The earnings call reflects strong financial performance and growth, driven by operational efficiencies and strategic infrastructure investments. Despite challenges like seasonal demand fluctuations and inventory management, Carvana's robust market position and innovative strategies indicate a positive outlook.

Company Guidance

During Carvana's Q3 2024 earnings call, the company reported a record net income of $148 million, operating income of $337 million, and an adjusted EBITDA of $429 million, marking an adjusted EBITDA margin of 11.7%. Retail units sold increased by 34% year-over-year, reaching 108,651, while revenue grew by 32% to $3.655 billion. The record performance was attributed to fundamental operational improvements and strategic initiatives such as the integration of ADESA sites, which reduced shipping distances by 300 miles in certain markets. The company also highlighted substantial gains in non-GAAP retail GPU, which rose by $740 to $3,617, and non-GAAP other GPU, which increased by $377 to $2,945. Despite achieving these milestones, Carvana plans to invest between $5 million and $10 million more in advertising in Q4 to further boost brand awareness and customer acquisition, while continuing to scale and optimize its inventory selection and operations.

Record-Breaking Financial Performance

Carvana achieved record net income of $148 million, operating income of $337 million, and an adjusted EBITDA of $429 million with an EBITDA margin of 11.7%, marking the most profitable quarter ever for public automotive retailers.

Significant Growth in Retail Units Sold

Retail units sold reached 108,651 in Q3, marking a 34% increase year-over-year. This growth is attributed to improved customer offerings, increased brand awareness, and enhanced inventory selection.

Operational Efficiency and Cost Reduction

Carvana reported a $832 reduction in non-GAAP SG&A expense per retail unit sold, driven by operational efficiency initiatives, marking the sixth consecutive quarter with a new company record in retail GPU of $3,617.

Strong Market Position and Infrastructure

Carvana has built reconditioning infrastructure to support over 1 million retail units per year and has physical real estate to support over 3 million units, indicating strong potential for future growth.

Strategic Advancements in ADESA Integration

The integration of Carvana reconditioning capabilities at ADESA sites required minimal CapEx and improved operational efficiency, reducing shipping distances by 300 miles in some markets.

---

Carvana Co (CVNA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

CVNA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 20, 2025	2024 (Q4)	0.25 / -	-1	―	―	―
Oct 30, 2024	2024 (Q3)	0.30 / 0.64	3.6	-82.22% (-2.96)	―
Jul 31, 2024	2024 (Q2)	-0.04 / 0.37	-0.55	168.00% (+0.92)	―
May 01, 2024	2024 (Q1)	-0.67 / 0.23	-1.51	115.23% (+1.74)	―
Feb 22, 2024	2023 (Q4)	-0.85 / -1.00	-7.61	86.86% (+6.61)	―
Nov 02, 2023	2023 (Q3)	-0.70 / 3.60	-2.67	234.83% (+6.27)	―
Jul 19, 2023	2023 (Q2)	-1.18 / -0.55	-2.35	76.60% (+1.80)	―
May 04, 2023	2023 (Q1)	-2.13 / -1.51	-2.89	47.75% (+1.38)	―
Feb 23, 2023	2022 (Q4)	-2.18 / -7.61	-1.02	-646.08% (-6.59)	―
Nov 03, 2022	2022 (Q3)	-1.90 / -2.67	-0.38	-602.63% (-2.29)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

---

CVNA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 30, 2024	$207.31	$247.31	+19.29%
Jul 31, 2024	$133.23	$146.52	+9.98%
May 01, 2024	$87.09	$116.50	+33.77%
Feb 22, 2024	$52.41	$69.23	+32.09%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

---