Carvana: 4Q25 Post-Earnings Analysis
Focuses on the latest QoQ and YoY changes, with visuals / metrics / summaries not readily available elsewhere.
The following Research Note analyzes Carvana’s latest results, from their 4Q25 earnings (which were released on February 18, 2026, with some follow-up commentary on March 2 that is included in this report).
The purpose of this analysis is to:
Focus on the latest QoQ and YoY changes.
Create visuals / metrics / summaries not readily available within Carvana’s reporting / supplemental tables or from other sources.
Such as incremental profit per retail unit which is insightful.
Recurring figures that require adjusting reported numbers.
Attention to debt, interest, CapEx.
Changes and trends of components of GPU, SG&A, DA.
and more.
I will also be comparing these latest figures to CarMax soon.
The Full PDF Report
New this quarter is the following 62-page slide deck covering 4Q25, with graphs and tables on the following:
Adj EBITDA: Adj EBITDA per retail unit, margins, recurring adj EBITDA, total adj EBITDA, and QoQ and YoY comparisons on a GAAP and non-GAAP basis.
Incremental Profit: In total and on a per retail unit basis, by separating out the overhead and advertising costs (as well as wholesale marketplace EBITDA from ADESA).
Interest, CapEx, and Debt: Comparisons of interest / CapEx / debt to adj EBITDA, net debt trends, and leverage ratios.
Total GPU vs SG&A: As-report and on a recurring basis.
Components of Total GPU: Retail GPU, reconditioning costs, wholesale GPU, other / finance GPU, and finance GPU adjusted for loan-sale timing.
SG&A: Total SG&A, SG&A per retail unit, and advertising expenses.
DA and SBC: Total depreciation and amortization, DA per retail unit, DA by retail / wholesale / marketplace / SG&A, and total stock based comp and on a per unit basis.
Units: Retail unit trends, and YoY and QoQ growth rates.
Summaries: YoY and QoQ changes, both on GAAP and non-GAAP basis.
Enjoy.