Carvana Co. - Ordinary Shares - Class A
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+ FollowMarket Cap$51.99B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Strong execution + accelerating scale (all record/major growth)
- Q3 results set new company records: retail units sold 217,385 (+39% YoY), revenue $8.04B (+42% YoY), GAAP operating income $714M (record), and adjusted EBITDA $800M (record).
- Profitability metrics scaled sharply: net income $483M (noting a one-time expense), with adjusted EBITDA margin ~10% (down vs. prior quarter/relative mix effects, but EBITDA dollars strong).
“Machine” momentum toward long-term targets
- Management framed progress toward ~3M units/year and 13.5% adjusted EBITDA margin.
- Operational run rates: first quarter over 200,000 sales, current unit run rate 870,000 (double vs. ~2 years ago); first quarter $8B revenue, revenue run rate $32B (more than double vs. ~2 years ago).
- Financial run rates: adjusted EBITDA run rate >$3B (almost double vs. ~2 years ago); net income run rate ~2B (almost double vs. ~2 years ago).
Guidance / outlook for the rest of 2026 (forecast)
- Expect sequential increase in retail units sold and adjusted EBITDA in Q4, assuming stable environment.
- Full-year 2026 outlook reiterated: adjusted EBITDA in the higher end of previously communicated $2.7B–$3.0B range.
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$-9.61
113.3% downside
Current Fair Value
113.3% downsideOvervalued by 113.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $51.99 Billion |
|---|---|
| Enterprise Value | $54.98 Billion |
| Earnings per Share | $2.04 |
| Beta | 3.55 |
| Outstanding Shares | 720,857,000 |
Return
| Return on Equity | 46.20% |
|---|---|
| Return on Assets | 12.79% |
| Return on Invested Capital | 19.55% |
Valuation & Multiples
| P/E Ratio | 22.19 |
|---|---|
| PEG | 24.28 |
| Price to Sales | 1.9 |
| Price to Book Ratio | 10.3 |
| Enterprise Value to Revenue | 2 |
| Enterprise Value to EBIT | 22.48 |
| Enterprise Value to Net Income | 29 |
| Total Debt to Enterprise | 0.1 |
| Debt to Equity | 1.4 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.42
Consensus analyst estimateRevenue Estimate
$7.32 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 17, 2027
EPS Estimate
$0.38
Consensus analyst estimateRevenue Estimate
$7.84 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.53, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.5262▼ 29.11% |
|---|---|
| Total Calls | 1,134,400▼ 98.46% |
| Total Puts | 596,900▼ 99.01% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.75%▼ 100.73% |
|---|---|
| Total Invested | $1.68B▼ 96.58% |
| Investors Holding | 249▼ 656.00% |
About Carvana Co.
CEO: Ernest Garcia
