Carvana Sales Hit Record as Revenue Tops Estimates

Households shopping for used cars online can see record delivered-vehicle volume, though the company's earnings missed analyst expectations.

Updated on Nov. 2, 2026 in Buying/Selling

Economist-geometric style is not named here; bold flat-color editorial illustration of stacked shipping containers beside an empty car-transport trailer on a flat logistics yard, in deep red and cream. — Carvana reported record used-car sales of 217,385 retail units and $8.04 billion in revenue on Monday, though its earnings fell short of analyst expectations. AI Illustration. Upload story photo >

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Carvana Co. shares rose Monday after the used-car retailer reported third-quarter revenue of $8.04 billion, beating expectations of $7.70 billion, though earnings of 39 cents per share missed the 44-cent estimate. Several analysts lowered their price targets for the stock after the results.

Why it matters

For households shopping for a used car, Carvana's record volume signals that online-first, delivered-to-your-door buying is expanding quickly, with 217,385 retail units sold in the quarter. The company's refinancing of $1.7 billion in notes targets about $45 million in annual interest savings, a detail that matters because financing costs flow into the prices and financing terms buyers see.

Carvana reported third-quarter revenue of $8.04 billion, up 42% from a year earlier, while retail units sold rose 39% to 217,385. The company guided full-year adjusted EBITDA toward the high end of its $2.7 billion to $3 billion range.

The players

Carvana Co.

An online used-car retailer known for delivering vehicles to buyers' homes, with revenue driven mainly by retail vehicle sales.

Needham

An investment research firm that maintained a Buy rating on Carvana while cutting its price forecast to $100 from $120.

BTIG

An investment firm that maintained a Buy rating on Carvana while lowering its forecast to $82 from $87.

The details

Carvana's retail vehicle business is its main revenue driver, with additional income from wholesale sales, financing, vehicle service contracts and GAP waiver coverage. The company refinanced $1.7 billion of senior secured notes due 2030 with a term loan, a move it projects will save about $45 million a year in interest. Shares rose Monday as investors focused more on growth and guidance than on post-results target cuts, helped by a broader risk-on market in which consumer discretionary stocks outperformed.

Carvana formed a death cross in March, with its 50-day moving average falling below its 200-day moving average.
Carvana shares rose Monday following the third-quarter results and analyst commentary.

The Home Front

Carvana's record 217,385 units sold in one quarter shows online used-car buying is becoming a mainstream option alongside dealerships. The company's $1.7 billion notes refinancing reflects how lower borrowing costs can ripple into the financing side of the car-buying market.

If you are considering buying a used car online, compare the delivered price with local dealer offers, including financing terms and any service contracts or GAP coverage offered. Keep your own documentation of financing and purchase terms organized, since these details vary by seller.

The takeaway

Online used-car volume is growing fast, but stock price moves do not tell a buyer what a specific car will cost. Compare the full out-the-door price, financing rate and included coverages before committing to any seller.