Carvana Co (NYSE:CVNA) reported financial results for the fourth quarter after the market close on Wednesday. Here’s a rundown of the report.

• Carvana shares are advancing steadily. Why is CVNA stock advancing?

Carvana Exceeds Analyst Estimates In Q4

Carvana reported fourth-quarter revenue of $5.60 billion, beating analyst estimates of $5.26 billion, according to Benzinga Pro. The company reported fourth-quarter earnings of $4.22 per share, which may not compare to estimates.

Total revenue increased 58% year-over-year after Carvana sold 163,522 vehicles in the fourth quarter. Vehicle sales were up 43% on a year-over-year basis.

Adjusted EBITDA came in at $511 million on adjusted EBITDA margin of 9.1%. With Adjusted EBITDA and margins down sequentially, it appears profitability concerns are weighing on shares after hours.

“In 2025, Carvana grew 43% year-over-year, delivered record unit economics, and passed significant value back to customers through better selection, faster delivery times, and lower costs,” said Ernie Garcia, co-founder and CEO of Carvana.

“Achieving all of this at once is rare and speaks to the powerful positive feedback our model generates as we grow. Carvana is still very small relative to our opportunity, but with 5 million cumulative customer transactions and counting, we are actively changing the way people buy and sell cars.”

The Road Forward For Carvana

Carvana expects significant growth in both retail units sold and adjusted EBITDA in 2026, including a sequential increase in both retail units sold and adjusted EBITDA in the first quarter. The company said it will ramp up its focus on driving significant profitable growth at scale this year.

“We remain firmly on track to our goal of selling 3 million retail units a year at a 13.5% Adjusted EBITDA margin by 2030 to 2035,” Garcia said.

Carvana executives will further discuss the quarter on an earnings call with investors and analysts at 5:30 p.m. ET.

Carvana Shares Crash After Hours

CVNA Price Action: Carvana shares were down 21.48% in after-hours, trading at $283.88 at the time of publication on Wednesday, according to Benzinga Pro.

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