Carvana (NYSE: CVNA) Q2 Earnings: Record Sales Offset by Guidance Concerns

• Strong Q2 Performance: Carvana exceeded analyst estimates for earnings per share and revenue, supported by substantial growth in retail vehicle sales.
• Stock Declines Despite Record Results: Carvana shares fell sharply in after-hours trading as investors focused on the company’s outlook rather than its strong second-quarter performance.
• Adjusted EBITDA Guidance Disappoints: Carvana projected full-year adjusted EBITDA of $2.7 billion to $3.0 billion, below some analysts’ expectations.

Carvana Co. (NYSE: CVNA) operates an e-commerce platform through which customers can buy, sell, finance, and trade vehicles online. The company reported record second-quarter revenue and retail unit sales, although its full-year profitability outlook disappointed some investors.

On July 29, 2026, Carvana reported earnings per share (EPS) of $0.42, exceeding the analyst estimate of $0.38. Quarterly revenue reached $7.38 billion, surpassing the consensus estimate of approximately $6.86 billion and increasing 52% year over year.

The company sold a record 197,325 retail vehicles during the quarter, representing year-over-year growth of 38%. Carvana also reported record second-quarter net income of $513 million and adjusted EBITDA of $769 million, up $205 million and $168 million, respectively, from the same period a year earlier.

Despite these strong results, Carvana shares fell approximately 16% in after-hours trading. The decline indicated that investors were more concerned about the company’s future profitability outlook than its second-quarter revenue growth.

Carvana expects full-year 2026 adjusted EBITDA—not total earnings—to range from $2.7 billion to $3.0 billion. The midpoint of $2.85 billion was below some analysts’ expectations, contributing to the negative market reaction. The company nevertheless expects retail unit sales to increase sequentially in the third quarter, assuming a stable operating environment.

Carvana recently had a current ratio of 4.09, indicating that its reported current assets were approximately four times its current liabilities. Its debt-to-equity ratio was about 1.49, reflecting the company’s continued use of financial leverage. These ratios should be considered alongside Carvana’s debt obligations, cash flow, and the composition of its current assets rather than viewed independently as proof of financial stability.