Company Performance - Carvana reported quarterly earnings of $1.51 per share, exceeding the Zacks Consensus Estimate of $0.75 per share, and compared to a loss of $0.41 per share a year ago, representing an earnings surprise of 101.33% [1] - The company posted revenues of $4.23 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.70%, and up from $3.06 billion in the same quarter last year [2] - Carvana has surpassed consensus EPS estimates for four consecutive quarters and has also topped consensus revenue estimates four times over the last four quarters [2] Stock Performance - Carvana shares have increased approximately 27.3% since the beginning of the year, while the S&P 500 has declined by 4.7% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating expectations for it to outperform the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.96 on revenues of $4.31 billion, and for the current fiscal year, it is $3.67 on revenues of $17.2 billion [7] - The Internet - Commerce industry, to which Carvana belongs, is currently ranked in the top 31% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8]

Carvana (CVNA) Q1 2025 Earnings Call May 07, 2025 05:30 PM ET Company Participants Meg Kehan - Senior Director, Capital Markets & Investor RelationsErnie Garcia - President, Chief Executive Officer and ChairmanMark Jenkins - CFORonald Josey - Managing DirectorRajat Gupta - Executive Director, AutosJeff Lick - Managing Director & Equity Research - Consumer & Auto EcosystemDaniela Haigian - Vice President - Equity ResearchMarvin Fong - Director Conference Call Participants Brian Nagel - MD & Senior Analyst - ...

Carvana (CVNA) Q1 2025 Earnings Call May 07, 2025 05:30 PM ET Speaker0 afternoon, ladies and gentlemen, and thank you for joining us on Carvana's first quarter twenty twenty five earnings conference call. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website at investors.carvana.com. The first quarter shareholder letter is also posted on the IR website. Additionally, we posted a set of supplemental financial tables for Q1, which can be ...

Supplemental Financial Tables Q1 2025 May 2025 ©2025 Carvana, LLC Supplemental Financial Tables Over the last several years we reported three non-GAAP financial metrics to clearly demonstrate and highlight the most meaningful drivers within our business: Non-GAAP Gross Profit, Non-GAAP SG&A Expense, and Adjusted EBITDA. The Non-GAAP metrics presented in these tables do not represent and should not be considered an alternative to gross profit, SG&A expense, or net income (loss), as determined by U.S. GAAP. N ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-38073 CARVANA CO. (Exact name of registrant as specified in its charter) | Delaware | | | 81-4549921 | | --- | --- | --- | -- ...

Vehicles are seen on display at a Carvana dealership in Austin, Texas, on Feb. 20, 2023.DETROIT — Carvana's first-quarter results easily topped Wall Street's expectations as the company reported record sales driven by higher-than-expected industry demand amid fears of price increases due to automotive tariffs.Here's how the company performed in the first quarter, compared with average estimates compiled by LSEG:Earnings per share: $1.51 vs. 67 cents expectedRevenue: $4.23 billion vs. $3.98 billion expectedT ...

Exhibit 99.1 Dear Shareholders, The first quarter was another outstanding quarter for Carvana. We grew retail units sold 46% year-over-year to nearly 134,000, a new company record. This growth makes us the fastest growing automotive retailer by a large margin. Amongst the other public automotive retailers, the fastest same store unit growth was 6%. We more than doubled Net income and Adjusted EBITDA year-over-year to $373 million and $488 million, respectively, in the first quarter this year. This growth wa ...

Core Viewpoint - Carvana is expected to report first-quarter 2025 results with earnings estimated at 75 cents per share and revenues at $4.04 billion, reflecting a year-over-year revenue increase of 32% [1][2]. Financial Performance - The earnings estimate for Q1 2025 has increased by 2 cents over the past week, compared to a loss of 41 cents per share in the same quarter last year [2]. - The Zacks Consensus Estimate for 2025 revenues is projected at $17.20 billion, indicating a 25.8% year-over-year rise, while the EPS estimate is $3.67, suggesting a significant increase of 130.8% [4]. Sales and Growth - Carvana's used vehicle retail sales have returned to growth in Q1 2024, selling over 100,000 vehicles in each of the last three quarters of 2024, with a 50% year-over-year surge in retail units sold in Q4 2024 [6]. - The company anticipates a 32.6% year-over-year increase in retail units sold for Q1 2025, reaching approximately 121,868 vehicles [6]. Operational Efficiency - Carvana's adjusted EBITDA is estimated to rise by 85% year-over-year to $434.5 million for Q1 2025, driven by improved operational efficiency and cost-cutting measures [7]. - The company has streamlined operations through various initiatives, resulting in significant reductions in SG&A expenses [7]. Market Position and Valuation - Year-to-date, Carvana's shares have increased by 26%, outperforming competitors like CarMax and Sonic Automotive [8]. - Carvana trades at a forward 12-month P/S ratio of 2.97, significantly higher than CarMax (0.37) and Sonic Automotive (0.15), reflecting stronger growth expectations [11]. Strategic Initiatives - Carvana's turnaround strategy is yielding positive results, with a focus on achieving positive adjusted EBITDA and improved profitability per vehicle [14]. - The acquisition of ADESA's U.S. operations has strengthened Carvana's logistics and vehicle processing capabilities, positioning it for growth in a fragmented market [15]. Future Outlook - Despite economic challenges, Carvana's enhanced efficiency and strong fundamentals suggest a promising growth trajectory, with expectations of an earnings beat in the upcoming quarter [16].

