{"schemaVersion":1,"research":true,"symbol":"cvna","name":"Carvana Co.","topic":"moat","path":"/stock/cvna/moat","status":"published","version":3,"updatedAt":"2026-10-17T23:54:43.152Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Carvana has a narrow operational cost advantage supported by direct sourcing that avoids auction fees, an established logistics and reconditioning network, and demonstrated improvements in selection and delivery speed. These advantages require substantial operating infrastructure, but their comparative magnitude and long-term durability remain incompletely established. Pricing discretion is demonstrated; sustained vehicle pricing power is not. The passages do not establish customer lock-in, network effects, or a wide moat.","advantages":[{"mechanism":"cost_advantage","claim":"Direct vehicle sourcing avoids auction fees, while an established logistics and reconditioning network supports inventory distribution and faster fulfillment. Reported expansion of inventory pools and shorter delivery times demonstrate a current operating capability. Management's broader claim of significantly lower variable costs than traditional dealerships lacks comparative cost data in these passages.","durability":"The existing infrastructure and integrated processes support a narrow advantage that would take investment and operating coordination to reproduce. Sixteen acquired auction locations had reconditioning capabilities at December 31, 2025; further conversions represent potential rather than an achieved advantage. No exclusive sourcing rights or durable comparative unit-cost lead are established.","risks":"Competitors can pursue direct sourcing and improve fulfillment. Competitive vehicle acquisition prices, inventory depreciation, financing availability, and substantial debt can offset operating efficiencies. Faster delivery and revenue growth do not themselves prove superior returns on the infrastructure invested.","invalidation":"The advantage would be invalidated by sustained evidence that comparable competitors match delivery and selection at equal or lower all-in costs, or that Carvana's sourcing, reconditioning, and logistics savings fail to cover the capital and financing required across a vehicle-market downturn.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Vehicle Acquisition","excerpt":"Acquiring inventory directly from customers when they trade in or sell us their vehicles in a one-way transaction eliminates auction fees and provides for a more diverse set of vehicles."},{"id":"e2","sourceId":"filing-1","location":"Business / Our Company / logistics coverage","excerpt":"Over the years, we have leveraged our growing logistics network, which spans 316 metropolitan statistical areas, and our in-house distribution network, servicing over 80% of the U.S."},{"id":"e3","sourceId":"filing-1","location":"Business / Our Company / population coverage and cumulative sales","excerpt":"population as of December 31, 2025, to sell 2.8 million retail vehicles, generating $84.1 billion in total revenue since inception in 2012 through December 31, 2025."},{"id":"e4","sourceId":"filing-1","location":"Business / Strengths and Competitive Advantages / management cost claim","excerpt":"Purpose-Built Vertically Integrated E-commerce Platform We believe our proprietary technology and vertically integrated business model allow us to enjoy a significantly lower variable cost structure versus traditional dealerships and to provide substantial value to our customers by providing a seamless, best-in-class car buying and selling experience."},{"id":"e5","sourceId":"filing-1","location":"Business / Vertically Integrated Platform / acquired locations","excerpt":"Further, the acquisition of ADESA US Auction, LLC in 2022 provided us with 56 additional locations, which we have been building out to increase our reconditioning capacity and the number of inventory pools closer to customers."},{"id":"e6","sourceId":"filing-1","location":"Business / Vertically Integrated Platform / completed reconditioning conversions","excerpt":"As of December 31, 2025, 16 of these ADESA auction sites have been built out to provide IRC capabilities, and the remaining sites provide continued potential for further growth."},{"id":"e7","sourceId":"filing-3","location":"Compensation Discussion and Analysis / Performance Highlights / selection and delivery","excerpt":"We expanded vehicle selection by 42% to more than 75,000 total website units as of December 31, 2025 and grew inventory pools to 34 locations nationwide, cutting average delivery times by a full day compared to 2024 and more than doubling the shares of sales with same-day or next-day deliveries."},{"id":"e8","sourceId":"filing-1","location":"Business / Competition","excerpt":"Competition With tens of thousands of automotive retailers in the U.S., the used car marketplace is a highly fragmented and highly competitive industry."