Carvana (CVNA) FY2024 results: revenue $13.7 billion, up 26.9% on the year

Carvana Co. (CVNA) reported revenue of $13.7 billion for fiscal 2024, the year ended 31 December 2024, up 26.9% on the year before. Net income was $210 million, down 53.3%, and diluted earnings per share $0.32. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue

$13.7 billion

+26.9% on the year

FY2017FY2024

Operating margin

7.2%

-0.7% a year earlier

FY2017FY2024

Net income

$210 million

-53.3% on the year

FY2017FY2024

Diluted EPS

$0.32

+112.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	13,673	10,771	13,604	+26.9%
Cost of revenue	10,797	9,047	12,358	+19.3%
Gross profit	2,876	1,724	1,246	+66.8%
Gross margin	21.0%	16.0%	9.2%
Selling, general and administrative	1,874	1,796	2,736	+4.3%
Operating income	990	-80.0	-2,351
Operating margin	7.2%	-0.7%	-17.3%
Interest expense	651	632	486	+3.0%
Income tax	-4.0	25.0	1.0
Net income	210	450	-1,587	-53.3%
Net margin	1.5%	4.2%	-11.7%
Diluted EPS	$0.32	$0.15	-$3.15	+112.0%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	918	803	-1,324	+14.3%
Capital expenditure	91.0	87.0	512	+4.6%
Free cash flow	827	716	-1,836	+15.5%
Free cash flow margin	6.0%	6.6%	-13.5%
Cash from investing	-13.0	31.0	-2,583
Cash from financing	261	-868	3,899
Share-based compensation	91.0	73.0	69.0	+24.7%
Diluted shares, weighted	661m	1,003m	504m	-34.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,260	243	-518	+418.5%
Non-controlling interest	115	-627	-535
Debt	5,632	6,273	8,309	-10.2%
Operating lease liabilities	414	433	507	-4.4%
Other liabilities	1,063	749	935	+41.9%
Total liabilities and equity	8,484	7,071	8,698	+20.0%
Goodwill	0.0	n/a	0.0
Intangible assets	34.0	52.0	70.0	-34.6%
Securities held for sale or to maturity	464	366	321	+26.8%
Cash and equivalents	1,716	530	434	+223.8%
Receivables	303	266	253	+13.9%
Inventory	1,608	1,150	1,876	+39.8%
Other assets	4,359	4,707	5,744	-7.4%
Total assets	8,484	7,071	8,698	+20.0%

10-K for the year ended 31 December 2024, filed 19 February 2025: the filing.