Swanson Investment Research

Carvana: 4Q25 Post-Earnings Analysis

Focuses on the latest QoQ and YoY changes, with visuals / metrics / summaries not readily available elsewhere.

Mar 5 • Austin Swanson

2

CDLX Report: 3.1.2026

New and returning advertisers, and updated WoW, QoQ, and YoY numbers.

Mar 1 • Austin Swanson

3

February 2026

CDLX Report: 2.22.2026

Multiple new advertisers, and updated WoW, QoQ, and YoY numbers.

Feb 22 • Austin Swanson

2

CDLX Report: 2.15.2026

Updated WoW, QoQ, and YoY numbers.

Feb 15 • Austin Swanson

Carvana: Dissecting the Gotham Short Report

A detailed review of Gotham's principal claims on DriveTime's results and leverage, Carvana's gain on loan sales and servicing fees, SilverRock's…

Feb 12 • Austin Swanson

11

4

1

CDLX Report: 2.8.2026

Updated WoW, QoQ, and YoY numbers.

Feb 8 • Austin Swanson

2

CDLX Report: 2.1.2026

Updated WoW, QoQ, and YoY numbers.

Feb 2 • Austin Swanson

4

January 2026

CDLX Report: 1.25.2026

CDLX sells Bridg to PAR, and updated WoW, QoQ, and YoY numbers.

Jan 26 • Austin Swanson

3

CDLX Report: 1.18.2026

BofA's new user experience is live, and updated WoW, QoQ, and YoY numbers.

Jan 19 • Austin Swanson

3

CDLX Report: 1.11.2026

Updated WoW, QoQ, and YoY numbers, plus improvements to the full PDF report.

Jan 12 • Austin Swanson

3

CDLX Report: 1.4.2026

Significant changes in WoW, QoQ, and YoY numbers.

Jan 5 • Austin Swanson

3

December 2025

CVNA 3Q25 vs KMX 4Q25

Analysis of Carvana's and CarMax's units and economics over time, through their latest earnings.

Dec 30, 2025 • Austin Swanson

3