Carvana’s Q3 earnings beat, but over 100% of net income came from loan sales, with rising subprime risks. Read why CVNA stock is downgraded to hold.

Carvana announces third-quarter financial results on Wednesday after the close. Here's what you need to know from the used car retailer's report.

Used car e-retailer Carvana CVNA reported third-quarter earnings of $1.03 per share, which lagged the Zacks Consensus Estimate of $1.33 per share but rose from the year-ago quarter’s earnings of 64 cents per share.

Q3 2025 Highlights In Q3 2025, Carvana sold 155,941 retail units (+44% YoY) for total Revenue of $5.647 billion (+55% YoY), both all-time quarterly records. This growth was paired with industry-leading Q3 profitability, including:

Carvana's rapid revenue and EPS growth justify its premium valuation, despite trading at a forward P/E nearly 3x higher than peers. Q2 2025 delivered record performance: 42% revenue growth, 41% increase in retail vehicles sold, and a record net margin of 6.4%.

Morgan Stanley slashes its price target on CarMax shares but sees upside despite competition from Carvana Morgan Stanley sees "investor capitulation" on display as CarMax and Carvana shares have differed this year. CarMax Inc.'s recent profit miss and the ...

Carvana’s growing list of combined auction-reconditioning facilities will soon include one in the New York area. The online used-car retailer said it’s adding an inspection and reconditioning center to ADESA Long Island in Yaphank, N.Y. — the 10th ...