Carvana (CVNA) earnings Q2 2026

Key Points:

• Carvana's shares dropped over 20% in after-hours trading following its full-year guidance, which fell short of Wall Street expectations, before recovering slightly to a 15% decline prior to its earnings call.
• The company projected earnings between $2.7 billion and $3 billion for the year, below analyst forecasts ranging from $3 billion to $4.45 billion, indicating a flat second half compared to the first six months.
• Carvana reported strong second-quarter results with $513 million in net income, $7.38 billion in revenue, and a 38% increase in vehicle sales to 197,325 units, marking its 10th consecutive quarter of industry-leading growth and profitability.
• CEO Ernie Garcia emphasized the company's long-term growth strategy, targeting 3 million cars sold annually and a 13.5% adjusted EBITDA margin by 2030-2035, while noting Carvana's current market share remains small, signaling significant expansion potential.
• Despite a slight decline in adjusted margin to 10.4% due to expansion efforts, Carvana expects sequential growth in retail unit sales in the third quarter and continues to diversify through new vehicle sales via Stellantis dealerships.