Carvana ($CVNA): KMX vs CVNA 1Q25 (Research Note #24)
Analysis of Carvana's and CarMax's units and economics over time, through their latest earnings.
Following CVNA’s 1Q25 earnings, I updated the CVNA vs KMX analysis with the latest numbers.
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 1Q25 earnings, released on May 7, 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).