Carvana ($CVNA): 1Q25 Post-Earnings Analysis (Research Note #23)

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 1Q25 earnings (which was released on May 7, 2025).

The purpose 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, more recurring figures that require adjusting reported numbers, focus on debt / interest / CapEx, and more).

I will also be comparing these latest figures to CarMax soon.