Drives Record Top and Bottom Line Results: Revenue of $13.67 Billion, Net Income of $404 Million and Adjusted EBITDA of $1.38 Billion
Continues Industry-Leading Year-over-year Retail Unit Growth: 50% in Q4 and 33% for Full Year 2024
Delivers Record 3.0% Net Income margin and Industry-Leading 10.1% Adjusted EBITDA margin for Full Year 2024
Expects Significant Growth in Both Retail Units Sold and Adjusted EBITDA in Full Year 2025
Carvana Co. (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, today announced financial results for the quarter ended December 31, 2024. Carvana’s complete fourth quarter and fiscal year 2024 financial results and management commentary are available in the company’s shareholder letter on the quarterly results page of its Investor Relations website.
“In 2024, Carvana became the most profitable public automotive retailer in US history as measured by Adjusted EBITDA margin while also resuming industry-leading growth,” said Ernie Garcia, Carvana founder and CEO. “This unique combination is the product of more than $10 billion, 10 years, and tens of millions of hours of hard work invested to develop a truly differentiated business model that delivers both better customer experiences and better results. With just ~1% market share today and many opportunities to improve and expand our offering from here, we know this is just the beginning of our journey to change the way people buy and sell cars.”
Q4 and Full Year 2024 Highlights
In 2024, Carvana sold 416,348 retail units (+33% YoY) for record total annual revenue of $13.67 billion (+27% YoY) while reaching new profitability milestones, including:
- Full year record Net Income of $404 million and Net Income margin of 3.0%
- Full year record Adjusted EBITDA of $1.378 billion and Adjusted EBITDA margin of 10.1%
- Full year record GAAP Operating Income of $990 million
In Q4, Carvana sold 114,379 retail units (+50% YoY) for total Q4 revenue of $3.55 billion (+46% YoY) while reaching new profitability milestones, including:
- Q4 record Net Income of $159 million and Net Income margin of 4.5%
- Q4 record adjusted EBITDA of $359 million and Adjusted EBITDA margin of 10.1%
- Q4 record GAAP Operating Income of $260 million
Outlook
Carvana’s 2024 results position the company well for a strong 2025. Looking forward, Carvana expects significant growth in both retail units sold and Adjusted EBITDA1 in full year 2025, including a sequential increase in both retail units sold and Adjusted EBITDA1 in Q1 2025, assuming the environment remains stable.