},{"id":"e9","sourceId":"filing-1","location":"Business / Competition / competitive factors","excerpt":"We believe the primary competitive factors in this market include transparency, convenience, price, selection, and vehicle quality."},{"id":"e10","sourceId":"filing-1","location":"Risk Factors / vehicle appraisal and acquisition pricing","excerpt":"If we fail to adjust appraisal offers to stay in line with broader market trade-in offer trends, to recognize those trends, or to properly assess vehicles before we purchase them, it could adversely affect our ability to acquire desirable inventory."},{"id":"e11","sourceId":"filing-1","location":"Risk Factors / inventory financing","excerpt":"If we are unable to extend the current financing agreements on favorable terms or at all, if the agreements expire and are not renewed, if new financing arrangements are at higher interest rates or with less favorable terms, or if we are unable to secure new financing, our inventory supply may decline."},{"id":"e12","sourceId":"filing-1","location":"Risk Factors / outstanding indebtedness at December 31, 2025","excerpt":"As of December 31, 2025, we had outstanding, on a consolidated basis, (1) $107 million aggregate principal amount of our Senior Unsecured Notes, (2) $3.9 billion aggregate principal amount of our Senior Secured Notes, (3) $58 million aggregate principal amount of borrowings under our Floor Plan Facility and the Finance Receivable Facilities (as defined below), (4) $157 million aggregate principal amount of indebtedness represented by our finance lease agreements between us and providers of equipment financing, (5) an outstanding balance of $374 million under our secured borrowing facility through which we finance certain retained beneficial interests in our securitizations, (6) $485 million of other long-term debt related to our sale leaseback transactions, and (7) an outstanding balance of $23 million under a loan and security agreement to finance certain equipment for our transportation fleet."},{"id":"e13","sourceId":"filing-2","location":"Condensed Consolidated Statements of Operations / three and six months ended June 30","excerpt":"AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Sales and operating revenues: Retail vehicle sales, net $ 5,507 $ 3,405 $ 10,335 $ 6,385 Wholesale sales and revenues, including $13, $9, $26 and $17, respectively, from related parties 1,343 1,024 2,421 1,887 Other sales and revenues, including $117, $83, $231 and $155, respectively, from related parties 526 411 1,052 800 Net sales and operating revenues 7,376 4,840 13,808 9,072 Cost of sales, including $4, $4, $9 and $7, respectively, to related parties 5,992 3,776 11,153 7,079 Gross profit 1,384 1,064 2,655 1,993 Selling, general and administrative expenses, including $12, $8, $22 and $15, respectively, to related parties 704 551 1,394 1,086 Other operating expense, net — 2 — 2 Operating income 680 511 1,261 905 Interest expense, net 101 143 200 282 Loss on debt extinguishment — — — 2 Other expense (income), net — 60 41 (62) Net income before income taxes 579 308 1,020 683 Income tax provision 66 — 102 2 Net income 513 308 918 681 Net income attributable to non-controlling interests 203 125 358 282 Net income attributable to Carvana Co."},{"id":"e14","sourceId":"filing-1","location":"Business / customer surveys and asserted repeat business","excerpt":"As of December 31, 2025, customers rated us an average of 4.7 out of 5.0 from over 245,000 surveys on our website since inception, fostering repeat business and a strong referral network."},{"id":"e15","sourceId":"filing-1","location":"Business / post-sale assistance and seven-day return policy","excerpt":"After purchase, our customer advocates handle post-sale coordination and assistance, including facilitating returns or exchanges under our seven-day return policy."},{"id":"e16","sourceId":"filing-2","location":"MD&A / Other Sales and Revenues / customer financing alternatives","excerpt":"The number of loans we originate is driven by the number of retail vehicles sold and the percentage of our sales for which we provide financing, which is influenced by the financing terms we offer our customers relative to alternatives available to the customer."},{"id":"e17","sourceId":"filing-1","location":"Business / Vertically Integrated Platform / control of prices and terms","excerpt":"We control the algorithms that help determine the vehicles we make available to our customers, the prices of those vehicles, the financing terms offered to customers, complementary products, and the purchase prices and trade-in values we offer."},{"id":"e18","sourceId":"filing-2","location":"MD&A / Retail Sales and Revenues / pricing and inventory-mix discretion","excerpt":"We may choose to shift our inventory mix to higher or lower cost vehicles, or to raise or lower our prices relative to market to take advantage of supply or demand imbalances, which could temporarily lead to average selling prices increasing or decreasing."