Carvana Co. (NYSE:CVNA) , the US online used-car retailer, reported record third-quarter revenue of $8.04 billion, up 42% year over year, as retail vehicle sales rose 39% to a quarterly high of 217,385 units.
The company's stock jumped over 16% on Thursday morning in New York.
Net income increased by $220 million from a year earlier to $483 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached a record $800 million, up $163 million.
The company reported a net income margin of 6% and an adjusted EBITDA margin of 10%, alongside record operating income of $714 million, representing an operating margin of 8.9%.
Chief executive Ernie Garcia said Carvana had doubled the number of customers it serves over the past two years while continuing to improve its unit economics, expand vehicle selection, speed up deliveries and offer lower interest rates on customer loans.
The results highlight the company's continued expansion in the online used-car market, with revenue growth outpacing the increase in retail units sold during the quarter.
Carvana said its performance through September positioned it for a strong finish to 2026, provided market conditions remained stable.
The company expects retail vehicle sales to increase sequentially in the fourth quarter and adjusted EBITDA for the full year to reach the higher end of its previously announced range of $2.7 billion to $3 billion.
The outlook suggests Carvana expects to maintain its profitability momentum as it enters the final quarter of the year, although the company made its forecast conditional on a stable operating environment.
Garcia said the company was only beginning to realise the potential of its business model, following two years of rapid customer growth and continued improvements in its operations.
