Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $365M | $859M | $1.96B | $3.94B | $5.59B | $12.8B | $13.6B | $10.8B | $13.7B | $20.3B |
| Revenue growth | — | 135.2% | 127.7% | 101.5% | 41.8% | 129.4% | 6.2% | -20.8% | 26.9% | 48.6% |
| Gross profit | $19.2M | $68.1M | $197M | $507M | $794M | $1.93B | $1.25B | $1.72B | $2.88B | $4.19B |
| Gross margin | 5.3% | 7.9% | 10.1% | 12.9% | 14.2% | 15.1% | 9.2% | 16.0% | 21.0% | 20.6% |
| Operating income | — | — | — | — | — | — | -$2.35B | -$80.0M | $990M | $1.88B |
| Operating margin | — | — | — | — | — | — | -17.3% | -0.7% | 7.2% | 9.3% |
| Net income | -$93.1M | -$62.8M | -$55.5M | -$115M | -$171M | -$135M | -$1.59B | $450M | $210M | $1.41B |
| Net margin | -25.5% | -7.3% | -2.8% | -2.9% | -3.1% | -1.1% | -11.7% | 4.2% | 1.5% | 6.9% |
| EPS (diluted) | — | — | — | -$2.45 | -$2.63 | -$1.63 | -$15.74 | $0.75 | $1.59 | $8.45 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$240M | -$200M | -$414M | -$757M | -$608M | -$2.59B | -$1.32B | $803M | $918M | $1.04B |
| Capital expenditures | $39.5M | $78.5M | $144M | $231M | $360M | $557M | $512M | $87.0M | $91.0M | $147M |
| Free cash flow | -$280M | -$278M | -$558M | -$988M | -$968M | -$3.15B | -$1.84B | $716M | $827M | $889M |
| Dividends paid | $0.00 | $0.00 | $4.62M | — | — | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $39.2M | $173M | $78.9M | $76.0M | $301M | $403M | $434M | $530M | $1.72B | $2.33B |
| Total assets | $336M | $641M | $991M | $2.06B | $3.04B | $7.01B | $8.70B | $7.07B | $8.48B | $13.2B |
| Total liabilities | $201M | $362M | $764M | $1.87B | $2.23B | $6.49B | $9.75B | $7.46B | $7.11B | $9.00B |
| Long-term debt | — | — | $425M | $883M | $1.62B | $3.21B | $6.57B | $5.42B | $5.26B | $4.83B |
| Shareholders' equity | — | $126M | $79.7M | $98.1M | $388M | $306M | -$518M | $243M | $1.26B | $3.44B |
| Retained earnings | — | -$12.9M | -$68.4M | -$183M | -$354M | -$489M | -$2.08B | -$1.63B | -$1.42B | -$9.00M |
| Shares (wtd avg diluted) | — | — | — | 46.8M | 65.0M | 82.8M | 101M | 201M | 132M | 224M |
Every figure is extracted from CARVANA CO.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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