},{"id":"e19","sourceId":"filing-2","location":"MD&A / Wholesale Sales and Revenues / market pricing","excerpt":"The average selling price of our wholesale units is primarily driven by the mix of vehicles we sell to wholesalers, as well as general supply and demand conditions in the applicable wholesale vehicle market, including the level of depreciation in the wholesale vehicle market."},{"id":"e20","sourceId":"filing-2","location":"MD&A / Other Sales and Revenues / loan sales at premium prices","excerpt":"We also sell the loans we originate under committed forward-flow arrangements, including the Ally 42 Master Purchase and Sale Agreement (as defined in Note 7 — Finance Receivable Sale Agreements of our financial statements included in Part I, Item 1, Financial Statements of this Quarterly Report on Form 10-Q the \"Ally MPSA\"), and through fixed pool loan sales, with financing partners who generally acquire them at premium prices without recourse to us for their post-sale performance."},{"id":"e21","sourceId":"filing-2","location":"MD&A / Other Sales and Revenues / loan-sale price determinants","excerpt":"The price at which we sell the loan is driven by the terms of our securitization transactions and forward-flow arrangement, applicable interest rates, and whether or not the loan includes GAP waiver coverage."},{"id":"e22","sourceId":"filing-2","location":"MD&A / Operating Activities / cash generation and working capital","excerpt":"Cash provided by operating activities was $345 million and $261 million during the six months ended June 30, 2026 and 2025, respectively, an increase in cash provided by operating activities of $84 million, primarily due to an improvement in operating results, an increase in accounts payable and accrued liabilities driven by the increase in retail unit sales and production, and utilization of deferred tax assets, partially offset by an investment in vehicle inventory as we grow retail unit sales and acquire more vehicles from customers."},{"id":"e23","sourceId":"filing-2","location":"MD&A / Investing Activities","excerpt":"Cash used in investing activities was $83 million and $54 million during the six months ended June 30, 2026 and 2025, respectively, an increase in cash used in investing activities of $29 million, primarily due to an increase in purchases of property and equipment and the acquisition of two franchise dealerships, partially offset by higher principal payments of beneficial interests in securitizations."},{"id":"e24","sourceId":"filing-1","location":"MD&A / voluntary secured-note repurchase and redemption","excerpt":"During the year ended December 31, 2025, as permitted by the indenture, $611 million of principal amount of 2028 Senior Secured Notes were voluntarily repurchased and redeemed for $633 million, which included $7 million of accrued interest and $1 million of pro-rata write-offs of unamortized debt issuance costs and unamortized premium."},{"id":"e25","sourceId":"filing-2","location":"MD&A / Financing Activities","excerpt":"Cash provided by and used in financing activities was $52 million and $37 million during the six months ended June 30, 2026 and 2025, respectively, an increase in cash provided by financing activities of $89 million, primarily due to higher borrowings on short-term revolving facilities relative to payments and lower repayments of long-term debt due to the repurchase and cancellation of $52 million of principal amount of 2028 Senior Secured Notes in the open market for $55 million during the six months ended June 30, 2025, partially offset by higher tax withholding payments related to RSUs."},{"id":"e26","sourceId":"filing-3","location":"Executive Compensation / Pay versus Performance / four-year equity vesting","excerpt":"The Company’s grants of time-based RSUs and prior grants of stock options to the CEO and other NEOs on a four-year vesting schedule continue to render the yearly value of compensation actually paid highly responsive to changes in the Company’s stock performance."},{"id":"e27","sourceId":"filing-3","location":"Executive Compensation / actual vesting of 2023 performance awards","excerpt":"100% of the 2023 Adjusted EBITDA PSUs vested upon the filing of the Company's Quarterly Report on Form 10-Q for the second quarter of 2023 on July 19, 2023, and 100% of the 2023 Core Free Cash Flow PSUs vested upon the filing of the Company's Quarterly Report on Form 10-Q for the first quarter of 2024 on May 1, 2024."},{"id":"e28","sourceId":"filing-2","location":"Equity Compensation / adoption of 2026 Omnibus Incentive Plan","excerpt":"AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (Unaudited) 2026 Omnibus Incentive Plan On May 5, 2026, following stockholder approval at the Company's 2026 Annual Shareholder Meeting, the Company adopted the 2026 Omnibus Incentive Plan (the \"2026 Incentive Plan\") which superseded and replaced the 2017 Omnibus Incentive Plan (the \"2017 Incentive Plan\")."