What's Behind Carvana's Record Adjusted EBITDA Margin in Q2?

Key Takeaways Carvana hit a 12.4% adjusted EBITDA margin in Q2, the highest among listed auto retailers.Higher retail gross profit per unit and lower SG&A expenses boosted Carvana's profitability.Vertically integrated operations and 41% growth in retail units sold supported margin gains.Used vehicle e-retailer Carvana Inc. (CVNA) delivered a record adjusted EBITDA margin of 12.4% in the second quarter of 2025. In fact, it is currently the most profitable publicly listed auto retailer in terms of adjusted EB ...