Carvana stock posts record Q3 revenue as unit growth accelerates

Carvana delivered record third-quarter results on October 28, 2026, as retail volume, revenue and profitability reached new highs. The company reported the figures for the quarter ended September 30 in a Nasdaq-published company release.

Carvana sold 217,385 retail units, an increase of 39 percent from the year-earlier quarter. Revenue rose 42 percent to 8.04 billion US dollars. Both figures marked all-time quarterly records and showed that the online used-car retailer continued to expand despite a broadly flat used-vehicle market.

Volume growth drives record earnings

Net income increased by 220 million US dollars to 483 million US dollars, producing a 6.0 percent net margin compared with 4.7 percent a year earlier. GAAP operating income climbed to 714 million US dollars from 552 million US dollars, while the operating margin reached 8.9 percent.

Adjusted EBITDA rose by 163 million US dollars to a record 800 million US dollars. The adjusted EBITDA margin, however, declined to 10.0 percent from 11.3 percent. On the October 28 earnings call, Chief Financial Officer Mark Jenkins attributed the margin pressure primarily to a higher-priced vehicle mix and customer benefits reflected in other gross profit per unit.

Management also pointed to higher fuel and logistics costs. At the same time, overhead expense per retail unit declined as the business scaled. Carvana said retail gross profit per unit improved year over year, while wholesale and other gross profit per unit faced pressure from rapid retail growth and lower customer financing rates relative to benchmarks.

Management signals a strong finish

Carvana expects retail units sold to increase sequentially in the fourth quarter, assuming market conditions remain stable. The company expects full-year adjusted EBITDA toward the upper end of its previously communicated range of 2.7 billion to 3.0 billion US dollars.

The outlook leaves investors focused on whether Carvana can maintain its exceptional unit growth while expanding production capacity and protecting margins. Chief Executive Officer Ernie Garcia said on the earnings call that the company is building toward annual sales of 3 million vehicles and a long-term adjusted EBITDA margin of 13.5 percent. Those objectives remain management targets rather than near-term guidance.

Carvana stock traded at 61.08 euros on Lang & Schwarz at 10:38 CET on Monday, November 2, 2026. Investors can follow the real-time quote of Carvana stock.

The broader S&P 500 market backdrop remains relevant for US-listed growth companies as investors weigh interest rates, consumer demand and valuation levels.

Carvana's next major operating update is expected with its fourth-quarter 2026 results. Until then, the central test for the Carvana stock news and analysis will be whether rising volume can translate into durable margin expansion.