Carvana (CVNA) has demonstrated significant growth across key financial and operational metrics throughout 2024 and into 2025, according to recent SEC filings. The company has consistently reported strong year-over-year increases in retail units sold, revenue, and profitability.
Key Growth Highlights:
- Retail Unit Growth: Carvana has shown robust expansion in its core business. In Q3 2025, retail units sold increased by 44% year-over-year to 155,941 units. This follows strong growth of 41% in Q2 2025 and 46% in Q1 2025. For the full year 2024, the company reported a 33% increase in retail units sold, totaling 416,348 units.1
- Revenue Expansion: Revenue growth has been substantial, outpacing unit growth in some periods due to factors like higher average selling prices. Q3 2025 saw a 55% year-over-year revenue increase to $5.647 billion, pushing Carvana's annual revenue run rate past $20 billion for the first time. Revenue grew 42% in Q2 2025 and 38% in Q1 2025. Full year 2024 revenue reached $13.67 billion, up 27% from the prior year.1
- Profitability Improvement: Beyond top-line growth, Carvana has also significantly improved its profitability. Net income for Q3 2025 was $263 million, a 78% increase year-over-year, with a net income margin of 4.7%—more than double the industry average. Adjusted EBITDA also saw substantial gains, reaching $637 million in Q3 2025, up 48% year-over-year. The company stated it became the most profitable public automotive retailer in US history by Adjusted EBITDA margin in 2024.1
- Future Outlook: Management anticipates continued significant growth in both retail units sold and Adjusted EBITDA for the full year 2025. Carvana has also set an ambitious long-term objective to sell 3 million retail units annually with a 13.5% Adjusted EBITDA margin within the next 5-10 years.2
These figures suggest that Carvana is indeed in a period of significant growth, driven by increasing sales volume and improved operational efficiency.