},{"id":"e29","sourceId":"filing-2","location":"Equity Compensation / automatic annual share authorization increase","excerpt":"The number of shares authorized for issuance under the 2026 Incentive Plan is subject to an automatic annual increase of the lesser of two percent of the Company's outstanding Class A common stock or an amount determined by the Compensation and Nominating Committee of the Board."},{"id":"e30","sourceId":"filing-1","location":"Risk Factors / voting control and potential conflicts","excerpt":"Risks Related to Ownership of our Class A Common Stock •the volatile trading price of our Class A common stock; •the Garcia Parties’ control us and their interests may conflict with our or our stockholders’ interests; •dilution due to issuance of additional Class A common stock or LLC Units in the future; •we may issue shares of preferred stock in the future; •Delaware law and our charter may prevent stockholders from changing decisions made by management; and •the Court of Chancery of the State of Delaware is the sole and exclusive forum for certain stockholder litigation."},{"id":"e31","sourceId":"filing-1","location":"Risk Factors / controlled-company exemptions currently unused","excerpt":"We do not currently utilize these exemptions; however, for so long as we qualify as a controlled company, we will maintain the option to utilize some or all of these exemptions."},{"id":"e32","sourceId":"filing-3","location":"Corporate Governance / independent director executive sessions","excerpt":"Non-employee directors, all of whom are independent, meet periodically, and at least once annually, at executive sessions without management."},{"id":"e33","sourceId":"filing-3","location":"Corporate Governance / annual self-evaluation","excerpt":"SELF EVALUATION Our Compensation and Nominating Committee conducts an annual evaluation of the Board, its committees, and directors to assess its effectiveness."},{"id":"e34","sourceId":"filing-2","location":"Note 6 / Related Party Transactions / common control of DriveTime","excerpt":"(together with its subsidiaries and affiliates other than the Company, collectively, \"DriveTime\"), a related party of the Company due to Ernest Garcia II, Ernest Garcia III, and entities controlled by one or both of them (collectively the \"Garcia Parties\") controlling and owning substantially all of the interests in DriveTime, entered into a lease agreement that previously governed the occupation of two inspection and reconditioning centers in Blue Mound, Texas and Delanco, New Jersey."},{"id":"e35","sourceId":"filing-2","location":"Condensed Consolidated Balance Sheets / debt, related-party liabilities, and equity","excerpt":"FINANCIAL STATEMENTS CARVANA CO. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par values) June 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 2,630 $ 2,327 Restricted cash 113 102 Accounts receivable, net 377 245 Finance receivables held for sale, net 921 813 Vehicle inventory 3,263 2,408 Beneficial interests in securitizations 502 486 Other current assets, including $7 and $5, respectively, due from related parties 200 168 Total current assets 8,006 6,549 Property and equipment, net 2,859 2,814 Operating lease right-of-use assets, including $5 and $6, respectively, from leases with related parties 425 443 Intangible assets, net 53 47 Goodwill 12 10 Deferred tax assets 2,968 3,064 Other assets 229 274 Total assets $ 14,552 $ 13,201 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities, including $33 and $21, respectively, due to related parties $ 1,461 $ 1,100 Short-term revolving facilities 126 58 Current portion of long-term debt 256 227 Other current liabilities, including $78 and $31, respectively, due to related parties 196 134 Total current liabilities 2,039 1,519 Long-term debt, excluding current portion 4,854 4,830 Operating lease liabilities, excluding current portion, including $4 and $5, respectively, from leases with related parties 385 406 Tax receivable agreement liability, including $1,645 and $1,721, respectively, due to related parties 2,130 2,228 Other liabilities 6 15 Total liabilities 9,414 8,998 Commitments and contingencies (Note 16) Stockholders' equity: Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of each of June 30, 2026 and December 31, 2025 — — Class A common stock, $0.001 par value - 2,500,000 shares authorized; 718,978 and 711,148 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1 1 Class B common stock, $0.001 par value - 625,000 shares authorized; 380,547 shares issued and outstanding as of each of June 30, 2026 and December 31, 2025 — — Additional paid-in capital 3,476 3,449 Retained earnings (accumulated deficit) 551 (9) Total stockholders' equity attributable to Carvana Co."