Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Checkout extras match most of the operating profit
A line worth 7.4% of revenue has no cost of sales, so each car's economics lean on its loan and add-ons.
For investorsWhat Carvana's profit engine depends on from here
For foundersOwning the loan, not just the sale
The gap came from smaller charges outside the car business, a gain that does not scale with volume the way sales do.
Revenue rose by half over three years while gross margin more than doubled, so the turnaround came from each sale, not volume.
Overhead per car sold fell while retail units rose 39.4%, the operating leverage the filing expects from its centralised model.
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Business Lens describes Carvana from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
