Carvana annual operating margin
2022
2023
2024
2025
Carvana Operating Margin Growth & History (CVNA)
Carvana's operating margin was 9.26% for fiscal 2025.
View full Carvana company overviewCarvana annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 9.26% | +2.02 pp |
| 2024 | 2024-12-31 | 7.24% | +7.98 pp |
| 2023 | 2023-12-31 | −0.74% | +16.54 pp |
| 2022 | 2022-12-31 | −17.28% | — |
Carvana quarterly operating margin
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 9.22% | −1.34 pp |
| Q1 2026 | 2026-03-31 | 9.03% | −0.28 pp |
| Q4 2025 | 2025-12-31 | 7.57% | +0.24 pp |
| Q3 2025 | 2025-09-30 | 9.78% | +0.55 pp |
| Q2 2025 | 2025-06-30 | 10.56% | +2.96 pp |
| Q1 2025 | 2025-03-31 | 9.31% | +4.93 pp |
| Q4 2024 | 2024-12-31 | 7.33% | +8.90 pp |
| Q3 2024 | 2024-09-30 | 9.22% | +7.49 pp |
| Q2 2024 | 2024-06-30 | 7.60% | +6.18 pp |
| Q1 2024 | 2024-03-31 | 4.38% | +9.44 pp |
| Q4 2023 | 2023-12-31 | −1.57% | — |
| Q3 2023 | 2023-09-30 | 1.73% | — |
| Q2 2023 | 2023-06-30 | 1.42% | — |
| Q1 2023 | 2023-03-31 | −5.07% | — |
Carvana operating margin trends
Across the available reported history, Carvana's operating margin increased from 7.24% to 9.26%, a change of +2.02 percentage points. The latest reported quarter, Q2 2026, shows 9.22%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Carvana filings at SEC.gov ↗