},{"id":"e36","sourceId":"filing-1","location":"Financial statement notes / annual segment operating results","excerpt":"Segment information for the years ended December 31, 2025, 2024, and 2023 are as follows: Years Ended December 31, 2025 2024 2023 (in millions) Net sales and operating revenues $ 20,322 $ 13,673 $ 10,771 Cost of sales 16,130 10,797 9,047 Gross profit 4,192 2,876 1,724 Compensation and benefits 830 700 661 Advertising 363 229 228 Market occupancy 68 68 71 Logistics 162 118 119 Other (1) 885 759 717 Other operating expense, net 3 12 8 Operating income (loss) 1,881 990 (80) Interest expense, net 505 651 632 Loss (Gain) on debt extinguishment 16 12 (878) Other expense (income), net 2,250 (73) (9) Net (loss) income before income taxes (890) 400 175 Income tax (benefit) provision (2,785) (4) 25 Net income $ 1,895 $ 404 $ 150 (1) Other costs include all other selling, general and administrative expenses such as IT expenses, corporate occupancy, professional services and insurance, limited warranty, and title and registration."}],"changes":["No comparable previous version; previous accepted analysis is null."],"limitations":["The supplied filings are issuer disclosures. Specific operating results and contractual terms support assessments, but management's comparative cost and loyalty assertions are not independently demonstrated.","The competition passages identify generic retailer categories without named competitors. Compensation peers, transaction counterparties, and directors' former employers do not establish competitor coverage; the competitor array is therefore empty.","Comparative unit costs, infrastructure returns, competitor fulfillment performance, and durable sourcing exclusivity are absent. These gaps limit confidence in the narrow cost advantage.","Vehicle selling-price trends, mix-adjusted pricing, elasticity, and realized vehicle premiums are absent. Favorable loan-sale pricing cannot establish vehicle pricing power.","Customer satisfaction and aggregate demand provide indirect retention evidence; repeat-purchase rates, referral contribution, and cohort behavior are not supplied.","The proxy supplies compensation and governance disclosures, but the passages do not provide a complete beneficial-ownership table or full executive award terms. Equity incentives do not establish alignment by themselves.","The March 25, 2026 proxy describes the 2026 incentive plan before approval; the July 29, 2026 quarterly filing establishes its May 5 adoption. Adoption does not establish subsequent grants or vesting.","Source dates are filing dates: February 18, March 25, and July 29, 2026. Operating observations retain their stated reporting periods; no later developments are assumed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Direct sourcing eliminates auction fees, and the established distribution and reconditioning footprint supports demonstrated fulfillment improvements. Relative all-in cost superiority remains primarily a management assertion, limiting the strength of the structural conclusion.","evidenceIds":["e1","e2","e3","e4","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"Acquired locations and completed reconditioning conversions represent accumulated infrastructure that takes investment to reproduce. The highly competitive market and absence of demonstrated exclusivity or a persistent comparative cost gap limit durability.","evidenceIds":["e5","e6","e7","e8","e9"]},{"criterion":"customer_dependency","grade":1,"rationale":"Customer satisfaction supports preference, but the return policy and disclosed financing alternatives provide little evidence of dependency or switching friction. Repeat demand is not quantified.","evidenceIds":["e14","e15","e16"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Delivery improvements and operating-income growth demonstrate continued execution. However, first-half 2026 gross and operating margins declined from the comparable period, and debt and financing dependence remain vulnerabilities. Generic financing risks are not treated as realized failures.","evidenceIds":["e7","e11","e12","e13"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Disclosed loan sales generally occur at premium prices, providing favorable realized pricing evidence in financing. Those prices depend on contractual terms and interest rates. Vehicle price outcomes are missing, and wholesale prices are market-driven, so broad pricing power is unproven.","evidenceIds":["e19","e20","e21"]},{"criterion":"retention","grade":2,"rationale":"Reported customer satisfaction and growing aggregate sales support repeat-demand potential indirectly. They do not establish measured repeat purchases or continued demand following price increases; loyalty remains partly management interpretation.","evidenceIds":["e14","e13","e36"]},{"criterion":"margin_resilience","grade":2,"rationale":"Annual operating profitability improved substantially through 2025. First-half 2026 gross profit and operating income increased in dollars, but both margins contracted versus first-half 2025. This is mixed resilience and does not isolate pricing from mix, financing revenue, or operating efficiency.","evidenceIds":["e36","e13"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Carvana controls vehicle prices, financing offers, and acquisition bids, and discloses discretion to change prices relative to market. Wholesale auctions and