Carvana Reports 38.3% Revenue Growth to $4.23 Billion in Latest Quarter

Carvana Co. reported significant financial growth in its latest quarterly results, with net sales and operating revenues reaching $4.23 billion for the three months ended March 31, 2025, a 38.3% increase from $3.06 billion in the same period last year. The company attributed this growth primarily to a 45.7% rise in retail vehicle sales, which totaled $2.98 billion, up from $2.18 billion in the prior year. Gross profit also saw a substantial increase, rising 57.2% to $929 million, compared to $591 million in the previous year. The net income attributable to Carvana Co. was $216 million, a significant improvement from $28 million in the same quarter of 2024.

In terms of operational metrics, Carvana sold 133,898 retail vehicles during the quarter, compared to 91,878 in the prior year. The average gross profit per retail unit increased to $3,204, up from $3,080, driven by lower reconditioning and transport costs. The company also reported a total of 53,707 units available on its website, reflecting a 75% coverage of the U.S. population within 100 miles of its inspection and reconditioning centers. The average monthly unique visitors to Carvana's platform increased to 17.42 million, indicating a growing brand presence and customer engagement.

Strategically, Carvana made notable advancements, including the acquisition of a franchise dealership for $24 million, which was completed in February 2025. The company also amended its Master Purchase and Sale Agreement with Ally Financial to facilitate the purchase of up to $4 billion in finance receivables, enhancing its liquidity and operational flexibility. Additionally, Carvana extended its Floor Plan Facility with Ally to $1.5 billion until April 2027, which is expected to support its vehicle inventory financing needs.

The company’s balance sheet showed total assets of $8.88 billion as of March 31, 2025, up from $8.48 billion at the end of 2024. Cash and cash equivalents increased to $1.86 billion, while total liabilities remained relatively stable at $7.11 billion. Carvana's stockholders' equity rose to $1.77 billion, reflecting a positive shift in the company's financial health. Looking ahead, Carvana expressed optimism about its growth trajectory, focusing on increasing retail units sold and enhancing operational efficiencies, while navigating potential macroeconomic challenges.