Carvana (CVNA) FY2023 results: revenue $10.8 billion, down 20.8% on the year

Carvana Co. (CVNA) reported revenue of $10.8 billion for fiscal 2023, the year ended 31 December 2023, down 20.8% on the year before. Net income was $450 million, and diluted earnings per share $0.15. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$10.8 billion

-20.8% on the year

FY2016FY2023

Operating margin

-0.7%

-17.3% a year earlier

FY2016FY2023

Net income

$450 million

FY2016FY2023

Diluted EPS

$0.15

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	10,771	13,604	12,814	-20.8%
Cost of revenue	9,047	12,358	10,885	-26.8%
Gross profit	1,724	1,246	1,929	+38.4%
Gross margin	16.0%	9.2%	15.1%
Selling, general and administrative	1,796	2,736	2,033	-34.4%
Operating income	-80.0	-2,351	n/a
Operating margin	-0.7%	-17.3%	n/a
Interest expense	632	486	176	+30.0%
Income tax	25.0	1.0	1.0	+2,400.0%
Net income	450	-1,587	-135
Net margin	4.2%	-11.7%	-1.1%
Diluted EPS	$0.15	-$3.15	-$0.33

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	803	-1,324	-2,594
Capital expenditure	87.0	512	557	-83.0%
Free cash flow	716	-1,836	-3,151
Free cash flow margin	6.6%	-13.5%	-24.6%
Cash from investing	31.0	-2,583	-627
Cash from financing	-868	3,899	3,528
Share-based compensation	73.0	69.0	39.0	+5.8%
Diluted shares, weighted	1,003m	504m	414m	+98.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	243	-518	306
Non-controlling interest	-627	-535	219
Debt	6,273	8,309	5,413	-24.5%
Operating lease liabilities	433	507	361	-14.6%
Other liabilities	749	935	716	-19.9%
Total liabilities and equity	7,071	8,698	7,015	-18.7%
Goodwill	n/a	0.0	9.0
Intangible assets	52.0	70.0	4.0	-25.7%
Securities held for sale or to maturity	366	321	382	+14.0%
Cash and equivalents	530	434	403	+22.1%
Receivables	266	253	206	+5.1%
Inventory	1,150	1,876	3,149	-38.7%
Other assets	4,707	5,744	2,862	-18.1%
Total assets	7,071	8,698	7,015	-18.7%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.