CVNA FINANCIAL STATEMENTS

Carvana Co — balance sheet, income statement and cash flow trends

CVNACarvana Co

🇺🇸 USA · US · Consumer Cyclical · Auto & Truck Dealerships

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue22.5 B $+51.7%

Gross Profit4.5 B $+47.4%

Operating Income2.1 B $+64.2%

EBITDA-88 M $-105.4%

Net Income1.6 B $+301.0%

Peer Comparison· Auto & Truck Dealerships

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CVNA	51.7%	20.0%	-0.4%	7.1%
MBG	-8.6%	16.3%	9.8%	3.7%
CPG	-12.4%	-23.1%	10.3%	4.2%
VOW3	-2.1%	17.0%	13.1%	2.1%
BMW	-6.3%	15.0%	14.5%	5.2%
ATD	5.0%	18.9%	9.2%	4.1%
Industry median	4.8%	18.9%	5.8%	2.2%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CVNA	51.7%	20.0%	-0.4%	7.1%
PAG	4.8%	16.4%	5.3%	2.9%
KMX	-1.6%	10.2%	4.3%	0.8%
LAD	2.5%	15.2%	5.6%	1.9%
AN	1.9%	17.5%	5.8%	2.5%
RUSHB	-6.6%	18.9%	8.2%	3.6%
Industry median	4.8%	18.9%	5.8%	2.2%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity3.7 B $29%
Current Liabilities1.8 B $14%
Long-term Liabilities7.4 B $57%

Key Figures

YoY change

Total Assets13.8 B $+55.1%

Total Liabilities9.1 B $+28.6%

Total Equity3.7 B $+147.3%

Cash & ST Investments2.4 B $+3.3%

Total Debt621 M $-89.7%

Net Debt-1.8 B $-142.7%

Peer Comparison· Auto & Truck Dealerships

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CVNA	4.09	16.7%	20.33	27.0%
MBG	1.39	105.7%	6.22	36.4%
CPG	0.70	114.9%	1.67	26.7%
VOW3	1.07	165.5%	5.05	26.4%
BMW	1.17	115.3%	4.93	35.9%
ATD	1.12	101.7%	1.88	37.2%
Industry median	1.13	180.9%	6.07	29.8%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CVNA	4.09	16.7%	20.33	27.0%
PAG	0.96	164.2%	5.47	31.0%
KMX	2.70	304.7%	16.41	23.0%
LAD	0.99	252.6%	7.44	24.8%
AN	0.81	470.6%	6.52	15.2%
RUSHB	1.46	63.3%	2.02	50.2%
Industry median	1.13	180.9%	6.07	29.8%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow911 M $-13.2%

Capital Expenditures171 M $+71.0%

Free Cash Flow740 M $-22.0%

Dividends Paid——

Peer Comparison· Auto & Truck Dealerships

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CVNA	4.0%	3.3%	0.8%	57.1%
MBG	12.1%	7.1%	5.1%	324.2%
CPG	7.7%	6.4%	1.3%	185.7%
VOW3	5.4%	-2.2%	7.6%	260.7%
BMW	4.3%	-3.2%	7.5%	82.3%
ATD	7.0%	4.4%	2.6%	170.5%
Industry median	4.2%	2.7%	1.5%	177.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CVNA	4.0%	3.3%	0.8%	57.1%
PAG	2.4%	1.4%	1.0%	83.8%
KMX	5.7%	3.8%	1.9%	674.9%
LAD	-0.2%	-1.2%	1.0%	-10.4%
AN	0.7%	-0.4%	1.1%	27.5%
RUSHB	10.9%	2.6%	8.4%	300.3%
Industry median	4.2%	2.7%	1.5%	177.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.