NYSE$CVNA
Carvana Co · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Carvana had an exceptional third quarter with record performance in key financial measures, driven by a differentiated business model and customer-centric approach.
Carvana reported a strong Q3 2024 with significant year-over-year growth. The company achieved record profitability, driven by its unique business model and focus on customer experience. Revenue increased by 32% to $3.655 billion, and the company reported a net income of $148 million.
- Retail units sold increased by 34% year-over-year, totaling 108,651 units.
- Revenue increased by 32% year-over-year, totaling $3.655 billion.
- Total gross profit increased by 67% year-over-year, reaching $807 million.
- GAAP Operating income reached $337 million, marking an increase of $289 million.
Headline financials
Revenue & EPS history
Carvana · Revenue · Quarterly
$3.66B
Forward guidance
Carvana expects a strong finish to 2024, anticipating an increase in year-over-year growth rate in retail units sold and Adjusted EBITDA significantly above the previously communicated range for the full year.
Tailwinds
- Sequential increase in year-over-year growth rate in retail units sold
- Adjusted EBITDA significantly above the high end of the previously communicated range for the full year 2024
- Strong customer demand similar to Q1 and Q2
- Operational focus to realize further fundamental gains from scale
- Continued integration with ADESA to unlock positive feedback
Headwinds
- Expect retail revenue per retail unit sold of ~$21k, a change from ~$23.4k in both Q3 2024 and Q4 2023
- Seasonality in Retail GPU to be more similar to average seasonality in 2018 through 2021 than our seasonality in 2022 and 2023
- Seasonality in Wholesale Gross Profit Dollars to be similar to our average seasonality in 2018 through 2023
- Thank You cash bonus to thousands of operations and corporate employees across the company that will impact Adjusted EBITDA by approximately $10 million in Q4.
- Net Income margin declined by 22.7% (from 26.7%) on a year-over-year basis due to the non-recurring impacts of our corporate debt exchange in Q3 2023
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 Q3 2024
+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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