Carvana Q2 FY25: where the revenue came from and where it went
The whole income statement of Carvana for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Apr 1 – Jun 30, 2025
- Reported
- Jul 30, 2025
Revenue$4.84B
+42% year over year
Gross profit$1.06B
22% margin
Operating profit$0.51B
11% margin
Net profit$0.18B
4% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 4.84 | 100% | +42% |
| Used vehicle sales | 3.41 | 70% | +41% |
| Wholesale sales & | 1.02 | 21% | +42% |
| Product & service other | 0.41 | 9% | +47% |
| Cost of revenue | −3.78 | 78% | |
| Gross profit | 1.06 | 22% margin | +1pp |
| SG&A | −0.55 | 11% | −2pp |
| Operating profit | 0.51 | 11% margin | +3pp |
| Interest & other costs | −0.33 | ||
| Net profit | 0.18 | 4% margin | +3pp |
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