Carvana reported October 28 that third-quarter revenue reached $8.04 billion, up about 42% from a year earlier, as retail vehicle sales increased roughly 39% to 217,385.
Net income totaled $483 million, an increase of $220 million from the corresponding 2025 quarter. Operating income reached $714 million, with an operating margin of 8.9%, according to the company's results release.
Growth in volume came alongside lower profit per vehicle. The shareholder letter reported total gross profit per retail unit of $6,997, down $365 from a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization reached $800 million. That supplemental measure's margin was 10%, compared with 11.3% a year earlier, and differs from net income.
Carvana expects retail units sold to increase from the third to the fourth quarter if the operating environment remains stable. It also expects full-year adjusted EBITDA toward the upper end of its previously announced $2.7 billion to $3.0 billion range. Those expectations are forecasts, rather than completed results.
Sources Carvana earnings release: https://investors.carvana.com/~/media/Files/C/Carvana-IR/documents/cvna-earnings-release-q3-2026.pdf Carvana shareholder letter in Form 8-K: https://www.stocktitan.net/sec-filings/CVNA/8-k-carvana-co-reports-material-event-e896c89a119e.html