Carvana's third quarter revenue of $8.0B beat estimates as retail units reached record highs

Carvana reported record-breaking third quarter 2026 results, exceeding revenue and unit growth expectations while missing on diluted EPS. The company achieved a new milestone by selling over 217,000 retail units, a 39% increase year-over-year, significantly outperforming a flat broader automotive industry.

Key Highlights

• Retail units sold reached an all-time high of 217,385, marking eight consecutive quarters of ~40% growth and doubling the business scale since 2024.
• GAAP Total Gross Profit per Unit (GPU) was $6,997, a decrease of $365 year-over-year, driven by voluntary customer interest rate concessions and higher fuel prices.
• Management projects full-year 2026 Adjusted EBITDA will land at the high end of the previously communicated $2.7 billion to $3.0 billion range.
• The company currently maintains reconditioning capacity for 1.5 million annual units and has secured real estate to support a long-term goal of 3 million units.