Carvana (CVNA) - 2025 Q3 - Quarterly Results

Dear Shareholders, The third quarter was another exceptional quarter for Carvana. We still have significant fixed cost leverage opportunities that we expect to achieve consistently over time as we grow. We are still investing in foundational capabilities that strengthen, differentiate, and further vertically integrate our business, deepening our competitive moats. We still have significant capacity for growth and positive feedback that we are investing in and unlocking now. We currently have inspection and ...