Carvana Posts Record Q2 2026 Results with $7.4B Revenue and $513M Net Income — Carvana Co.

Event summary

Carvana sold 197,325 retail units in Q2 2026, up 38% YoY, with total revenue of $7.376 billion (+52% YoY).
Net income reached a record $513 million (+$205 million YoY), with Adjusted EBITDA at $769 million (+$168 million YoY).
Carvana expects to sell more retail units sequentially in Q3 and projects full-year 2026 Adjusted EBITDA of $2.7–$3.0 billion.
The company operates at a run-rate scale of nearly 800,000 retail units annually, representing just 1.5% of the U.S. automotive market.

The big picture

Carvana’s record Q2 2026 results highlight its dominance in the automotive e-commerce space, driven by a scalable model that improves with size. The company’s profitability and growth trajectory position it as a key player in an industry undergoing digital transformation. However, maintaining execution excellence while navigating regulatory and competitive pressures will be critical to sustaining momentum.

What we're watching

Market Penetration: Whether Carvana can sustain its rapid growth while expanding into the remaining 98.5% of the U.S. automotive market.
Operational Efficiency: The pace at which Carvana integrates and optimizes its infrastructure, including ADESA and reconditioning facilities, to maintain margins.
Regulatory Risks: How evolving FTC rulemaking on vehicle sales, financing, and advertising may impact Carvana’s business model.