What is the primary revenue source for Carvana (CVNA)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze CVNA's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Carvana's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Carvana Makes Money: CVNA Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 74.85% of revenue, indicating concentration.

Operating margin declined by 0.84 percentage points year over year.

Revenue: USD 13.81B
Largest revenue segment share (Used Vehicle Sales): 74.85%
Cost of revenue: USD 11.15B
Selling, general and administrative: USD 1.39B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueNet sales and operating revenues, from related parties · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of sales, including $4, $4, $9 and $7, respectively, to related parties · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative expenses, including $12, $8, $22 and $15, respectively, to related parties · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Used Vehicle Sales)Used Vehicle Sales · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Inventory: USD 3.26B
Property, plant and equipment: USD 2.86B
Cash and cash equivalents: USD 2.63B
Total liabilities: USD 9.41B
Shareholder equity: USD 5.14B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty and equipment, net · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityTotal stockholders' equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
InventoryVehicle inventory · InventoryNet
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Neutral

Operating cash flow is positive, but profit-to-cash conversion is relatively weak.

Operating cash flow equals 61.61% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 560.00M
Operating cash flow: USD 345.00M
Cash conversion: 61.61%
Free cash flow: USD 243.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to carvana co. · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

There was no material cash return; earnings stayed in the business without significant dilution.

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?