Core Viewpoint - Carvana has experienced a significant recovery in its stock price since early 2023, rising over 5,000% from its lows in 2022, although it remains more than 30% below its all-time high [1][2]. Financial Recovery - Carvana faced severe financial challenges in 2022, with free cash flow reaching negative $3 billion annually due to overinvestment during a downturn in the automotive sector [4]. - The company implemented cost-cutting measures, including layoffs and reduced capital expenditures, which successfully returned it to a cash-flow-positive state by late 2023 [5]. - Revenue for 2024 grew by 27% to $13.7 billion, with a net income margin of 3% and positive free cash flow [6]. Growth Potential - In 2024, Carvana sold 416,000 vehicles, a 33% increase year-over-year, but this represents only about 1% of the 39 million used cars sold annually in the U.S. [8]. - The company has significant growth potential, as even selling 1 million to 5 million units annually would still be a small fraction of its total addressable market [9]. Valuation Considerations - Carvana's current market cap is $55 billion, with net debt of $4 billion, leading to an enterprise value of $59 billion [11]. - Management aims for adjusted EBITDA margins of at least 8%, but a more conservative estimate suggests a 5% net income margin could yield $685 million in net income based on current revenue [12][13]. - Future growth could see annual revenue surpassing $50 billion or even $100 billion if retail units sold increase significantly [13]. Investment Outlook - Much of the potential growth appears to be already priced into Carvana's stock, suggesting that it may be prudent to avoid adding the stock to investment portfolios at this time [14].

Core Viewpoint - Carvana (CVNA) is expected to report significant growth in quarterly earnings and revenues, with earnings per share projected at $0.73, a 278.1% increase year-over-year, and revenues forecasted at $4.04 billion, reflecting a 32% increase [1]. Earnings Projections - The consensus EPS estimate has been revised upward by 6.4% in the last 30 days, indicating analysts' reassessment of their initial projections [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Revenue Estimates - Analysts estimate 'Sales and operating revenues - Retail vehicle sales, net' to reach $2.88 billion, a year-over-year increase of 32.3% [5]. - 'Sales and operating revenues - Other sales and revenues' is expected to be $339.14 million, indicating a 48.1% year-over-year increase [5]. - The consensus for 'Sales and operating revenues - Wholesale sales and revenues' stands at $804.95 million, reflecting a 22.5% increase year-over-year [6]. Unit Sales and Profitability - Retail vehicle unit sales are projected to reach 129,401, up from 91,878 in the same quarter last year [6]. - The expected 'Per retail unit gross profit - Total' is $6,956.18, compared to $6,432 in the same quarter last year [6]. - 'Per retail unit gross profit - Retail vehicle' is estimated at $3,350.74, up from $3,080 year-over-year [7]. - 'Per retail unit gross profit - Wholesale' is projected at $851.09, slightly down from $860 in the previous year [7]. - 'Per retail unit gross profit - Other' is expected to be $2,732.90, compared to $2,492 last year [8]. Pricing and Market Metrics - The estimated 'Per unit selling prices - Retail vehicles' is $22,762.43, down from $23,673 year-over-year [9]. - 'Per unit selling prices - Wholesale vehicles' is forecasted to be $9,647.45, slightly up from $9,625 last year [9]. - The average prediction for 'Markets at end of period' is 316, unchanged from the same quarter last year [9]. Stock Performance - Carvana shares have increased by 38.6% over the past month, contrasting with a -0.5% change in the Zacks S&P 500 composite [10]. - With a Zacks Rank 2 (Buy), Carvana is expected to outperform the overall market in the near term [11].