Carvana Q4 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
- Oct 1 – Dec 31, 2025
- Reported
- Feb 18, 2026
Revenue$5.60B
+58% year over year
Gross profit$1.05B
19% margin
Operating profit$0.42B
8% margin
Net profit$0.86B
15% margin
Net profit is larger than what operations earned, because the statement adds $2.78B below it, under Tax benefit.
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 5.60 | 100% | +58% |
| Used vehicle sales | 4.16 | 74% | +63% |
| Wholesale sales & | 0.99 | 18% | +46% |
| Product & service other | 0.46 | 8% | +45% |
| Cost of revenue | −4.55 | 81% | |
| Gross profit | 1.05 | 19% margin | −3pp |
| SG&A | −0.63 | 11% | −3pp |
| Operating profit | 0.42 | 8% margin | +0pp |
| Interest & other costs | −2.35 | ||
| Tax benefit | 2.78 | ||
| Net profit | 0.86 | 15% margin | +13pp |
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