- Adjusted EBITDA reached $601 million, a $246 million increase, with a margin of 12.4%, improving 200 basis points year-over-year.
- Advertising expense increased by $29 million or $44 per retail unit sold, reflecting early-stage automotive e-commerce adoption.
- Carvana achieved record financial results in Q2 2025, including 143,280 retail units sold, a 41% increase year-over-year, and $4.84 billion in revenue, up 42%.
- GAAP operating income was $511 million, a $252 million increase, with a margin of 10.6%, also a new company record.
- Net income was $308 million, up $260 million, with a net income margin of 6.4%, leading the industry.
- Non-GAAP SG&A expense per retail unit sold decreased by $460, driven by operational efficiencies and overhead leverage.
- Other GPU increased by $126 due to better cost of funds and higher vehicle service contract attachment rates.
- Retail GPU increased by $195 driven by reductions in reconditioning and inbound transport costs and tariff-related benefits.
- Wholesale GPU decreased by $85 due to faster retail growth relative to wholesale and lower vehicle depreciation rates.
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