Carvana Q2 2026 Earnings: Record Quarter, Tepid Outlook
Carvana Q2 2026 earnings showed record revenue, unit sales and adjusted EBITDA, but guidance trailed some analyst forecasts and rattled investors.
KEY TAKEAWAYS
- Record Q2: 197,325 retail vehicles, $7.4B revenue and $769 million adjusted EBITDA.
- Full-year adjusted EBITDA guidance set at $2.7B–$3.0B, below several analyst forecasts.
- Gross profit per unit was $7,014, down $412 year over year and signaling per-unit pressure.
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Carvana (CVNA) reported record revenue, vehicle sales, and adjusted EBITDA for the second quarter of 2026 in a press release on July 29. Despite the strong results, shares declined after management set full-year adjusted EBITDA guidance below several analyst forecasts and highlighted weaker per-vehicle economics.
Record Second-Quarter Results
For the quarter ended June 30, 2026, Carvana sold 197,325 retail vehicles, a 38.0% increase year over year. Total revenue rose about 52.4% to $7.38 billion. Adjusted EBITDA reached a record $769 million, representing a margin near 10.4%. GAAP operating income hit $680 million, also a record, while GAAP net income rose $205 million to $513 million. Adjusted earnings per share were $0.42, and total gross profit increased roughly 30.0% year over year to $1.4 billion.
Return on equity approached the mid-40% range, and net margin was in the mid-single digits. The company’s market capitalization reflected a multibillion-dollar valuation amid rapid growth.
Guidance and Unit Economics
Carvana set full-year adjusted EBITDA guidance at $2.7 billion to $3.0 billion for 2026, above the $2.2 billion reported in 2025 but below several analyst forecasts and a compiled consensus near $3.0 billion. The company generated about $1.4 billion of adjusted EBITDA in the first half, including the quarterly figure, implying second-half adjusted EBITDA roughly flat to modestly higher than the first half.
Management said the outlook assumes a stable operating environment and noted that the annualized adjusted EBITDA run-rate exceeded $3.0 billion for the first time. Gross profit per unit was $7,014 per retail vehicle, down $412 year over year but up $231 sequentially, a roughly 6.0% decline that signals pressure on per-vehicle profitability. The company expects retail unit sales to rise sequentially in the third quarter.
Shares fell sharply after the release as investors focused on the cautious guidance and signs of weakening per-unit economics despite the record quarter. The contrast between strong volume and profitability and a conservative full-year outlook highlights scrutiny on second-half execution and the pace of margin recovery per vehicle.
