Carvana Q3 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
- Jul 1 – Sep 30, 2025
- Reported
- Oct 29, 2025
Revenue$5.65B
+55% year over year
Gross profit$1.15B
20% margin
Operating profit$0.55B
10% margin
Net profit$0.15B
3% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 5.65 | 100% | +55% |
| Used vehicle sales | 4.00 | 71% | +57% |
| Wholesale sales & | 1.18 | 21% | +50% |
| Product & service other | 0.47 | 8% | +45% |
| Cost of revenue | −4.50 | 80% | |
| Gross profit | 1.15 | 20% margin | −2pp |
| SG&A | −0.60 | 11% | −2pp |
| Operating profit | 0.55 | 10% margin | +1pp |
| Interest & other costs | −0.40 | ||
| Net profit | 0.15 | 3% margin | +0pp |
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