---
title: "Carvana: Business Model & Revenue Engine"
description: "Carvana revenue by product line from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/carvana/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Carvana: Business Model & Revenue Engine



## Direct Answer

Carvana reports revenue across 3 product and service lines in its fiscal 2025 Form 10-K. Used Vehicle Sales is the largest, with $14.5 billion of revenue (72% of the total), followed by Wholesale Sales and Revenues at $4.1 billion (20%).

## How Does Carvana Make Money?

Used Vehicle Sales supplies 72% of revenue, so Carvana's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Product and Service Other grew fastest (+50.6%) and Wholesale Sales and Revenues slowest (+42.6%), so the revenue mix tilts toward Product and Service Other while that gap lasts.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Used Vehicle Sales | $14.5 billion | $9.7 billion | 71.5% | 50.2% |
| Wholesale Sales and Revenues | $4.1 billion | $2.8 billion | 19.9% | 42.6% |
| Product and Service Other | $1.7 billion | $1.2 billion | 8.5% | 50.6% |

![Bar chart of Carvana revenue by product line for fiscal 2025: Used Vehicle Sales 71.5%, Wholesale Sales and Revenues 19.9%, Product and Service Other 8.5%.](https://www.getswoopr.com/images/charts/carvana-business-model-segment-mix.webp)
*Carvana revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 100% of Carvana's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Carvana reported in the segment note and revenue disclosures of its Form 10-K filed February 18, 2026 (accession 0001690820-26-000009), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Carvana's main products and services?

In its fiscal 2025 Form 10-K, Carvana reports revenue for Used Vehicle Sales, Wholesale Sales and Revenues and Product and Service Other.

### Which part of Carvana brings in the most revenue?

Used Vehicle Sales, with $14.5 billion of revenue in fiscal 2025, or 72% of the total.

### Where does Carvana report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 18, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: CARVANA CO. Form 10-K filed February 18, 2026](https://www.sec.gov/Archives/edgar/data/1690820/000169082026000009/cvna-20251231.htm)
- [SEC EDGAR: CARVANA CO. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1690820&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Carvana company dossier](https://www.getswoopr.com/stocks/companies/carvana/)
- [Carvana financial metrics](https://www.getswoopr.com/stocks/companies/carvana/metrics/)
- [Carvana financial risk indicators](https://www.getswoopr.com/stocks/companies/carvana/risks/)
- [Carvana peer comparison](https://www.getswoopr.com/stocks/companies/carvana/competitors/)
- [Carvana business model and revenue mix](https://www.getswoopr.com/stocks/companies/carvana/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)





**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**



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