Carvana stock follows record Q3 revenue and stronger 2026 outlook

Published on 11/03/2026 at 13:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Carvana stock enters November after record third-quarter revenue and retail volume. Management expects Q4 unit growth and 2026 adjusted EBITDA near the top of its range.

Record quarter sets next growth test

Carvana delivered its first quarter above 200,000 retail units while revenue also crossed the USD 8 billion mark.
Profitability reached new records, although the adjusted EBITDA margin declined year over year.
Management expects further unit growth in the fourth quarter and a strong finish to 2026.

Carvana, US1468691027, Illustration mit AI erstellt.

Carvana reported record third-quarter results on October 28, 2026, as the online used-car retailer sold 217,385 retail units and generated USD 8.040 billion in revenue for the quarter ended September 30. According to Morningstar, the figures represented year-over-year increases of 39% and 42%, respectively, and set new quarterly records.

The scale-up also reached earnings. Net income rose to USD 483 million, GAAP operating income reached USD 714 million and adjusted EBITDA climbed to a record USD 800 million. Adjusted EBITDA margin was 10.0%, down from 11.3% a year earlier, while net income margin improved to 6.0%. The results therefore show strong operating leverage in absolute profit, but also highlight pressure on the mix of growth and profitability.

Volume growth meets margin pressure

Carvana said the quarter was its first with more than 200,000 retail sales and more than USD 8 billion in revenue. Chief Executive Ernie Garcia said the company had doubled the number of customers served over the past two years while expanding vehicle selection, speeding up deliveries and offering lower loan rates to customers.

That strategy is supporting demand, but the lower financing rates and a higher-priced vehicle mix can affect unit economics. Investors will therefore be watching whether Carvana can expand inventory and reconditioning capacity quickly enough to meet demand without giving up too much profitability as volumes rise.

Management points to a strong finish

For the fourth quarter, Carvana expects retail units sold to increase sequentially if market conditions remain stable. Management also expects full-year 2026 adjusted EBITDA to land toward the high end of its previously communicated USD 2.7 billion to USD 3.0 billion range. The company has said it is building toward a long-term capacity of 3 million annual units and a 13.5% adjusted EBITDA margin, goals that remain dependent on continued execution and a supportive operating environment.

Carvana stock traded at 63.96 euros on Lang & Schwarz at 13:01 CET on Tuesday, November 3, 2026. Investors can follow the real-time quote of Carvana stock as the market weighs record volume against margin sensitivity.