NYSE$CVNA
Carvana Co · Q2 2021 earnings
Q2 2021 earnings · · Investor relations
Briefing
Carvana achieved record retail unit sales, revenue, gross profit per unit, and EBITDA margin, marking its first quarter of positive net income.
Carvana reported a landmark quarter with record retail unit sales of 107,815, revenue of $3.3 billion, and a total gross profit per unit of $5,120. The company achieved its first quarter of positive net income at $45 million and a record EBITDA margin of 3.4%.
- Retail units sold reached 107,815, a 96% year-over-year increase.
- Revenue increased by 198% year-over-year to $3.336 billion.
- Total gross profit was $552 million, a 268% increase year-over-year.
- Net income was $45 million, a significant improvement from a net loss of $106 million in the same quarter last year.
Headline financials
Revenue & EPS history
Carvana · Revenue · Quarterly
$3.34B
Forward guidance
Carvana expects continued exceptional demand with retail units sold governed primarily by operational capacity. Revenue growth is expected to align more closely with retail unit growth. Total GPU is expected to be over $4,000 for the full year, with a seasonal pattern of Q3 higher than Q4. The company plans to continue investing in the business, leading to a typical seasonal pattern with SG&A per retail unit sold rising sequentially in Q3 and Q4 and close to breakeven EBITDA margin for the full year.
Tailwinds
- Exceptional demand and expect retail units sold to be governed primarily by our operational capacity.
- Expect revenue growth to be more closely aligned with retail unit growth
- Expect total GPU over $4,000 for the full year, significantly above our mid-$3,000s outlook at the beginning of the year and marking our eighth consecutive year of substantial gains.
- Expect to see a seasonal pattern in total GPU in the second half, with Q3 higher than Q4.
- believe our path to becoming the largest and most profitable retailer has never been clearer.
Headwinds
- We continue to see exceptional demand and expect retail units sold to be governed primarily by our operational capacity.
- We expect revenue growth to be more closely aligned with retail unit growth, as we move beyond prior year comparison periods (i.e. Q1 2020 and Q2 2020) that were most significantly impacted by COVID-19.
- We expect total GPU over $4,000 for the full year, significantly above our mid-$3,000s outlook at the beginning of the year and marking our eighth consecutive year of substantial gains. We expect to see a seasonal pattern in total GPU in the second half, with Q3 higher than Q4.
- Finally, we plan to continue to invest in the business both to catch up with current demand and to prepare for growth in 2022 and beyond, leading to a typical seasonal pattern with SG&A per retail unit sold rising sequentially in Q3 and Q4 and close to breakeven EBITDA margin for the full year.
- With our progress so far this year, we believe our path to becoming the largest and most profitable retailer has never been clearer.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2021
+8.0%
Avg return
Earnings day
+6.8%
Avg return
5 days after
+12.7%
Avg return
30 days after
62%
23 / 37 earnings
Positive
+40.7%
Q1 2017
Best reaction
-35.0%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.3% | -4.4% | -8.1% | |
| Q4 2025 | +16.3% | -10.1% | -22.2% | |
| Q3 2025 | -8.4% | -12.5% | +5.8% | |
| Q2 2025 | +17.0% | +5.1% | +11.5% | |
| Q1 2025 | +10.2% | +13.1% | +31.8% | |
| Q4 2024 | -12.1% | -21.3% | -32.2% | |
| Q3 2024 | +18.5% | +8.3% | +24.8% | |
| Q2 2024 | +15.6% | +6.8% | +18.8% | |
| Q1 2024 | +40.5% | +48.3% | +20.6% | |
| Q4 2023 | +40.1% | +62.8% | +74.0% | |
| Q3 2023 | +24.2% | +31.5% | +35.4% | |
| Q2 2023 | +17.4% | +16.2% | -1.5% | |
| Q1 2023 | +26.7% | +67.6% | +121.8% | |
| Q4 2022 | -20.5% | -6.5% | -18.7% | |
| Q3 2022 | -35.0% | -45.4% | -40.1% | |
| Q2 2022 | +34.6% | +18.7% | -9.5% | |
| Q1 2022 | -18.3% | -20.2% | -67.0% | |
| Q4 2021 | +34.2% | +27.6% | +13.1% | |
| Q3 2021 | -1.2% | -1.8% | -13.3% | |
| Q2 2021 | +4.5% | +11.8% | -0.7% | |
| Q1 2021 | -11.7% | -14.8% | -0.3% | |
| Q4 2020 | -0.5% | +10.5% | -9.1% | |
| Q3 2020 | -8.7% | -5.9% | +22.7% | |
| Q2 2020 | +33.8% | +14.1% | +12.2% | |
| Q1 2020 | +13.6% | +17.1% | +34.7% | |
| Q4 2019 | -14.7% | -20.8% | -52.9% | |
| Q3 2019 | -10.3% | -4.9% | +6.0% | |
| Q2 2019 | +21.2% | +31.1% | +39.9% | |
| Q1 2019 | +5.9% | -12.4% | -11.0% | |
| Q4 2018 | +10.8% | +3.9% | +43.4% | |
| Q3 2018 | +14.3% | -2.3% | -20.7% | |
| Q2 2018 | +8.4% | +13.8% | +30.4% | |
| Q1 2018 | +7.2% | +8.9% | +44.3% | |
| Q4 2017 | -6.3% | -3.2% | +25.2% | |
| Q3 2017 | -10.4% | -13.3% | +34.6% | |
| Q2 2017 | -2.6% | -12.1% | +1.0% | |
| Q1 2017 | +40.7% | +47.8% | +124.2% | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — |
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