--- title: "Carvana: Metrics Guide" description: "Carvana revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/carvana/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Carvana: Financial & Operating Metrics Guide ## Direct Answer Carvana reported revenue of $20.3 billion for the fiscal year ended December 31, 2025, with an operating margin of 9.3% and net income of $1.4 billion, according to its SEC filings. Revenue grew 48.6% from the prior year. ## What Are Carvana's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $20.3 billion | $13.7 billion | $10.8 billion | $13.6 billion | | Operating income | $1.9 billion | $990 million | -$80 million | -$2.4 billion | | Operating margin | 9.3% | 7.2% | -0.7% | -17.3% | | Net income | $1.4 billion | $210 million | $450 million | -$1.6 billion | | Net margin | 6.9% | 1.5% | 4.2% | -11.7% | | Operating cash flow | $1.0 billion | $918 million | $803 million | -$1.3 billion | | Capital expenditures | $147 million | $91 million | $87 million | $512 million | | Free cash flow | $889 million | $827 million | $716 million | -$1.8 billion | Operating margin widened by 2.0 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was $889 million against net income of $1.4 billion; cash generation fell short of reported earnings, which is worth reconciling in the cash flow statement. ![Bar chart of Carvana revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $20.3 billion, operating income $1.9 billion and net income $1.4 billion.](https://www.getswoopr.com/images/charts/carvana-metrics-revenue-profit.webp) *Carvana revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of Carvana operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 9.3% and net margin was 6.9%.](https://www.getswoopr.com/images/charts/carvana-metrics-margins.webp) *Carvana operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of Carvana operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $1.0 billion, capital expenditures was $147 million, free cash flow was $889 million.](https://www.getswoopr.com/images/charts/carvana-metrics-cash-flow.webp) *Carvana operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does Carvana's Balance Sheet Show? | Cash and cash equivalents | $2.3 billion | | --- | --- | | Long-term debt | $4.8 billion | | Total assets | $13.2 billion | | Total liabilities | $9.0 billion | | Shareholders' equity | $3.4 billion | | Current ratio | 4.3x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value Carvana reported in its own SEC filings, read from the SEC's XBRL data (accession 0001690820-26-000009 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was Carvana's revenue in fiscal 2025? Carvana reported revenue of $20.3 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is Carvana's operating margin? Carvana's operating margin was 9.3% in fiscal 2025: operating income of $1.9 billion on revenue of $20.3 billion. ### How much free cash flow did Carvana generate? Operating cash flow of $1.0 billion less capital expenditures of $147 million gives free cash flow of $889 million for fiscal 2025. ## 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) ## 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/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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