Carvana stock rises 1.04% as margin pressure sharpens Q3 test

Carvana stock traded at 66.99 euros on Lang & Schwarz at 16:42 CET on Monday, November 9, 2026, 1.04 percent above the 66.30-euro quote in the latest report at 12:48 CET the same day. The move qualifies as a fresh market development, while the operating debate remains focused on whether rapid growth can protect margins.

Record scale, softer unit economics

Carvana sold 217,385 retail vehicles in the third quarter ended September 30, up 39 percent from a year earlier, while revenue increased 42 percent to 8.04 billion US dollars. Adjusted EBITDA reached a record 800 million US dollars, compared with 637 million US dollars a year earlier, according to the Business Wire release carried by Yahoo Finance.

The stronger absolute result came with a lower adjusted EBITDA margin of 10.0 percent, down from 11.3 percent in the prior-year quarter. Adjusted EBITDA per vehicle fell to about 3,680 US dollars from 4,085 US dollars, while other gross profit per vehicle also declined, increasing the importance of pricing, financing conditions and operating efficiency.

Next tests move into year-end

Management expects retail unit sales to increase sequentially in the fourth quarter if market conditions remain stable. Full-year adjusted EBITDA is expected toward the higher end of the previously communicated 2.7 billion to 3.0 billion US dollar range.

The February earnings report will offer the next major test of profit per vehicle and whether Carvana can convert its expanding scale into durable earnings growth. A one-time 53 million US dollar pretax expense for the early redemption of senior secured notes reduced third-quarter net income, although net income still reached 483 million US dollars.

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