NYSE$CVNA
Carvana Co · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Carvana faced a challenging year with decreased retail units sold and gross profit, but made significant progress in reducing SG&A expenses and positioning for future profitability.
Carvana's Q4 2022 results showed a decrease in retail units sold, revenue, and gross profit compared to Q4 2021. The company experienced a net loss and a decrease in Adjusted EBITDA margin. However, Carvana made progress in reducing SG&A expenses and is focused on driving the business to positive free cash flow.
- Retail units sold totaled 86,977, a decrease of 23%.
- Revenue totaled $2.837 billion, a decrease of 24%.
- Total gross profit was $193 million, a decrease of 63%.
- Basic and diluted net loss per Class A share was $7.61.
Headline financials
Revenue & EPS history
Carvana · Revenue · Quarterly
$2.84B
Forward guidance
Carvana expects a sequential reduction in retail units sold in Q1 2023 compared to Q4 2022. They are targeting an aggregate ~$100 million reduction in quarterly Non-GAAP SG&A expense by Q2 2023, compared to Q4 2022.
Tailwinds
- Sequential increase in Total GPU in Q1 2023 compared to Q4 2022 is expected.
- Retail GPU is expected to increase in Q1 due to offsetting effects.
- Lower inventory size is expected to lead to a retail inventory allowance adjustment benefit in Q1.
- Sequential increase in Other GPU in Q1 following the shift in the timing of loan sales from December 2022 to January 2023 is anticipated.
- Targeting an aggregate ~$100 million reduction in quarterly Non-GAAP SG&A expense by Q2 2023, compared to Q4 2022.
Headwinds
- Sequential reduction in retail units sold in Q1 2023 compared to Q4 2022 is expected.
- Continue to normalize our inventory size.
- Optimize marketing spend.
- Make progress on our profitability initiatives.
- Increase in sales expected in tax season to be muted this year relative to past years.
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 Q4 2022
+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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