On October 30, 2024, Carvana Co. released its financial results for the third quarter ended September 30, 2024. The announcement was made through a shareholder letter and a press release. Carvana, a leading e-commerce platform for buying and selling used cars, reported record financial performance with a net income of $148 million and a net income margin of 4.0%. The company's operating income reached $337 million, and adjusted EBITDA was $429 million, translating to an 11.7% adjusted EBITDA margin. These results were achieved alongside a significant year-over-year growth of 34%, with the company holding a 1% market share. Carvana attributes its success to a differentiated business model and a focus on customer experience, financial performance, and growth. The company also highlighted the integration benefits from its acquisition...Show More

On October 30, 2024, Carvana Co. released its financial results for the third quarter ended September 30, 2024. The announcement was made through a shareholder letter and a press release. Carvana, a leading e-commerce platform for buying and selling used cars, reported record financial performance with a net income of $148 million and a net income margin of 4.0%. The company's operating income reached $337 million, and adjusted EBITDA was $429 million, translating to an 11.7% adjusted EBITDA margin. These results were achieved alongside a significant year-over-year growth of 34%, with the company holding a 1% market share. Carvana attributes its success to a differentiated business model and a focus on customer experience, financial performance, and growth. The company also highlighted the integration benefits from its acquisition of ADESA, which is expected to drive further growth and efficiency. Carvana's retail units sold totaled 108,651, a 34% increase, with revenue at $3.655 billion, up by 32%. Total gross profit was $807 million, with a per-unit increase of $1,475. The company's outlook for the fourth quarter of 2024 remains positive, expecting a sequential increase in year-over-year growth rate in retail units sold and adjusted EBITDA significantly above the high end of the previously communicated range of $1.0 to $1.2 billion for the full year.