In an aerial view, a sign is displayed outside a Carvana car vending machine on July 19, 2023 in Daly City, California.
Justin Sullivan | Getty Images
Actions of Carvana surged as much as 10% in extended trading after the company reported record first-quarter results that beat Wall Street expectations.
Here’s the company’s first-quarter performance, compared to average estimates compiled by LSEG:
- Earnings per share: $1.69 versus $1.43 expected
- Income: $6.43 billion versus $6.08 billion expected
The online used car retailer reported adjusted earnings before interest, taxes, depreciation and amortization of $672 million and net income of $405 million, up from $373 million a year earlier.
Carvana reported retail sales of 187,393 units, an increase of 40% from the previous year. Its revenue was $6.43 billion, up 52% from last year.
The company does not issue annual guidance, but said it expects a sequential increase in retail units sold and adjusted EBITDA. during the second quarter, which led to unprecedented records for the company on these two indicators.
Shares of Carvana, which has a market cap of about $87 billion, are down 6% in 2026 but are up about 63% over the past year.