q3 to support demand while inventory is being scaled back up.
• Guidance and outlook are conditioned on a stable external environment, as stated multiple times on the call.
• Executives repeatedly emphasized execution as the primary factor that will determine whether the company achieves the guided metrics.