Carvana ($CVNA): KMX 1Q25 vs CVNA 4Q24 (Research Note #21)
Analysis of Carvana's and CarMax's units and economics over time, through their latest earnings.
In advance of CVNA’s 1Q25 earnings releasing later today, I updated the CVNA vs KMX analysis with KMX’s latest numbers.
I will then update this analysis following CVNA’s earnings.
As a reminder, this CVNA Research Note compares and analyzes the units and economics between Carvana and CarMax over time, through their latest earnings.
KMX’s 1Q25-equivalent earnings, released on April 10, 2025.
CVNA’s 4Q24 earnings, released on Feb 19, 2025.
In general, the purpose of this Research Note is to be able to determine how well Carvana is doing in relation to CarMax under the many different components of their unit economics, and why (including areas where Carvana or CarMax is doing something fundamentally different).
It will be more insightful once this is updated with CVNA’s latest figures following earnings, to be able to more evenly compare the most recent results. However, this is also helpful for seeing KMX’s latest trends ahead of CVNA’s earnings today.