Carvana (CVNA) FY2022 results: revenue $13.6 billion, up 6.2% on the year

Carvana Co. (CVNA) reported revenue of $13.6 billion for fiscal 2022, the year ended 31 December 2022, up 6.2% on the year before. Net income was -$1.6 billion, and diluted earnings per share $-3.15. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$13.6 billion

+6.2% on the year

FY2015FY2022

Operating margin

-17.3%

FY2015FY2022

Net income

-$1.6 billion

FY2015FY2022

Diluted EPS

-$3.15

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	13,604	12,814	5,587	+6.2%
Cost of revenue	12,358	10,885	4,793	+13.5%
Gross profit	1,246	1,929	794	-35.4%
Gross margin	9.2%	15.1%	14.2%
Selling, general and administrative	2,736	2,033	1,126	+34.6%
Operating income	-2,351	n/a	n/a
Operating margin	-17.3%	n/a	n/a
Interest expense	486	176	131	+176.1%
Income tax	1.0	1.0	0.0	0.0%
Net income	-1,587	-135	-171
Net margin	-11.7%	-1.1%	-3.1%
Diluted EPS	-$3.15	-$0.33	-$0.53

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-1,324	-2,594	-608
Capital expenditure	512	557	360	-8.1%
Free cash flow	-1,836	-3,151	-968
Free cash flow margin	-13.5%	-24.6%	-17.3%
Cash from investing	-2,583	-627	-346
Cash from financing	3,899	3,528	1,165	+10.5%
Share-based compensation	69.0	39.0	25.0	+76.9%
Diluted shares, weighted	504m	414m	325m	+21.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	-518	306	388
Non-controlling interest	-535	219	414
Debt	8,309	5,413	1,722	+53.5%
Operating lease liabilities	507	361	148	+40.4%
Other liabilities	935	716	363	+30.6%
Total liabilities and equity	8,698	7,015	3,035	+24.0%
Goodwill	0.0	9.0	9.0
Intangible assets	70.0	4.0	6.0	+1,650.0%
Securities held for sale or to maturity	321	382	131	-16.0%
Cash and equivalents	434	403	301	+7.7%
Receivables	253	206	79.0	+22.8%
Inventory	1,876	3,149	1,036	-40.4%
Other assets	5,744	2,862	1,472	+100.7%
Total assets	8,698	7,015	3,035	+24.0%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.