negotiated loan-sale arrangements constrain portions of its economics. Pricing discretion is stronger than demonstrated ability to impose prices.","evidenceIds":["e17","e18","e19","e21"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Voluntary debt retirement and positive operating cash flow are favorable realized outcomes. Cash generation partly benefited from payables and deferred tax utilization, while inventory investment, additional financing, substantial debt, and equity issuance temper the assessment. Net investing cash use is not treated as a complete capital-expenditure measure.","evidenceIds":["e24","e22","e23","e25","e35"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Four-year equity vesting and performance awards that actually vested establish financial exposure and incentive links. Time-based equity, already-satisfied performance hurdles, and automatic share authorization increases limit conclusions about future discipline and dilution. The 2026 plan is assessed as adopted, without assuming new awards or vesting.","evidenceIds":["e26","e27","e28","e29"]},{"criterion":"execution","grade":3,"rationale":"Expanded selection, additional inventory pools, and shorter delivery times demonstrate operational delivery alongside substantial revenue and operating-income growth. Financial results indirectly corroborate execution; they do not establish customer retention or comparative cost leadership.","evidenceIds":["e7","e36","e13"]},{"criterion":"governance","grade":2,"rationale":"Independent director sessions, annual evaluations, and currently unused controlled-company exemptions provide actual governance safeguards. Concentrated control, related-party dealings, and material related-party liabilities create countervailing conflicts. Their disclosure does not establish misconduct, and safeguards do not prove exceptional oversight.","evidenceIds":["e30","e31","e32","e33","e34","e35"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"f2dd151894836e2d60011ec741ad6a6be00cad194b316860de3c0daf0e629612","updatedAt":"2026-10-17T23:54:43.152Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1690820/000169082026000009/cvna-20251231.htm","publishedAt":"2026-02-18","sha256":"389cec78cc8b201eee16fbd117e47fa74dfc77476f77bc9d03a7cf0222875536","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1690820/000169082026000055/cvna-20260630.htm","publishedAt":"2026-07-29","sha256":"72fe88f6b5921daf66a81661e10c6e9c16d3dfe9c5bbaa6af1098725114f08b2","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1690820/000169082026000024/cvna-20260325.htm","publishedAt":"2026-03-25","sha256":"5e446e9a2c4f646cf80eb0850ae368bb84300ad1fc8c4afc4df06a8490ffbc42","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:ef90da4b03e0331bcac8597c957ada198f778a13a0be5a141653007fadbec97b","usage":{"input_tokens":54437,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":4037,"reasoning_output_tokens":267}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":15.053847354456062,"operating_margin":null,"roic":null,"fcf_margin":-24.59029186826908,"sbc_revenue":0.30435461214296866},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","dilution":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":9.15907086151132,"operating_margin":-17.281681858276976,"roic":null,"fcf_margin":-13.496030579241399,"sbc_revenue":0.5072037635989415},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Pretax income is unavailable in the extracted statements for this period.","roiic":"Pretax income is unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":16.005941880976696,"operating_margin":-0.7427351220870857,"roic":null,"fcf_margin":6.647479342679417,"sbc_revenue":0.6777457989044656},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Pretax income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":21.034154903825055,"operating_margin":7.240547063555914,"roic":null,"fcf_margin":6.048416587435091,"sbc_revenue":0.6655452351349375},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Pretax income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":20.627890955614607,"operating_margin":9.255978742249779,"roic":null,"fcf_margin":4.374569432142506,"sbc_revenue":0.47239444936521996},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Pretax income is unavailable in the extracted statements for this period.","roiic":"Pretax income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1690820/000169082026000009/cvna-20251231.htm","publishedAt":"2026-02-18","sha256":"389cec78cc8b201eee16fbd117e47fa74dfc77476f77bc9d03a7cf0222875536","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1690820/000169082026000055/cvna-20260630.htm","publishedAt":"2026-07-29","sha256":"72fe88f6b5921daf66a81661e10c6e9c16d3dfe9c5bbaa6af1098725114f08b2","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1690820/000169082026000024/cvna-20260325.htm","publishedAt":"2026-03-25","sha256":"5e446e9a2c4f646cf80eb0850ae368bb84300ad1fc8c4afc4df06a8490ffbc42","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}